As you may know, from 1 November 2024 we have phased out our cash and cheque services accross all Macquarie banking and wealth management products, including pension and super accounts.
Your clients will now need to transact digitally - a safe, quick and more convienent way to bank.
Here's a list of what has changed.
Clients who have a Macquarie Transaction Account or Offset Account with a Macquarie Debit Mastercard, can continue to withdraw cash at ATMs across Australia and overseas without fees^.
^ We don’t charge fees to use ATMs overseas. However, you may be charged a fee by international ATM operators.
Please ensure your clients are set up for digital banking, so they’re able to make digital transactions. If you have clients who were frequently using cash or cheques, we encourage you to prompt them to use Macquarie Online Banking and/or the Macquarie Mobile Banking app.
Use Adviser Initiated Payments
Adviser Initiated Payments (AIP) allows you to make digital payments on behalf of your client from their cash account. You can use AIP for superannuation and pension payments. AIP is also available for a number of different payment types including:
For more information about AIP, you can read the following help centre articles:
We’ve also included the links to Help Centre articles:
As a digital bank, we’re committed to transitioning to completely digital payments, and continuing to ensure our customers and advisers can access secure and reliable digital payment options.
Digital banking is a safe, quick, and more convenient way to transact because you can view and track transactions and other account activity in real-time.
Clients also get access to Macquarie Authenticator which provides an added layer of security for digital payments. Macquarie Authenticator gives your clients the ability to approve or deny payments or changes in real-time, so they always have control and confidence that their financial information and accounts have the highest level of security.
If your client makes a payment via cash or cheque, they also run the risk of it being stolen or lost in the mail.
There are a number of ways to make payments digitally. We encourage your clients to work with the person they are paying, or who is paying them, to choose a digital payment method.
Listed below are some of the common types of transactions you or your clients might be making today, and how you or your clients can make them digitally.
Some of these payment methods will require your clients’ authorisation via Macquarie Authenticator.
| If your client wants to: | They can do that digitally using: |
|---|---|
| Pay a bill | BPAY®, Direct Debit or EFT |
Send money to a friend, colleague or family member | EFT or PayID |
Deposit money into their account | EFT, Direct Debit or PayID |
Make payment by personal or bank cheque | BPAY®, Direct Debit or EFT |
Pay their home loan | Direct Debit or via salary credit or EFT |
Pay their car loan | Direct Debit, EFT or BPAY®, depending on your car loan product |
Pay their credit card | BPAY® or Direct Debit |
Make a super contribution | SuperStream, BPAY®, Direct Debit or EFT (note: options available are to super accounts only and depend on the contribution type). |
Receive an income stream or make a lump sum withdrawal | EFT |
| Receive dividend payments | Contact your third party provider to update your bank account details to receive payments electronically/digitally |
Receive payments from third parties (e,g ATO) | Contact your third party provider to update your bank account details to receive payments electronically/digitally |
| If you want to: | You can do that digitally using: |
|---|---|
Make a payment on behalf of your client | Adviser initiated payments (AIP) via Adviser Online or Bulk transacting. Refer to our Help Centre article on adviser initiated payments if you would like to learn more. |
Make online lump sum withdrawals and ad hoc pension payments for eligible pension accounts | AIP for pension payments via Adviser Online. Refer to our Help Centre article on Adviser initiated pension payments if you would like to learn more. |
Complete an online withdrawal and rollover payments for eligible superannuation accounts | AIP for superannuation via Adviser Online. Refer to our Help Centre article on Adviser initiated super payments if you would like to learn more. |
Cheques can no longer be deposited into Macquarie accounts. If you clients recieve dividends via cheque we encourage them to contact the share registeries and update your bank account details so that can deposit dividends digitally.
Cheques can no longer be deposited into Macquarie accounts. Clients are encuraged to contact the government organisations directly and update their bank account details to revieve payments digitally.
Clients are encouraged to contact third parties who pay via cheque directly and update their bank account details with them so they can receive payments digitally.
If your client is entitled to a refund and holds an open eligible account, this change won’t impact them. We’ll pay the amount directly into their open eligible account.
If your client is entitled to a refund and we’re unable to identify an open eligible account, we may get in touch with you and your client to return the funds via other appropriate means.
If there are questions or concerns about a remediation communication or payment you’ve received, you or your client can get in touch with our team via the contact details displayed on the communication we sent to you.
Macquarie is committed to supporting clients with accessibility needs. If you have any clients with accessibility needs, we’ll work directly with them to understand their needs and ensure they have the support and access that they need to make payments.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
Macquarie is committed to supporting clients with Accessibility needs. We’ll work directly with those clients to understand their needs and ensure they have the support and access that they need to make payments.
We’re here to support you and your clients, every step of the way, as we transition to a future of completely digital payments.
We’ll regularly update this page as we get closer to November 2024, so check back here at any time for the latest information on this change.
