It Begins: Australia’s Fifth-Largest Bank Announces Digital-Only Transactions – Will Phase Out Cash, Cheque, and Phone Payments in All 80 Branches Starting Next Year
(www.thegatewaypundit.com)
CURRENCY COLLAPSE! 🇦🇺
Just to provide some context:
There are only 4 "Big Banks" in Australia and Macquarie isn't one of them.
As someone else already commented, it's a small investment bank, not a consumer bank. So the public won't be affected much by this.
Good to know. Thx for the add'l context. So if its just an investment bank, does that mean your investment money converts to digital and if so, couldn't your investment be tied up by any digital restrictions they may choose to apply (examples: stocks, retirement plans, savings accounts, etc)?
I'm not sure we're talking about the same thing when we're talking about "digital".
Are you thinking along the lines of "crypto" when you're talking about "digital"?
Because from what I understand, the only difference will be that they no longer take cash deposits and they no longer give customers cash. And they will no longer accept or give anyone checks.
Other than that, nothing really changes.
Guess what I'm trying to say is, if its 100% digital, how can you physically possess it if you needed to for some reason? Whatever investment it is, if you wanted to "cash out" and collect to give something physical of value to a family member how would you?
Note, I'm not at all arguing you with here, I'm just genuinely curious. If its all digital and not at all physical, can they (or have they) declared that you can only spend or exchange or whatever so much? Just so many questions and potential land mines that can be imposed on this it would seem. And they can look up your personal net worth bc they have the data digitally, whereas if you had physical assets stored in a personal vault or safety deposit box or whatever, you maintain a certain level of ambiguity.
You could use your bank card to buy whatever it is of physical value, provided the place you wanted to buy it from accepted non-cash payments.
I think you're overthinking this a bit. It's no different than how you use banks when you use your debit card. You're simply not using checks or cash.
And if you absolutely needed to use cash, I suppose you could just transfer your money from this bank to another bank where you have an account that does give you cash, or use any ATM that accepts that bank's card. You'll just have to pay a transaction fee.
And I really don't understand your comments about items in safe deposit boxes. Do you think Macquarie is going to be confiscating items from safety deposit boxes you have and just add their value to your account with them? I'm not sure Macquarie even offers their customers safety deposit boxes. They're not commercial banks, from what I understand.
Why would they put a limit on what you can spend?
You do realize that almost 99% of the banking in the US (and likely all of Western society) is digital banking already, right? Very little banking is done with physical checks and cash.
That's really the only thing changing here. Physical checks and cash. They're not messing about with safe deposit boxes.
You can go straight to the source to look for whatever changes they're going to make in regards to fees or limits or such. I really don't have the time to research it for you. I'm not being rude, just truthful.