- Cashrewards has announced it will no longer offer cashback offers.
- Outstanding balances will need to be withdrawn over the next few months.
Cashrewards customers have been notified there will be no more offers on the app or website, and the platform will be ceasing operations.
All pending transactions as of 11 September will be approved and then customers can withdraw any outstanding balance.
The news comes as ANZ has announced it will be cutting thousands of jobs over the next year in a significant restructure - called a "betrayal" by Finance Sector Union President Wendy Streets.
"When the FSU asked ANZ who will actually do the work of the 3,500 sacked staff the bank had no answer, except to say the work will simply stop," Ms Streets said.
"That's not a plan, that's chaos."
The ANZ share price dropped 1.5% from close of business Friday by early Tuesday before rallying slightly.
The email Cashrewards sent to customers on Monday
What was Cashrewards?
Cashrewards worked similarly to Shopback, offering cashback rewards at over 2,000 stores across Australia.
Shoppers could earn rewards shopping online or in store, then once it's approved the cashback would be paid into your Cashback account.
Other similar rewards programs are still available, including ING's recently launched Pocket Perks.
Read more: Budgeting and saving apps
How do I get my money?
Cashrewards are asking customers to withdraw their money by 11.59 on 24 October, through the usual 'Withdrawal' button in 'My rewards'.
Members that haven't withdrawn by this time will have their balance automatically transferred to their linked bank of PayPal account.
After that date Paypal will be unavailable so all withdrawals will be processed manually.
Customers will need to contact Cashrewards for assistance through the Help Desk Portal or support email - support@cashrewards.com.
After 12 December, withdrawal requests will be unavailable, so Cashrewards will reach out to customers that haven't submitted a request to advise how they can get their money.