In a significant banking overhaul set to impact thousands of customers, ANZ has announced its decision to cease issuing cheque books to its clientele. This pivotal move, slated to take effect in just a few months, marks a pivotal juncture in the evolution of banking practices within the institution.
Effective from June 16, customers holding existing accounts without a previously issued cheque book will find themselves unable to access this traditional banking instrument.
Moreover, in alignment with this shift, new accounts opened after the aforementioned date will also be ineligible for cheque book provision, as per ANZ’s official statement.
The alterations impact customers holding the subsequent ANZ accounts: Access Advantage, Progress Saver, Pensioner Advantage, Access Basic, Premium Cash Management Account, Online Saver, SMSF Cash Hub, One, Equity Manager, Staff Cheque Account, and Retired Officers Cheque Account.
“We’re discontinuing cheque books due to the sustained decrease in cheque usage, as more customers opt for quicker and more convenient banking methods,” the bank stated.
The adjustments come after a previous announcement by the federal government last year, stating that the nation would phase out cheque usage by 2030.
Treasurer Jim Chalmers emphasised that the government is committed to mitigating any adverse effects on customers and businesses, and will assist vulnerable Australians in transitioning to alternative payment methods.
“With cheque usage plummeting and many banks and financial institutions ceasing cheque book issuance for new customers, it is crucial to manage this transition methodically and thoughtfully,” Mr Chalmers stated in a release.
Only 0.2 per cent of non-cash retail payments in Australia are made by cheque.
“The proposed end date of 2030 will undergo additional discussions with industry and stakeholders to ascertain its viability and establish a suitable transition strategy,” commented Mr Chalmers.
“The government will collaborate with states, territories, industry, and the wider community to promote a unified approach towards phasing out the cheque system.”
ANZ stated that customers may still deposit cheques into their accounts until further notice, with a clearance period of three to seven business days.
