Cheques to be phased out as banking evolves
Corporate
Over the past two decades, the banking landscape in Australia has changed as banking technology advances and members shift towards digital transactions.
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In response to this trend, in late 2022 the federal government announced it was following New Zealand, Denmark, the Netherlands and other countries, and would be closing down Australia’s cheque system by 2030 and will phase out government usage of cheques by the end of 2028.
As a result of this, we have reviewed the operations of RACQ Bank to consider our members’ changing needs.
After careful analysis of cheque usage data, which showed a significant decrease, we have decided to discontinue the issuance of cheque books, issuing bank cheques and accepting foreign international drafts or cheques on new and existing accounts effective 2 January 2024.
If you currently have an RACQ Bank cheque book, you can continue to issue cheques as a payment method until close of business 24 May 2024.
However, your account will no longer have cheque access once you have exhausted your allocation.
Cheques should be presented for payment by close of business 24 May 2024. Cheques presented after this date will be dishonoured.
We understand this may be a challenging change for some and want to make the transition away from cheques as seamless as possible. This is why we offer a range of secure, efficient and simple to use alternate options for your banking needs including digital banking, debit cards, Bank@Post and international telegraphic transfers.
If you have any concerns about these changes, our dedicated customer service team is here to support and guide you in-store or by calling 13 1905 to help answer any questions you may have.
As a result of this, we have reviewed the operations of RACQ Bank to consider our members’ changing needs.
After careful analysis of cheque usage data, which showed a significant decrease, we have decided to discontinue the issuance of cheque books, issuing bank cheques and accepting foreign international drafts or cheques on new and existing accounts effective 2 January 2024.
If you currently have an RACQ Bank cheque book, you can continue to issue cheques as a payment method until close of business 24 May 2024.
However, your account will no longer have cheque access once you have exhausted your allocation.
Cheques should be presented for payment by close of business 24 May 2024. Cheques presented after this date will be dishonoured.
We understand this may be a challenging change for some and want to make the transition away from cheques as seamless as possible. This is why we offer a range of secure, efficient and simple to use alternate options for your banking needs including digital banking, debit cards, Bank@Post and international telegraphic transfers.
If you have any concerns about these changes, our dedicated customer service team is here to support and guide you in-store or by calling 13 1905 to help answer any questions you may have.