Cheques to be phased out as banking evolves
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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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.
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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.