Major bank bans cheque deposits for millions of customers

skynews
14 Feb

A major bank will no longer allow its 1.2 million customers to deposit cheques, as the finance sector continues to digitise in line with the demands of modern consumers.

Suncorp Bank announced on its website, and through a notice to its customers, that it will no longer accept the physical payment form from Friday.

“Effective from 14 February 2025, cheque deposits will no longer be able to be made to any Suncorp Bank Accounts,” the bank said.

“These changes apply to all cheque deposits made to all Suncorp Bank Accounts at all Suncorp Bank branches and agencies, any Automatic Teller Machines (ATMs), at any Bank@Post outlet and at any other bank.”

Suncorp will no longer allow its customers to deposit cheques. Picture: Getty Images

The bank advised those who had received a cheque from a company or government to get in touch with them about different payment methods.

Suncorp banned its customers from drawing cheques with their accounts from March 1 2024, saying they should review their payment methods and “take advantage of some other, more efficient ways to make and receive payments”.

It comes after the federal government revealed plans to phase out cheques in 2023.

Labor said cheques will stop being issued from June 30, 2028 and no longer accepted from September 30, 2029.

The government said cheques will be phased out in an "orderly and planned way" to allow customers and businesses to adjust to alternate payment methods.

"The usage of cheques has declined by 90 per cent in the last ten years and many banks and financial institutions are ending cheque issuance for new customers," a government statement read.

"To manage this industry trend, the government is acting to give customers and businesses the certainty and the assistance they need to switch to other payment methods.”

Commonwealth Bank of Australia revealed that cheques were being phased out from June 2023 and that bank accounts opened after this date would not have cheque access.

Meanwhile, ANZ said that from June 16 2024 its customers would no longer be able to order a cheque book and from November counter cheques and interim cheque books would no longer be available.

NAB still allows its customers to use and deposit cheques, while Westpac will stop issuing replacement cheque books from May 19.

Join the conversation

Add your comment to this story

To join the conversation, please log in. Don't have an account? Register

Join the conversation, you are commenting as Logout

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10