The ANZ bank will stop its customers from being able to order a new cheque book in just eight weeks.
The bank’s 8.5million Australian customers were told by email on Wednesday that from June 16, internet banking customers would no longer be able to order a deposit book containing cheques.
This was despite the government last year flagging that cheques would still exist until 2030.
‘If you have never had a cheque book on your account, you will not be able to order one,’ ANZ told its customers.
‘Some of our accounts currently allow you to use a deposit book when you make a deposit with us.
‘You will no longer be able to order deposit books on these accounts.’
The ANZ bank will stop its customers from being able to order a new cheque book within four weeks
ANZ’s retail and business customers were also advised to cut up their cheque book.
‘If you have an existing deposit book or receive one before 16 June 2024, we recommend that you securely destroy it by cutting or tearing it into pieces,’ it said.
‘You can continue to make deposits into your account without the need for a deposit book using your card or your BSB and account number.’
This is occurring less than a year after Treasurer Jim Chalmers announced cheques would be phased out by 2030.
But a Treasury consultation paper released in December said cheques would not be phased out until the end of 2028.
ANZ is therefore moving to phase out cheque books four years ahead of a suggested government schedule, arguing very few customers used them.
This is occurring less than a year after Treasurer Jim Chalmers announced cheques would be phased out by 2030
‘We’re phasing out cheque books as we’ve seen an ongoing decline in cheque use as more customers choose faster and easier ways to do their banking,’ it said.
ANZ, however, is allowing customers who rely on a cheque book to use it for now, with some in this situation not having internet banking.
‘If you have a cheque book, you can continue to use it and order a replacement through the Contact Centre or from a branch with teller services until further notice,’ it said.
