ANZ has announced a significant banking change that will impact thousands of customers: the bank will no longer issue cheque books. This change is set to take effect in just a few months.
Starting June 16, existing accounts that did not have a cheque book issued before that date will no longer have access to cheque books. Additionally, new accounts opened after that date will also not be eligible for a cheque book, as stated by the bank.
The affected ANZ accounts include: 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.
ANZ explained the decision, stating, “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.”
Customers with existing cheque books can continue to use them and order replacements via the ANZ Contact Centre or from a branch with teller services until further notice. However, ordering replacement cheque books through internet banking will no longer be an option.
This change aligns with a previous government announcement that Australia will move away from cheque usage by 2030. Treasurer Jim Chalmers emphasized the importance of managing this transition smoothly.
The use of cheques has significantly declined, with a 90% decrease in the last decade. Cheques now make up only 0.2% of non-cash retail payments in Australia.
Treasurer Chalmers assured that the government is working to assist customers and businesses in transitioning to alternative payment methods. ANZ customers can still deposit cheques into their accounts, allowing three to seven business days for clearance, and are encouraged to explore other payment options.
