In a digital era of almost-instant transactions, traditional methods of banking have gradually made way for more efficient alternatives. One example of this are cheques. In recent years, Australia has seen a steady decline in the use of cheques as a preferred mode of payment, largely due to advancements in online, mobile app and card banking. As the wider population have grown to expect speed, security and convenience in their daily lives, including their financial needs, cheques have gradually lost their appeal.
Earlier this year, the Government announced cheques would be phased out by ‘no later than 2030’, stating there had been a 90% decline in the use of cheques over the past 10 years with cheques now comprising only 0.2 per cent of non-cash retail payments in Australia.
Cheques at Auswide Bank
From 1st October 2023, Personal Cheques will no longer be an available access method on Auswide Bank accounts, unless a cheque book is currently issued on your account.
Cheque books will also no longer be automatically issued.
Customers with cheque books on their account can order a subsequent or replacement cheque book by contacting us or visiting an Auswide Bank branch.
To review the terms and conditions applicable to your account, you can request a copy at any time by contacting us on 1300 138 831, contacting a branch or visiting the terms and conditions on our website.
What you need to do
If you have a cheque book you are no longer using, we encourage you to destroy it for your personal security in minimising cheque fraud.
If you still use cheques to make payments, consider an alternative payment method.
Alternative ways to bank
Other payment options you may wish to consider are Auswide Internet Banking, Mobile App, Osko® & PayID, BPAY® or by Visa Debit or Credit card.
If you do need to pay for something by cheque, bank cheques are still currently available for a fee at Auswide Bank branches.
If you require any assistance or further information with setting up or using electronic banking we are here to help. Our customer care consultants can assist with the above alternative payment methods to work out which option might be best for you.
Auswide Bank Ltd AFSL and Australian Credit Licence 239686. This information provides general advice only. We do not provide advice based on any consideration of your personal objectives, needs or circumstances.
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