The use of paper cheques has significantly declined in Australia. In fact, the Australian Payments Network has reported that cheque use has dropped by 83% over the last 10 years.
Additionally, the Covid-19 pandemic has accelerated the use of digital banking and the decline of cash and paper payment methods. Consequently, we have recently been informed of the termination of the cheque issuer arrangement which is a service provided to the Bank by a third party.
This will mean that from 1 July 2023, members will not be able to deposit cheques at a branch. Cheques can still be deposited at Australia Post via the Bank@Post service. Members receive 4 free Bank@Post deposits/withdrawals per month*.
Australian Mutual Bank will assist you to transition away from branch cheque deposits and we have a number of alternate deposit methods that you can use. Please don’t hesitate to speak to the staff at your local branch or contact us on 13 61 91 for more information.
* First four Bank@Post transactions (deposits and/or withdrawals) per month will be free. Any additional Bank@Post transactions will incur a $3.00 fee per transaction. Subject to service availability.