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.
Australian Mutual Bank first issued member cheques and chq deposit books under an arrangement with a third party issuer back in the 1980’s. We have recently been informed of the termination of this cheque issuer arrangement, and given that the use of cheques is in such rapid decline, we are not in a position to recreate a chequing product arrangement.
We therefore regret to inform you that from 1 March 2022, you will not be able to issue cheques or make National Australia Bank (NAB) deposits using your member chequing and/or NAB deposit book.
Cheques presented after 1 March 2022 will not be processed by the third party issuer. Unfortunately, this means your cheque will be dishonoured and this will impact any arrangements you may have with your payee. A dishonour fee will also be charged. Similarly, chq book deposits at NAB branches will not be able to be made.
As a recompense, and regardless of the number of cheques that you have used in your current cheque book, the last cheque book fee that you paid will be refunded to you in full.
Australian Mutual Bank will assist you to transition away from the member chequing and deposit facility and we have a number of alternate payment and deposit methods that you can use, including:
- the ability to set up one-off or regular periodic payments out of your account
- direct debit facilities to ensure your regular bills are paid automatically each month
- internet banking transfers that allow you to quickly transfer money to any Australian bank
- access to the mobile app which allows you to set up one-off or periodic payments
- assisted transactions via our contact centre or branch
- access to fee free cash withdrawals via Australia Post (Bank@Post*), EFTPOS (e.g. taking ‘cash out’ at the supermarket), and via a non-direct charge ATM
- access to fee free deposits can be made via Australia Post (Bank@Post*)
In order to avoid your cheques being dishonoured, we ask that you stop using your member cheque and deposit book as soon as possible and well before the 1 March 2022 withdrawal date. We also ask that you dispose of your cheque and deposit books securely by cutting them up or returning them to us.
If you would like more information on how you can utilise any of the alternative payment services, please don’t hesitate to contact us on 13 61 91.
This information is correct as at 28 January 2022 and subject to change without notice.
* 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. Please review our Fees and Charges and Transaction Limits brochure for details.