We're phasing out cheques

In line with the declining use of cheque books and increasing cost of services, Federal Treasury has published a paper setting out a timeline for the winding down of Australia’s cheque payment system.

The cheque process is manual process, takes time and it is expensive.  

At least 30 banks (including mutuals) have already, or are in the process of, ceasing cheques as a payment option.   

As a small bank, we can’t afford to be the last to accept cheques because we don’t have the resources (human or financial) required if we did happen to be the last bank offering this service. 

Yes. As soon as the Federal Treasury announcement was made, there were a number of mutual banks who moved quickly to end cheques. There are at least 30 banks (including mutuals) which have, or are in the process of, withdrawing from cheques as a payment option. 

Members impacted by this change have received an email or letter (if they don't have an email address registered with us). In a small number of cases we are also calling Members we have identified as significantly impacted by this change.

Communications with impacted Members will continue through this transition period and we are committed to ensuring these Members have an alternative method of payment from 1 October 2024. 

Please speak to your supplier about alternative payment methods. There are a number of options available including payment by cash or electronic transfer (from your account to the supplier's bank account). Start the conversation with the person you pay using a cheque early and organise your alternative payment method.  

No. There has been no discussion regarding the ending of cash in our bank. Cash continues to be available from our branches and ATM.  

Avoid writing cheques leading up to 30 September 2024; alert people who have one of your Bank First cheques to deposit it prior to 30 September 2024 and for you, securely dispose of your cheque book.  

It will be honoured. The only change from 28 June 2024 is that you won't be able to order a new cheque book. 

If the cheque is presented and cashed/deposited from 1 October 2024 it will be dishonoured. 

CBA bank cheques are still available to order in branch as per the current process. CBA is continuing to issue bank cheques. However, Bank First has no control over how long CBA will continue this service.   

We have the following payment options available to Bank First Members:

• Direct debit - set up and schedule regular direct debit payments.

• Transfers - OSKO services are a faster and simpler way to pay.

• BPAY - AN easy and secure way to pay your bills with one payment method.

• Card payments - use your Bank First debit or VISA cards to automate your payments.

Bank@Post is your option for all cheques to be deposited into your account from 1 October 2024.

Contact organisations (insurance, utilities, Medicare etc) and make sure they have your bank details on record so they can send future payments/refunds etc directly to your bank account.

For company share dividends, contact the company you own shares in for guidance.

We are here to support our Members through this transition period. Our team is also happy to work with you directly to set up alternative options.

Drop into one of our branches, call us on 1300 654 822, email info@bankfirst.com.au.

Bank@Post continues to provide cheques service.