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BANKS PHASING OUT CHEQUE USE:

October 15, 2020 October 2020 No Comments

In New Zealand there is a big change coming for some bank customers –  those who use cheques for payment or obtaining cash.

All the mainstream banks have publicised that cheque use has “fallen off a cliff”  and that is accelerating. It is probably fair to say that younger generations have never used a cheque account/book but for the older generations, it has been common practice. 

The first mainstream bank to go “cheque free“ was Kiwibank on February 28th 2020, their rationale being that digital banking options are “easier, faster and cheaper” for customers. 

Seniors Minister, Tracey Martin, has expressed concern saying that in 2018 there were 18 million cheques signed in New Zealand, although there is nothing she could do to stop Kiwibank making the move as it’s “at arms length from government” .

The ANZ Bank are removing cheques as a method to receive or make payments from May 31st 2021. After May 31st 2021 cheques will no longer be accepted for deposit into ANZ accounts and you will not be able to use them as a way to make payments You’ll need to start using alternative options before May 31st 2021:  Electronically / Phone Banking or Using Cash .

BNZ Bank will phase out of cheque use by July 2021.

Westpac have decided to end the use of cheques in 2021 

All the banks cannot be covered here but all banks have information on their websites or you can phone them or go in and talk with them. 

As Westpac say “we know some customers are accustomed to using cheques and may be worried about adjusting to new ways of banking but rest assured, we’ll be here to support you “.  

We at Wairarapa CAB are happy to look up any websites for you if you don’t have the means and give you more information if needed – just give us a call 0800 367 222.

Note: another service we offer is a JP in attendance for legal document work but please ring us first to see when available  .

 

    

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