Beyond Bank is Stopping the use of Cheques from May 2024.
The government has said that Australia will stop using cheques by 2030.
The Government’s Strategic Plan for Australia’s Payments System (the Strategic Plan) announced the Government’s intention to wind down the cheques system by no later than 2030, with government use of cheques to be phased out by the end of 2028.
However, some banks will stop earlier than this, due to the current very low usage of cheques by their customers.
Some banks have already stopped issuing cheque books on some new accounts, starting from 2023.
Beyond Bank is one bank that will cease processing their own cheques in 2024.
Statements from Beyond Bank include:
- All valid corporate cheques and personal cheques will need to be presented before 17 May 2024, after which the cheque will not be honoured.
- You can continue to deposit non-Beyond Bank cheques into Beyond Bank accounts.
More at: www.beyondbank.com.au/cheques
The use of cheques has dropped almost 90 per cent in the past decade, according to the Australian Banking Association, and is now around 1 in every thousand financial transactions by consumers. (2022).
Consumer Payment Methods, under $10,000.
- 51% Debit Cards
- 26% Credit Cards
- 13% Cash
- 3% Internet/phone banking
- 2% BPAY
- 2% PayPal
- 0.1% Cheques