Time to cheque out
As a sign of how things have changed, back in the 1980s cheques accounted for 85% of non-cash payments. Today, fewer than 0.2% of all consumer payments are made by cheque.
In these days of digital banking, personal cheques are fading from the banking landscape.
As a sign of how things have changed, back in the 1980s cheques accounted for 85% of non-cash payments. Today, fewer than 0.2% of all consumer payments are made by cheque.
As a sign of how things have changed, back in the 1980s cheques accounted for 85% of non-cash payments. Today, fewer than 0.2% of all consumer payments are made by cheque.
Already, we introduced changes from September 2022. We no longer issue new personal cheque books, and Community First personal cheques will no longer be able to be drawn or deposited.
Like many banks, Community First uses the services of a third party payments aggregator to process cheques, and our provider recently announced they are no longer able to offer this service from September this year.
Community First, along with a number of other financial institutions are affected by this change. As the number of cheques in use are so low, it’s not viable for us to seek out an alternative provider.
Here’s what will change from 25 September 2023:
- You will be unable to bank a personal or business cheque from another financial institution at Easy Street, and
Here’s what will change from 25 September 2023:
- You will be unable to bank a personal or business cheque from another financial institution at Easy Street, and
- We can’t accept or issue bank cheques.
We understand this sort of change can be hard to navigate for some.
We continue to provide a range of digital alternatives to cheques including electronic funds transfer (EFT), credit and debit cards, BPAY, PayID, telephone banking, and of course, our mobile app.
Last updated: 31 August 2023
The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.