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June 16 marks the date when ANZ will cease assigning cheque books for existing accounts that have never issued one. In a similar vein, accounts opened post-June 16 will find the option of obtaining a cheque book absent. This decision impacts numerous account types, ranging from Access Advantage and Progress Saver to the Premium Cash Management Account and inclusive of specialized offerings like the SMSF Cash Hub and the Equity Manager.
Highlighting the rationale behind this development, ANZ cites the evident waning in cheque utilization. As customers gravitate towards more efficient and swift banking methods, the demand for traditional cheques has seen a substantial plummet. Reflecting this phenomenon, ANZ notes that while current cheque book owners may persist with their usage, and secure replacements via contact centers or branches with teller functions, the internet banking pathway for this service will be dissolved.
Notably, this transformation resonates with the Australian government's strategic outline aimed at reserving cheques as a relic of the past by the horizon of 2030. In this regard, Treasurer Jim Chalmers has underscored the necessity to orchestrate this shift with meticulous care, ensuring that the nation's most vulnerable are not blindsided but rather supported through alternative payment solutions.
The diminishment of cheque employment—a staggering 90% drop over a decade—underscores the urgency for such a strategy. The endpoint of 2030 proposed by the government is under review for its practicability, but the commitment to eradicate cheques remains certain. This commitment entails cooperation with stakeholders across various sectors to forge a seamless cessation of the cheque system.
ANZ reassures its customer base that despite this transition, the deposit of cheques remains operational, setting a processing estimate of three to seven business days for clearance. A spotlight is cast on the miscellany of alternative payment methods available, which the bank encourages its patrons to consider integrating into their financial habits.
The pivot away from cheque books at ANZ embodies a wider, inevitable shift towards a fully digital banking experience. This movement reflects an acknowledgment of the changing preferences and exigencies of customers in today’s fast-paced world.
Published:Friday, 19th Apr 2024
Source: Paige Estritori
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