The use of cheques in Australia has declined by 83% over the last 10 years and today, fewer than 0.2% of all consumer payments are made by cheque. In response to this decline the Federal Government has set a deadline for the end of the cheque usage in Australia by 2030.
Like many banks, Defence Bank uses the services of a third-party to process cheques, and our provider recently announced, that due to declining cheque volumes, they are no longer able to offer this service.
Defence Bank, along with a number of other financial institutions, is affected by this change. In light of the Federal Government’s announcement we have already ceased offering new cheque facilities. All existing Defence Bank member chequing facilities (including deposit books) will cease from 31 March 2024.
What does this mean for you?
The following will change effectively immediately:
- No new chequing facilities can be opened.
- Automatic re-order of cheque books on existing cheque facilities have ceased.
- Re-order of deposit books have ceased.
What is changing from 31st of March 2024:
- Any cheques you have written that are presented for payment after this date (subject to a short grace period) will be dishonoured.
- You will not be able to make cash and/or cheque deposits to your Defence bank account via other Banks using your deposit book.
- You will not be able to request a Bank cheque from Defence Bank.
You can continue to deposit cheques (including bank cheques from other Banks) at any of our branches or via the Australia Post Bank@post service.
Alternative to cheque payments.
Defence Bank can assist you with a range of alternatives to cheque payments. These include Visa Debit cards, BPay and direct transfers via our award-winning mobile app.