With the number of customers using cheques steadily declining within New Zealand banks along with the rise in digital and online services, many banks have staged plans to phase out cheques. This follows Inland Revenue and ACC, who in March this year both stopped accepting cheques from customers who were able to use alternative payments options. Generally, banks have stated that they will provide support to customers in their transition from cheques to alternative payment options.
See below for a summary on what we know so far regarding banks plans in phasing out cheques:
ANZ – Are still to confirm an exact date but have indicated they will phase out cheques over the next year.
ASB – Have not yet finalised a cut-off date but have staged a plan to stop accepting and issuing cheques.
BNZ – Will no longer be accepting cheques as of July 2021.
Kiwibank – Stopped accepting cheques in February of this year.
The Co-operative bank – No longer issue new cheque books as of 1 July. Replacements to existing cheque books and cheque processing will continue as normal.
Westpac – Have not yet finalised a cut-off date but have staged a plan to stop accepting and issuing cheques.
Whoever you bank with, it is important to stay up to date on the latest proceedings. Most bank are good at making you aware of any changes, especially those that relate to you. However, a good way of insuring you’re kept in the know is to keep tabs on the ‘Latest News / Updates’ section on your banks website. A simple way to find this would be to google the name of your bank and updates.