As the digital age continues to transform the way we live, it's no surprise that traditional banking methods are also evolving.

For many, chequebooks may have been a staple in managing finances for decades.

In a move that reflects the changing times, ANZ has announced a major change that will affect some of its customers.

ANZ revealed its plans to discontinue chequebooks in the upcoming months, citing a ‘decline in usage’ as the reason.

Cheque usage in Australia has plummeted by about 90 per cent over the past 10 years.

This decline has prompted ANZ to take a step that may seem sudden to some: starting June 16, customers who have never had a chequebook will no longer be able to order one.

ANZ announced it is phasing out chequebooks due to a significant decline in their usage. Credits: Shutterstock

‘ANZ has communicated to customers it is phasing out chequebooks due to the ongoing decline in usage,’ a spokesperson said.

However, there's no need to panic just yet if you're among the ANZ's customers who still actively use cheques.

They stated, ‘Just 3.5 per cent of our customers who are eligible for a chequebook have one or are actively using cheques.'

If you're currently using a chequebook, you can continue to do so, and those in need of a replacement will not be affected by this change.

ANZ has assured its over 8.5 million retail and business customers that it is managing this transition carefully, having communicated the phase-out well in advance.

This move by ANZ is part of a broader trend across the banking industry.

Several other major banks, including CBA, NAB, and Macquarie, have already begun their own phase-outs.

In June 2023, the Federal Government also announced its intention to wind down the country's cheque system, with a complete phase-out of government usage of cheques by the end of 2028 and the entire system set to wind down no later than 2030.

‘As the use of cheques plummets and many banks and financial institutions stop issuing chequebooks to new customers, it is important to manage this transition in an orderly and planned way,’ Treasurer Jim Chalmers said at the time.

This shift towards modern banking methods comes amidst broader changes in the financial industry, including the transition away from traditional cash services.

Interestingly, this decision by ANZ coincides with reports of the bank secretly phasing out cash services from several branches, a move that highlighted the increasing prevalence of digital transactions in today's banking environment.

Key Takeaways

• ANZ is phasing out chequebooks due to a significant decline in their usage.
• Current ANZ customers using chequebooks can continue to do so; however, new orders will not be available to customers who have never had a chequebook since June 16.
• The change will not affect those needing replacement chequebooks.
• The Federal Government plans to phase out government usage of cheques by the end of 2028, and the cheque system in Australia is expected to wind down by 2030.

What are your thoughts on this impending change? Have you found it easy to adapt to digital banking, or are you concerned about the phase-out? Share your thoughts and experiences in the comments below.

 

[BeckyK]

I rely. on my cheque book for ordering things from catalogs, I don't have a credit card, so unless they set up some other way of payment I will no longer be able order things.

 

[IAN3005]

I wonder if they will discontinue those expensive bank cheques?

You bet....

 

[JimmyFlatrock]

ANZ have also sent out messages to customers stating that those with ACCESS ADVANTAGE cards will no longer be replaced after expiring and no interest will be paid on accounts $50k and over, access cards will be replaced with another card (doe's this mean fee's are attached, they don't state).
So who is the controlling force in Australia (the bloody banks, they don't care about the elderly/ other people who are computor illiterate.
People are used to controlling their own finances but even now thats been taken away.

Just a guess Jim, but it may well be the ANZ has seen a big drop in customers holding this account. (At that rate of interest it doesn't surprise me). So it may not be worthwhile for them to hold this type of account on their books anymore if only a few customers are interested in it. Like I said, just a guess. You could be right about fees being around the corner if it's status has dropped from interest bearing.

Perhaps take up their offer about a different account, one that pays interest.

Alternately, with the ease you can join a different bank online, it might pay to shop around to find something that you have a degree of control over. It's better than being controlled if you feel that way.

So, just to let you know what I found after a simple hunt around and asking a few questions and bearing mind I figured if you are on here, you probably know a little bit about computers......

Last November I made a decision and began to put the toe in the water with one of the new FinTech banks. Still backed by the Governments guaranteed safety for your first $250,000, as a formally listed Australian bank, the same as the big 4.

It's a digital account that you can deposit into and withdraw from, that has various facilities that you can take advantage of or not.

It's not for everyone, but in terms of return, it way outstrips one of the big 4 banks 2.5%, even with only $500 invested (haven't checked it may be as low as $100 can be invested, but my toe in the water, suck it and see test was at $500). Plus the control is all yours in terms of risk, from normal very low bank account type risk to various levels of share type risk. That you get to choose gives you a greater degree of control. With exposure to Australian and some overseas markets as well as the Bitcoin market without the security risk of having to hold actual Bitcoins. You get to choose what you want at whatever risk level.

So I'm soon to move more funds out of the big 4, into something that gives me something back.

The only thing I wanted to do in discussing this is to let you know there is plenty of other things you can find out there with just a simple hunt around. And not just what I found.

 

[MischaV]

I belong to a community club who use cheques signed by two committee members. We are still offered cheque books. But one member couldn't get his bank to accept his cheque into his account with them. That is wrong. See, again being forced to give up cheques. No I prefer cash as it is easy to manage.

 

[Wizzard]

As I have said before AREN'T BANKS THERE TO HOLD AND MANAGE PEOPLES MONEY IN A SAFE WAY - NOT JUST TO MAKE A PROFIT FOR THE BANK AND FOR THE GOVERNMENT. IN RURAL AREAS OF VICTORIA ELDERLY PEOPLE ONLY KNOW HOW TO USE CHEQUES - DON'T KNOW HOW TO USE THE CREDIT OR DEBIT OR ON LINE SYSTEM FOR PAYING FOR THINGS - BANKS SHOULD RUN FREE COURSES ON HOW TO DO THINGS INSTEAD OF JUST GETTING RID OF THEM BECAUSE OF LESS PEOPLE USING S]AS HAVE AKWAYS DONE.

 

[Wizzard]

Just a guess Jim, but it may well be the ANZ has seen a big drop in customers holding this account. (At that rate of interest it doesn't surprise me). So it may not be worthwhile for them to hold this type of account on their books anymore if only a few customers are interested in it. Like I said, just a guess. You could be right about fees being around the corner if it's status has dropped from interest bearing.

Perhaps take up their offer about a different account, one that pays interest.

Alternately, with the ease you can join a different bank online, it might pay to shop around to find something that you have a degree of control over. It's better than being controlled if you feel that way.

So, just to let you know what I found after a simple hunt around and asking a few questions and bearing mind I figured if you are on here, you probably know a little bit about computers......

Last November I made a decision and began to put the toe in the water with one of the new FinTech banks. Still backed by the Governments guaranteed safety for your first $250,000, as a formally listed Australian bank, the same as the big 4.

It's a digital account that you can deposit into and withdraw from, that has various facilities that you can take advantage of or not.

It's not for everyone, but in terms of return, it way outstrips one of the big 4 banks 2.5%, even with only $500 invested (haven't checked it may be as low as $100 can be invested, but my toe in the water, suck it and see test was at $500). Plus the control is all yours in terms of risk, from normal very low bank account type risk to various levels of share type risk. That you get to choose gives you a greater degree of control. With exposure to Australian and some overseas markets as well as the Bitcoin market without the security risk of having to hold actual Bitcoins. You get to choose what you want at whatever risk level.

So I'm soon to move more funds out of the big 4, into something that gives me something back.

The only thing I wanted to do in discussing this is to let you know there is plenty of other things you can find out there with just a simple hunt around. And not just what I found.

ONCE AGAIN - NOT EVERYBODY HAS ACCESS TO DO THINGS ONLINE!!!!!!!!!!!!!!!!!!!!!!!!!

 

[Wizzard]

I belong to a community club who use cheques signed by two committee members. We are still offered cheque books. But one member couldn't get his bank to accept his cheque into his account with them. That is wrong. See, again being forced to give up cheques. No I prefer cash as it is easy to manage.

Yeah - used to happen in Latrobe Valley as far back as the late 60's - Banks would not accept cheques from Co-Operative Credit Unions - which were actually owned by private shareholders (working people). Used to have to go up to 20 miles to another town or sometimes use the Post Office (stopped because PO did not make enough money from said transactions). If AERO ALBO (PM) has his way - there won't be cash for MischaV to use.

 

[JimmyFlatrock]

As I have said before AREN'T BANKS THERE TO HOLD AND MANAGE PEOPLES MONEY IN A SAFE WAY - NOT JUST TO MAKE A PROFIT FOR THE BANK AND FOR THE GOVERNMENT. IN RURAL AREAS OF VICTORIA ELDERLY PEOPLE ONLY KNOW HOW TO USE CHEQUES - DON'T KNOW HOW TO USE THE CREDIT OR DEBIT OR ON LINE SYSTEM FOR PAYING FOR THINGS - BANKS SHOULD RUN FREE COURSES ON HOW TO DO THINGS INSTEAD OF JUST GETTING RID OF THEM BECAUSE OF LESS PEOPLE USING S]AS HAVE AKWAYS DONE.

Had a look to see what's available in rural Victoria to help seniors with banking and computer literacy. This is what I found. Not all of this may help, I just hope there will be something here to help you.

1. Be Connected Program:
   • The Be Connected program, led by the eSafety Commissioner, offers free courses to improve the online confidence, skills, and safety of older Australians.
   • As part of this program, a new course specifically focuses on making online banking safer and more accessible for older individuals.
   • The course covers topics such as transferring funds, checking balances, downloading statements, paying bills, setting strong passwords, avoiding scams, and safe communication with banks.
2. Australian Banking Association (ABA):
   • The ABA collaborates with banks to promote financial literacy and accessibility.
   • While not specific to rural Victoria, the ABA emphasizes the importance of accessible and safe banking for all customers.
   • Their initiatives cover both banking essentials and online safety information to warn people about potential fraud and scams.
3. Local Community Centres and Libraries:
   • Many community centres, libraries, and senior centres offer free computer classes.
   • These classes cover basic computer skills, including using the internet, email, and online banking.
   • Check with local centres in rural Victoria for available programs.
4. Online Resources:
   • Websites like Be Connected provide online courses, tutorials, and resources for seniors to learn about digital technology.
   • These resources are accessible from anywhere, including rural areas.

I guess you could contact the ABA by mail and let them know of your concerns. What can they offer you? It might prompt a good response that you could take advantage of.

I can't think of anything else that may assist you. I completely understand the frustrations that come with the changing times. Especially when Corporations appear to only think in terms of the dollar, rather than helping people. Having said that, I have found there are still a few good people working in bank branches that are happy to help. I have been one of those beneficiaries of such help in respect of digital banking.

 

[Jenny L. Gibbs]

I haven't used cheques for years but I hope the powers that be will not phase out cash as well!

 

[JimmyFlatrock]

I haven't used cheques for years but I hope the powers that be will not phase out cash as well!

I really can't see that happening.

Fact is one of the Scandinavian countries, Norway, is the most cashless of all, (down to 2% cash) is now considering passing legislation that forces businesses to accept cash payments. Been thinking about this since Nov 2022.

Largely to be an inclusive society for the benefit of it's senior citizens who may not be comfortable with digital and may prefer cash. But also because that government wants to be prepared as they recognise electronic systems can fail or when cyber attacks take place or natural disasters take out power.

Guaranteeing the right to pay in cash also benefits incoming tourists who may not have access to all the countries payment systems.

In view of the uncertain Russian politics and the situation in the Ukraine, the Norwegian government has also asked citizens to keep a reserve of cash on them in case of emergencies. So even in a country that has almost totally embraced digital transactions, there is plenty of reasons to recognise the importance of cash.

I think any Australian government who was mug enough to consider getting rid of cash would need a mandate from the people. What we need is to have a balance between modernisation and the need to maintain financial resilience and accessibility.