ANZ checks out of chequebooks amidst digital revolution
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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 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.
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.
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.
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