ANZ checks out of chequebooks amidst digital revolution

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.


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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.
 
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Anyone who thinks the "digital" age adds security to financial transactions and our money is a damned fool. How often has the "digital" age provided convenience for scammers to burgle our bank accounts?

Our glorious banks couldn't care less!

Just wait until quantum computing and artificial intelligence is commonplace.
 
In the digital age of banking I still think cash should be used. A lotof older Australians do not use visa, credit cards and prefer to use cash whick thy take out of their bank passport book. I still use cash for a lot of small items that I buy from day to day thing like buying a bottle of milk or a bottle of soft drink so I don't accur a extra deduction on my visa card. Having cash in your purse or wallet keeps you incontrol of what you are spending and when the cash for the week is gone out of my purse that is the time I cannot buy anything else so I don;t buy useless items it do not need.
 
Anyone who thinks the "digital" age adds security to financial transactions and our money is a damned fool. How often has the "digital" age provided convenience for scammers to burgle our bank accounts?

Our glorious banks couldn't care less!

Just wait until quantum computing and artificial intelligence is commonplace.
With luck, I will be kicking up Daisy's before then....
 
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Cash will always be King..
No; PR China-style "social credit" is fast overthrowing common sense, political decency and democracy and this is by default and for our "convenience" because we are too lazy collectively to post a letter with a cheque enclosed.
 
I remember cheques when I was an office manager. With every cheque, the bank charges a fee to the business to deposit it. Also, I recall bounced cheques due to insufficient funds, then the business had to pay a dishonour fee! I think businesses will be glad to get rid of cheques handed to them for payment, plus this is the reason why businesses won't accept them. Too many bank charges.
 
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Thanks. I recall Southern phone charging me a fee if I paid by cheque and having to pay about $30 should one of my cheques to a business be dishonoured by the bank. Is someone, a bank perhaps, double-dipping over fees?
 
Thanks. I recall Southern phone charging me a fee if I paid by cheque and having to pay about $30 should one of my cheques to a business be dishonoured by the bank. Is someone, a bank perhaps, double-dipping over fees?
I wouldn't have paid by cheque if that was the case.
 
Anyone who thinks the "digital" age adds security to financial transactions and our money is a damned fool. How often has the "digital" age provided convenience for scammers to burgle our bank accounts?

Our glorious banks couldn't care less!

Just wait until quantum computing and artificial intelligence is commonplace.
The only things digital has going for it are convenience and time saving.

It has made security heaps worse, more problematic and the world more of a dog eat dog place.

If I didn't still retain a little bit of nouce combined with a really cautious approach to the digital world, I would have been taken out a while back. And you don't have to be a mug to get done either. Goodness knows I fear getting handed up on a plate to the digital scoundrels when my neuron links start to break down.

The thing is I reckon it's only going to get trickier out there in the ether.

With the way certain countries are massively building up their stockpiles of gold to take out the Greenback as the monetary standard, the bet is that Crypto will end up as the standard with gold backing it up. Reason why all the big boys (institutions) in the US, who once laughed at and bagged the idea Crypto was going anywhere, are now buying it up like there's no tomorrow.

As I understand it, trying to keep a handle on security of your Crypto is almost as tough as herding cats.

So we'd better all hope that what we have now stays around, while you know what still points to the ground!

And what Rob44 said about quantum computing and AI, well, I can hear the klaxons wailing now and the bloke yelling out "dive, dive, dive"... he said, as he hoisted his lovely wife up on the shoulder and headed for the cave halfway up the hill.
 
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.
 

Credit interest (for Access Advantage accounts only)​

•​
The Access Advantage account is an everyday transaction account. You do not currently earn interest on balances under $50,000.
•​
From 16 June 2024, interest will no longer be earnt on balances over $50,000 in an Access Advantage account as outlined in the table below:
AmountInterest rates up to
15 June 2024
Interest rate effective
from 16 June 2024
$1 - $49,9990.00% p.a.
Not applicable​
$50,000 - $99,9990.01% p.a.
$100,000 plus0.02% p.a.
•​
If these changes mean this account will no longer meet your needs, you can ask us about other accounts which pay interest on
 
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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.
Yes..... they can take away your access at the flick of a switch if you don't do as they say.... then the government will climb aboard and if they say jump to the right and you jump to the left..... presto you will lose all access to your funds.
Sowly slowly catchee monkey!!!! as the old Chinese say.....
It's happening in Cina as we speak....
 

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