Cheque issuance to be discontinued
In recent years, businesses have shifted towards the safety and convenience of digital payments. Due to the physical nature of cheques, now aggravated by the impact of COVID-19, the use of cheques has declined significantly.
Aligned with the South African banking industry and shift in business behaviour, we will be exiting cheque issuance by 31 December 2020.
How does it impact my business?
The first step on this journey is the discontinuation of special clearances on all cheques, which will take effect on 1 September 2020. From this date, all cheques deposited into your business account will be subject to the mandatory 7 business days clearance period before the funds are made available.
Other important dates to note:
1 October 2020
We will stop ordering and issuing new chequebooks with effect from 1 October 2020. You will still be able to use cheques as a payment mechanism until your current stock of cheques/cheque books runs out or until 31 December 2020, whichever comes first.
31 December 2020
We will officially stop cheque issuing and processing of Standard Bank cheques on 31 December 2020. We will allow 21 days post 31 December 2020 to process any cheques issued by your business if the cheque is presented for processing/settlement on or before 31 December 2020.
What are my other options?
Make the switch to digital payments. It is not only a safer and more convenient alternative to cheques, but it is also a far more efficient and cost-effective way for your business to bank. What’s more, our world-class digital offerings enables your business to make and receive payments seamlessly. Options include:
Internet Banking, the Banking App or Business Online, which allow you to pay business-listed beneficiaries immediately and securely. You can also send SMSs and emails to beneficiaries as proof of payment, view your transaction history, track payments and repay saved beneficiaries without having to re-enter information. SnapScan for business, point-of-sale devices and referenced deposit solutions are just some of the convenient options available to businesses to make collecting payments from your customers easier.
31st December 2020.
The cheque will be returned unpaid.
No. Chequebook ordering has been discontinued as of the 1st of October 2020.
No. Special clearance services have been discontinued as of the 1st of September 2020.
Yes. Your business can still use cheques until the 31st of December 2020.
Visit our self-service banking page to discover the different ways in which your business can bank, or visit your Banker to discuss suitable solutions your business can use.
Yes. All banks are in the process of exiting cheques.
Your business can register for MyUpdates to receive free SMSs or emails to stay up to date.
No. The system no longer issues chequebooks.
Yes. The bank has sent out communication to all customers.
All cheques must be deposited on or before the 31st of December 2020.
Get in touch
If you would like more information about the payment and collection solutions we offer or if you have any questions about the cheque discontinuation process, please contact your relationship banker.