Issuance of cheques to be discontinued
In recent years, consumers 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 consumer behaviour, we will be exiting cheque issuance by 31 December 2020.
How does it impact me?
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 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 you 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 of banking. What’s more, our world-class digital offerings enable you to make and receive payments seamlessly. Options include:
- Internet Banking or the Banking App, which allow you to pay 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 at the till or online, so you can easily make payments using your smartphone.
- Virtual Cards, which enables you to make payments and purchases online without having to use your credit or debit card details.
Learn more about the different ways to bank.
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. You can still use your cheques until the 31st of December 2020.
Visit our self-service banking page to discover the different ways you can bank, or visit your Banker to discuss suitable solutions you can use.
Yes. All banks are in the process of exiting cheques.
You can register your number for MyUpdates notifications to receive free SMSs or emails to stay up to date.
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