The final weeks of cheques: What you need to know

With fewer people using cheques, Police Bank will join the market in phasing out the payment method in favour of other, more convenient options. If you still use cheques, these changes may affect you, but we’re here to guide you through the process.

A couple of decades ago, it was common for our members to carry their Police Bank chequebook with them to pay for a variety of items and services. Times have changed, however, and in recent years, we’ve seen a rapid decline in the number of customers using chequing services.

It’s a trend throughout the country, as customers move to newer and more convenient ways of paying for things, such as debit cards. Across Australia, there has been an almost 90 per cent drop in cheque use in the last decade, with cheques now making up less than 0.2 per cent of non-cash retail payments, federal government data shows.*

As a result of this shift in customer habits, we’re joining the broader market in phasing out cheques. At Police Bank, we will be ending chequing services on May 8, 2024. 

What it means for you

If you previously used cheques, but have switched to other forms of payment, you don’t need to worry. All of our other banking options will remain available, including Direct Debit, BPAY, PayID, internet banking, mobile wallet, Osko, Visa Debit, Bank@Post and telephone banking.

Some of our customers have previously used cheques to pay for big ticket items, such as a new car or accommodation. We want to assure you that we’ll provide other, safe ways for you to pay for these larger purchases.

Remember – we’re here to help you. If you have any questions or concerns, you can find out more by clicking here or calling us on 131 728.

The modernisation of Police Bank

The phasing out of cheques is part of our overall plan to bring Police Bank into the future, for you and the next generation of our members.

As always, we’ll keep you informed of our progress and once we go live with our new core banking system, you’ll find us much easier and more modern to bank with, with the same great service and community focus.

*https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques

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