Cheque usage has significantly declined with an increasing number Australians moving towards other faster and more secure payment methods. Therefore, there are some changes to Bank of Sydney’s Cheque Services, which are in line with the national approach to phase out cheques in Australia.

If you would like to learn more about the Australian Government’s ‘Strategic Plan for Australia’s Payments System’, visit www.treasury.gov.au

If you currently hold a Bank of Sydney account offering Cheque Services, you will be able to order new cheque books for your account until 28 October 2023.

If you have a Bank of Sydney cheque book (issued prior to 28 October 2023), you may still issue cheques until the remaining cheques in your cheque book have been exhausted. However, please note that cheques that you issue will not be honoured by the Bank if presented after 16 February 2024 – we therefore recommend you cease issuing cheques well before this date.

You will be able to continue depositing cheques into your Bank of Sydney account via Australia Post’s Bank@Post service until 16 February 2024.

After 16 February 2024, you will no longer be able to deposit cheques from Bank of Sydney, or any other financial institution, into a Bank of Sydney account via Australia Post’s Bank@Post service. Additionally, Bank of Sydney cheques will no longer be accepted at other financial institutions.

You will be able to continue depositing cheques into your Bank of Sydney account via any Bank of Sydney Smart ATM machine until 16 February 2024.

After 16 February 2024, you will no longer be able to deposit cheques from Bank of Sydney or any other financial institutions into a Bank of Sydney account via a Bank of Sydney Smart ATM machine or any other means. Additionally, Bank of Sydney cheques will no longer be accepted at other financial institutions.

There will be no changes to the functionality of your Bank of Sydney Visa Debit Card.

These changes only relate to Cheque Services. Therefore, aside from Cheque Services, there will be no other impact to the way that you use your Bank of Sydney account.

If you have an existing Bank of Sydney cheque book containing unused cheques, we recommend that you destroy them for security reasons.

If you have issued a cheque and it is presented to any financial institution by the Payee after 16 February 2024, it will either be dishonoured or not accepted.

After 16 February 2024, you will no longer be able to deposit cheques drawn on Bank of Sydney or any other financial institutions into a Bank of Sydney account. Bank of Sydney cheques will no longer be accepted at other financial institutions.

If you receive a cheque drawn on Bank of Sydney, please contact the individual or organisation who provided the cheque and arrange for a different payment method to be used.

After 16 February 2024, you will no longer be able to deposit cheques from any financial institution into a Bank of Sydney account.

If you receive a cheque from another financial institution, you may be able to deposit the cheque through an account maintained elsewhere. Alternatively, you may wish to contact the individual or organisation who provided the cheque and arrange for a different payment method to be used.

Please note that a number of other financial institutions are also withdrawing their Cheque Services. We recommend you check with your alternative financial institution for more information.

Bank of Sydney will continue to honour Bank Cheques which have been issued by Bank of Sydney after 16 February 2024, when presented at any Bank of Sydney branch. Please note that funds may not be available immediately – further information will be available when the Bank Cheque is presented.