From 1st February 2024, Australian Mutual Bank branches will no longer be providing over-the-counter corporate cheque withdrawals.
The Australian Payments Network has reported that cheque use in Australia has dropped by 83% over the last 10 years. This decline is being seen globally, as customers choose to use more convenient digital payment methods, a trend that has accelerated since the pandemic.
In response to the rapid decline of cheque facilities being used as a preferred payment option, Australian Mutual Bank was notified of the termination of the cheque issuer arrangement which is a service provided to the Bank by a third party. As a result, personal cheque books were no longer issued after March 2022 and cheque deposits ceased in July 2023.
As the last of our cheque services, Australian Mutual Bank regrets to advise that over-the-counter corporate cheque withdrawals will no longer be available at our branches from the 1st February 2024.
Australian Mutual Bank has a range of alternate payment options available and is committed to assisting our members who may be affected by this change. Alternate payment options may include:
- the ability to set up one-off or regular periodic payments out of your account
- direct debit facilities to ensure your regular bills are paid automatically each month
- internet banking transfers that allow you to quickly transfer money to any Australian bank
- access to the mobile app which allows you to set up one-off or periodic payments
- assisted transactions via our contact centre or branch
- access to fee free cash withdrawals via Australia Post (Bank@Post*), EFTPOS (e.g. taking ‘cash out’ at the supermarket), and via a non-direct charge ATM
- access to fee free deposits can be made via Australia Post (Bank@Post*)
If you would like more information on how you can utilise any of these alternative payment services, please don’t hesitate to contact us on 13 61 91.
This information is correct as at 26 October 2023 and subject to change without notice.
* First four Bank@Post transactions (deposits and/or withdrawals) per month will be free. Any additional Bank@Post transactions will incur a $3.00 fee per transaction. Subject to service availability. Please review our Fees and Charges and Transaction Limits brochure for details.
