Updates to Cheque Processing
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Woolworths Team Bank is phasing out cheque processing services, in line with advancements in the banking industry and recent decisions by the Australian Government.
This decision aligns with a noticeable shift away from cheque usage among our members over the last five years, reflecting broader trends towards more secure, efficient, and environmentally friendly banking methods.
Woolworths Team Bank will still deposit cheques until the 31st of July, 2024. This marks a significant milestone in our journey towards a fully digital and streamlined banking experience.
Important Dates
16th of May 2024
If a Woolworths Team Bank counter cheque or personal cheque is presented after the 16th of May it will be dishonoured and a dishonour fee will occur.
31st of July 2024
All cheque services will become unavailable at Woolworths Team Bank.
What do we mean by cheque services?
Cheque services include:
- Cheque books: using your current cheque and deposit book or requesting a new/replacement one
- Bank cheques: requesting a bank cheque
- Branch cheque deposits: depositing a cheque at a Woolworths Team Bank branch
We’re Here To Improve Your Banking Experience
We recognise this is a significant change for members who rely on cheques and naturally, you may be wondering how this affects your day-to-day banking.
Please rest assured that our team is available to speak with you on the phone or in our branches and will be pleased to introduce you to our range of convenient alternatives. We are confident you will find our online banking and mobile banking app very easy to set up and use with simple training and thorough support from our team. Both these transaction methods provide safer and more immediate access to your funds than the cheque system could offer.
Embracing a More Efficient Banking Future
Australia’s financial system is navigating a new economic environment, and this move reflects the evolving landscape we operate in. As fewer members use cheques, and as digital technology advances, transitioning to more modern banking methods allows us to better serve your needs and protect your financial transactions.
Alternative ways to pay:
- Internet banking (BSB/Account number, BPay®)
- Bank@Post with Australia Post
- Direct Debit
Please phone us on 1300 665 553, email us at info@woolworthsteambank.com.au or visit us in branch to discuss alternative banking options.
Frequently Asked Questions
Consumers have been transitioning away from using cheques for many years, favouring digital banking solutions instead. It has resulted in Australia’s cheque system becoming close to redundant. Phasing cheques out now makes economic sense and frees up resources to focus on the services our members are using more of.
Please bank your cheques as soon as possible. Unfortunately, you won’t be able to cash them at our branches once the system has been closed. We simply won’t have the technology needed to access the funds from the issuing bank. That’s why we’re sharing this information early with you – we want to help facilitate your cashing of cheques while we still can. We also want to make the most of this window of time to show you alternative ways to access or send money.
We make it easy to access and send your money with these digital and in-branch options. Because cheques are being phased out at the federal government level over the coming years, naturally these departments and agencies that still use cheques to send payments will also start to phase out. Learning what’s available now will ensure you’re ready for the transition in May, 2024.
- Internet Banking – Using Internet Banking is a convenient and secure way to view your account balances, transfer funds, download your transaction history, view interest earned and even BPAY bills (see below). All Internet Banking transactions are fee-free.
- Mobile Banking App – Mobile Phone Banking gives you secure access to your accounts 24 hours, 7 days a week, all from the convenience of your mobile phone.
- BPAY® – Allows for easy, secure payments and scheduling for bills with a customer reference number allocated to you from the supplier.
- Credit and Debit Card Payments – For online and in-store payments worldwide.
- Direct Debits – Ideal for managing recurring expenses.
- EFTPOS – Use your card or Digital wallet to pay for your goods and services.
If you’re receiving cheques from government agencies or you’re getting shareholder dividends this way, we suggest you provide the provider with your BSB and account number for direct bank account payments. We suggest you do this at your earliest convenience to avoid being stuck with a cheque you can’t cash.
