Bank phasing out cheques by July 2021

by Susan Edmunds from Stuff NZ
(Stuff is a New Zealand news media website owned by Stuff Ltd and the biggest media website in New Zealand, with a monthly unique audience of more than 2 million.)

Following the footsteps of other major banks in New Zealand, BNZ has also set a date to phase out cheque use by July 2021 and to work with its customers and other stakeholders over the next year to ensure they have alternative ways to access banking services by the time the phase out is complete.

BNZ Chief Customer Officer, Paul Carter, says, “The number of customers using cheques has been declining steadily over the past five years and the increased use of digital and online services over the lockdown period has hastened that decline.

“We’re giving ourselves and our customers plenty of runway to work with and our teams will be working proactively with customers over the coming 12 months to help them understand the transition and support options available.

“We have alternative solutions for the majority of services that traditionally use cheques and will ensure that by July 2021 next year everybody that uses cheques has an alternative way to access banking services,” he says.

The team at BNZ is also part of ongoing conversations with the team at Department of Internal Affairs working on the Gambling Act changes and, as well as looking at how problem gambling can be addressed, they are also asking that they consider making the requirements as technologically agnostic as possible. BNZ are aware that this is restricting charities using online methods for fundraising/raffles.

BNZ is in consultation with charities around other issues that charities are experiencing with the current regulatory framework, they will be happy to raise these issues with DIA. BNZ have also asked the sector to consider if there are other issues that may be present making it difficult (or preventing) a movement away from cheques to more digital options. BNZ want to continue discussion and addressing concerns to make sure the charitable sector can adapt as best as possible.

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