The FNB announced on Thursday that it will no longer accept cheques starting January 1, 2021, after a 30% annual reduction in clients, saying the decrease is less than 0.1% of total payments in South Africa.
The bank said it embarked on a two-year journey to encourage and help its customers to change from using cheques to safer, faster, and more affordable payment options.
“And in line with the banking industry, the FNB decided to stop cheques usage starting January 1, 2021. This means that our customers can no longer write, cash, or deposit any cheques after that date,” said FNB.
According to FNB, it decided to exit cheques with extreme caution, saying it will continue to help customers with a payment alternative that is safer, more efficient, and cheaper than cheques.
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What will happen on January 1, 2021?
The bank will stop FNB cheque issuing. It means clients cannot deposit or cash cheques at any FNB branch.
FNB has notified South African banks that FNB will not accept cheques after December 31, 2020.
It will stop cheques encashments. The clients will not exchange a cheque for cash at FNB.
FNB will no longer accept cheques issued by any bank as a cheque deposit.
If you are still issuing cheques, please request your recipients to deposit these cheques by December 31, 2020.
For more information, contact your banker or the FNB Business Desk on 0877 362 247.