Announcement Regarding Changes to Cheque Services (Effective from 15 March 2026)
2026-01-28
Dear Customers,
On 18 November 2024, the Australian Government announced that cheques cannot be issued in Australia after 30 June 2028 and will not be accepted by financial institutions or as a form of payment after 30 September 2029.
This decision is a result of the rapid decline in cheque usage, with cheques representing less than 0.1% of non-cash retail payments in 2022/2023, Click here for more information: https://auspaynet.com.au/network/cheques.
As a result of changes announced by the Australian Government and the declining use of cheques, Bank of China (Australia) Limited will adjust its cheque services from 15 March 2026.
I. What This Means For You
From 15 March 2026, for individual customers:
- individual cheque accounts will end and individual customers will no longer be able to write or issue cheques;
- you will no longer be able to get a bank cheque (this change applies to all individual customers AND to all non-individual customers);
- you will still be able to deposit personal cheques and bank cheques from other institutions into your account unless those cheques were written or issued after 30 June 2028 (or any earlier date on which the other financial institution ceased to provide cheque facilities to its customers).
II. Conversion of Individual Cheque Accounts
If you currently hold an Individual Cheque Account, we will change your account to a Demand Deposit Account in your name with the same account number and transfer your balance into that account.
You will be able to access those funds and make payments using the remaining methods described in the updated Account Access Terms and Conditions that takes effect on 15 March 2026. These include electronic payments to accounts in Australian banks, payments via the B-Pay Scheme or arranging direct debits with persons providing goods or services to you.
You must not write or issue or any cheques from15 March 2026. If you have a cheque book on that date we ask you to destroy it.
III. Arrangements for Cheques Already Issued
We may continue to honour cheques that were written before 15 March 2026, subject to our usual conditions and cheque procedures provided they have not become stale. We will debit your new Demand Deposit Account when we honour any such cheques. It will continue to be your responsibility to have sufficient funds in that account for payment of any cheques that you have written.
Our usual fees relating to matters such as requests for stopping cheques and cheque dishonours will continue to apply after 15 March 2026.
Further details of these changes will be provided to affected customers in writing. If you have any questions, please speak to us in one of our branches or contact us on 18000 95566.
Bank of China (Australia) Limited
140 Sussex Street, Sydney NSW 2000
ABN 28 110 077 622
AFSL No. 287322
28 January 2026
