From the 31st of March 2023, GMCU will be retiring chequebooks. This means that you will no longer be able to write cheques from your cheque book.
The use of cheques all around the world is in steep decline. According to the Australian Payments Network (APN), cheques now represent just 0.2% of all payments in Australia. The APN says cheque use in Australia dropped 83% over the past 10 years and by more than 20% each year since 2016. As a result of this, the provider that supplies cheque clearing services to much of the mutual banking sector is ceasing to supply this service.
We withdrew new chequing facilities from sale in 2022, and we will accept cheque deposits until the end of 2023.
What do I need to do?
We encourage all members to use the GMCU Mobile App, Internet Banking, or Telephone banking, to support your banking needs (i.e. transfer money, pay bills and more), without the need to use cheques.
If you are not currently using the GMCU Mobile App, Internet Banking, or Telephone banking, and are not comfortable or familiar with these options, we are here to support you. Your local GMCU team will be happy to assist you in finding the best way to meet your banking needs.
We encourage you to securely dispose of your chequebook, or alternatively take your GMCU chequebook to your local branch at your earliest convenience where we can discuss alternative ways of paying bills
Why are we making these changes?
We understand these changes may not be convenient for all members, and the retirement of any payment method is a decision we don’t take lightly.
The use of paper cheques and deposit books has significantly declined in Australia as more people adopt other ways to bank which offer faster and more convenient payment solutions. This has led to uncertainty as to whether these services will be supported in the near future and our third-party providers are not able to guarantee the continuance of these services.
Together with the fact the number of members now using personal cheque and deposit books is lower than ever, we’ve made the decision to retire these services. We’re not alone – our decision is one we believe will be mirrored by other financial institutions as these services are progressively phased out across the industry.
Other ways to bank
You can still make deposits and withdrawals in our branches and through our electronic services, like Internet Banking and Mobile App. Come and see any of our friendly staff who will help you find an alternative way to complete the transaction.
If you need assistance, click here to get in touch with your local GMCU team.