Grocott's Mail
  • NEWS
    • Courts & Crime
    • Features
    • Politics
    • People
    • Health & Well-being
  • SPORT
    • News
    • Results
    • Sports Diary
    • Club Contacts
    • Columns
    • Sport Galleries
    • Sport Videos
  • OPINION
    • Election Connection
    • Makana Voices
    • Deur ‘n Gekleurde Bril
    • Newtown… Old Eyes
    • Incisive View
    • Your Say
  • ARTSLIFE
    • Cue
    • Makana Sharp!
    • Visual Art
    • Literature
    • Food & Fun
    • Festivals
    • Community Arts
    • Going Places
  • OUR TOWN
    • What’s on
    • Spiritual
    • Emergency & Well-being
    • Safety
    • Civic
    • Municipality
    • Weather
    • Properties
      • Grahamstown Properties
    • Your Town, Our Town
  • OUTSIDE
    • Enviro News
    • Gardening
    • Farming
    • Science
    • Conservation
    • Motoring
    • Pets/Animals
  • ECONOMIX
    • Business News
    • Entrepreneurship
    • Personal Finance
  • EDUCATION
    • Education NEWS
    • Education OUR TOWN
    • Education INFO
  • Covid-19
  • EDITORIAL
Facebook Twitter Instagram
Trending
  • Africa could lead the way in precision medicine
  • Wall-to-Wall Creation
  • Covid grant should be increased to at least R413, say civil society groups
  • National shutdown goes off peacefully in Makhanda
  • A bond forged by mentoring
  • Ibe yimpumelelo itumente yolutsha eQhorha
  • A good financial planner is indispensable
  • Exciting encounters in LFA Premier League weekend games
Facebook Twitter Instagram
Grocott's Mail
  • NEWS
    • Courts & Crime
    • Features
    • Politics
    • People
    • Health & Well-being
  • SPORT
    • News
    • Results
    • Sports Diary
    • Club Contacts
    • Columns
    • Sport Galleries
    • Sport Videos
  • OPINION
    • Election Connection
    • Makana Voices
    • Deur ‘n Gekleurde Bril
    • Newtown… Old Eyes
    • Incisive View
    • Your Say
  • ARTSLIFE
    • Cue
    • Makana Sharp!
    • Visual Art
    • Literature
    • Food & Fun
    • Festivals
    • Community Arts
    • Going Places
  • OUR TOWN
    • What’s on
    • Spiritual
    • Emergency & Well-being
    • Safety
    • Civic
    • Municipality
    • Weather
    • Properties
      • Grahamstown Properties
    • Your Town, Our Town
  • OUTSIDE
    • Enviro News
    • Gardening
    • Farming
    • Science
    • Conservation
    • Motoring
    • Pets/Animals
  • ECONOMIX
    • Business News
    • Entrepreneurship
    • Personal Finance
  • EDUCATION
    • Education NEWS
    • Education OUR TOWN
    • Education INFO
  • Covid-19
  • EDITORIAL
Grocott's Mail
You are at:Home»NEWS»Bank to stop issuing cheques
NEWS

Bank to stop issuing cheques

Staff ReporterBy Staff ReporterJuly 7, 2020No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

First National Bank today announced that it will be discontinuing the issuing of cheques by 1 January 2021.

Customers who still use cheques have been given a six months’ notice period to adapt to alternative forms of payments.

In a statement, the bank said this decision followed the declining use of cheques locally and globally, coupled with the recent announcement made by the Payments Association of South Africa (PASA) to reduce the maximum value of cheque limits from R500 000 to R50 000 in May this year.

“As of 1 January 2021, FNB clients will no longer be able to issue cheques,” said Kenneth Matlhole, FNB Business Products Head. “However, we will still honour other banks’ cheque payments until further notice.”

Over the years, FNB had encouraged clients to migrate to safer, faster and more cost-effective payment mechanisms such as Electronic Funds Transfer (EFT), mobile payments, online banking and card payments, Matlhole said.

“These forms of transacting are not only safer but are far more advanced and effective means that businesses can use to transact.”

Matlhole said South Africa had seen an annual decrease of 30% in cheque usage, meaning cheques contribute less than 0.1% of the total payments ecosystem in South Africa.

“During level 5 lockdown, volumes decreased by 80% and we have seen businesses continue to adapt to more digital and secure options of transacting.”

Previous ArticleDamaging winds expected on Thursday
Next Article Environment plays second fiddle to EC development drive
Staff Reporter
  • Website

Comments are closed.

Tweets by Grocotts
Newsletter



Listen

The Rhodes University Community Engagement Division has launched Engagement in Action, a new podcast which aims to bring to life some of the many ways in which the University interacts with communities around it. Check it out below.

Humans of Makhanda

Humans of Makhanda

Weather    |     About     |     Advertise     |     Subscribe     |     Contact     |     Support Grocott’s Mail

© 2023 Maintained by School of Journalism & Media Studies.

Type above and press Enter to search. Press Esc to cancel.