Modernising our Bank
Updates for our members
The way we bank in Australia is changing and a promise we’ve made to you, our members, is to build the bank of the future for you.
For the past few years, we have been working behind the scenes to transform the Bank into a member-focused institution of the future. Our member research and information about the way you, our members bank has told us that you expect a better digital banking experience but combined with a personal touch.
We envisioned a customer-centric bank that merges technology with customer service to deliver on our members’ needs, today and for years to come.
Our modernisation is now almost complete, and we will soon unveil a new way of banking with us.
We’re determined to get this right, which has meant that we’re putting the infrastructure in place to make it easier for you to bank with us, now and in the future.
We will keep you up to date with what’s happening at your bank and what it means for you.
What’s happening to cheques?
As our banking habits evolve, so too must the services offered by banks, including the introduction of new services and the removal of services in decline.
There has been an almost 90 per cent decline in the use of cheques in the last 10 years, with cheques now comprising only 0.2 per cent of non-cash retail payments, as Australians embrace the convenience and security of online banking*. In fact, the Australian Government plans to phase out cheques no later than 2030.
Our chequing services will cease on May 8, 2024 and this means we will commence phasing out these services. We will be in contact with all impacted members early in 2024, to explain the many other payment options available and with more detailed timelines.
We’re here to help
We’re here to support you through the entire modernisation process. You can reach out for assistance.
* https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques
