Important changes to cheques and the secure, faster payment alternatives for your business
From June 2023, we’re making changes to cheque access:
Some new and existing accounts will no longer have cheque access available
New and existing accounts will no longer have replacement cheque books issued automatically
Why are we phasing-out cheques?
CommBank already offers safer, faster and more reliable payment alternatives. As Australia’s payment landscape changes, there is a need for the Bank to support the payments system to manage the declining use of cheques.
For new accounts opened after 3 June 2023
From 3 June 2023, cheque access will not be available for new accounts opened from the list below:
Business Transaction Account
Overdraft Cheque Account
Business Line of Credit
Stream Working Capital Transaction Account
Agribusiness Line of Credit
Co-op Housing Society Loan
BBSW 30 Day Rate Account
CALIA Plus Line of Credit
For existing accounts (from the list above) opened before 3 June 2023
From 3 June 2023, for existing accounts, from the list above:
If a cheque book was issued to your account before 3 June 2023, cheque access to that account will remain available.
If a cheque book was not issued to your account before 3 June 2023, cheque access to that account won’t be available.
The following accounts (both new and existing) willcontinueto have cheque access available:
Standard Business Cheque Account (interest bearing option)
Society Cheque Account
Department of Finance Account
All Statutory Trust Accounts
While replacement cheque books will no longer be issued automatically, they are still available if you contact us or visit a branch.
Alternative ways of making payments
You can help with Australia’s transition to a more secure payments environment by adopting some of the convenient digital methods for paying and getting paid:
Fast payments & PayID
Pay somebody instantly, or transfer between your accounts using PayID. All you need is your Payee’s mobile number, e-mail address or business identifier number to make an instant payment. It is fast, secure and convenient.
You can also receive fast payments by providing your PayID to your payer.
Using your BSB, Account Number and Account Name, you can set up a direct debit that allows a merchant or service provider to withdraw an agreed amount of money from your account into a merchant’s or service provider’s account at set times.
Businesses can accept card payments in-store and online using a merchant facility.
If you’re the payer, you can make a payment using your credit or debit card both online and in-store.
If you have a compatible smartphone or wearable, some cards can also be added to your device’s digital wallet, which uses your biometric data (e.g. fingerprint or face scan) to authorise payments. This is safer than using a signature or PIN.
Using a cheque for a property settlement? PEXA offers digital property settlement that is fast, safe and offers real-time tracking of funds. PEXA is a Government-backed and a world-first in offering digital property settlement that reduces errors and delays.
Types of payments you might be making with cheques and alternative methods
Payment methods that may be available
Pay a bill
BPAY, Debit/Credit Card via in store EFTPOS terminals or eCommerce/online, EFT and Fast Payment using New Payments Platform (NPP)
Pay a friend/send a gift
Fast Payment using NPP, EFT, Giftcard
Send money overseas
Society for Worldwide Interbank Financial Telecommunications (SWIFT), International Money Transfer (IMT), Travel Money Card
Pay in instalments
Direct debit agreements, scheduled payments, Buy Now Pay Later (BNPL), PayTo
BPAY, Debit/Credit Card via in store EFTPOS terminals or eCommerce/ online, EFT
Settle a property purchase
Property Exchange Australia (PEXA)
Make a payment at auction
Pre-approved transfer (subject to first time hold / daily withdrawal limit)