GMCU to phase out cheques by end of the month

By Murray Silby

Mar 21, 2023

The Goulburn Murray Credit Union has told its members it is phasing out the use of cheques by March 31.

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The GMCU has stopped issuing cheque books to members and has asked them to stop writing cheques by the end of the month.

It will continue to accept cheques, though, until the end of 2023.

“We’ve been communicating with our members about this, including outbound personal calls to the 900 members who are using cheque books regularly as a payment method,” a spokesperson for the GMCU said.

“We also wrote to members recently to confirm the withdrawal of the service.

“Whilst we’re withdrawing chequing from the end of this month, which means members can’t use cheques as payment for goods or services after that date, any cheque presented by a member to be paid into their account (deposited), will be accepted until the end of 2023.

“After that date, all deposited cheques will be dishonoured.”

The GMCU said a worldwide decline in the use of cheques, including an 83 per cent drop over the past 10 years in Australia, had led to the financial institution that supplies cheque clearing services to much of the mutual banking sector ceasing the service.

The credit union said customers who had previously relied on cheques would be assisted to find the best alternative for them.

“We understand that some of our members will find the removal of chequing services uncomfortable, particularly as it’s a form of payment they’ve become used to over many years,” the spokesperson said.

“That’s why our staff will be on hand to help them, and we encourage members to come into one of the branches, or phone and talk to our friendly staff who can help them manage through this process.”