Banks are advising consumers to switch to alternative payment methods in light of moves to phase out cheques and introduce new digital payment methods from January next year.
In a statement, the Association of Banks in Fiji (ABIF) said in the lead up to that, its member banks comprising ANZ Fiji, Bank of Baroda, Bred Bank (Fiji) Limited, BSP, HFC Bank, and Wespac will stop issuing new chequebooks from July 1 this year.
Customer cheques will cease to be processed from January 1, 2025, and bank cheques will no longer be issued from the same date.
“Please be advised that any customer-issued cheques presented after this date will be considered stale and dishonoured if attempted to be presented at any ABIF member bank,” the ABIF said.
However, existing bank cheques, issued in accordance with existing legislation, will still be processed.
The transition involves legislative changes, and customers are encouraged to explore alternative payment options like electronic funds transfer, online banking, and mobile payments.
During the transition period, banks will provide assistance to customers and awareness training on digital alternatives to cheques will be conducted.
“The RBF and ABIF will work with the office of the Attorney General and the Fiji Law Society on the legislative changes needed to properly carry out the transition.
“We understand that these changes may impact the banking habits of some customers and Banks will endeavour to assist their customers in making a smooth transition. We recommend exploring alternative payment methods such as electronic funds transfer, online banking and mobile payments to ensure a seamless and secure financial experience. ABIF as well as individual banks will now commence conducting awareness training of digital alternatives to cheques for their customers.”
