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Australians are being encouraged to deposit any outstanding cheques they might have before these financial instruments become obsolete, potentially leaving over $820 million untouched.
This figure doesn’t even account for personal or business cheques that might be stashed away in old birthday cards or forgotten drawers.
Andy White, the CEO of the Australian Payments Network, emphasized the missed financial opportunities, stating, “It’s about the potential interest you could be earning—it’s essentially money sitting idle.”
White pointed out that a significant 80% of these uncashed cheques are over three years old, which poses a considerable economic burden.
Starting June 30, 2028, it will no longer be possible to write new cheques, and by September 30, 2029, depositing cheques will be discontinued.
However, individual banks can stop accepting them at any time, and some already have, including Macquarie, AMP, RaboBank, and Suncorp.
If your bank no longer accepts cheques, you need to open an account with a bank that does accept them and deposit them there.