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FNB to stop issuing cheques to South African customers
FNB has announced it will stop issuing cheques from 1 January 2020.
The bank stated the decision follows the declining use of cheques locally and globally, coupled with the recent announcement made by the Payments Association of South Africa (PASA) to reduce the maximum value of cheque limits from R500,000 to R50,000 in May this year.
Customers who still use cheques have been given a six months’ notice period to adapt to alternative forms of payments, the bank said.
FNB has announced it will stop issuing cheques from 1 January 2020.
The bank stated the decision follows the declining use of cheques locally and globally, coupled with the recent announcement made by the Payments Association of South Africa (PASA) to reduce the maximum value of cheque limits from R500,000 to R50,000 in May this year.
Customers who still use cheques have been given a six months’ notice period to adapt to alternative forms of payments, the bank said.