FNB discontinues the use of cheques

South Africa has seen an annual decrease of 30% in cheque usage, with cheques making up less than 0.1% of total payments in South Africa.

Considering the above, and in line with the banking industry, FNB has decided to discontinue cheques from 01 January 2021. This means that their clients will no longer be able to issue, encash, or deposit cheques after this date.

The decision to exit cheques was done with great consideration. The bank said that it would continue to assist clients with payment alternatives that are more secure, efficient, and cost-effective than cheques.

As from 01 January 2021 FNB cheque issuing will be discontinued. This means that any FNB cheques that are presented cannot be deposited or encashed.

All South African banks have been notified that FNB cheques presented after 31 December 2020 are not to be accepted. Cheque encashments will be discontinued. This means that nobody will be able to exchange a cheque for cash at any FNB branch. FNB will also no longer accept cheques issued by any bank as a cheque deposit.

FNB clients who are still issuing cheques are therefore requested to inform their recipients to deposit these cheques by latest 31 December 2020.

FNB communication