Nedbank has become the last of the big four banks to abandon the chequebook. As of 1 January 2021, clients will no longer be able to use cheques as payment.
The bank says only a few clients make use of the service these days. It says for the past few decades, clients have been choosing more affordable alternatives, like cards and digital transactions.
Cheque payments contribute less than 0.1-percent of total payment volumes in South Africa.
With verification and validation, it can take up to 10 days for a cheque to clear.
FNB, Absa and Standard Bank will have all ended their use of the cheque by the end of this year.
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Source: eNCA
