Are Cheques Still Legal Tender in Nz

Yes, we will continue to accept foreign or foreign cheques sent to be withdrawn or deposited into your HSBC account (at HSBC`s discretion) until they are revoked. “I`m not saying that the elderly don`t have the capacity. They are the generation that could divide in their minds for a long time, and they have already adapted to huge changes, they are the ones who have switched to decimal money. But for a group of people who have been using checks for a very long time and are used to having an independent way to control their own money and pay their own bills, this is a big event. Essentially, they are being asked to trust machines to carry out all their financial transactions. “As more New Zealanders choose to make and receive payments electronically, New Zealand banks will no longer issue or accept cheques. Each bank has a different date when they are going to make this change, do you know the end date of you? Alternatively, the New Zealand bank may hold the money for a certain period of time, which means that the customer cannot access the money immediately. The holding period gives the foreign bank time to inform the New Zealand bank if it will cash the cheque. Once the holding period has expired, the customer can access the money. A foreign cheque can still be cashed after a period of detention. We no longer offer cheque tax refunds for unused cheques. The cheque tax was abolished by the government on 1 July 2014. At the time, the government advised to request a refund of cheques paid on unused cheques, people should talk to their bank before July 1, 2014.

In the meantime, ASB will continue to process cheques from foreign banks. This may change in the future and we will keep our customers informed of any changes. If your charity relies on cheques to receive donations, it`s very important to communicate with your supporters about the change early on. Include an update in your regular communications with supporters, such as newsletters, emails, and update your website. You can continue to deposit cheques for certain foreign currencies until further notice. ANZ only accepts foreign cheque deposits in AUD, CAD, GBP and USD. Cheques in other foreign currencies are not accepted by ANZ. However, there are other ways to get international funds quickly and safely. A foreign currency account is a great way to receive these payments electronically. Cheques are not legal tender in New Zealand, but are a method of payment.

Individuals and businesses are not required to accept cheques. Cash (banknotes and coins) is the only legal means of payment in New Zealand. ANZ no longer accepts checks for deposits to ANZ accounts, and checks issued by ANZ customers can no longer be deposited with other banks. This means that you will no longer be able to pay people, bills or donations with ANZ cheques. Am I entitled to a refund of unused cheques that I return to the branch for cheque tax? While New Zealand banks continue to phase out the use of cheques, the ministry will no longer process incoming or outgoing cheques after 31 May 2021. You must destroy all checkbooks with unused checks. They cannot be used for payment and there is no need to return them to ASB. With less than 1% of ASB customers` payments made by check, ASB has now phased out checks as a payment option.

A number of other New Zealand banks have also phased out cheques in 2021. We no longer accept cheques, including foreign cheques, although we continue to cash bank cheques from Westpac New Zealand Limited in accordance with the usual requirements. If you have received a bank cheque, please deposit it as soon as possible. As of May 28, 2021, ASB will no longer issue bank cheques. Bank cheques issued before this date will be exchanged (subject to customary requirements). We understand that this change will affect some people more than others. We are ensuring that the abolition of cheques as a payment option does not affect access to justice or the services offered by the Department. This method is typically used for higher-value controls. Banks will also use this method if they are not willing to advance money to their customer while waiting for payment from the foreign bank. This may be because the customer does not meet their credit criteria or because the check is a personal check. As of June 1, 2021, cheques will no longer be accepted for depositing into your ANZ account and you will no longer be able to use ANZ cheques to make payments to other bank accounts.

The bank will continue to cash cheques issued before these dates, subject to its terms and conditions, so make sure you`re prepared! This follows the announcement that most New Zealand banks will stop accepting cheques by mid-2021, as many customers are now opting for digital payment options.