We have noted a decline in the number of cheques used as a method of money exchange. Given the availability of more efficient methods for making payments, we hereby give notice that TNB will no longer issue cheque books as of 1st July 2021 and will withdraw cheque clearing services by 31st December 2021.
The first pre-printed cheques were pioneered by the Bank of England in 1717. Cheques became a standard method of exchanging money, but with the onset of new technology clients are choosing to make more payments via electronic means. This is a faster and more efficient way of effecting money transfers.
The use of cheques has been in decline for several years and the cost associated with processing these has become uneconomical.
At TNB, we are investing in developing more efficient systems for payments, and part of this involves moving away from outdated methods for exchanging funds. We have therefore taken the decision to move away from cheques and look towards the future in a more efficient way.
These changes will impact both the issuing and receiving of cheques.
Please note that cheques become invalid six months after issue date. Clients that opt to retain cheque books for use after 1st July 2021 should note that if a cheque has not been processed by 31st December 2021, it will not be honoured. This may further lead to charges applied by the payee bank.
Our recommended alternative method of payment is via our Netbank online service. This is a fast, secure and easy method to exchange funds. If you do not currently have access to Netbank or require guidance on how to use it, please feel free to contact us for help. We also encourage clients to use direct debit and standing orders for regular payments.
We recommend the next steps:
Please note that GBP denominated payments to accounts in Gibraltar or the UK, carry a charge of £2 per transaction if effected on a shared cost basis. This is the same fee for issuing or receiving a cheque. Incoming payments to your account are free of charge.
If you have any questions, please do not hesitate to contact your Relationship Manager.