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DMBs Set To Phase Out Old Cheque Books

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Deposit Money Banks, DMBs have begun the process of phasing out old cheque books and notifying customers that they will no longer be honouring these cheque books by December 31, 2020.

These banks have also urged customers to request new cheque books.

Access Bank confirmed this in its email to customers on Wednesday. The email titled ‘Important updates on chequebooks and NEFT transfer,’ told customers, to “Please note the following important information regarding your cheque books and NEFT transfers.”

“Cheque books; The Central Bank of Nigeria, in September 2019, introduced a new cheque book design across all banks.”

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“To this end, old cheque leaves will be phased out and no longer be honoured on presentation effective December 31, 2020.”

“We encourage you to request the new cheque book on or before October 31, 2020 through any of the following channels.”

It further added that “We would also like to remind you that all cheques with the bank code “063” are no longer valid for clearing and will not be honoured on presentation for payment.”

The CBN in June had issued a circular titled ‘Implementation of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0,’ to all DMBs, accredited cheque printers/ personalisers and the Nigeria Inter-Bank Settlement System dated June 10, 2019.

This is believed to be why DMBs have called on customers to get new cheque books .

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