Banks to phase out old cheque books December 31
Deposit Money Banks have started to notify their customers that they will phase out old cheque books and will no longer honour such by December 31, 2020.
They have also urged customers to request new cheque books.
One of the banks, Access Bank, disclosed this to its customers through an email on Wednesday, entitled ‘Important updates on chequebooks and NEFT transfer.’
In the email, it told customers, “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.
“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It added that, “We would also like to remind you that all cheques with the bank code “063” are no longer valid for clearing and will not be honoured on presentation for payment.”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 had earlier issued a circular entitled ‘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.
In the circular, it stated, “In furtherance to the bank’s effort to ensure a seamless transition to the new cheque standard, it has become necessary to remind all Deposit Money Banks that cheques ordered after 31st August 2019 must conform to the new cheque standard and that the parallel run for old and new cheques shall commence on September 1, 2019.
“The above is in line with the stipulations of the reviewed Nigeria Cheque Standards and Nigeria Cheque Printers Association Scheme document, revised to increase the efficiency and security of the Nigerian Clearing System.
“In order to avoid ambiguities, please note the above timeless, and ensure that your bank’s cheque processing system are ready for the full adoption of the new cheque standard by September 1, 2020.”