We would like to bring this important notice to our customers attention. Payments Association of South Africa (PASA) has reduced the limit permitted on cheque payments from R500 000 to R50 000. This ruling will come into effect on 1 May 2020 and will apply to all cheques issued on, or before, this date.
Standard Bank must comply with these banking industry regulations and therefore, from 1 May 2020 we will not be permitted to:
Issue, cash or deposit cheques for amounts over R50 000, regardless of the date of issue;
Accept multiple cheque deposits with the same date where the drawer and the payee are the same if the total amount exceeds the R50 000 limit; and
Issue split cheques on the same date where an amount due to you exceeds R50 000.
Take steps to arrange alternative means of payment
Please make arrangements with your creditors and debtors before 1 May, take advantage of our Digital Banking platforms to pay and/or receive amounts in excess of R50 000.
How we will continue to support you and your banking needs
Our digital banking facilities are available to you, to ensure you stay connected to your money – safely and conveniently – 24/7:
Use our Mobile banking App, Internet Banking platform or Business Online platform to make electronic account to beneficiaries.
Use our Immediate Payment/Real-Time Clearing service to ensure that funds will be available to beneficiaries immediately.
Make electronic accounts at our ATMs.
Thank you for your understanding of this new cheque limit reduction requirement. We remain committed to providing you with a seamless banking experience.