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Community


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Community

A one-stop forum for all your banking questions

Cheque Limit Reduction

What is a Cheque Limit Reduction?
  •  Reduction of the amount on cheques accepted or issued at the bank from R500 000 to

R50 000.

 

When is the change effective?

  • 1 May 2020.

 

What if I have a cheque issued before 1 May 2020? Will the bank accept the deposit or cash it?

  • The bank will not issue, deposit or cash cheques or amounts over R50 000 from 1 May 2020, regardless of the date of issue.

 

Will other banks issue, deposit or cash cheques over R50 000?

  • No, other banks will not process cheques over R50 000 as this is an industry regulatory change.

 

Can the bank issue split cheques to me if an investment of mine over R50 000 has matured and I don’t have a transactional account?

  • No, we will not issue split cheques on the same date where an amount due to you exceeds R50 000. You will have to provide us with an account into which we can deposit your funds, or we will have to provide you with cash. However, a cash payment is not recommended as it could put you at risk of robbery.

 

What if I have made an ATM cheque deposit of more than R50 000?

  • All cheques of over R50 000 deposited at our ATMs and received after 1 May 2020 will be returned to you unpaid.

 

We have invested in a Stokvel or Society Scheme and we are 30 members. Our investment has matured and its over R50 000. What do we do to get our pay-out?

  • You must provide us with an account into which we can deposit your funds, or we will have to provide you with cash, which is not recommended as cash could put you at risk of robbery.

 

Will there be fees for transferring my portion of the investment from our Stokvel or Society Scheme to another bank?

  • Yes, all existing fees and terms and conditions are applicable.

 

What other options are available?

The following Digital Banking platforms are available 24/7:

  • The Mobile Banking App.

  • The Immediate Payment service,

    where funds will be available

    immediately.

  • The Internet Banking Platform.

  • The Business Online Platform for bulk business payments.

 

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Version history
Revision #:
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Last update:
‎21-04-2020 11:29 AM
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