Banks are advising customers to change to various fee strategies in gentle of fixing checkouts and introducing new digital fee strategies from January subsequent yr.
In an announcement, the Affiliation of Bankers in Fiji (ABIF) stated that below its management, its member banks embrace ANZ Fiji, Financial institution of Baroda, Fowl Financial institution (Fiji) Restricted, BSP, HFC Financial institution, And wespack will cease issuing new ones. Checkbook from July 1 this yr.
Buyer checks will stop to be processed from 1 January 2025, and financial institution checks won’t be issued from the identical date.
“Please be suggested that any checks issued by clients after this date will probably be thought-about dishonorable and dishonored if tried to be offered at any ABIF member financial institution,” ABIF stated.
Nonetheless, present financial institution checks, issued in accordance with present laws, will nonetheless be processed.
The transition consists of legislative modifications, and clients are inspired to discover various fee choices reminiscent of digital fund transfers, on-line banking, and cellular funds.
Through the transition interval, banks will present buyer help and consciousness coaching on digital alternate options to cheques.
“The RBF and ABIF will work with the Legal professional Normal’s Workplace and the Fiji Legislation Society on the legislative modifications which are required to correctly perform the transition.
“We perceive that these modifications might affect some clients’ banking habits and banks will endeavor to assist their clients make a easy transition.” We advocate exploring various fee strategies reminiscent of digital fund switch, on-line banking and cellular funds to make sure a seamless and safe monetary expertise. ABIF and particular person banks will now begin conducting digital various consciousness coaching to verify their clients.