The days of cashing cheques, crossing cheques and – thankfully – cheques that “bounce” are over for good. As of January 1, cheques are no longer recognised as a method of payment in South Africa.
The SA Reserve Bank, the Payments Association of SA, the Banking Association of SA and the Financial Sector Conduct Authority officially announced the death knell for cheque transactions late last year. No cheques may be issued any longer, although some banks will still honour cheques that were deposited before December 31.
The use of cheques has declined sharply over the past few years, as digital payment methods such as electronic funds transfers and debit cards have become more convenient and cheaper.