Customers may not acquire new cheque book – Polaris Bank

Polaris Bank Ltd. on Friday said its current and corporate account holders might decide not to acquire the new cheque book introduced by the Central Bank of Nigeria (CBN) for all banks.

The bank’s Head of Corporate Communications, Mr Rasheed Bolarinwa, made the clarification in an interview with newsmen in Lagos.

He said: “Customers, who find it comfortable to use internet banking platform to pay third parties, may decide not to acquire the new cheque book.

“It is mandatory for current and corporate account holders to have cheque books, but where you are comfortable to utilise internet banking platform to pay third parties, you may decide not to acquire the new cheque book.

“Those who run hybrid account, that is, savings with benefits of a current account, could also get the cheque book.”

The official said that old cheque leaves had been phased out since Dec. 31, 2020.

According to Bolarinwa, the new cheque book is not free, as customers would have to pay for it.

” The customer bears the cost of obtaining the new cheque book.”

The CBN had  in a circular dated June 10, 2019, advised banks to ensure that their cheque processing systems would be ready for full adoption of the new cheque standard by Sept.1, 2020.

The circular is entitled `‘Implementation of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme Version 2.0”.

It was copied to all deposit money banks, accredited cheque printers/ personalisers and the Nigeria Inter-Bank Settlement System”.