Customers may not acquire new chequebook – Polaris Bank

Polaris Bank on Friday said its current and corporate account holders might decide not to acquire the new chequebook introduced by the Central Bank of Nigeria for all banks.

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

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

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

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

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

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

He said: “The customer bears the cost of obtaining the new chequebook.”

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 September 1, 2020.

The circular was 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.

NAN.