What you need to know

As you may know, we’re phasing out our cash and cheque services across all Voyage, Grow Wrap and PortfolioOne products, including pension and super accounts.

To prepare for this change, your clients will need to start transacting digitally - a safe, quick, and more convenient way to bank. Please note, if your clients are already transacting digitally, you don’t need to do anything.

We’re removing our cash and cheque facilities in a phased approach. Here’s a list of what’s already changed, and what’s coming next.

What’s changed?

  • Clients can no longer order a cheque book for a new client’s Wrap Cash Account or Wrap Invest Cash Account
  • We’ve switched off our automated telephone banking service which means that clients can no longer make payments over the phone.

What’s next?

From Monday 20 May 2024

You and your clients won’t be able to:

  • access over the counter services at Macquarie offices
  • deposit or collect cheques at a Macquarie office
  • order new chequebooks.

From Friday 1 November 2024

You and your clients won’t be able to:

  • write or deposit personal cheques
  • deposit or request bank cheques
  • deposit cash or cheques over the counter at NAB branches 
  • make a super contribution or payment via cheque

Please note any cheques received after Thursday 31 October 2024 will be returned to the sender.

Helping your clients prepare for this change

Please ensure that your clients are set up for online banking, so they’re prepared to make digital transactions. If you have clients who frequently use cash or cheques, we encourage you to prompt them to start using the Client Portal for these transactions. 

Use Adviser Initiated Payments

Adviser Initiated Payments (AIP) allows you to make digital payments on behalf of your client from their cash account. You can use AIP for superannuation and pension payments. AIP is also available for a number of different payment types including:

  • PayAnyone, available to any account in Australia with a transaction limit of $500,000 per day
  • unlimited BPAY® payments (subject to BPAY biller code amount limits).

For more information about AIP, you can read this Help Centre article Adviser initiated payments. We’ve also included the links to Help Centre articles for additional types of AIP:

Why are we removing cash and cheques?

We’re committed to transitioning to completely digital payments, and continuing to ensure our customers and advisers can access secure and reliable digital payment options.  

Digital banking is a safe, quick, and more convenient way to transact because you can view and track transactions and other account activity in real-time.

If your client makes a payment via cash or cheque, they also run the risk of it being stolen or lost in the mail.

Digital ways to pay

There are a number of ways to make payments digitally. We encourage your clients to work with the person they are paying, or who is paying them, to choose a digital payment method. 

Check out below some of the common types of transactions you or your clients might be making today, and how you or your clients can make them digitally.

 

If your client wants to:They can do that digitally using:
Pay a bill

BPAY®, Direct Debit or EFT

Send money to a friend, colleague or family member 

EFT

Deposit money into their account

EFT or Direct Debit

Make payment by personal or bank cheque

BPAY®, Direct Debit or EFT

Make a contribution

SuperStream, BPAY®, Direct Debit or EFT (note: options available are to super accounts only and depend on the contribution type). 

Receive an income stream or make a lump sum withdrawal

EFT

Receive payments from third parties (e.g. ATO) 

Contact your third party provider to update your bank account details to receive payments electronically/digitally.

 

If you want to:You can do that digitally using:

Make a payment on behalf of your client 

Adviser initiated payments (AIP) via Adviser Online. Refer to our article Adviser initiated payments for more information.

 

Make online lump sum withdrawals and ad hoc pension payments for eligible pension accounts

AIP for pension payments via Adviser Online. Refer to our article Adviser initiated pension payments for more information.

 

Complete an online withdrawal and rollover payments for eligible superannuation accounts

AIP for superannuation via Adviser Online. Refer to our article Adviser initiated super payments for more information.

 

What makes digital banking more secure

Digital banking is a more secure way to transact because you can view and track transactions and other account activity in real-time.

For non-digital payment methods, you run the risk of cash or cheques being lost in the mail or stolen.

Additional information

Processing super contributions and cheques

We’re aware that certain super contributions can currently only be processed via cheque. Where we are able, we’re solving for these scenarios and expect to have an option before November 2024.
 

Processing dividends

From 1 November 2024, cheques cannot be deposited into Voyage, Grow Wrap or PortfolioOne accounts. If your clients receive dividends via cheque, we encourage them to contact the share registries and update their bank account details so they can deposit dividends digitally.
 

Processing government-issued cheques

From 1 November 2024, cheques cannot be deposited into Voyage, Grow Wrap or PortfolioOne accounts. Clients are encouraged to contact the government organisations directly and update their bank account details to receive payments digitally.
 

Processing cheque payments from third parties

Clients are encouraged to contact third parties who pay via cheque directly and update their bank account details with them so they can receive payments digitally.
 

Issuing refunds

If your client is entitled to a refund and holds an open eligible account, this change won’t impact them. We’ll pay the amount directly into their open eligible account.

If your client is entitled to a refund and we’re unable to identify an open eligible account, we may get in touch with you and your client to return the funds via other appropriate means.

If there are questions or concerns about a remediation communication or payment you’ve received, you or your client can get in touch with our team via the contact details displayed on the communication we sent to you.
 

Accessibility

We're committed to supporting clients with accessibility needs. If you have any clients with accessibility needs, we’ll work directly with them to understand their needs and ensure they have the support and access that they need to make payments.

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