Important changes on cheque fees

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Important changes on cheque fees

Important changes on cheque fees

In line with the announcement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on 28 July 2023, the Bank will be ceasing all corporate cheques by end 2025, while clearing cheques for individual users will continue for a period beyond 2025.

In the interim, new cheque clearing fees will be introduced for all SGD- and USD-denominated cheques processed with effect from 1 November 2023.

As an alternative payment method, we strongly recommend all our clients to make digital payments by PayNow, FAST, GIRO or Telegraphic Transfer via Online Banking, SC Mobile or Straight2Bank (S2B). This is in line with Singapore’s Smart Nation vision where everyone has access to fast, simple, and secure payments. You may refer to the steps on how you can pay digitally here.

If you have yet to register for Online Banking/SC Mobile/S2B, you may follow the steps below:

FAQs

1.Which parties in a payment transaction will incur cheque clearing fees when a cheque is used?

Payers

Effective 1 November 2023, the Bank will charge Payers (Standard Chartered corporate and individual clients) a cheque clearing fee for all cheques. (E.g., Payer issues a cheque to Payee. After Payee deposits the cheque for clearing, the new fees will be applied on Payer, regardless of whether the cheque was successfully cleared or rejected.)

Payees

Effective 1 November 2023, Corporate, Commercial and Institutional Banking (CCIB) clients who are Payees will incur cheque clearing fees when depositing cheques and Cashier’s Orders with Standard Chartered Bank (Singapore) Limited.

There will be no fees for Consumer, Private and Business Banking (CPBB) clients who are Payees until further notice.

As various government agencies and organizations progressively adopt alternative payment methods such as PayNow, the Bank will not be implementing cheque deposit fees during this transition period, for a minimum of 6 months. Customers will be informed of any changes regarding this arrangement.

Client Segment	Fees applicable from 1 Nov 2023
Client Segment	Payer (Cheque Issuance)	Payee (Cheque or Cashier’s Order Deposit)
Individual	Yes	No
Business Banking	Yes	No

Client Segment	Payer (Cheque or Cashier’s Order Issuance)	Payee (Cheque or Cashier’s Order Deposit)
Corporate, Commercial and Institutional Banking	Yes	Yes

2.What is the fee that I will be charged for issuing cheques?

Individual clients

Cheque currency	Clearing fee per cheque	Payer	Payee
SGD	SGD 3.00	Yes	No
USD	USD 3.00	Yes	No

Corporate clients

Corporates	Cheque currency	Clearing fee per cheque	Payer	Payee
Business Banking	SGD	SGD 3.00	Yes	No
Business Banking	USD	USD 3.00	Yes	No

Corporates	Cheque / Cashier’s Order currency	Clearing fee per cheque / Cashier’s Order	Payer	Payee
Corporate, Commercial and Institutional Banking	SGD	SGD 6.00	Yes	Yes
Corporate, Commercial and Institutional Banking	USD	USD 6.00	Yes	Yes

Corporates	Cheque currency	Clearing fee for bulk deposits	Payer	Payee
Corporate, Commercial and Institutional Banking	SGD	SGD 36.00	NA	Yes
Corporate, Commercial and Institutional Banking	USD	USD 36.00	NA	Yes

Note: Bulk cheque deposit refers to where clients (Payee) deposit one or more cheques with a deposit slip / advice.

3.Will there be any waivers for certain user groups, such as those facing difficulties transiting to alternative payment methods?

From 1 November 2023 to end-2025, cheque clearing fees will be waived for individual clients (main / primary account holder) who are 60 years old and above at the point that their cheques are processed.

We will consider waiving cheque clearing fees for certain clients in exceptional circumstances, to be determined on a case-by-case basis.

4. Are there alternative payment methods? Where can I find information on alternative payment methods?

Yes, clients can make digital payments by PayNow, FAST, GIRO or Telegraphic Transfer via Online Banking, SC Mobile or S2B which are fast and secure.

More details on alternative payments can be found here.

5. In view of the change, will the cost of a chequebook increase as well?

There is no change to the current chequebook charges for individual clients.

For Business Banking clients, the issuance cost of each chequebook will be reduced from SGD70/USD50 to SGD25/USD25.

For Corporate, Commercial and Institutional Banking clients, the issuance cost of each chequebook will increase from SGD100/USD100 to SGD500/USD500.

6. How will the cheque clearing fees appear in my statements after the implementation from 1 November 2023?

For CPBB clients

Cheque clearing fees will be consolidated weekly as a lump sum in the statement upon the processing of a cheque.

For CCIB clients

Cheque clearing fees will be reflected in the statement as a consolidated cheque clearing fee for the statement period as per your current billing frequency (E.g., Clients on a monthly billing cycle will have the consolidated cheque clearing fees reflected in the billing statement received at the end of the month.)

7. When will banks eliminate retail cheques?

The Bank will continue to encourage both corporate and individual clients to adopt alternative payment methods to make or receive payments before a time that retail cheques are to be eliminated.

To provide a longer runway to switch to alternative payment methods, individual clients will be able to use cheques for a period beyond 2025.

8. If Payer pays Payee with Cashier’s Orders, will Payer incur cheque clearing fees?

For CPBB clients

Cheque clearing fees are not applicable for the issuance of Cashier’s Orders.

The existing fees for Cashier’s Order issuance remain unchanged.

For CCIB clients

Cashier’s Order clearing fees will be incurred by the Payer and such fees will be charged to the Payer at the time of issuance. Please note that clearing fees will be refunded for the uncleared expired Cashier’s Orders. Please reach out to your relationship manager to raise a refund request.

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Important changes on cheque fees