Update as at 23rd December 2020.
Westpac has advised that their agreement for Agency Services with Indue and Dnister will expire on 31st May 2021 for cheques and 26th February 2021 for deposits. The expiration of this agreement and ceasing of Agency Services will impact many financial institutions and this will also affect the way some of our members conduct their banking. Westpac’s decision is a general move by banks to reduce their Anti-Money Laundering (AML) risk, reduce cost of offering agency services and ultimately moving toward the general modern environment of digital, cashless banking. We encourage our members to consider the Dnister digital solutions available both for personal and business banking as the cashless economy becomes more and more prevalent in the Australian banking landscape.
The key functions impacting our members include the change of BSB number for cheque book facilities and the removal of over the counter transactions at a Westpac branch utilising deposit books.
Dnister has been working hard with Indue over the past months, to provide an alternate solution for our members who still currently utilise Westpac cheque books and deposit books.
We welcome our new arrangements with Australia Post, which is an extension of our current services where members can now also order barcoded deposit books to deposit funds into their Dnister Account (available in January). This is an additional feature to our current Bank@post arrangements where members can use their Cuecards to also access their accounts. For members who utilise cheque books, these will transition to a new BSB direct with Dnister.
Although the services and some parameters are different, (visiting an Australia Post shop front rather than a Westpac Branch) members will still be able to deposit cash, cheques outside of our branch network. Cheque book facilities simply need to be reissued to enable a new BSB number.
We have identified and directly contacted all members who have utilised the service in the past year to minimise any impact to their banking experience, which includes a transition plan to nurture them through the process. Members impacted should receive their new cheque and deposit books in the next few weeks. We encourage our members to ask any questions and reach out if they are unsure of any of the new arrangements.
Australia post provides a network of branches across Australia, to find out more about this service and locations you can visit click here>
We provide an additional Fact Sheet and Frequently Asked Questions for further information.
