Changes to Member Chequing Facilities - Laboratories Credit Union

Dear members,

LCU is advising that we are no longer able to support the chequing payment systems, which include our cheque and deposit book services for our members.

Currently, LCU requires a 3rd party payment provider to support the cheque functionality in processing and providing our cheque payment systems. Cheques currently only make up to 0.10% of all payments in Australia and due to the declining popularity and increasing costs to keep this function running, our payment provider can no longer support this payment platform.
This will affect the majority of Credit Unions and Mutual banks being able to provide chequing facilities from the dates listed below. We will endeavour to work with you through this period to find other suitable payment solutions for your everyday banking, to make this transition as smooth as possible.

Key dates for services cancellation:
31st March 2024	Cheque & Deposit book ordering	Members can still use their cheque books, but we will no longer be ordering any further cheque or deposit books. We ask that you contact any persons who may have a cheque from your LCU account that remains unbanked and ask them to deposit the cheque as soon as possible.
17th May 2024	Cheque Withdrawals	Cheque withdrawals from member accounts can no longer processed. This means that cheques drawn on previously eligible cheque book accounts will not be processed. This will complete an automatic dishonour. At this time no fees apply for cheque dishonours. Please destroy your cheque books securely.
1st November 2024	Cheque Deposits	LCU can no longer accept cheque deposits that are mailed or deposited by a branch or agency.
1st November 2024	Other agency deposit (deposit thru bank)	Deposit thru bank facility will no longer be processed. As our cheque book and deposit book services are cancelled this means that any other bank can no longer accept your cash or cheque deposits via the deposit books, and this includes LCU’s deposit slip.

LCU will reach out to our main cheque using members and advise them of other ways they can pay in order to support them throughout this change.

If you have any questions, concerns or require assistance, please contact us on (02) 9859 0585

Kind Regards,
The LCU Team