Cessation of SGD Corporate Cheque Processing
In line with this industry-wide initiative, we will cease processing SGD corporate cheques from 1 January 2027. However, cheques issued by individuals and cashier’s orders will continue to be processed.
Key Deadlines & Actions Required
Seamless Banking with HLB ConnectFirst
To avoid any business disruption, we urge you to register for our digital business banking platform, HLB ConnectFirst, as soon as possible.
Should you require further clarifications, please contact your Relationship Manager.
Deposit Insurance Scheme ("DI Scheme")
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000.00 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Frequently Asked Questions (FAQ)
1. What key dates should I be aware of regarding the phasing out of corporate cheques?
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From 1 January 2026: All banks will stop issuing new SGD corporate cheque books, bulk cheque services and cheque self-printing services.
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From 1 January 2027: All banks will stop processing SGD corporate cheques.
2. What happens if a corporate cheque payer issues a cheque in 2026, but the payee deposits the cheque in 2027?
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Banks will not process any corporate cheques from 1 January 2027.
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Corporate cheque payees must deposit all corporate cheques no later than 3:30pm on 31 December 2026 to avoid having such cheques rejected.
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Should recipients of corporate cheque miss the deadline to deposit their cheques or have their cheques rejected, they will need to make alternative payment arrangements with the payer.
3. Will Cashier’s Orders remain available for corporates?
Yes, Cashier's Orders will still be available for corporates.
Deposit Insurance Scheme ("DI Scheme")
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000.00 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.