As you may know, we’re phasing out our cash and cheque services across all Perpetual Private Wrap 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.
From Monday 20 May 2024
You and your clients won’t be able to deposit cheques.
From Friday 1 November 2024
You and your clients won’t be able to request bank cheques or make a super contribution or payment via cheque.
Please note any cheques received after Thursday 31 October 2024 will be returned to the sender.
Please ensure that your clients are set up for online banking, where applicable, 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.
Adviser Initiated Payments (AIP) allows you to make digital payments on behalf of your client. You can use AIP for superannuation and pension payments.
We’ve included the links to Help Centre articles for various types of AIP:
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.
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 available).
| If your client wants to: | They can do that digitally (if available) 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 | Bulk transacting |
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.
|
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.
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 Perpetual Cash 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 Perpetual Cash 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
Perpetual is 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.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
If you have any feedback on this article or need additional support, please contact us via live chat or email wrap@perpetual.com.au.
