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Skip the queue and encash your cheques at OCBC ATMs

By Ken Wong - on 13 Mar 2020, 9:48am

Skip the queue and encash your cheques at OCBC ATMs

Suppliers and staff of local SMBs who receive payment in cheques now have an easier way to encash them rather than going to a bank and queuing for a teller to help them or having to wait until the Quick Cheque Deposit box is cleared and processed.

OCBC Bank has rolled out a cheque encashment service across all its next-generation ATMs at 23 branches. Since February 2020, customers have been able to encash cheques, up to a maximum of S$30,000 in a single cheque, by depositing them into the ATM to instantly get cash.

Doing this saves customers roughly 60% of the time usually spent queuing as OCBC estimates using the ATMs for this process takes roughly three to five minutes.

The only caveat is that the cheques have to be issued by OCBC Bank with security checks and verifications carried out by OCBC Digital Ambassadors using mobile tablets. The ATMs will process the cheques and debit the relevant account while issuing the cash.

OCBC Bank’s next-generation ATMs were launched in May 2018 and function like “mini branches”, enabling customers to complete 80 per cent of the most frequently requested over-the-counter services without having to wait in line at a branch. These include cash deposits, cash withdrawals above daily ATM withdrawal limits, simultaneous cash and coin deposits, updating customers’ personal details and account- and card-related requests.

Last year, OCBC Bank allowed customers to use their OCBC Pay Anyone mobile app to perform cash withdrawals from these next-gen ATMs by scanning a QR code. Neither an ATM card or pin was needed as authentication is securely performed on the bank’s mobile application using the customer’s credentials, i.e., fingerprint, faceprint or mobile banking login details.