Paper cheques are being phased out in Jamaica, with banks expected to stop issuing and accepting them by March 1, 2028.
The transition begins in September 2026, when Scotiabank and First Global Bank will stop processing cheques valued at $1 million or more. The limit will fall to $500,000 in March 2027 and $100,000 in September 2027 before cheques are fully discontinued.
Customers will instead use electronic options such as ACH and RTGS transfers. These methods are faster, safer and easier to track, but they may also come with higher fees.
ACH transfers above $1 million now attract percentage-based charges that will rise to 2 per cent by December 2027. A $10-million transfer could eventually cost $200,000 through ACH, while RTGS transactions may also attract fees for both the sender and receiver.
For everyday Jamaicans, banking may become more convenient but not necessarily cheaper. Older customers, small businesses and people without reliable access to online banking may face the biggest challenges.
Businesses and investors should update their banking information, activate online banking and compare transfer fees before the deadline.
The money takeaway is simple: digital banking will soon become a necessity. Customers must prepare early and watch the fees, because moving money electronically could become another major household or business expense.