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Notice about Cheque Deposits

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First Option is disappointed to advise members that from 1 April 2018, First Option branches will no longer be able to accept cheque deposits. 

This includes Melbourne, Granville, Ringwood and Altona branches. 

Why is this changing?

Member cheque deposits have always been cleared through an agency arrangement with a major bank. This arrangement is being cancelled by the bank, so First Option would be required to process cheques in house. This would incur significant financial costs for members that First Option simply cannot justify, considering the small number of cheques we receive in branches.

How will I deposit cheques?

There are two convenient, fee free cheque deposit services that Members can use. 

  1. Most members deposit their cheques fee free at Australia Post using Bank@Post. All you need is a First Option Visa Card.
  2. If you deposit cheques regularly, you may do so at a nab branch. However you will need a specially encoded nab deposit book.

How do I order a Visa card or deposit book?

Please contact the friendly Member Service Team at First Option or apply online.

More information