Aussies are being told to cash in cheques before it's too late, as over $820 million remains uncollected

Australians are being urged to cash in any cheques they may have lying around before they are no longer accepted, potentially leaving more than $820 million uncollected.

In the era of internet banking and tap-and-go, the paper cheque makes up less than 0.1 per cent of all payments made in Australia.

There are 3.5 million uncashed bank cheques in the community, worth $820 million with an average value of $234 each.

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That's not even including business or personal cheques tucked inside old birthday cards.

"It's the fact that you could be earning interest on them, and it's dead money that is sat there," Australian Payments Network chief executive Andy White said.

"With 80 per cent of those bank cheques that are uncashed being over three years old, that is a substantial drag on the economy."

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From June 30, 2028, new cheques won't be able to be written, and from September 30, 2029, cheques will no longer be able to be deposited.

However, individual banks can stop accepting them at any time, and some already have, including Macquarie, AMP, RaboBank, and Suncorp.

If your bank no longer accepts cheques, you need to open an account with a bank that does accept them and deposit them there.

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