NCB advises customers of changes to high-value cheque processing

National Commercial Bank Jamaica (NCB) is preparing its customers for significant changes in how high-value cheques are processed. Starting September 1, 2026, the bank will stop accepting or issuing cheques worth J$1 million and more through the national clearing system. This move aligns with the Bank of Jamaica's broader initiative to modernize the nation's payment infrastructure.

While cheques above J$1 million will be phased out of the national clearing system, NCB will continue to process cheques drawn on NCB accounts if they are presented directly to the bank. This transition is driven by the Bank of Jamaica's decision to replace the current flat fee for high-value automated clearing house (ACH) transactions with a percentage-based charge. The new fee structure will apply to cheques and ACH debit transactions exceeding J$1 million.

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Effective September 1, 2026, cheques valued at J$1 million and above will no longer be accepted or issued through the national clearing system.

NCB's announcement follows similar actions by other major financial institutions in Jamaica, including CIBC Caribbean, Scotiabank Jamaica, and First Global Bank. The banking sector is collectively moving away from traditional cheque-based transactions. The value threshold for cheques accepted through the national clearing system is set to decrease incrementally, with a complete discontinuation of cheque issuance and acceptance by March 1, 2028.

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NCB said it will, however, continue to accept cheques drawn on NCB accounts and presented directly to the bank for payment.