I've got this notice from Standard Bank today with my one of my business account statements -
Chequebook collection processes to change in October 2009
Update your cellphone number today!
From 17 October 2009, we will notify you via SMS when your chequebook is ready for collection.

Please ensure that we have your current cellphone number, so that we can send you an SMS:
  • When your chequebook is ready for collection;
  • To confirm the collection of your chequebook from the branch;
  • To advise you, after 60 days, that your chequebook is still awaiting collection.

If you have changed your cellphone number or want to confirm that we have your correct number on file, simply call 0860 101 341 or next time you're in a branch, ask one of our consultants to check your details.

90 days holding period
To reduce the risk of fraud, your branch will store your chequebook for 90 days from 17 October 2009. If it is not collected within this time period it will be destroyed. If you have a chequebook waiting for you at your branch, please go along and collect it!

Amendment to charging process
Previously we charged for your chequebook on collection. From 17 October 2009 we will start charging for chequebooks upon order. The charge for chequebooks remains unchanged.

No longer need a chequebook?
To cancel your chequebook speak to a consultant the next time you visit your branch or call us on 0860 101 341.

Please remember to bring your identity document along when you collect your chequebook.
I see a few problems ahead. Not to mention the one big problem they're inadvertently admitting to.

We don't write a lot of cheques. It might take me close to a year to use up a 40 cheque chequebook for my companies - and my personal chequebook lasts me years. Currently, when I need a chequebook, I fill out the folio and collect it at the bank; the bank ordered it (or made sure there's at least one in stock) when I got my last one so there is always one sitting available at the branch.

Obviously no more. I can only conclude that the print order is only going to be made when I ask for the next chequebook in future. Goodness only knows what the lead time will need to be because the notice certainly doesn't say.

Next - it's a form of destocking. And we're expected to pay in advance (on order as opposed to on delivery). Are the banks really that hard up for working capital?

But the big one - given the stated reason they're basically admitting your chequebook is not safe at the bank!

Wouldn't an SMS confirmation on when you collect a chequebook be enough? At least if I hadn't collected a chequebook the alarm could be raised.

Are any other banks doing things this way already?