People First Bank, formerly Heritage Bank, reveals why passbook system is being phased out
Customers of Heritage Bank have been informed that their passbook system will be phased out, leaving fans of the system up in arms. Here’s when they’ll be phased out, and why the system will be no more.
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Customers of People First Bank who use passbooks have been informed the antiquated way of banking will be phased out by the end of the year.
People First, formerly known as Heritage Bank, announced the change recently and revealed that passbooks would no longer by accepted at branches from November 26, 2024.
Chief customer officer Maria-Ann Camilleri said the change was part of preparations for a move to a new banking technology platform that are unable to support passbooks.
“We appreciate this will be a change for some of our members, but our approach is very much focused on minimising the impact on their day-to-day banking and supporting them through this process,” Ms Camilleri said.
“These members will still be able to go to their local branch to carry out transactions over the counter and access cash, as they have been doing. They will not need to get a card, or to use online banking, if they don’t want to do so.
“There will be no change to their account numbers or BSB. The only real change is that they will receive a receipt for over-the-counter transactions, showing the transaction details and balance, instead of it being recorded in a passbook. They will continue to receive regular statements outlining their transaction history.”
Ms Camilleri said ending the use of passbooks was a tough decision but one that the bank needed to take for the benefit of its broader membership.
“We will be working very closely with the affected members to help them through this transition,” she said.
“We are rolling out a comprehensive communications and assistance plan in the coming months to give them all the help they need.”
Passbook holders are encouraged to visit their local Heritage branch and talk face- to-face with team members, who can walk them through the new process for over-the-counter transactions, and all other transaction options available to them.
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