By Modupe Gbadeyanka

The management of Access Bank Plc has sent a notice to all customers of the defunct Diamond Bank Plc that it has discontinued cheques of the old financial institution from Sunday, March 1, 2020.

In March 2019, Access Bank and Diamond Bank completed their merger, which commenced in late 2018. The marriage was done to give room for Access Bank to penetrate the retail side of the banking industry.

Before the coming together of the two lenders into an entity, Diamond Bank was seen as one of the kings of the retail market, with Access Bank mainly as a corporate banking institution.

But in order to make its presence known in the retail banking, which Guaranty Trust Bank (GTBank) was already dominating among the ‘big five boys’ of the banking sector in Nigeria, Access Bank had to lure Diamond Bank to become one.

After the merger, customers of the defunct financial institution were integrated into the new organisation, while the services being enjoyed were continued, including promos and others.

In a notice sighted by Business Post, Access Bank informed customers of the defunct Diamond Bank that, “In order to process your transactions more efficiently, we wish to inform you that effective March 1, 2020, we will discontinue honouring all cheques bearing the logo of the former Diamond Bank.

“This means that from March 1, 2020, the bank will no longer honour all cheques bearing the old logo of former Diamond Bank. This is to enable us process your transactions faster and more efficiently to ultimately serve you better.”

For those who still have the old cheque book, Access Bank advised them to “walk into any branch to select your preferred pick-up branch (existing or other). You can also contact your Relationship Officer.”

Access Bank further said those affected by this new development and have selected their preferred pick-up bank “will receive an SMS notification from your preferred pick-up branch. Please visit this branch to collect your new Access Bank cheque book.”

https://businesspost.ng/banking/access-bank-discontinues-old-diamond-bank-cheques/