Use of cheques terminates before the end of 2016

The digitalisation in society is stronger than ever. The use of cheques has in recent years decreased dramatically. We have seen new efficient electronic alternatives to cheques, e.g. Express Credit Transfer, Same-day Credit Transfer, Swipp and NemKonto, which is now also available in Corporate Netbank.

The Danish Banks have within the cooperation of the Danish Bankers Association decided to cancel the common cheque clearing agreement by 30 December 2016. Therefore Nordea has decided to stop ordering and issuing domestic cheques during 2016.

If you have any questions about the closure, you can find the answer under the FAQs. You can also contact Nordea 24/7 by phone on 70 33 44 44. 

Background Alternative products Scheduled closures Background

The digitalisation, modernisation of the clearing and the spread of debit cards and new payment solutions produce numerous alternatives to cheques. In combination with relatively high fixed costs for handling of cheques the decreasing use of cheques has given a significant increase in the unit price for both customers and banks. Therefore it is a natural development that cheques are replaced by electronic payment solutions.

A few facts: The number of issued cheques has since the mid 80’s fallen from over 200 million to 2.3 million in 2014 and about 1 million in the first half of 2015.

Alternative products

If you need to pay here and now, there are many alternatives to cheques you can use:

Express Credit Transfer

You can transfer money with an Express Credit Transfer via Netbank or Corporate Netbank. You can transfer up to 500,000 DKK, and the recipient has the money in his account within seconds. More information about Express Credit Transfer is available in Danish.

Same-day Credit Transfer

You can transfer money with a Same-day Credit Transfer via your payment solution (ex Netbank). Receiver has the money in his account within few hours. More information about Same-day Credit Transfer is available in the fact sheet (pdf, 535 KB)Åbner i nyt vindue

Central bank credit transfer

If you need to transfer a large amount (above 1 million DKK) within a specific time limit, a transfer via the Danish National Bank is a possibility. Contact your advisor for more information or read more about the transfer (pdf, 535 KB)Åbner i nyt vindue.

NemKonto

In case you often transfer money to your customers, NemKonto could be an option. Read more about NemKonto in Danish (pdf, 1005 KB)Åbner i nyt vindue.

Betalingsservice (BS)

If you need to pay money to your customers, and you are already using BS - then BS payout is a solution. Contact your advisor to learn more.

If you need to receive money here and now there are a number of alternatives to cheques you can use:

Express Credit Transfer

The sender can use an Express Credit Transfer. You can receive up to 500,000 DKK, and the money is in your account within seconds, after it is sent. More information about Express Credit Transfer is available in Danish.

Same-day Credit Transfer

Sender can use a Same-day Credit Transfer. The money is in your account within few hours after it is sent. More information about Same-day Credit Transfer is available in the fact sheet (pdf, 535 KB)Åbner i nyt vindue

Central bank credit transfer

In case you need to receive a large amount (above 1 million DKK) within a specific time limit, a transfer via the Danish National Bank is an option. Contact your advisor for more information or read more about the transfer (pdf, 535 KB)Åbner i nyt vindue.

Swipp Corporate

If you need to receive a payment with a direct sales to a consumer Swipp is an option. The customer can transfer up to 25,000 DKK at once, and the money is in your account shortly after. More information about Swipp Corporate is available in Danish.
Scheduled closures

15 February 2016

Nordea stops issuing bankcheques in branches.

1 September 2016

Nordea stops issuing cheques.

30 December 2016

Common check clearing agreement terminates.

Deadline for submission of checks drawn on other bank than Nordea.

Deadline for submission of checks issued by Nordeas customers regarding Standard checks TK 00, Check letters TK 10, Company checks TK 20 and checks issued from Check books TK 40.*

* Nordea will continue cashing Bank checks TK 50 issued by Nordea.