Business Current Account

In its November 2021 paper, MAS outlined plans to support Singapore’s move to digital payments. Phasing out corporate cheques will help businesses switch to faster and cheaper e-payment methods. As cheque use falls, processing costs have gone up, making cheques costly and inefficient for banks to maintain.

The last date to request additional cheque books was 15 September 2025.

HLF stopped issuing new cheque books to corporates with effect from 01 October 2025.

The processing of HLF BCA inward cheques will cease on 31 December 2025. BCA cheque payees should present their cheques well before 29 December 2025 to ensure that processing is completed by the deadline of 31 December 2025.

HLF will not be able to process any BCA cheques deposited after 31 December 2025. BCA cheque payee must deposit all corporate cheques by 29 December 2025.

Should the BCA cheque payee miss the deadline to deposit their cheques or have their cheques rejected, they will need to make alternative payment arrangements with HLF BCA customer.

Yes, the last day to deposit corporate cheques issued by your customer for payment will be on 29 December 2026.

BCA customers may submit the Payment Instruction Form with wet-ink signature, in person, at any of our 28 branches for FAST or MEPS+ transfers. All fees will be absorbed by HLF.

A Payment Instruction Form is a document where you authorize the bank to execute a specific payment or transfer on your behalf. It contains details like the amount, beneficiary details, payment method, and execution date.

Yes. To ensure timely processing, please submit the original duly signed Payment Instruction Form to HLF branches by 2:00 PM, Monday to Friday only, for same-day processing.

For Payment Instruction Form received after 2:00 PM, the transfer will be made on the next business day (excluding Saturday).

Please note that payment instructions will not be processed on Saturdays, Sundays, or public holidays.

Yes, contact us immediately if you need to amend the payment instruction.

Changes can only be made before the payment is processed and re-submit the amended instruction.

• Your account name, account number and contact number
• Beneficiary name and account details
• Relationship with Beneficiary
• Amount (SGD)
• Purpose of payment
• Your wet-ink signature(s)

Yes, but the original Payment Instruction Form must be signed in accordance with the account mandate.