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Starting year 2026, all commercial banks under the Finance Department will now use cheques to transfer money from one to another. This is part of the Massive Reform plan announced by Admin OKITO LIM and a strong-corporation agreement between EDL, Basketball Bank and Bank of LuX.
Hence, both commercial banks will be able to use EDL's postbox to deposit all kinds of cheques, without using any envelopes, filling up any additional details, or face any unnecessary hassle.
Frequently Asked Questions
Why does Basketball Bank & Bank of LuX transitioned to using cheques?
Why does Basketball Bank & Bank of LuX transitioned to using cheques?
Basketball Bank and Bank of LuX is switching to cheques to increase productivity time of transactions, while reduce bureaucracy compared to email or Google Forms.
Cheques can also increase security and to prevent fraud, such as using signatures in cheques to approve a payment transaction.
Users may read the Memorandum of Understanding (MoU) and Agreement at https://coo.qq.thegwk.tk/article/mou-and-agreement-between-basketball-bank-bank-of-lux-cfd-and-edl.
When will this be implemented and how can this affect me?
When will this be implemented and how can this affect me?
This cheque system will be implemented on 1st January 2026.
As the new cheque system is implemented, you will change the way on how you transfer money, more fast, secured and convenient.
Does EDL charge users/banks who uses cheques?
Does EDL charge users/banks who uses cheques?
Yes, EDL will charge users or/and banks for using cheques and deposit them in EDL postbox. This is because EDL will be paid to hand over the cheques to banks and ensuring the cheques deposited in the postbox are safe and free from damages. This is known as 'EDL processing fees'. This fees is determined in the MoU and Agreement with EDL and Banks.
The Commercial Bank of Finance Department (CFD) also imposes duties to cheques. For more information, visit https://cfd.qq.thegwk.tk or your respective bank portal website.
For the information, Basketball Bank agrees to cover the cost of EDL's processing fees towards cheques deposited from 1st January 2026 until 1st June 2026.
Where can I get the cheque book?
Where can I get the cheque book?
Please contact your respective bank for the cheque book. You may need to apply and pay for cheque books.
How long does a cheque gets processed?
How long does a cheque gets processed?
All cheques will be processed based on EDL's Collection Time. However, please refer to your respective bank for their processing time.
What if someone stole my cheque out of the EDL postbox?
What if someone stole my cheque out of the EDL postbox?
In the case of when EDL postbox is being robbed, it will be handled based on the standard operating procedures (SOP) of when a regular mail or parcel is being stolen.
The EDL postbox is equipped with the highest security to prevent any 'pry open', and will be watched over the CCTV camera installed.
Please contact EDL at qqcarecentre@gmail.com if you have any concerns.
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