Firstly this bit of information applies to any big 4 bank, not just CBA

In the past, the Big 4 used to have foreign exchange services but recently have decided to close down this service.

This means no more deposit of foreign cheques to the big banks. No ifs or buts. Justification is that not many people use foreign cheques and currency and costs too much to service.

In response it appears the smaller mutual banks (formerly credit unions) have come in to fill this hole, allowing new customers to deposit foreign cheques if it is done 3 months before the cheque expires.

Sounds crazy that people are still using foreign cheques, but most of the large instos such as Morgan Stanley still insists on writing cheques in USD for non-US customers.

Unfortunately I'm one of those customers and in desperation had to open an account recently with a mutual bank to cash a USD cheque.

Was a great experience though, looks like the funds were available within 2 months. And I didn't think it was so easy as I thought I had to be "vouched" by a member or join a trade union.

Big 4, look out! The old credit union turned mutual banks are coming to grab your lunch!