Knowledge Base Issues

Can a cheque be made payable to two parties i.e. A or B?
Yes. A cheque can be made payable to either A or B.
Why do banks charge customers for encashing account payee cheques?
To minimise the risk of loss from open cheques due to robbery, theft and fraud, banks have issued pre-printed account payee cheques. Notwithstanding this, some banks may allow the accountholder...
What is a fictitious payee? What is a non-existing payee? What is the difference between a fictitious payee and a non-existing payee?
A cheque may be drawn payable to a named payee whom does not in fact exist. Section 7(3) Bills of Exchange states that: where the payee is a fictitious or non-existing person the bill may be...
What is a bounced or bad cheque? What happens if I issue a bounced cheque? Will I be blacklisted?
A bad cheque is commonly referred to as a bounced cheque. A bad cheque refers to a cheque issued by an account holder, dishonoured and returned by the drawee bank when it is issued: from an...
Can my wife operate my current account when I am overseas?
Yes, provided you issue a mandate 1 to your bank and your bank approves. In some instances, only short term appointments are allowed, e.g., for six (6) months or less. The mandate must clearly...

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