Knowledge Base Issues
If a cheque is made payable to a company, e.g., ABC Sdn. Bhd or 'bearer', can the 'bearer' of the cheque encash it over the counter?
No. Generally banks will require you to deposit it into the account of ABC Sdn. Bhd. to reduce the incidence of fraud.
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.
Does the bank have the right to request that I close my account with them?
You should enquire from your bank the reason(s) for this. However, banks have the right to close any account that is not satisfactorily operated. In addition, the conduct of the account must be in...
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...
Can I, as the issuer, alter or modify any detail on a cheque and counter-sign in full next to the alteration?
No. Bank Negara Malaysia (BNM) implemented the new Cheque Truncation Conversion System (CTCS) 1 replacing the existing SPICK clearing system nationwide from June 1, 2008. One of the key...