Tagged Knowledge Base
What is clearing day-hold?
Clearing day-hold refers to the time taken for funds from the cheques which have been cleared to be credited into the payee's account. The time taken would depend on the type of cheque deposited,...
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...
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...
What should I do if a cheque which I have deposited has been returned to me by my bank stamped "refer to drawer"?
Refer to drawer means that clarifications have to be sought from the person who issued the cheque. The reasons may vary from case to case, such as insufficient funds in the drawer's account. In...