The bank, which found an increasing trend of fraud on cash cheques presented through clearing across the UAE, has decided to discontinue the practice of accepting cheques through the Central
Bank clearing system effective September 1, 2017, wherein the beneficiary name is mentioned as 'Cash', the bank said.
Hence, to eliminate the possible risk and fraud involved in 'Cash' cheques and thereby protecting your funds and interests, it has been decided to discontinue the practice of accepting cheques through the Central
Bank clearing system effective September 1, 2017, wherein the beneficiary name is mentioned as 'Cash'", the bank said in a statement on its website.
Tenders are invited for excavating the existing rock ledges and embankment to widen the existing roadway, reconstructing the roadside ditch, placing geotextile and suitable fill in eroded/slipped bank areas, minor
bank clearing, grubbing and grading, placing riprap rock protection, installing erosion and sediment control measures, installing guiderail, resurfacing the roadway, replacing existing and installing additional crosspipes for ditch drainage and site restoration.
"It actually takes longer for the funds to become collected than the
bank clearing it for you to make disbursements against."
However, in the meantime it has
bank clearing facilities in place to allow it to continue operationally.
This "payment gateway" software must pass stringent testing by Bacs, the organisation which operates the UK
bank clearing network.
The Singapore Exchange (SGX) has added investment bank UBS to its AsiaClear platform as a new SGX
bank clearing member, allowing it to clear OTC traded financial derivatives in the country for the first time.
With the addition of Credit Suisse, we now have a total of 10
bank clearing members that are active in the OTC traded financial derivatives.
Data at the central bank showed that until April this year, transactions with bad checks and giros were valued at Rp 2.59 trillion (US$ 270 million) or 0.6% of
bank clearing value.
At the collecting
bank clearing centre the cheque information is passed electronically through a secure data exchange network (called the Inter Bank Data Exchange, IBDE) to the appropriate paying
bank clearing centre.
The letter said her details were passed to NatWest
Bank clearing centre, which would deal with the payment for the catalogue, but adds "despite telephone calls and correspondence" the payment had not reached its destination.
But the
bank clearing system means that although the funds show as cleared, the con will only be revealed several weeks after the cash was sent.
