are commonly used to secure repayment of debt in the UAE and in the region, for instance when individuals avail of real estate loans or personal loans in relation to funding of cars or home rental as well as to secure trading or investment transactions.
The new cheques
look identical to traditional ones, save for the grey background on each one which is actually billions of tiny dots laid out in a specific pattern.
We have no obligation to accept sterling cheques
if we are not able to verify whether they are correct.
This process, called truncation, is the fastest and most secure mode for clearing cheques
Dr Ros Altmann, director-general of Saga, is furious: "Obviously the banks are withholding their guarantee as a prelude to weaning people off cheques
KARACHI, July 03, 2011 (Frontier Star): The State Bank of Pakistan (SBP) has advised all banks to assess the adequacy and implementation of their internal control procedures pertaining to encashment of cheques
in order to prevent financial loss and mitigate the associated reputational risk to the institution which can potentially arise from fraudulent cheques
encashment practices such as "Cheque
Banks have been accused of ignoring the needs of millions of vulnerable people by pressing ahead with plans to phase out cheques
MIDLAND businesses have been urged to prepare for a world without cheques
amid warnings that they will go "the way of farthings and ten bob notes".
Global Banking News-March 9, 2011--Counterfeit cheques
increasing in the US(C)2011 ENPublishing - http://www.
com)-- Italian ICT consultants network, Trasferimento Tecnologico, has released a new software solution for and improved cheques
The closure of the system does not mean that people will no longer be able to use cheques
, but that those cheques
will no longer be guaranteed.
Although intended to help, I suspect that most of us chequebook users are quite aware of most of his suggestions but find that they provide no viable alternative to the occasional use of cheques
, especially the many of us who have no computers.