NEWS & ADVICE : CREDIT CARDS
Banks will now alert you before clearing heavy amount cheques
By Ankit Sharma
Dec 9, 2014
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With the intent to control the frauds associated with Cheques the Apex bank has asked the banks to alert the customers through the SMS before clearing the cheque. Before clearing a cheque of heavy amount (Rs 10 lakh or above) the bank will send an alert to the customer through a phone call or SMS and will confirm regarding the clearing of the cheque.

In case of the non home branch ban will make proper check with the home branch will confirm the details of the account holder. Banks also have to send an SMS alert to the payer or the recipient when cheques are received in clearing.

Banks are being asked to give special attention to cheque handling services at the branches. However, Some bankers are not in favour of alerting customers as the process of sending SMSs or calling would require a lot of resources.


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