Bank clients urged to exchange non-standard cheques |01 April 2015

Members of the public in possession of non-standard cheque books are being urged to exchange these at their respective bank or credit union for standardised cheques books.

This exchange is being done on a one-to-one exchange basis, replacing the unused stock of cheques free of charge.
 
This process whereby banks and credit union are exchanging cheque books for free, will last until June 30, 2015. Thereafter, clients will have to pay for a new cheque book in accordance with the applicable rate of the bank or credit union.  In addition, an additional charge may be imposed by the clearing house participants for the processing and clearing of non-standard cheques.  

Standardised cheques are issued in two sizes namely, the corporate cheques and personal cheques with the former being larger in size than the latter. The cheques feature a Magnetic Ink Character Recognition (MICR) code line which eases the processing and clearance of cheques in the electronic clearing house. Standardised cheques are also printed on special security paper which meets international standards.

Moreover, the windows for presenting standardised cheques are longer than those of non-standard cheques, allowing for a more speedy clearing process and quicker accessibility to funds.  

As such, the general public is strongly advised to exchange non-standard cheque books by or before June 30, 2015 to benefit from the above conveniences and avoid possible charges.