Cheques are not legal tender but are legal documents and their use is governed by the Bills of Exchange Act and the Cheques Acts of and You should ensure that you have an account which best suits your needs. If quicker access to cheque funds is important, you should shop around for an account which offers more favourable terms.
Some accounts allow early access to funds from a cheque, sometimes as early as the day you pay in the cheque. If you withdraw the funds and the cheque is then returned unpaid i.
Anyone who needs a quicker way to pay or receive money should use an online, mobile or telephone banking payment, which can typically be made in a few minutes.
You should speak to your bank or building society to try to resolve your issue. If they do not resolve it, under the Banking Conduct of Business Sourcebook BCOBS , banks and building societies are required to tell you how to make a formal complaint. Ultimately you can refer a dispute to the Financial Ombudsman Service. The vast majority of cheques are paid and do not bounce. Only around 0. The typical reason for a bank to bounce a cheque is because a customer does not have enough money in their account to pay the cheque or they have used all of their overdraft facility.
In addition, when a bank spots a fraudulent cheque it will bounce it. But banks also bounce cheques because: the cheques have not been signed correctly e. A cheque is valid for as long as the debt between the two parties i.
However, it is common banking practice to reject cheques that are over six months old to protect the person who has written the cheque, in case the payment has been made another way or the cheque has been lost or stolen. This six-month timeframe is at the discretion of individual banks. As per RBI guidelines, with effect from April 1, , the validity period of Cheques, Demand Drafts, Pay Orders and Banker's Cheques will be reduced from 6 months to 3 months, from the date of issue of the instrument.
This is to inform that by clicking on the hyperlink, you will be leaving sc. Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents. Languages en fr. Overview FAQs Writing a cheque When writing a cheque, it's important to use dark ink so the information shows up well in images If writing a cheque by hand, we recommend you use a ball-point or roller pen with black or blue ink.
Accepting and depositing a cheque When you're given a cheque, make sure all the necessary fields are complete and that it has a signature on the front. When preparing your deposits, review the date on each cheque. Post-dated Cheques shouldn't be deposited before their due date. You will need to make other arrangements for payment, as you can't deposit a returned cheque. Stale-dated Cheques are considered stale-dated after six months, unless it is a certified cheque.
Search submit. Can we use an electronic signature or stamp on cheques? How long can an FI place a hold on funds? A cheque deposited into my account was returned. When a cheque I've deposited is returned, is there a time limit for my FI to withdraw funds from my account? What happens if a cheque I deposited is returned because the customer placed a "stop payment" on it? Are FIs required to follow conditional statements, such as "Void after 30 days," on cheques? What do I do if a fraudulent item clears my account?
Can I deposit a third-party cheque? How do we write the name of the payee on a cheque? Does it have to exactly match the name on the account? If a cheque is returned, can it be re-deposited and re-processed? Can cheque images be used as proof of payment? Can I print my own cheques? Cheques printed by a self-accredited printer are exempt from routine Standard testing.
Cheques not produced by suppliers within this program could be subject to testing by your FI. All Rights Reserved. Facebook Twitter Linkedin.
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