Tuesday 08, August 2017 by Georgina Enzer

RAKBANK stops clearing cash cheques

RAKBANK has stopped clearing cash cheques effective 1 September 2017, due to an increase of fraud on cash cheques presented to the Bank.

“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 1st September 2017, wherein the beneficiary name is mentioned as Cash,” the bank noted in a statement to customers. “The revised process is in line with our commitment to ensure the best interests of both our customers and the Bank by eliminating the possibility of any risk or fraud involved in the processing of ‘Cash’ cheques.” 

The bank is encouraging customers to rather use its digital banking services to make all of their cash payments safely and conveniently.

“To ensure that you are not inconvenienced and to give you adequate time to make any necessary arrangements, we will continue to accept ‘Cash’ cheques in Clearing till 31 August 2017, after which any ‘Cash’ cheques presented through Clearing, will be returned for reason ‘Payee Name Differs’,” read the statement.