Bad Cheques - Banking Info

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contents1 Introduction2 “Bad” cheques are bad newsBank Negara Malaysia and cheques3 What is a “bad” cheque?What happens when you issue“bad” cheques?6 Prohibition periodProbation periodProhibition and probation periods forvarious offence levels7 “Special accounts”8 How to avoid issuing “bad” cheques9 Your rights as a customer10 Frequently asked questions15 GlossaryDisclaimerThis document is intended for your general informationonly. It does not contain exhaustive advice orinformation relating to the subject matter nor shouldit be used as a substitute for legal advice.Date: 21 January 2003
IntroductionCheques are widelyacceptedespecially in businessCheques are widely accepted, as a convenient mode of making paymentsin the business community. However, sometimes they may be returned by thedrawee bank due to insufficient funds in the account, cheques depositedbut funds are not yet available for use by accountholder or the accountholder’scurrent account has been closed. Such cheques are commonly referred to as“bad” cheques. The issuance of “bad” cheques can have serious consequenceson your ability to operate a current account.This booklet provides information on the resultant consequences if you issue“bad” cheques.
Page 1: “Bad” ChequesYOUR ACCOUNTSAND S
Page 6 and 7: • Your name will be included in t
Page 8 and 9: PROHIBITION PERIODThe prohibition p
Page 10 and 11: HOW TO AVOID ISSUING“BAD” CHEQU
Page 12 and 13: FREQUENTLY ASKED QUESTIONSWhat is a
Page 14 and 15: Can a “bad” cheque offenderoper
Page 16 and 17: What are the implications ifone is
Page 18 and 19: Insufficient FundsThe notation of d
Page 20: FOR MORE INFORMATIONLOG ON TOwww.ba

Bad Cheques - Banking Info

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