Tuesday , October 17 2017

Al Tijari will no longer process cheques without cbank ‘norms’ – Clearing cycle reduced

KUWAIT CITY, June 7: Commercial Bank of Kuwait would like to draw the attention of all its customers that in the near future, the Bank will no longer accept processing cheques, issued in Kuwaiti Dinars, that do not conform with the standards and security features as prescribed by the Central Bank of Kuwait. The Bank will advise customers’ beneficiary of these types of cheques to go to the issuer Bank to cash their cheque or deposit it in their accounts — if available with the issuer Bank.

Accordingly, Commercial Bank of Kuwait would like to urge its customers who print their cheques directly through press companies and not through the Bank; to print their cheques at the earliest only through authorized entities and by taking into consideration that they need to refer back to the Bank to provide them with the mandated standards and security features before printing these cheques.

It is important to note that customers must adhere to the following instructions for ensuring acceptance of standard cheques through Kuwait Electronic Cheque Clearing System (KECCS), in which the clearing cycle of cheques has been reduced from 3 days to be cleared in the same day for certain cases or to the next working day in other cases.

The Bank, further, draws the attention of its customers to the importance of using and maintaining their cheques properly for ensuring acceptance of cheques under KECCS.  As such, customers need to ensure that the MICR line is printed at the bottom of the cheque, avoid writing or signing over the MICR line at the bottom of the cheque, keep the cheques in a good condition by avoiding folding, damaging, stapling or tearing cheques and  avoid storing cheques in places that are warm or under direct sunlight as it can damage the cheques.

The Bank always endeavors to provide its customers with the best banking services and emphasizes that adherence to the new KECCS requirements by its customers is strongly recommended to ensure the acceptance and processing of the cheques under KECCS and to highly benefit from the new system.

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