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Thursday , October 1 2020

Burgan Bank says adopts new KECCS

Burgan Bank Logo
Burgan Bank Logo

KUWAIT CITY, June 13: Burgan Bank would like to draw the attention of its client that in the near future the bank will no longer accept processing cheques, issued in Kuwaiti Dinars that do not conform to the standards and security features as prescribed by the Central Bank of Kuwait. Burgan Bank advises its client’s beneficiary of these types of cheques to go to their issuer Bank to cash their cheque or deposit it in their accounts — if available with the issuer Bank.

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

In addition to the cheques conforming to the standards and security features, Burgan Bank advises its clients to follow The Central Bank of Kuwait instructions to facilitate the clearing of their cheques through the new Kuwait Electronic Cheque Clearing System (KECCS), in which the clearing cycle of cheques has been reduced from 3 days to the same day for certain cases or to be the next working day in other cases .

To ensure the acceptance and processing of the cheques under KECCS and to highly benefit from the system , customers need to have the MICR line printed on the cheques , avoid writing or signing over the MICR line , keep the cheques in a good condition by avoiding folding, damaging, stapling or tearing cheques . Avoid storing cheques in places that are warm or under direct sunlight as it can damage the cheques and will not be accepted for processing and also ensure the availability of sufficient funds in the account before issuing the cheques (cheques returned due to insufficient funds may lead to criminal persecutions).

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