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Customer deposits big cheque on their account which is unsual what steps does the bank take to verify genuity? |
Customer deposits big cheque on their account which is unsual what steps does the bank take to verify genuity? Banks and Building societies have to notify the Inland revenue of all large cheques and unusual deposits.................. otherwise the go through the usual checks and credit your account........ unless its from Nigeria............ lots of scams! Hold the funds til the check clears. Usually a bank will place a hold on the funds for 10-14 days to wait for the check to clear. In the meantime, don't plan to use that money because if the check does not clear, you will be overdrawn and it will be YOUR fault and you will be responsible, regardless of where the large check came from. If he deposits check bearing his real name, or a manager's check, the transaction lies between him and the person or institution issuing the check in his name the bank accepting it acts as just a keeper. However, if it's a "pay to cash" check it is modest and proper perhaps to contact the bank where the check originates try make some inquiry or advance notice during the clearing period and verify the legality of the transaction. |
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