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Sunday, April 3, 2016

Bounced cheques

 

1 A cheque "bounces" when the bank where the issuer of the cheque has an account does not honour it.

2 Cheques are dishonoured by the bank if there are insufficient funds, a signature mismatch, overwriting or a stale date.

3 Banks charge a penalty for bounced cheques.The fee varies from bank to bank and based on customer catergorisation within a bank.

4 A bounced cheque can adversely impact the defaulter's credit history and credit score.

5 The payee can take legal action against the issuer of the cheque for wilfully issuing an instrument that did not represent valid payment.

6 If the issued cheque is against a donation or gift, there is no valid consideration and therefore, no legal recourse is available if such cheques bounce.

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