Saturday, January 22, 2011

Check your Cheque

Three cheques stapled together were dropped into the cheque box in Hougang s'pore. One week later, on checking, over the phone, the bank confirmed that these cheques had not been cleared as they were never dropped. Employee insisted he did. Decided not to push the issued with neither the bank nor the personnel as, we had no proof and also employee had just joined not too long. No official letter/email was written. After profuse apologizing, Two companies, reissued the cheque, while the 3rd kicked up a fuss, charged us S$30 for the cancelled cheque and made us wait 2 months (we now know who we should Not be doing favours to!) This happened in Sept 2010.
Alls well and forgotten until last week, a letter from the bank came. Two bounced cheques. On checking, these were the missing cheques. According to the bank,(over the phone again) these cheques were deposited in Tampines the previous week. The 3rd cheque in fact cleared.

Question: How did the cheques ended up in Tampines 4 months later?
How should the situation be dealt with in future?
The bank made no apologies, as it was not their fault. They were just doing their job. So how safe is dropped cheque system? Should we have push the issued and check the camera? The cheques must have gotten lost in transit and was found much later. As they bear no deposit date, and still valid, it when through the system.


doc said...

isn't there an acknowledgment slip when the cheques are deposited? most banks here offer electronic bank-in, where the cheques are individually scanned & the images are printed in the acknowledgment slip.

hard to say where the fault really lies - but considering that the banking system is reputable & your employee new, is it more likely a human error?

stay-at-home mum said...

I deposited a chq once for a very large amount passing it to the teller at their section for "special customers". As it was large, I kept checking for its clearance. after 3 days still not credited to my account, I checked with the bank. Kicked up big hooha as I hand delivered the cheque and the girl clearly wrote it down in the record when I did. Said they would investigate. Found out the chq cleared. Claimed that they couldnt read my account number on the back of the cheque so it was posted to a "suspense" account. I wanted to know why they didnt call me as my telephone number was written on the back of the cheque - to find out actual account number. If I never investigate, money would end up their's, Since the cheque cleared, not? Since then, every single cheque I follow up. Dont trust them anymore.

iml said...

The system here of dropping cheques into the box without knowledgement clearly needs some adjustment. I believe the bank misplaced them.

Could be after you complained they found the problem fixed it put the blame on customer.
Bank services are seriously lacking. At UOB, there's only one phone number. Unless you know a name, you cannot call any branches without first going through 100 questions!!!

stay-at-home mum said...

Iml - I knew someone working in the bank who checked it for me simultaneously whilst I made my complain. Of course they didn't tell me they posted it to their suspense account. Came out with some cock and bull story. In the end it took them a week to correct it and even backdated my interest to me, and sent me a hamper to apologize, coz I threatened to go to the very top about the problem. It was a VERY large amount, that's why I could do that. My question is how many other small cheque amounts have been eaten up by their suspense account because we haven't checked? We all assume it has all been properly credited.

iml said...

I believe the bank also cooked up a cock and bull story for my case too.

Anonymous said...

I always thought bank issues are the last thing I should worry about. Wah, with you people giving accounts like that, I better not believe in banks so much anymore! Thanks!