Customers of Kuwait’s Gulf Bank who print their cheques through external vendors have been advised to discontinue the practice at the earliest and only print cheques through authorised vendors.
The new advisory comes in line with the standards and security features of cheques as prescribed by the Central Bank of Kuwait and the new Kuwait Electronic Cheque Clearing System (KECCS).
According to the bank, all customers are required to comply with the following instructions to ensure the acceptance and collection of the cheques.
- The need to maintain the magnetic ink line (MICR) that is available at the bottom of the cheque;
- No signature or writing at the bottom of the cheque over the MICR Code;
- The need to keep the cheque in a good condition;
- The cheque should not be exposed to direct sunlight nor kept in a warm place to ensure the reading of the cheque details, as they can be affected by the heat;
- Ensure sufficient funds in the account before issuing cheques, as rejecting the cheque by the bank due to insufficient balance may lead to criminal persecutions;
The instructions listed above conform to the features of the new (KECCS), which will reduce the collection time from three working days to the same day for some cases, or the next working day for others. – TradeArabia News Service
