METRO PLUS

Cheque realisation woes

IT TAKES almost three weeks for realisation of US dollar cheques remitted into SB/current accounts standing open at multinational banks.

A perusal of the monthly bank statements reveal that the cheques get cleared in a week's time, but the banks keep the money 'on hold' for another ten days.

However, processing charges are debited the moment cheques are cleared. Processing work commences on the day the dollar cheques are presented at the bank and ends when credited into the client's account.

Debiting of processing charges and crediting amounts into the accounts should take place simultaneously.

The method that is being followed has resulted in a cheque for a small amount (for which adequate funds would have been available had the bank not debited the processing charges before crediting the cleared amount) getting dishonoured.

As a result, the party in whose favour the cheque is issued, is not in a position to get the amount in time and a sum of Rs.200/- debited in the account of the person who issued the cheque towards penalty. This is nothing but adding insult to injury.

K D Viswanaathan F 2, KTVR Towers, 177,Thadagam Road, Coimbatore 641013

(Write your grievances to Consumer Corner, Metro Plus, The Hindu, 19&20, LIC Road, ATT Colony, Coimbatore-641018 or e-mail us at cbemetro@thehindu.co.in)

Marketing Officer,

Indian Bank,

Coimbatore

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