Monday, April 22, 2024

‘Bank protocols’ for government cheques

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GOVERNMENT CHEQUES are as safe as they have always been, but having one will not guarantee you automatic receipt of cash at the island’s commercial banks.

Senior bankers have outlined this position following a complaint from one customer, who was reportedly directed to Republic Bank on two separate occasions when he tried to cash Government cheques at a branch of Scotiabank and one operated by CIBC FirstCaribbean International Bank.

While making it clear that despite Government’s cash flow challenges they were accepting Government cheques as usual, bank representatives said unless the state entity had an account with them the usual “clearing” period of at least three business days accorded to other third party cheques would obtain. (SC)

Please read the full story in today’s Weekend Nation, or in the eNATION edition.

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