22-04-2008, 08:24 AM
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Registered User
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Join Date: Sep 2007
Location: Sydney, Northern Beaches, NSW
Posts: 55
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Quote:
Originally Posted by Outbackmanyep
We were advised a few weeks ago that banks are now not going to accept cheques that are not made out to persons or businesses unless the Payee is written in full.
Fancy that, bounce a cheque just because you wrote "Ace Tomato's" instead of "Ace Tomato Company PTY LTD", then slug you $35-00 fee for a bounced cheque.
Talk about turning the screws!!!!
So please beware of your bank doing this to you!
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I suppose it depends on wether you wanted to pay someone called Ace who owns a tomato or a company...you can't tell which. The Bills of Exchange Act has been around since 1909 and Banks should obey the Law - a cheque is a bill of exchange and must be drawn and paid according to the Act. I, for one, would like Banks to be even more diligent about the proper operation of my accounts given the emergence of identity theft and fraud etc.
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