Bank Negara Malaysia is introducing a new cheque clearing system, Cheque Truncation and Conversion System (CTCS) to replace its old system which required physical exchange of cheques for clearing. The new system will electronically capture and transmit of cheque images and data between the banks and clearing house. Customers will benefit from the speedier and more efficient clearing system especially the availability of funds for outstation cheques.
All cheques will be standardised using 3.5' x 7' format. Old personal cheques with a smaller size will be invalid after 30 June 2008 and those with unused personal cheques, you may return to your bank for refund of stamp duty. However, Public Bank Bhd, advised its customers to try to use all the cheques before 30 June 2008 and after that destroy the unused cheques as they will not refund the stamp duty!
The FAQ on the CTCS are available on BNM website.
On my own experience, I've banked in a local cheque in CIMB Bank, Ipoh Garden Branch on Sunday, 15 June 2008. As at today, the cheque has yet to be cleared. Various enquiries to the CIMB Bank, did not help as the Bank official response is that due to the new implementation of the CTCS, cheques banked in on Friday, 13 June 2008 until 18 June 2008, were not cleared!
However, the Bank promised to rectified the problem and will credit/reverse whatever interests earned/charged for the period from the date of banking till the cheque is cleared.
Hope the bank will keep its promise!
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2 comments:
As at today, Wed, 25 June 2008, still no news from CIMB Bank whether the cheque which i have banked in, has cleared!!!!!!
My cheque has cleared on yesterday, Thu, 26 June 08 around 12.00 noon. A Direct Access representative called me in the late afternnon, informing me on the cheque clearance and assure me that he will also waive the OD interest and credit the interest earned for the period from the day the cheque was banked in until it cleared!
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