Yesterday while at RHB Bank, I noticed a new circular pasted on the counter. I can’t find an online copy, but in a nutshell, the circular stated that the bank will be issuing new cheque books from 1 October 2007 in line with the new electronic cheque clearing policy.
I think this is the new policy that states that cheques will be now cleared in a day or less. Bad news for people like me who issue cheques then rush around to transfer money into the checking account… hehe…
Anyway, that did not faze me, but the next item on the circular did. Apparently, when using the new cheques, companies now do not have to affix their rubber stamp on it.
I was puzzled.
The present system requires that companies affix their rubber stamps on their company cheques. I suppose this is a form of security for cheques without the rubber stamp would not be cleared.
With the new system, there no rubber stamp is required for company cheques and cheques affixed with the rubber stamp will be rejected by the bank! Boy oh boy!
I hope there are sufficient security features in the new cheques to protect the users. At present, if the rubber stamp affixed does not match the copy in the bank, the cheque will be rejected. Without any rubber stamp, there is potential abuse, for if cheques are stolen and signatures forged, lots of money can be drawn out before anyone realises it. This is more so if cheques can be cleared in a day or even half a day, as proposed.
I’m curious to see what the new cheques look like and what security features will be installed in them. We still don’t get pretty decorative cheques, but it won’t hurt for the banks to issue some more attractive looking cheques right?
Aside: Happy Belated Birthday to fellow blogger – the reviewer lawyer and cook – Pablopabla! 
{ 4 comments }
Malaysian bank cheque designs are very, very plain and not very appealing to the eye. I wonder what sort of security features are being implemented?
Happy Belated Birthday to Pablopabla!
Incidentally, one of my ex-colleagues just came visiting (she’s at the other room now chatting with another colleague of mine) and she brought lots of cheesecake from the “you know which cheesecake shop”. I’m gonna stuff myself crazy afterwards cos I did not have a birthday cake on my birthday (I didn’t see the need to).
Thanks!
Did they say any changes will be made to personal cheques? I also am one to rush around transferring money into my checking account. Hehehe…
Happy happy Birthday, Pablopabla!!!
Rinnah: I’m wondering too. Will update when I know.
Pablo: woot! Enjoy the cake!
Giddy Tiger: Personal cheques too will be changed but nothing drastic I think. Definitely no cutesy designs to choose from!