Bank of Maldives plc (BML) has changed its policy on issuing the cheque books to its customers which will come in to effect from 15th January 2012 onwards.
A statement by BML stated that the change in policy was to protect customers and further strengthen the security system of transactions using cheques.
After the change, cheque books will be issued within 5 days if applied from Male’, while branches in the atolls would take 10 to 20 days to issue a cheque book, the statement added.
According to the new terms, current account holders will get 100 free cheques per annum, and charges will apply to cheque books issued after that.
Cheque books range from, book of 5 cheques at Rf 5, book of 20 cheques at Rf 20, book of 50 cheques at Rf 50. The most number of cheques issued at a given time for both Rf and dollar accounts would be a book of 100 cheques, BML said.
Under the new terms dollar savings accounts customers will get a book of 5 cheques at $1 and a book of 20 cheques at $2 respectively.
BML also stated that bouncing of cheques had become a major concern in the country and the new rule would now allow BML to suspend any customer account that issues five consecutive bounced cheques.
BML said that these new rules are put forth to make customers more responsible when issuing cheques and also to harmonize the rules of the banking industry with bank policies.