Dubai: RAKBank on Monday said it will stop clearing cash cheques starting September 1 as part of efforts to protect customers from potential risk of fraud, the bank said in an email sent out to customers.
“At RAKBank, we are committed to delivering the most secure and convenient banking experience to our customers. With this objective in mind, please note that with effect from September 1, 2017, the bank will no longer accept cheques wherein the beneficiary name states Cash,” the bank said.
Accordingly, cash cheques being presented through the Central Bank clearing system from September 1, 2017 will be returned for the reason “payee name differs”.
“The revised process is in line with our commitment to ensure the best interests of both our customers and the bank by the elimination of any potential risk or fraud involved in the processing of cash cheques,” Geoff Stecyk, Chief Operating Officer wrote in a mail addressed to customers.
The bank recommends its customers to register for digital banking services to facilitate quick and convenient processing banking transactions including funds transfer requests.
