where's the HSBC thread?
Feb 15th 2017 | 5:11 pm
#17
...we killed the flame
Joined: Jan 2017
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From: Dubai
Re: where's the HSBC thread?
Feb 15th 2017 | 9:24 pm
#18
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From: Dubai
Re: where's the HSBC thread?
Yest it was deleted for advertising rules.
I don't work in corporate dept, what I know regarding the cheques in general that they have serial numbers and a digital mark printed on the cheque, as long as you have sufficient funds in the account from the date of writing the cheque for six months then you don't have to worry, the system in HSBC shows the serial number of the cheque and the amount and they can communicate with the other bank and the other bank may tell the sender bank if that number with the amount has been deposited to the beneficiary account or not (I am not sure about the communication between the banks but logically if there is a legal case both banks adhere to the central bank regulations).
I can tell a story would benefit, I received a call from a premier British customer
and guess what, she wrote a cheque to the landlord and she thought like other banks the clearing time would be in 5 days, however in HSBC it takes 2 working days maximum, so she wrote the cheque before the day of the date of the rend payment and then her husband transferred the money to her account about two hours later the same day after she already wrote the cheque, the cheque returned as insufficient funds right away and she was penalized from the landlord 2000 AED for that plus the bank charges (100 AED), the irony was that the lady was upset from the bank from the speed of the clearing cycle , however her RM communicated with the other bank and the landlord hoping to reduce the penalty, I hope that happened.
Anyway, be careful of returned cheques as central bank made a law in UAE if 3 returned cheques in a row they would close your account and at least you will be blacklisted and you will be deprived from many services in the banks, in HSBC if you have got a returned cheque due to insufficient funds you cannot order a cheque book the following six months.
I hope I helped. Cheers
I don't work in corporate dept, what I know regarding the cheques in general that they have serial numbers and a digital mark printed on the cheque, as long as you have sufficient funds in the account from the date of writing the cheque for six months then you don't have to worry, the system in HSBC shows the serial number of the cheque and the amount and they can communicate with the other bank and the other bank may tell the sender bank if that number with the amount has been deposited to the beneficiary account or not (I am not sure about the communication between the banks but logically if there is a legal case both banks adhere to the central bank regulations).
I can tell a story would benefit, I received a call from a premier British customer
and guess what, she wrote a cheque to the landlord and she thought like other banks the clearing time would be in 5 days, however in HSBC it takes 2 working days maximum, so she wrote the cheque before the day of the date of the rend payment and then her husband transferred the money to her account about two hours later the same day after she already wrote the cheque, the cheque returned as insufficient funds right away and she was penalized from the landlord 2000 AED for that plus the bank charges (100 AED), the irony was that the lady was upset from the bank from the speed of the clearing cycle , however her RM communicated with the other bank and the landlord hoping to reduce the penalty, I hope that happened.Anyway, be careful of returned cheques as central bank made a law in UAE if 3 returned cheques in a row they would close your account and at least you will be blacklisted and you will be deprived from many services in the banks, in HSBC if you have got a returned cheque due to insufficient funds you cannot order a cheque book the following six months.
I hope I helped. Cheers
I just want a simple and straight forward answer....we issued a CORPORATE cheque which we can see has been debited from our bank account/statement, however the beneficiary is denying ever had the cheque - so my question is how simple or difficult is it for the bank to put a trace on the cheque and confirm the account details of where the money was credited?
Feb 15th 2017 | 9:25 pm
#19
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From: Dubai
Re: where's the HSBC thread?
Well it used to be that checks were mailed/couriered between banks as part of the clearing process, so if you deposited a USD cheque drawn on the National Bank of Abu Dhabi into your account at Bank Muscat, Oman, then Bank Muscat would send the cheque to their USD correspondent bank, which might be, say, Citibank in New York (in any case it would be a bank in the US).
Citibank would then send the check to the National Bank of Abu Dhabi's USD correspondent, which might be, say, Standard Chartered Bank in New York, who would then send it to the National Bank of Abu Dhabi, who would debit the account on which the cheque was drawn, and then send the money back along the same chain that the cheque traveled.
Obviously there were plenty of opportunistic for the cheque to go missing! It is also why depositing foreign cheques was slow and expensive. Now the documents can be scanned and processed electronically, but they still have to pass through the chain of banks in most cases, with USD cleared in New York, GBP in London, JPY in Tokyo, etc.
Citibank would then send the check to the National Bank of Abu Dhabi's USD correspondent, which might be, say, Standard Chartered Bank in New York, who would then send it to the National Bank of Abu Dhabi, who would debit the account on which the cheque was drawn, and then send the money back along the same chain that the cheque traveled.
Obviously there were plenty of opportunistic for the cheque to go missing! It is also why depositing foreign cheques was slow and expensive. Now the documents can be scanned and processed electronically, but they still have to pass through the chain of banks in most cases, with USD cleared in New York, GBP in London, JPY in Tokyo, etc.
Feb 15th 2017 | 9:30 pm
#20
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From: Dubai
Re: where's the HSBC thread?
....I am referring to a cheque that has been debited and the beneficiary is denying ever having had the cheque - the details online may say Joe Bloggs, who the cheque was made out to, but Joe Bloggs is saying he hasn't received it and so I am asking how easy or difficult is it for the bank to confirm the actual account details of where the funds were credited.
Feb 16th 2017 | 2:16 am
#21
Joined: Dec 2001
Posts: 53,356
From: Dixie, ex UK
Re: where's the HSBC thread?
yes you are missing the whole point of my thread ....I am referring to a cheque that has been debited and the beneficiary is denying ever having had the cheque - the details online may say Joe Bloggs, who the cheque was made out to, but Joe Bloggs is saying he hasn't received it and so I am asking how easy or difficult is it for the bank to confirm the actual account details of where the funds were credited.
....I am referring to a cheque that has been debited and the beneficiary is denying ever having had the cheque - the details online may say Joe Bloggs, who the cheque was made out to, but Joe Bloggs is saying he hasn't received it and so I am asking how easy or difficult is it for the bank to confirm the actual account details of where the funds were credited.
Feb 16th 2017 | 3:15 am
#22
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From: Athens GA
Re: where's the HSBC thread?
ok, i am sorry but either you didn't understand what I was asking or I didn't spell it out correctly.
I just want a simple and straight forward answer....we issued a CORPORATE cheque which we can see has been debited from our bank account/statement, however the beneficiary is denying ever had the cheque - so my question is how simple or difficult is it for the bank to put a trace on the cheque and confirm the account details of where the money was credited?
I just want a simple and straight forward answer....we issued a CORPORATE cheque which we can see has been debited from our bank account/statement, however the beneficiary is denying ever had the cheque - so my question is how simple or difficult is it for the bank to put a trace on the cheque and confirm the account details of where the money was credited?
Feb 16th 2017 | 5:50 am
#24
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Joined: Jul 2010
Posts: 285
Re: where's the HSBC thread?
ok, i am sorry but either you didn't understand what I was asking or I didn't spell it out correctly.
I just want a simple and straight forward answer....we issued a CORPORATE cheque which we can see has been debited from our bank account/statement, however the beneficiary is denying ever had the cheque - so my question is how simple or difficult is it for the bank to put a trace on the cheque and confirm the account details of where the money was credited?
I just want a simple and straight forward answer....we issued a CORPORATE cheque which we can see has been debited from our bank account/statement, however the beneficiary is denying ever had the cheque - so my question is how simple or difficult is it for the bank to put a trace on the cheque and confirm the account details of where the money was credited?
Ok, as you people say the question doesn't make sense (with all respect to you personally), why? because it is not the duty of the bank, it is your duty, you wrote a legal paper and the other person denied receiving it, who's fault is that? it is your fault, what if the beneficiary traveled with the cheque and deposited in ATM deposit machine in Cambodia or Iceland? how the bank will trace it?, that is why the best option to transfer money between accounts from the branch or online banking or you yourself go with the cheque and deposit it where you know where and when and to which bank you deposited it, same idea like you gave cash to a person and no witness and he denied, it is your fault, so if you own a company and you wrote a cheque to John Goblins or whatever and they denied receiving a cheque just ignore his claim and don't write another cheque, if he sued you then maybe the central bank would order all banks to search for that cheque with the serial number in all banks in the country or maybe all over the world I don't know but from the bank side it is not their business.
Feb 16th 2017 | 5:52 am
#25
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Posts: 285
Re: where's the HSBC thread?
The paid cheque should be printed, on the back, with the details of the account it was paid into. With electronic processing it might not actually be on the back, but when "your" bank receives the cheque to be paid, it will come with details of which account it was paid into.
Feb 16th 2017 | 5:59 am
#27
Joined: Dec 2001
Posts: 53,356
From: Dixie, ex UK
Re: where's the HSBC thread?
..... Which likely will print the credited account information on the back of the cheque.
I have thought about it some more since I posted earlier, and I think that whatever sort of copy comes back to the payer's bank, the payee's account info will be on the back.
I have thought about it some more since I posted earlier, and I think that whatever sort of copy comes back to the payer's bank, the payee's account info will be on the back.
Feb 16th 2017 | 6:19 am
#28
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Re: where's the HSBC thread?
According to my system it doesn't show as I work as contact center maybe in the branch they have other systems, I don't know, but if that is so simple I don't think mission would think it is difficult
Feb 16th 2017 | 6:35 am
#29
Joined: Dec 2001
Posts: 53,356
From: Dixie, ex UK
Re: where's the HSBC thread?
The first time I remember tracing a paid cheque it was for my employer, and was actually fairly easy as the stamps and printed accounts and codes on the back of the check fairly clearly showed that it had been cleared by NatWest and paid into an account at Halifax. I ended up arguing with Halifax and it turned out that they did have the money, but the account has caused them some concerns and the branch had transferred it to the Halifax "forensic unit". They told me that my employer needed a court order to get the money back.
I wrote a letter to Halifax in my best cod-legalese, that we (my employer) knew who the funds belonged to, and was in correspondence with them, whereas they (Halifax) had admitted they didn't know who the funds belonged to and they (Halifax) believed that the cheque had been deposited fraudulently (which was why the account had been transferred to the forensic unit), and I asked that they return the funds without delay. The reply a few days later came with a cheque.
Feb 16th 2017 | 6:50 am
#30
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Posts: 285
Re: where's the HSBC thread?
How many people examine their payed checks? I suspect that very few people did, until banks started storing them electronically.
The first time I remember tracing a paid cheque it was for my employer, and was actually fairly easy as the stamps and printed accounts and codes on the back of the check fairly clearly showed that it had been cleared by NatWest and paid into an account at Halifax. I ended up arguing with Halifax and it turned out that they did have the money, but the account has caused them some concerns and the branch had transferred it to the Halifax "forensic unit". They told me that my employer needed a court order to get the money back.
I wrote a letter to Halifax in my best cod-legalese, that we (my employer) knew who the funds belonged to, and was in correspondence with them, whereas they (Halifax) had admitted they didn't know who the funds belonged to and they (Halifax) believed that the cheque had been deposited fraudulently (which was why the account had been transferred to the forensic unit), and I asked that they return the funds without delay. The reply a few days later came with a cheque.
The first time I remember tracing a paid cheque it was for my employer, and was actually fairly easy as the stamps and printed accounts and codes on the back of the check fairly clearly showed that it had been cleared by NatWest and paid into an account at Halifax. I ended up arguing with Halifax and it turned out that they did have the money, but the account has caused them some concerns and the branch had transferred it to the Halifax "forensic unit". They told me that my employer needed a court order to get the money back.
I wrote a letter to Halifax in my best cod-legalese, that we (my employer) knew who the funds belonged to, and was in correspondence with them, whereas they (Halifax) had admitted they didn't know who the funds belonged to and they (Halifax) believed that the cheque had been deposited fraudulently (which was why the account had been transferred to the forensic unit), and I asked that they return the funds without delay. The reply a few days later came with a cheque.
