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Tips and guidelines to safeguard you and prevent fraud
A cheque is a written instruction to your bank to pay money out of your account.
- Leave no space in front of the name of the payee and the amount in figures. Unused spaces must be cancelled by drawing lines through them.
- Payee details should appear in full, eg- South African Revenue Services, instead of SARS.
- Write the amount in figures as closely as possible to the 'R' (rand) sign.
Other guidelines:
- Keep your chequebook in a safe place.
- Advise your bank as soon as you suspect fraud on your account or have lost your chequebook.
- If you sign a blank cheque ahead of time, fraudsters can simply complete the details to suit themselves.
- Keep returned cheques in a safe place, preferably under lock and key.
- Furthermore, it is best to punch returned cheques through the magnetic strip to prevent them from being re-used.
- Reconcile bank statements regularly.
- Long-outstanding cheques and used cheques must be examined for unauthorised or unusual endorsements.
- Report lost, stolen or missing cheques immediately.
When accepting a cheque as a means of payment ensure that:
- there is no variation in the hand-writing.
- the same pen is used to complete the cheque.
- there are no visible alterations.
- you are alert to co-incidences, eg- a cheque bearing the words 'SAR Steyn' could be a cleverly amended SARS cheque.
Crossed cheques:
- Always mark crossed cheques "not transferable".
- Crossing cheques help to prevent fraud, since it is possible to trace the person to whom the cheque was paid.
- If a cheque is not crossed, the person can receive payment in cash over the counter.
- A cheque crossed "not transferable" must be paid into a bank account and to a specific person or organisation.
- Avoid issuing cash cheques.
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Popular places on Nedbank.co.za
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Nedbank Ltd Reg No 1951/000009/06. We subscribe to the Code of Banking Practice of The Banking Association South Africa and, for unresolved disputes, support resolution through the Ombudsman for Banking Services. We are an authorised financial services provider. We are a registered credit provider in terms of the National Credit Act (NCR Reg No NCRCP16).
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Home : Legal Requirements : Glossary
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