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Thread: are they eligible to charge us?

  1. #1
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    are they eligible to charge us?

    i open a cheque and didnt notice that the bank account doesnt have enough fund to clear the cheque... its bounced back n they charging me rm100 for that ... i thought there is overdraft for the current account?

  2. #2
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    wah RM100? nuts. so expensive.

  3. #3
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    Not only will you be charged RM100, you'll also be blacklisted by the banks. It is always our duty to ensure funds are adequate when we issue cheques.

  4. #4
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    yup..i admit thats my mistake ..
    anyway, if not mistaken i thought the bank negara said bank should not impose those fees already?(mayb others n not this)

  5. #5
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    Quote Originally Posted by concern!!!
    i open a cheque and didnt notice that the bank account doesnt have enough fund to clear the cheque... its bounced back n they charging me rm100 for that ... i thought there is overdraft for the current account?
    U hv to apply for overdraft facility in order to be able to utilize it. Current account doesn't come with OD facility.

    I think this RM100 penalty is imposed by BNM not individual bank. Unless u hv a very good relationship with the Bank Manager, otherwise they will not bother to call u to top up the shortfall before 10am.

    Be warned! 3 times bouncing would give the bank authority to close your current account immediately.. So, pls ensure u hv the fund in there before u issue cheque.
    Every Birth Begins With Labour Pains

  6. #6
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    Quote Originally Posted by concern!!!
    yup..i admit thats my mistake ..
    anyway, if not mistaken i thought the bank negara said bank should not impose those fees already?(mayb others n not this)
    BNM does not allow other fees such as cashing out fee, etc.. not this cheque bouncing fee.
    Every Birth Begins With Labour Pains

  7. #7
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    Every cheque bounces will be charged RM100. Three times... u r out!

    All cheque account does not have overdraft... silly them... can give RM25k cr card but no overdraft.

  8. #8
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    ok .. thanks birdy for the info.

  9. #9
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    Quote Originally Posted by birdy
    I think this RM100 penalty is imposed by BNM not individual bank. Unless u hv a very good relationship with the Bank Manager, otherwise they will not bother to call u to top up the shortfall before 10am.
    Once, my current account short of a few ringgit. The branch (Hong Leong Sunway) called me early in the morning to top up before 10am.

    -jakpo

  10. #10
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    I am not sure about the charges...i.e. how much and all. But let me tell you something. Bounced cheque is a manace to the banking system. I work for a bank and everytime when we wanted to start a project that involves cheque, the bounced cheque issue/workflow is always the most painstaking of all, i.e. how to handle them, what to do if it bounced, etc. So paying a fine for bounced cheque is fair.

    How much is fair? Well...that I don't know.
    There are 10 types of people in the world: those who understand binary, and those who don't.

  11. #11
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    concern,

    No harm writing to your bank to appeal for cancellation of penalty. Have personally tried that successfully before.

    My worse experience was when I forgot about funds being automatically swept to cover credit card bills years ago. HSBC bounced my cheque - penalty costs more than shortfall. On enquiry, they stated that it was not their practise to call - with no consideration of my >15 years record or high credit card available credit. Realising that the HSBC 'officers' have been replaced by machines, I closed all my accounts with HSBC and switched to Maybank (i-account, credit cards, etc). At least I can serve myself using maybank2u.com at almost no cost.

  12. #12
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    Sorry to utter more disgust but everyone (except those who don't use bank services at all), is at THEIR MERCY for the slightest fault, any penalty or extra charges they can inflict anytime and anywhere. Its still sorta cowboy country where these vultures are concerned. Someone has to pay for their 22nd century buildings, palatial interior decor, over staffing, the underperforming, huge bonuses and salaries for their top brass, etc..

  13. #13
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    Quote Originally Posted by charis14
    concern,

    No harm writing to your bank to appeal for cancellation of penalty. Have personally tried that successfully before.

    My worse experience was when I forgot about funds being automatically swept to cover credit card bills years ago. HSBC bounced my cheque - penalty costs more than shortfall. On enquiry, they stated that it was not their practise to call - with no consideration of my >15 years record or high credit card available credit. Realising that the HSBC 'officers' have been replaced by machines, I closed all my accounts with HSBC and switched to Maybank (i-account, credit cards, etc). At least I can serve myself using maybank2u.com at almost no cost.
    I am sorry to state that yes, it is not the Bank's duty to call you. Not only HSBC but every single bank in Msia.

    It's your duty to maintain your acc in proper order. If you go to BNM to complain against your bank, BNM will come back to you with the same reply.

    If it's giving u heartache to be charged RM100 for a bounce cheque, imagine that you issued a cheque, lost it on the way to bank in, called to cancel it straightaway. Alas, there is good samaritan who banked it in for you! Cheque got bounced due to it being stopped cheque and !@#$ the bank still charge u for stop cheque!! (but this happened before BNM set out the rule).

    Btw, if you get bounced cheque 3 times, u can't open any current account at any banks at until for a certain period of time.

  14. #14
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    Quote Originally Posted by jakpo
    Once, my current account short of a few ringgit. The branch (Hong Leong Sunway) called me early in the morning to top up before 10am.

    -jakpo
    That's what I call Good Service. It did happened to me that I have a exact balance (plus few cents) in my current account and I issued a cheque to a supplier. Without realizing that the bank will deduct a service charge from my account on the middle of the year, that resulted a short balance in my current account. Thus the cheque issued was bounced. I called the bank manager to complain, and write in but to no avail... he said he can't help anything. The next moment, I close the current account.
    Every Birth Begins With Labour Pains

  15. #15
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    Cheque not cleared for full amount due to insufficient funds = automatic RM100 penalty
    3 times = account closure or suspension
    more than that = blacklisted

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