How are bank’s supposed to disclose their policies?
As a customer you have the right to know the Cheque Collection Policy of the bank before entering into any transaction. The bank is obliged to disclose the amount up to which immediate credit of outstation cheque is offered in its Comprehensive Notice Board, which is to be displayed at each and every branch of the bank. The bank is also required to disclose its policy with regard to immediate credit for local / outstation cheques, time frame for collection of local/outstation instruments and policy for interest payment for delayed collection. The same will be available in the Information Booklets which should be available at all the bank branches. You are also entitled to ask the Branch Manager for a copy of the bank’s Cheque Collection Policy, if you so desire. Banks are also required to put up their Cheque Collection Policy on their websites.
