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What if the EMI cheque bounces?

January 8, 2024bounces Cheque EMI

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10 Posted

What if the EMI cheque bounces?

5 Answers

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luisgrand 69 Posted

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William Young 81 Posted

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luisgrand 69 Posted

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William Young 81 Posted

I am considering obtaining a payment license in the UK. Do you have any advice on the process and requirements?

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10 Posted

On the bounce of an EMI cheque, the same cheque is represented by us for payment. On clearance of the same, you are still required to pay penalty for the cheque bounces as per charges applicable at that point of time. If the cheque bounces again on representation, then you are liable to pay the EMI by cash / D.D. along with the bounces charges. You will also have to pay interest on the delayed payment at the specified rate.