If you are a customer of Bank of Baroda (BOB), then please note that with effect from today, 1 June 2021, the bank has made some changes in its check payment rules. To prevent incidents of fraud, BoB has made “Positive Pay Confirmation” mandatory for check payments for its customers. The bank said that customers will only have to re-verify the information given in the cheque, that too only in checks above Rs 2 lakh.
Bank of Baroda said in a tweet, “There is a proposal to make the positive pay system compulsory from June 1 for all checks of Rs 2 lakh and above. Take advantage of the positive pay system and prevent fraud in your account.”
What Happens on Positive?
In this system, the information given in the check of higher amount is re-verified. Under this process, the issuer of the check submits its information – such as check number, check date, payee name, account number, amount – electronically.
Know the new check payment rules of BOB:
Checks of Rs 50,000 and above can be verified.
– There is no option to change or remove the registered confirmation in any mode.
– Customer can stop the payment of the issued check at any time in CTS clearing or before its presentation or payment at the counter.
– If the main information matches the actual check offered in the CTS clearing, then the check will be passed.
– Confirmations submitted/verified through any channel/mode up to 6 PM (everyday) will only be carried forward to the next clearing session.
– Confirmation through the branch can be provided during the normal business hours of the respective branch.
– All other modes and channels will be available 24×7 to provide positive pay confirmation.
– For every successful submission of positive pay confirmation, a reference (registration) number will be shared via SMS on the registered mobile number.
– Ensuring the customers that sufficient funds in the account are either confirmed or not up to the presentment/payment of checks issued.
– Old checks (3 months old from the date of confirmation) will not be accepted.
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