Two banking experts warned against underestimating spontaneous errors when writing checks, pointing out that these checks cause a bank fine according to the instructions of the Central Bank, and some companies follow policies of imposing fines on their part, in the event that there are clauses in the dealings contracts requiring that with dealers.
The banking expert, Awatef Al-Harmoudi, said, “The bank is the one in charge of collecting the fine related to the return of the check. With regard to the imposition by companies of other double fines on dealers when checks are returned for spontaneous errors, this is due to the policies of each company, and according to the agreements signed or approved by the dealer », calling for the need not to underestimate spontaneous errors in checks by increasing the checks when issuing checks, To ensure the integrity of the data and match the signature, in order to avoid falling into the trap of corporate fines for spontaneous check errors.
In the same context, the banking expert, Amjad Nasr, said that “it is necessary to take the utmost caution when dealing with the issuance of checks to try to reduce the chances of falling into the trap of spontaneous errors with checks, especially since the Central Bank decided a fine for bouncing checks in banks, regardless of the reasons. And, at the same time, it may cost the dealers to pay fines with a large value to the companies that are dealt with, especially if there are policies and clauses agreed upon by the dealer, when signing contracts for dealing with these companies.
He added that “despite the fact that the most dangerous aspect of bounced checks is related to the lack of balance, given that checks by law are not a payment pledge but an order to pay, but spontaneous errors in checks may expose dealers to various problems that are exposed to paying fines that would be incurred by them.”
He explained that «it is assumed that the return of checks for reasons related to spontaneous errors does not affect the same way as the return of the insufficient financial balance in the credit record, especially since the banks explain the reasons for returning checks in their report, if the check is returned due to insufficient balance, especially if that matter is repeated, it is Negatively affects the credit rating of the dealer and reduces it to low levels.
• Imposing a fine for returning checks for spontaneous errors, according to the policy of each company.
• Frequent feedback due to insufficient funds adversely affects credit evaluation.
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