Common use of Cheque Clearing Clause in Contracts

Cheque Clearing. The cheque clearing process has been reviewed and banks are now clearing the majority of cheques via a new Cheque Imaging System, in order to reduce fraud attempts. In light of this new process we are seeing increased numbers of cheques returned unpaid for various reasons. We are therefore making the following policy changes: During 2019 we will fade out the acceptance of client payment to Xxxxxx by cheque We will be imposing a cheque value limit of £25,000.00 for individual cheques paid in from 1st January 2019 Multiple cheques paid in simultaneously to circumvent the above restriction will not be accepted. We strongly encourage clients to make online bank transfers quoting their account number as a reference, rather than paying via cheque. We anticipate that this will reduce the administration costs for dealing with returned cheques and avoid issues with clients.

Cheque Clearing. The cheque clearing process has been reviewed and banks are now clearing the majority of cheques via a new Cheque Imaging System, in order to reduce fraud attempts. In light of this new process we are seeing increased numbers of cheques returned unpaid for various reasons. We are therefore making the following policy changes: During 2019 we will fade out the acceptance of client payment to Xxxxxx by cheque We will be imposing a cheque value limit of £25,000.00 for individual cheques paid in from 1st January 2019 Multiple cheques paid in simultaneously to circumvent the above restriction will not be accepted. accepted We strongly encourage clients to make online bank transfers quoting their account number as a reference, rather than paying via cheque. We anticipate that this will reduce the administration costs for dealing with returned cheques and avoid issues with clients.