Common use of Cheque Protection Facility Clause in Contracts

Cheque Protection Facility. (i) The Cheque Protection facility (by way of cheque issuance of up to RM500); • is an overnight excess allowed by the Bank; • must be regularised by the end of the next banking day; • is subject to the Bank’s customary overriding right of repayment on demand; and • may be withdrawn at the discretion of the Bank which includes cheque returns or failure to regularise excesses as required above.

Cheque Protection Facility. (i) The Cheque Protection facility (by way of cheque issuance of up to RM500); ): • is an overnight excess allowed by the Bank; • must be regularised by the end of the next banking day; • is subject to the Bank’s customary overriding right of repayment payment on demand; and • may be withdrawn at the discretion of the Bank which includes in the event of unsatisfactory conduct of account which includes cheque returns or failure to regularise excesses as required above.