March Deadline: Banks Reject Legacy Banks Cheques

March Deadline: Banks Reject Legacy Banks Cheques

There are indications that some banks are refusing to clear cheques of legacy banks, in violation of the directives of the Central Bank of Nigeria (CBN) which extended the acceptance of legacy bank cheques to March 31, 2013. The legacy banks includes the defunct Afribank, Bank PHB, FinBank , Equitorial Trust Bank, Oceanic Bank and Spring Bank.

An Oceanic Bank cheque was rejected by a microfinance bank, Newlife MFB, with the excuse that its clearing banks, Access Bank, GTBank and Sterling Bank, have been refusing to clear cheques of legacy banks presented to them, even as recently as last week.

According to an official of the microfinance bank, though the bank is aware of the CBN directive, it had no option but to reject cheques of legacy banks presented by customers since its clearing banks are refusing to clear them. The official said the clearing banks are not giving any reasons for their actions.

Also, a customer of United Bank for Africa (UBA) also recounted a similar experience involving an Oceanic Bank cheque which was returned to him at a branch of the bank, after been informed that they have been instructed that the cheques will not be cleared.

However, an official of Access Bank, when contacted, said the bank was in full compliance with the CBN directive as all their branches had been duly instructed to comply. He promised to investigate as soon as detailed accounts are made available to him.

Source: Naij.com

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