June 30, 2016 IS FAST-APPROACHING…
HAVE YOU CHANGED YOUR CHEQUE BOOK YET?
If not, you are hereby reminded to change your old cheque book to a new one with enhanced security features by June 30, 2016.
By way of background, the banking industry implemented the CITS (Cheque Imaging and Truncation System) in February of 2015, and decided to enhance the cheque security features to curb potential fraud.
In line with the regulatory requirements for validity of cheques in Botswana, a grace period of six months was extended from January 2016. Therefore, old cheques will NOT be accepted from July 01, 2016.
Please be informed that if customers’ cheques are returned for whatever reason e.g “Refer to Drawer”, customers will no longer receive the original cheque from their banks as is currently the case. Instead, they will be issued with an image of the original cheque, together with the reason for return.
Customers are hereby encouraged to feel free to contact their respective branch(es) for any further clarification they may require relating to this very important matter.