One of the more frequent means by which customers are defrauded is by cheque interception. On average, a cheque is handled by up to 20 people from the time you make it out to the time your branch pays it. This means that there are numerous opportunities for the cheque to be intercepted. Most commonly this happens when cheques are posted.
Another common way in which customers are defrauded is accepting a cheque or bank deposit when selling goods. Often the cheque or the deposit turns out to be fraudulent and the seller is out of pocket. Sellers are advised never to release goods until they are certain that the payment is valid.
Always wait for the funds to be cleared before releasing goods, even if it seems to be a bank issued cheque. While the cheque may appear to be genuine, fraudsters have even gone so far as to print their own cheques. The cheque could also be stolen. Even if the cheque is genuine, there are certain instances when banks issue cheques that will not be honoured.
Never accept a faxed bank deposit slip as proof of payment. Amounts and details can easily be changed to reflect a higher value or that it is a cash deposit. Check with your bank first that the correct amount has been deposited and whether the deposit is cash or cheque. If it is a cheque deposit, wait until the cheque has been paid (usually this will take seven days) before you release goods.
We believe in giving you the choice of how to do your banking, so we do not charge you any subscription fees for Online or Cellphone Banking. This means that you can choose to bank using the ATM, the Internet or your Cellphone - without worrying about monthly fees.
Keep in mind these guidelines:
How to avoid penalty charges. Make sure that there is enough money in your account to cover all transactions. This way, you can always stay within your account limit and avoid penalty fees.