The outdated checkbooks will probably be phased out by 31 December 2020, as Nigerian banks should implement the coverage of the Central Financial institution of Nigeria (CBN). Cash Deposit Banks encourage prospects to use for and procure new checkbooks on the time of expiration.
Final yr, on June 10, 2019, the CBN had ordered banks to make sure that any management requested by prospects carries the brand new commonplace of management. This directive was contained in a round indicating the method of implementing the brand new management.
“In selling the financial institution’s effort to make sure a seamless transition to the brand new commonplace of controls, it has turn out to be essential to remind all Banks of Financial Deposit that controls ordered after 31 August 2019 should adjust to the brand new verification commonplace and that the parallel run for outdated and new controls will start on September 1, 2019.
“The above is consistent with the stipulations of the Scheme of the Printers Affiliation of Nigeria Verify Requirements and Nigeria Verify doc, revised to extend the effectivity and safety of the Nigerian Cancellation System.
“To keep away from ambiguity, please be aware the above internationals, and guarantee that your financial institution’s management processing system is prepared for the total adoption of the brand new management commonplace by September 1, 2020 “. CBN stated in a round.
Now banks are working to step by step get rid of outdated controls consistent with the CBN requirement. In an electronic mail despatched to prospects, Entry Financial institution stated outdated checks will not be honored when they’re despatched to the financial institution.
Entry Financial institution stated prospects will have the ability to request a brand new checkbook on or earlier than October 30, 2020, “Please be aware the next essential data relating to your NEFT checkbook and transfers.
“Verify the books; The Central Financial institution of Nigeria, in September 2019, launched a brand new test guide idea in all banks. To this finish, the outdated checkpoints will probably be phased out and can not be honored on the presentation as of December 31, 2020.
“We advocate that you just request the brand new checkbook on or earlier than October 31, 2020 via one of many following channels.” Entry Financial institution stated. The lender additionally warned that, “We might additionally wish to remind you that each one checks with the financial institution code 063” are not legitimate for clearing and won’t be honored upon presentation for fee. “