Improve banks’ cheque clearance practices
After a recent experience, I believe that banks’ cheque clearance practices here can be improved.
I had written a contractor a DBS Bank cheque and received a receipt bearing a business registration number that expired years ago. The address also did not match that given to the Accounting and Corporate Regulatory Authority.
I asked DBS to have my money returned but was told that OCBC, as the payee bank, had declined the request even though the latter acknowledged the discrepancy.
In the larger scheme of things, the unscrupulous practice of using expired business registration numbers under the same company name to escape legal problems is sneaky.
Bank customers need help and protection against acts of tort, and it appears that this needs to be a matter for the Monetary Authority of Singapore.