FCMB Eases Cheque Truncation for Customers

FCMB Plc, banking giant has added convenience to the new cheque truncation system by allowing its customers receive prompt and efficient attention, an email from the customer solutions of the bank said this morning.

The bank said that “as part of its effort to provide convenient banking service to you, we would like to introduce you to a new and faster way to ensure your cheques valued N500, 000 and above, are paid promptly – the cheque pre-confirmation service, via our Internet banking platform”

To carry out the confirmation on the internet banking platform, customers are required to be a registered user on the bank’s website on www.firstcitygroup.com.

“If you are an already registered user, kindly follow the steps below:  On the menu Options (on the left), go to “manage request”;  select “confirm cheque”;  enter details of the cheque by filling the required fields; then, enter your “transaction password” and click “submit”” the email stated.

The Central Bank of Nigeria (CBN) had in August 10 directed banks to begin the full implementation of cheque truncation system, implying that banks will no longer allow physical movement of cheques to the clearing house.

This is now replaced   with data capture of the instrument and corresponding electronic transmission to the paying bank through the clearing house.

This is expected to reduce the clearing cycle from three to two days to enhance accelerated cash flows.

Also, the inclusion of special mandates like company seal, other kinds of embossments, specific biro/pen ink, thumbprint, among others, as part of the customer mandate will no longer be adjudged sufficient enough in honouring cheques,  especially as such features cannot be effectively captured by the cheque truncation system.