Commercial banks to soon halt sending encashed cheques to customers

Sep 22, 2019 News

Commercial banks in Guyana are moving to comply with the National Payment System (NPS) Act 2018 which came into effect from June 2019.
The National Payment System Act is designed to allow commercial banks to reduce any potential risks that they may face as a marketing company, while keeping its reliability and dependability to their customers.
Commercial banks can now make certain decisions with the interest of the public at hand.
With the act allowing the banks to modernize their services, Scotiabank, one of the serving commercial banks in Guyana have put out a notice that they will be discontinuing the use of physical cheques with bank statements they are sending to customers.
Instead, they will be replacing the hard copies of the cheques and bank statements, with electronic copies of the documents.
Also effective October 1, 2019, customers who want printed copies will receive images of the back and front of the cheques in one single document.
Online bankers will also be given a similar opportunity to select “Electronic Statement with Cheques”.
Customers will be given the opportunity to view images online as well as appended to statements when they are generated.
In the past, the collating of statements and cheques have been proving a major tasks for bank staffers.

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