In line with the security standards and in compliance with the Central Bank of Kuwait CBK’s regulations and guidelines, Kuwait Finance House (KFH) advises customers that it will not receive any nonstandard Cheques that are incompatible with the standards defined by the CBK as they will not be accepted for clearing in the near future.
KFH is keen to inform its customers about the latest banking operations developments and the banking sector official instructions in efforts to domain their interests and keep them aware of the banking transactions latest updates.
KFH cordially invites customers to visit any of its branches in order to receive the new Cheques, affirming that it will fully adhere with the new Cheques instructions conformity to Kuwait’s system for clearing Electronic Checks standard and reducing the period of Cheques collection from 3 days to the same day according to the case.
It is worth noting that the CBK’s security standards on cheques include several conditions, among of which is the necessity of keeping magnetic ink line, and avoiding writing or signing on the bottom of the check. Moreover, the cheques should be kept in good condition and not to be folded nor torn. Customers should avoid keeping checks in places exposed to the sun or hot places, which may cause damage to the cheques and consequently will become unacceptable by the concerned authorities. Further, the customers need to make sure that the financial value required is available before issuing cheques, as bounced cheques could lead to prosecution.
KFH is fully committed to comply with the instructions of the regulatory authorities, update standards and amend procedures for the best interest of customer, the bank and all parties whilst insuring full security of all banking transactions.