Archive Banks reject cheques For savings accounts deposits

Banks reject cheques For savings accounts deposits

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Deposit Money Banks (DMBs) are yet to comply with the Central Bank of Nigeria (CBN) directive that they allow cheques payments into savings accounts.
The apex bank instructed the lenders that savings account customers with Bank Verification Number (BVN) should be allowed to deposit cheques not more than N2 million in value, per customer per day, into their accounts.
But two months after, the lenders claimed they were still upgrading their systems to enable them comply with the directive.
Adebola Oloye, a customer of one of the deposit money banks, told The Nation that his lender rejected a cheque of N200,000 he wanted to lodge into his savings account, outright.
“The banks are not complying with the CBN’s directive. The apex bank has to compel them to do the needful because I believe the policy will help to boost confidence in the banking system,” he said.
Former Keystone Bank Executive Director, Richard Obire, said the banks had no reason not to comply. He said: “The CBN needs to wake the banks up by setting a compliance deadline for them otherwise, the objective of the policy shift will not be achieved.”

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