Please kindly suggest any thoughts /ideas about bank procedure/process.
What Happened :
January 2011 : Given a check to A company in the amount of Rs 55000.
March 2011 : Changed my singature in my savings bank account with a private bank.
April 2011 : Away from/out of town on business purpose and back by end of month.
May 2011 : Got a case notice from A company that check bounced .
Check that was given to A Company deposited in April 1st week , had my old signature and bank rejected the check by saying that signature was not matching when A Company deposited in April 2011.
Went to bank and enquired why such check was rejected though sufficent funds were available in
account to pass the instrument.
Bank's version was that they would not pass old signature check, when the new signature was updated the old signaute gets deleted ( Does bank really do that ?) and it's upto the customer responsibility to make necessary measures not to provide check with old signatures and collect them or what ever.
Questions :
1) Is not bank's supposed to have both signatures in their system for a while and check them
before rejecting the check.
2) I debated with manager that Bank regulation's does not allow the bank to delete old signatures
from the system. ( I explained a scenario as below ) or any record as such either from system
or paper records for 10 years. He rejected my claim that they bank can delete signatures.
+++++
If the customer having a current signature ( signA) changes the signature twice with in a time span
of one month on 1st of month ( SignB) and 30th end of month ( SignC) for suppose assumption.
Then complains that the check was mis-used with SignA after 35th day. Bank version was that they will
check with signature change forms to tally them. My version was how do you track if the customer
issue is a real issue when a check was mis-used with SignA and the statement reflects with in the next month and the complaint is genuine, what measure bank should take care.
This A Company is trying to terminate contract with me and looking for reasons and I have sent a notice back with registered letter , that it was not intentional and the check was given way back in January 2011. Let 's see what they would say.
