Dear Valued Customer(s),
Effective 15 March 2021, updates will go into effect on the Terms and Conditions governing the following documents:-
a) Qard Current Account Agreement; and
b) Commodity Murabahah Current and Savings Account (CMCASA) Terms and Conditions.
Revisions have been made to Clause 5 (CHEQUES) as below:
|Existing Clause||Revised Clause|
|c) The Bank shall dishonour cheques on which (in the opinion of the Bank) the signature differs from the specimen supplied by the Customer to the Bank;||
c) There can be no alterations made on the cheques. The Bank reserves the right to reject and return cheques which bear any alteration (whether or not countersigned by the drawer), is mutilated, illegible or has technical errors, for example, post-dated cheque, inconsistent word and figures, and incomplete signatures or initials only.
|d) All alterations on the cheques should be confirmed by the drawer’s full signature. The Bank shall dishonour cheques on which the alterations are confirmed by incomplete signatures or initials only. Cheques with the crossing ‘Opened’ can only be paid in cash when presented for payment by the drawer or his known agent;||c) The Bank reserves the right to reject any cheques issued by the Customer if there are insufficient funds in the Customer’s Account (“Bad Cheque”). The Bank may close or impose restrictions/ conditions on all or any of the Accounts if not conducted satisfactorily or with any credit bureau or any organization or corporation.|
Should you need further clarifications, please contact our Customer Care Consultants at +603 2332 6000.
Al Rajhi Bank Malaysia