Cheques and banker's drafts
A cheque is a document/instrument that orders a payment of money from a bank account. The term includes cheques in any currency and issued at any time before or on the date it becomes payable. The person writing the cheque, the drawer, usually has a current account or chequing account where their money was previously deposited. The drawer completes the various details including the money amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated. A banker's draft is a cheque where the drawer is always a bank.
Cheques and banker's drafts are a popular means of payment which are commonly used in Cyprus.
- Cheques and banker's drafts offer a convenient way of making payments from smaller amounts, such as those for household expenses, to making payments for significantly larger amounts, such as for payments of real estate purchases.
- It enables you to carry little or even no cash around with you;
- Payments can be made for services where Bank cards are usually not accepted;
- Issuing a cheque to pay for a small amount is typically less expensive than making a bank transfer;
- A banker's draft issued by RCB Bank Ltd offers the beneficiary the assurance that RCB Bank Ltd will honour the banker's draft when it is presented for payment;
- Each RCB Bank Ltd cheque or banker's draft meets the issue standards of the Cyprus Clearing House, featuring several security layers, such as high security paper (to reveal any tampering) and the use of specialised inks.
Issuing of chequebooks and/or banker's drafts to its clients denominated in Euro
- You can apply for a new chequebook by completing then signing an application form and an acknowledgment that you have been made aware of the contents of the joint instructions of the Central Bank of Cyprus and the Commissioner of the Co-operative Societies Supervision and Development Authority, either in person at one of the Bank’s branches or via RCB Online Banking.
- A chequebook can be issued for your main current account, or made available through a separate chequing account.
- You can request the issue of an RCB Banker's draft at any of the Bank’s branches or via RCB Online Banking.
Clearing of euro denominated cheques drawn on RCB Bank Ltd
- Cheques and banker's drafts drawn on RCB Bank Ltd and deposited into your account at RCB, clear within one working day of their deposit into your account.
Clearing of euro denominated cheques drawn on other local banks, which are members of the Cyprus Clearing House
- Cheques and banker's drafts drawn on other local banks which are deposited into your account at RCB, clear in standard cases in 3 working days following the date they are presented. In exceptional cases within 7 working days.
Stopping the payment of a cheque
- In the event you wish to stop the payment of a single or a series of cheques - if either lost or stolen, or in the event you no longer wish a payment to be processed. A stop cheque request can be submitted to the Bank by completing and signing a stop cheque form at any of the Bank’s branches or sending the Bank’s stop cheque form by fax or by using the RCB Online Banking stop cheque function.