A customer of a business deposits a cheque of R 90,000.00 into the business account. ( A mistake on their behalf as the amount owed was only R 9,000.00 )
A day later the customer discovers the mistake and stops the cheque and deposits the correct amount.
So............what happens at the bank ?
Firstly the R90,000.00 gets put on "hold" till it is cleared.( Not available )
Upon getting the stop payment advice on the 90K, they immediately debit the account with the amount effectively putting the account into o/d.
There are not sufficient funds in the account to take care of the 90K and the "system" at the bank freezes the account with the result that debit orders are not processed and returned unpaid. Also no funds available to pay wages which puts the business owner in an awkward position..
The only response from the bank was that " Sorry but that is how the system works and we cannot change it."
Now the question is: Will changing banks be any different ?