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Thread: Cancelled Bank Cheque

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    Cancelled Bank Cheque

    Hi all,

    I've just noticed today that a transaction was reversed on my account from Standard Bank. After phoning the bank to find out what it is, I am told it is a bank cheque that was cancelled by me some TWO YEARS ago. Apparently, when I cancelled it two years ago the money was released to my account (no problem here) but a few months later they credited my account again with the same amount/transaction (cheque that was cancelled). So in other words I got double my money. The thing is I don't remember this and I can't go back and check my statements so far back to verify their claims.

    Are they allowed to do this, given the amount of time that has collapsed?
    Is there a time limit on how long a cheque is valid for?


    Any input on this would be appreciated.

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    Gold Member garthu's Avatar
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    Hi Hansen, welcome to TFSA...pity not under better conditions!

    Similar did happen to us, going into the bank and requesting the proof is a must and they should do it at there cost... watch cause they will charge fro drawing statements that far back.

    Tell them you need proof. The sad reality as far as i know (and for the record, no fundi with the law there) is that they can.

    Just a little funny they didnt pick it up some time ago in recons though???
    Garth

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by Hansen View Post
    Is there a time limit on how long a cheque is valid for?
    A cheque is stale after 6 months of its date nowadays.

    You got me wondering about how far back a bank can go to correct an error - but it's sure to be a minimum of 3 years (general prescription of debt). Certainly used to be a lot longer under the Usury Act, but that has been repealed and replaced by the National Credit Act.
    The trouble with opportunity is it normally comes dressed up as work.

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    I was hoping you guys said that the bank is trying to pull a fast one on me. I'm so irritated with this and feel so helpless 'cause they can just do whatever they like!!

    I did ask for statements though, will see how long it takes them to furnish me with this.

    It would have been nice if they had at least warned me that there was an error, and not just deduct from my account out of the blue. It is a sizable amount after all...

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    Site Caretaker Dave A's Avatar
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    The trouble with opportunity is it normally comes dressed up as work.

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