Name
Cheque loading
Introduction
It refers to that a merchant with special engagement can load the amount of payment onto the cheque in advance from the drawer's account via a specified line connecting to the bank, when it receives a cheque from the drawer or the bearer in a transaction, guaranteeing that there is sufficient fund on the account for payment upon the presentation of the cheque.
Features
1. The buyer can immediately take delivery of goods upon cheque loading;
2. The merchant with special engagement is guaranteed with full payment collection.
Scope of Application
It is applicable to both corporate customers and individual customers for various kinds of account settlement within domestic inter-city sphere where the cheque loading business is promoted by the People's Bank of China.
It is currently available in Bank of China branches in Tianjin, Hainan, Gansu and Human.
Application Qualifications
1. The payer should open a basic or general deposit account in Bank of China, as well as sign the cheque loading agreement with Bank of China before the business is started.
2. The payer should have the paying password device, while the merchant with special engagement (the payee) should have the terminal of loading acceptance.
Process
1. With paying password device, the payer can work out the paying password, as well as writes or prints the paying password on the cheque which needs to be signed. The payer submits the cheque to the merchant when purchasing goods at the merchant (the payee), and the merchant can deliver the request of cheque loading via loading acceptance terminal;
2. The loaded cheque is submitted to the account-opening bank for cashing.
Kind Reminder
1. Upon receiving the payer's cheque, the payee should carefully examine the elements on the the cheque so as to avoid dishonored cheque due to any incorrect element.
2. The validity period of the cheque is ten days; please cash the cheque in the bank before the expiry day.
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