Will there be any changes to additional instructions on unpaid cheques following the implementation of the Image Clearing System (ICS)?
Yes. If you currently have additional instructions in place for cheques that you deposit into your account, (which are then returned unpaid) you will see the following changes):
Current Service | Post ICS Service | What does this mean for you? |
---|---|---|
Early Notifications received by Fax Details of unpaid cheques are faxed to the customer on the day we are advised that a cheque will not be paid. | Early Notification Service will continue but there may be changes in the delivery method to you | You may have been contacted by your Relationship Manager or Client Service Manager to discuss this. We will have made any changes to your service that were agreed during these discussions. If you have not been contacted by your Relationship Manager or Client Service Manager, you will continue to be notified of any unpaid cheques by fax. One fax will be received per unpaid cheque. You will also receive an unpaid cheque notification letter by post, which will contain details of any unpaid cheques on your account for that day. |
Early Notifications received by telephone Customers are contacted by telephone to confirm the details of unpaid cheques on the day we are advised that a cheque will not be paid. | Early Notification Service will continue but there may be changes in the delivery method to you | You will no longer receive details of unpaid cheques over the telephone. You will be notified of any unpaid cheques by fax. One fax will be received per unpaid cheque. You will also receive an unpaid cheque notification letter by post, which will contain details of any unpaid cheques on your account for that day. |
Additional Address Written advice of unpaid cheques are sent to a default and an alternative address. | Service will be removed | Details of unpaid cheques will automatically be sent via an unpaid cheque notification letter by post, to the address on the account that the cheque was paid into. |
Collect at Branch Unpaid cheques are represented on a number of bespoke occasions rather than the default or not at all. | Service will be removed | The ICS will automatically represent a customers unpaid cheques twice where an option to represent is available. |
Representation Rules Written advice of unpaid cheques are collected by customers from a nominated branch. | Service will be removed | Details of unpaid cheques will automatically be sent via an unpaid cheque notification letter by post, to the address on the account that the cheque was paid into. |
Bulk Alternative Accounts The value of unpaid cheques are debited to an account other than the one the cheque was originally paid into. | Service will be removed | Unpaid cheques will automatically be debited to the account the cheque was originally paid into. |
Representation Rules Unpaid cheques are debited to a customers account in bulk. | Service will be removed | Unpaid cheques will be debited on an individual basis. |