Bank of Valletta is changing the way in which cheques can be used, limiting them for deposit to the account in the name of the person to whom the cheque is addressed (the payee) or paid in cash to the named payee.
Cheques will no longer be transferable to third parties and will be marked as ‘only’, with no more ‘or order’ cheques’.
This is in line with international practice to protect the bank’s customers against the risk of misappropriation of their funds, even if a cheque book is lost or stolen, and concurrently combatting money laundering.
Customers can continue to use their current stock of ‘or order’ BOV cheques until they order and receive a new chequebook.
Deposits of ‘only’ cheques can also be effected to joint accounts at any BOV branch provided they are presented for deposit by the payee in person.
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