What is Cheque Discounting?
What's in it for you?
Business clients and individual who are paid in form of cheques by reputable institutions with a need for instant liquidity will get paid a payment against uncleared cheques.
How does it work?
- Appraisal and pre-approval in the prescribed template
- The drawer of the cheque must be a reputable institution with no past records of unpaid cheques
- The account must be reasonably active for at least three months
- Personal cheques, related entity cheques and foreign currency cheques do not qualify for discounts
- Evidence of the source of payment
- Three cleared cheques from that institution
- The cheque must have been received and met clearing requirements
Want to know more about Cheque Discounting?If you want to know more, we've put together some frequently asked questions for you.
- Normal KYC before a transaction
- Call back to the drawer
- A cheque is discounted to the maximum of 50%
All active account holders who have held an account for at least 3 months.
The interest is 3% of the amount discounted deducted automatically upfront.