The adoption of the electronic signature is the responsibility of the banks

Two bankers: the checks are collected on the same day and without fees

• The check is collected the next day if it is deposited after 11 am.

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Two bankers confirmed that checks that are deposited in customer accounts are collected and settled on the same day during working days, if the deposit process is made before 11 am, and on the morning of the next working day if the deposit process is later than that time.

They explained to "Emirates Today" that the delay occurs due to a matter that requires reviewing the source of the check, or returning it to amend an error in it, but the settlement of the check has improved greatly now compared to five years ago.

They pointed out that the collection of checks is free of charge and without any fees through the check clearing system, noting that some banks adopt the electronic signature to collect checks, when they are issued by senior officials in companies, as for the rest of the ordinary dealers, the bank bears the full risk in adopting the signature. mail.

Dealers had made observations to "Emirates Today" regarding the delay in settling their checks, especially if the deposit process took place after 12 noon, wondering about not employing advanced technology in the collection process and adopting the electronic signature.

Check collection

Banking expert, Awatef Al-Harmoudi, said, "The process of collecting checks is taking place at a much faster pace than it was five years ago, thanks to the advanced procedures and structure that the Central Bank puts in place through its check clearing system."

She explained that “the collection of the check takes place within one working day, and if it is deposited early before 11 am, it will be settled on the same day. As for depositing the check after that, it will be collected the next morning.”

She pointed out that "some checks are delayed, due to a matter that requires reviewing the source of the check, or returning it to correct an error in it, such as the presence of a scrape in the check itself while it was being written, or the validity of the signature."

Al-Harmoudi stated that "banks adopt electronic signatures to collect checks, when they are issued by senior officials in companies, they issue a large number of checks that are not expected to be signed manually. As for the rest of the ordinary dealers, the bank bears the full risk in adopting the electronic signature."

She pointed out that "checks are collected through the Central Bank's check clearing system without any fees, as long as the check is not returned."

fulfill the conditions

For his part, the banking expert, Mustafa Al-Rikabi, said that "the customer must make sure that the check that is deposited in the account meets all conditions, in order to avoid the possibility of its return."

He added: "Banks usually take only one day during working days to collect the check, and the settlement is finally done in the UAE, much faster than it was in the past, especially if we look at the large number that is settled daily through the check clearing system of the Central Bank."

Check Clearing System

The Central Bank mentioned in a previous disclosure published exclusively by "Emirates Today", that the check clearing system using its optical images, which was activated in July 2008, currently provides the possibility of collecting the check on the same day.

He explained that the number of checks collected daily through his system is 97,000, with a value of 3.8 billion dirhams.

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