ABK reinforces new Kuwait electronic cheque clearing system

KUWAIT CITY, July 24: In line with the standards and security features for cheques as prescribed by the Central Bank of Kuwait and the new Kuwait Electronic Cheque Clearing System (KECCS), Al Ahli Bank of Kuwait (ABK) would like to advise its customers to reissue non-standard cheques that have been printed directly through press companies and not through the Bank as they do not comply with the new standards and security features and will not be accepted for clearing in the near future.

Additionally any customers with cheque books issued by ABK prior to January 2010 are requested to visit their branches to obtain new cheque books free of charge.

Cheque books should only be issued through authorized entities, while referring back to the Bank to receive security conditions and features as mandated, prior to printing. ABK advises all its customers to adhere to the below mentioned instructions to ensure the acceptance and processing of their cheques:

1. The need to maintain the magnetic ink line (MICR) that is available at the bottom of the cheque.

2. The cheque issuer should not sign or write at the bottom of the cheque over the MICR Code.

3. The need to keep the cheque in a good condition.

4. The cheque should not be exposed to direct sunlight nor kept in a warm place to ensure the reading of the cheque details, as this can be effected by the heat.

5. Ensure the availability of sufficient funds in the account before issuing cheques (cheques returned due to insufficient funds may lead to criminal charges).

The instructions listed above conform to the features of the new (KECCS), which will help reduce the clearing cycle of cheques from 3 days to the same day for certain cases or to be the next working day in other cases.

For any inquiries regarding this new regulation, please contact an ABK customer service agent via ‘Ahlan Ahli’ at 1899899.