Bank of Valletta introduces changes to deposits
Following recent developments related to Covid-19 and the Central Bank of Malta Directive 17, Bank of Valletta is announcing it will be introducing further measures to minimise the need for customers to visit the bank’s branches and stay safe at home.
Cheques
1. In order to assist those persons who either cannot leave their home or who have been advised not to do so by the health authorities, cheques marked as “only” can, until further notice, be deposited by a trusted third party of the person named on the cheque (beneficiary). This can be done as follows:
• The beneficiary can instruct the trusted person to make the deposit directly into the beneficiary’s account
• The beneficiary can also instruct the trusted person to make the deposit into the trusted person’s own bank account via an ATM
In both cases, the beneficiary and trusted person are to sign the back of the cheque and write the ID Card Number.
2. All local external bank cheques will carry a six-day float instead of three. This means that funds from other banks’ cheques presented to the bank will be available after six working days.
Deposits
Cash and cheque deposits will not be accepted by the bank’s cashiers. Cash deposits are to be effected through the bank’s ATMs and Night Safe facilities. Cheques can be deposited through ATMs, Night Safe facilities and Express Deposit. Customers who do not have a bank card will temporarily be able to deposit cash (bank notes) through the branch cashier, however, such customers are to apply for their free BOV Cashlink Card so future deposits are processed through ATMs.
Deposits will be processed within a maximum of three days from the date they are submitted through the bank’s various channels (with the exception of non-BOV cheques as explained above).
Coins
Coins are not to be deposited in Night Safe and Bulk Deposits. Customers are kindly requested to place coins in specified amounts in the large sealable Coin bags, provided by the bank, according to the denomination on the coin bag and handed to the bank’s cashier or in the case of Bulk Deposit users to the respective security company. Details on number of coins to be placed in bags can be found on https://www.bov.com/content/changescheque-covid.
The bank is closely monitoring the situation and will continue to take all the necessary measures to safeguard customers and staff members alike.
Further BOV information and updates on Covid-19 can be found on https://bov.com/content/covid-19-bovupdates