Clients intending to cash cheques of more than Frw300,000 at Bank Populaire will nolonger be able to do so but wait for upto 24hours after depositing the cheque.
This announcement follows the Banks measures to deal with an increasing number of Cheque fraud at the bank says the bank’s manager Konde Bugingo.
It is two weeks now since the bank decided to stop paying cash but this decision has taken many of their clients by surprise, most of whom learn of the sudden changes upon reaching the teller.
Others have however welcomed the move saying it will minimize theft.
Bugingo said that theft using counterfeit cheques had increased significantly adding that more time is needed to ascertain the authenticity of every cheque.
The management of BPR further explained that they are gathering statistics to deduce the number of cheque frauds. The management said that the bank comes across four or five cheque frauds every two months.
Following these cases, BPR has asked its clients to utilize other forms of payments and money transfer without necessarily using cheques.
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