Bank of Ghana directs banks to allow customers to deposit cheques into savings account

The Bank of Ghana (BoG) has issued a directive to all commercial banks in the country to allow customers to lodge cheques into their savings accounts.

The central bank says it has received information that some banks are not allowing their savings account customers to lodge cheques into savings accounts.

According to the BoG, denying savings account holders the ability to deposit cheques into their accounts could pose challenges to a person who receives for value, a cheque payment in excess of GH¢10,000 which is the limit for over-the-counter cheque encashments by third parties.

“…the Bank of Ghana has in consultation with the banks, decided that henceforth all banks shall allow savings account customers to lodge cheques into their savings accounts when they need to do so,” the central bank said on its website.

The BoG advised banks to put in place additional measures to secure the conduct of such transactions but “no savings account customer should be denied the opportunity to lodge a duly drawn cheque into his/her account”.

According to the regulator, if any savings account customer is disallowed to deposit cheques, the practice will impede the process of encouraging migration to a cash-lite society.

By Ekow Quandzie