Collecting Banker

A Collecting banker should act in good faith. He should collect cheques only for his customer.Cheques should have been crossed (Generally or specially) and should act without negligence.
A collecting banker cannot avoid his responsibility, even at a later date, when it is proved that the account opened was not properly opened.
The banker is to understand his customer properly and the collecting banker should not act in a haste or in a causal manner.The proper identification and opening of account with due care assumes lot of importance.
There is no bar as such to collect a third party cheque. However, an account payee crossed cheque, the collecting banker not to collect for a third party. He has to make necessary enquiries before any third party cheques are collected on behalf of its customer.

Accounting & Finance for Banking

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Accounting and Finance for Banking Module A Pdf

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