Dear Claudienne,

On Friday November 27, 2015, I went to the Boulevard Branch of National Commercial Bank (NCB) and took out a manager’s cheque in the sum of $490,000 made payable to a businessman with whom I had reached an agreement to purchase a vehicle. On receiving the manager’s cheque I went to Mandeville where his business establishment was located to view the vehicle.

After my mechanic inspected the vehicle he advised me not to purchase it. I became frustrated and in error tore up the cheque and threw away the pieces.

On Sunday November 29, after I realised that the $490,000 had been taken from my account, I went to the bank the following day (Monday November 30). I was then informed that I needed to fill out an indemnity form along with the payee from whom I had intended to buy the vehicle. I was also told that the form had to be signed and approved by a Justice of the Peace (JP).

I went to Mandeville that same Monday and got the payee to sign the indemnity form. The form basically stated that we did not conduct any business, and a JP signed and stamped it after hearing the story and verifying our identities.

I returned to the NCB Boulevard Branch the next day (Tuesday December 1) and was told that everything was okay. I was also told that after the bank did some checks the money would be credited back to my account.

However, to this day (December 22), the money has not been added back to my account. Each time I visit the branch they have refused to update me as to what is happening. They only take my cell number and say that they are still making checks.

While I understand that there is protocol that the bank must follow, I do not understand why it is taking such a long time to do the checks.

I will be leaving the island tomorrow (December 23) and wish for this matter to be sorted out before I leave.

Could you kindly assist me to get an explanation from the bank.

MS

Dear MS,

Tell Claudienne has been in communication with the National Commercial Bank (NCB), which has responded to your complaint as follows:

“On Monday November 30, 2015, MS visited the branch and advised that he had destroyed the captioned Manager’s Cheque.

When he was asked the reason for destroying the cheque , he stated that when he contacted the Call Centre the Customer Care Agent advised him to destroy the cheque and the funds would be returned to his account. He stated that he followed her instructions. He then checked his account online and realised that his account was still debited.

We expressed surprise that the Agent would instruct him to destroy the cheque and he insisted that he followed our instructions to do so.

Contact was made with our Customer Care Supervisor who reviewed the phone log and advised that the Agent did not advise MS to destroy the cheque, but instead it was MS who admitted that he had destroyed the cheque. The Agent advised him to visit the branch to make his claim.

MS was informed that Indemnity Forms would have to be completed by both the payee and himself. Initially he stated that he was unable to contact the payee as he did not know him and did not know how to contact/find him. Eventually he agreed to have the payee complete the Indemnity Form. He returned to the branch the following day with the completed forms.

When a Manager’s Cheque is lost/stolen(destroyed) a risk assessment is required for both the purchaser and the payee.

MS maintains that his account is at the NCB University of the West Indies (UWI) branch and that the branch was asked to complete a risk assessment on his behalf. The branch subsequently advised that “We conducted a risk assessment of this customer and based on the results we are not in a position to favourably recommend”.

Despite several attempts, the branch was unable to make contact with MS.

On December 16, 2015, contact was eventually made, and MS was asked to provide additional information on the payee. He agreed to obtain the information. To date he has not made contact with the branch and we have been unable to make contact with him via phone.

In light of the circumstances, we went ahead (without the required risk assessment for both the payee and MS) and credited his account with the sum of $490,000.00 on December 28, 2015.

For general information, it should be noted that based on our policy, when a manager’s cheque is reported lost or stolen the branch official should check the records to ensure that the cheque has not been paid and indemnity forms completed and signed by the purchaser and payee. The following steps must also be adhered to:

o Indemnity – Lost Manager’s Cheque – Form 40 to be completed and signed by the purchaser.

o Indemnity by Payee – Form 29 – to be completed and signed by the payee who did not receive the manager’s cheque.

o Indemnity by Payee – Form 39 – to be completed and signed by payee who received the manager’s cheque.

The indemnities must bear embossed stamp duty, be authenticated by a supervisor and must be handed to the vault custodians for filing.

A credit officer/designate in the branch is required to conduct a basic risk assessment of both the purchaser and payee and obtain sign-off from the manager. This is to ascertain whether the applicant(s) requesting replacement manager’s cheque is/are able to cover the amount of the draft.

Where the applicant is an account holder, his/her account statistics will be assessed to see:

– Whether or not the average monthly balances maintained are more than the value of the item being replaced.

– Whether or not monthly cash inflows (credit turnover) would be sufficient to cover the value of the item being replaced.

A Statement of Affairs form (Specimen A) may be used in the assessment of purchaser/payee.

For amounts below JMD5M, the method of assessment of the purchaser’s ability to repay is at the discretion of the branch manager.”

We note that NCB credited your account with $490,000 on December 28, 2015.

All’s well that ends well.

Good luck.

Good luck.

Have a problem with a store, utility, a company? Telephone 936-9436 or write to: Tell Claudienne c/o Sunday Finance, Jamaica Observer, 40-42 1/2 Beechwood Avenue, Kingston 5; or e-mail: edwardsc@jamaicaobserver.com. Please include a contact phone number.