vignesh (manager) 28 August 2010

Lost Blank check

Hello,

I had recently applied for a bank loan from a Co-operative Bank.They insisted that i issue them at a blank check for legal processing right at the begining of the loan process,i acknowledged the same and issued them a blank check.

Now the loan has been sanctioned and money has been deposited to my account.But today,i got a call stating that i need to issue a check for the processing as i declined to issue a blank check in the initial stages.I am perplexed as to what to do,though the bank acknowledges that it takes blank checks from all customers,the guy who took the check says that i did not issue one.

I immeadiately spoke to the manager who has assured me that they will give me in writing that the check has been mispaced by them so that i can have a stop payment.

Would this be sufficient for me to safe gaurd my interests or do i need to take any other steps to safegaurd myself against any misuse of the lost check.

Do i need to lodge a complaint with the police?

Please help me in regards with this.

Thanks a lot

Vignesh.

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6 Replies

Isaac Gabriel (Advocate) 30 August 2010

Issue "stop Payment" to the banker mentioning the number of the cheque.

sk (manager ) 30 August 2010

Irrespective of the proceedings you are going ahead with the co-op bank. Pls mark the stop payment with your bank.

This will avert any untoward incident.

SANJAY JOIL (LAW STUDENT) 30 August 2010

Immediately take "STOP PAYMENT " action by writing to your bank. Take at letter by the Loan Provider Bank that they have misplaced the cheques. It is very important in case of future disputes with that Bank. Do not forget to recover stop payment f charges if any,charged by your bank. In one case of my friend, the bank had lost the cheques and requested from replacements. After some years they tried to encash those lost cheques which could not be cleared as the payment was stopped. Subsequently , the Bank sent this notice u/s 138 of NI Act.

Beware of these tactics and preserve all the correspondence.

sanjeev narula (advocate) 30 August 2010

since the cheque is a valuable security give a complaint in writing to local PS regading the same

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE ) 30 August 2010

This is all about lost cheque , giving another cheque take in writting from bank that they have recieved blank cheque from you.

And since they have sanctioned and you have availed loan forget about police buisness it will be useless and may creat unnecessary misunderstanding wuth the bank and staff concerned.

If you are not continuing relations with the bank than you can do all sort of things.

IRRESPECTIVE OF ADVICE OF LEARNED FRIENDS PLEASE DO NOT FORGET BASIC LAW OF SCIENCE THAT EVERY ACTION HAS EQUAL AND OPPOSITE REACTION.

This is Newtons law of gravity on which whole the theories of science are based.

Kumar Doab (FIN) 05 September 2010

As suggested by learned members.

Write down the minutes of the discussions with the concerned persons i.e bank employee and Manager mentioning their names/designation/date of call made by you or received by you, phone numbers,or in person representation by you mentioning date,bank employee met by you and state that a blank cheque number ....drawn on bank...branch address.....was procured from you by... on Dated.... and the Manager...confirmed it is as per practice of the bank...and reported as lost by... on dated.....by .... and Manager name .... confirmed and stated that you may stop the payment of this lost cheque number.....and issue another blank cheque to the bank under receipt....nd that the bank shall confirm in writing that blank cheque number..... has been lost, and obtain receipt from bank on another true copy of your letter.

Sit on the head of Manger and obtain the letter assured by him, or submit reminder citing your previous letter and in person representations till you get the desired letter.

Keep yourself safe from tactics .

You may study RBI circulars on fair practices code.