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BEARER CHEQUES, ODER CHEQUES - ANY SIGNIFICANCE? - LECTURE TWO

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Until I fell victim to this practice, I had always boasted that this will never happen to me.  I went to a bank to cash a cheque. The cheque was a bearer cheque drawn payable to cash or bearer, signed by the drawer and endorsed in blank by the same drawer. The teller asked me to write my name at the back which I reluctantly did. Then he asked me to produce I D card. I was not having the card with me and that was when the problem begun. "Without he ID card, I cannot pay you", said the teller. I protested and drew his attention to the fact that the cheque was just a bearer cheque and that the endorsement at the back by the drawer is enough for me to cash it, and that there was no need for any identification from any holder. The customer was called for confirmation, which he did. The teller still insisted that I brought the ID card and so refused to pay me.In an angry mood, I left the bank and threatened that "we shall test this issue at the courts of law". A lot of p...
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UNDERSTANDING LETTER OF CREDIT - LECTURE 1

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The customer entered the banking hall weeping uncontrollably and entered the Branch Manager's office. The staff and customers alike were at a loss as to what had really happened. For some five minutes, the client could not open his mouth to say anything, but was in deep thought. finally, he led the cat out of the bag. He had been duped by a Kenyan friend.  The US $30,000 he withdrew some two weeks ago - all gone. The Kenyan friend had promised to help him import some goods from South Africa, for the impending Christmas season. It is now two weeks and the Kenyan friend is no where to be found.  The customer had been ill advised to ignore the bank making such remittances as their charges on such transactions were too high. on this fateful day, the customer had made this withdrawal of $30,000 against all pleading to transfer by SWIFT to a correspondence bank in South Africa, claiming our charges were too high. He again ignored our advise to send a letter of credit to hi...
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