The Bank of Ghana is reminding consumers that the issuance of dud cheques still attract fine or an imprisonment of up to five years.
It is therefore urging customers to have enough funds in their account before issuing a cheque.
In a statement on financial literacy education on dud cheques, the Central Bank said consumers who issue cheques for the first time will be warned by their financial institution, whilst their offence is reported to the credit reference bureau.
“Your financial institution will place you under surveillance for a minimum period of three years when you issue a dud cheque for the first time”, it pointed out.
Again “if you issue a dud cheque for the second time within three years of the first offence, your financial institution will report your conduct to the Bank of Ghana”, adding “your details and the breach shall be recorded in a dud cheque register maintained at the BoG".
The Central Bank further warned that any one who issued a dud cheque for the third time in three years will be banned from issuing cheques within the country for a minimum period of three years.
Also, the affected customer will be banned from accessing new credit facilities from all financial institutions for a period of three years.
Additionally, the customer name will be published in two daily newspapers of national circulation.
Latest Stories
-
KNUST gets its first virtual reality studios to boost teaching and learning
6 mins -
Don’t short-change labour under the guise of global economic recession – ICU-Ghana to government
12 mins -
We must guard against employers who want to short change us – ICU tells members
25 mins -
Dreams FC proved Ghanaian clubs can win CAF inter-club trophies – Ameenu Shardow
36 mins -
Naana Jane’s renomination shows NDC’s commitment to gender inclusivity – Kwabena Duffuor
48 mins -
Jordan Ayew and Jeffrey Schlupp up for Crystal Palace Goal of the Season award
59 mins -
Deputy Director of Health Services calls for stakeholder support to ensure child health and vaccination success
1 hour -
Kwame Sowu: The Perils of Posting Before Thinking: A call to re-evaluate our Social Media Habits
1 hour -
Unfortunate ‘dumsor’ era won’t return under my presidency – Akufo-Addo to Ghanaians
2 hours -
Medeama’s TnA Stadium nears commissioning after latest update
2 hours -
Fighting Malaria: Volta Region achieves 98% target in treated net distribution
2 hours -
You have a special role in shaping our elections – Akufo-Addo to Ghanaian workers
3 hours -
ECG staff walkout during Ashanti Regional Minister’s speech at May Day event
3 hours -
Seventy percent of SMEs productivity lost to power crises in Central Region
3 hours -
We commend Bawumia for waking others up to come home and develop – Savannah NPP chair
3 hours