The Government has come up with several money transacting terms and procedures to eliminate the risk of different types of transactions between two or more parties. The Digital India Movement started in 2015 that was brought forward with the intentions of educating India about the different alternative ways used to perform fund transactions using the technological advancements introduced in this fast-paced world.
Though there are many reforms currently functioning against the issues relatedto money transactions,these are still not able to completely whitewash every inch of the problems. Despite these new features like online depositing, withdrawals and fund transfer, many people in India still prefer physically depositing checks into the respective banking institution as a more reliable source of dealing with money. As a result, money is forever encircled with issues like fraudulent activities and check bounce. The following discusses the need for a cheque bounce attorney.
What Is Cheque Bounce?
First, it is required to educate everyone about cheques. A cheque is a document that is used to order the bank to transfer the amount of fund that is mentioned in the cheque to the respective account of the person whose favour the cheque is issued in the cheque ( in case of account transfer) or to provide the person with the amount in cash. The mentioned amount is subsequently deducted from your account.
What is Cheque Bounce, and what are its causes?
When an account of the person issuing the cheque has insufficient funds concerning the amount of cheque issued favouring the payee, the payee’s account is forwarded with an electronic message about the situation instead of the amount cheque is thus returned. This is called the case of a cheque bounce. If you are a resident of Noida and face such an issue that leads to serious consequences, you might look for a cheque bounce attorney.
Reasons behind cheque bounce
Cheque bounce may happen due to insufficient knowledge of the available funds in the account by the account holder. These are the accidental cases in which such a thing occurs and can be resolved easily. However, there are a few other intentional and unintentional activities that buildup for its cause:
- Closing of account– many times, people try performing fraudulent acts and issue a check of the account that has already been closed.
- Stop payment-stop payment is a special request made by the payer for a certain check issued. The bank does not forward such payments.
- Check issues– in the cases of insufficient details provided in the check or the weary condition of a check, a bank might not accept the request to be put forward without consulting with the payer.
How to Resolve a Cheque Bounce? Top Advocates for Cheque Bounceare keen to assist you in your cases regarding cheque bounce. They will take you through important procedures in presenting the case in front of the eyes of the law or will follow procedures that resolve the issue using cost-effective alternative methods.