Turkey's Central Bank has amended the amount which banks must pay for each cheque leaf where cheques fully or partially bounce. The Communiqué to Amend the Communiqué on Printing of Chequebooks, Amounts that Banks Must Pay to Check Bearers and Notification and Announcement of Prohibition Decisions as to Issuance of Checks and Opening of Check Accounts (Number: 2010/2) ("Amendment Communiqué") was published in Official Gazette number 29602 on 23 January 2016, entering into effect on 25 January 2016.
According to the Amendment Communiqué, the drawee bank must pay the following amounts to cheque bearers (who are not the issuer of the cheque), for each cheque leaf submitted in due time:
- If a cheque bounces:
- If the check amount is less than TRY 1,290, the drawee bank must pay the face check amount.
- If the cheque amount is TRY 1,290 or higher, the drawee bank must pay TRY 1,290.
- If a cheque bounces for a partial
amount:
- If the cheque amount less than TRY 1,290, the drawee bank must pay an amount which completes the partial bounce up to TRY 1,290 (provided the cheque amount is not exceeded).
- If the cheque amount is TRY 1,290 or higher, the drawee bank must pay TRY 1,290 in addition to the partial provision of the check (provided the cheque amount is not exceeded).
These thresholds were previously TRY 1,200.
For cheques issued in accordance with earlier communiqués, drawee banks must pay:
- Up to TRY 740 for each cheque leaf, if a cheque bounces.
- An amount that completes the partial provision to TRY 740 per cheque leaf, if a cheque partially bounces.
These thresholds were previously TRY 700.
Please see this link for the full text of the Amendment Communiqué (only available in Turkish).
Information first published in the MA | Gazette, a fortnightly legal update newsletter produced by Moroğlu Arseven.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
