Union Bank offers one day cheque clearance

Delivering on its value proposition of superior service delivery to the small and medium enterprise and retail sectors Union Bank continues to offer innovative banking solutions supported by state of the art systems and product innovation.

Union Bank is the only bank in Sri Lanka to offer one day cheque clearance for cheques deposited up to 4 p.m. said Ned Gomez, Assistant Vice President Operations of Union Bank. Speed of cheque clearance is imperative to providing customer’s convenience, said Gomez.

Taking advantage of evolving technology, implementing image cheque clearing and archive system provides Union Bank a higher level of efficiency to provide customers faster clearance. Funds are made available to all cheque bearers’ accounts within 01 day (T+01) regardless of clearing zones.

This leads to more efficient circulation of money in our financial and economic systems, and eliminates opportunity cost of having to wait for the clearing process of cheques from different clearing zones.

Adding value to the bank’s pledge to deliver superior customer service all branches of Union Bank accepts cheques up to 4 p.m. and all cheques received up to 4 p.m. are cleared on the same day and customers will have access to funds the next day.

Cheque deposit boxes are available at all branches offering cheque deposit facility during non-banking hours. Since its inception in 1995 Union Bank has continued to offer convenience in Cheque deposits and continues to be the only bank to have eliminated the filling of cheque deposit slips providing greater convenience and hassle free banking to customers.

Union Bank also offers the unique service of accepting post dated cheques which will be held at the branch and presented on the due date. For the convenience of corporate and business customers Union Bank is in the process of launching bulk cheque clearance ensuring vast convenience by eliminating the need of filling up individual cheque deposits slips for large for bulk deposits. The new system offers quick and efficient processing via image scanning and outputting of detailed print summery on cheque deposits.

Same day cheque clearance facility is offered through 26 Union Bank branches and will also be available shortly to customers in Kadawatha, Ratnapura, Anuradhapura and Dambulla where Union Bank branches are expected to open this year.