6 Important Facts about Dishonored Cheques
Penalties on Bounced Cheque
The bounced cheque creates complications for both the beneficiary and the bank. For this reason, banks charge a penalty for every bounced cheque. The penalty fee varies from bank to bank and also depends on the categorization of the customer within a bank. In some cases it also exceeds the amount written on the cheque.
Impact on Credit History
For every bounced cheque issued by the defaulter, it gets reflected in his or her credit history and affects credit score negatively. With a poor credit history and low credit score, it is difficult for a person to get a credit card or a loan sanctioned for any purpose.
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