Banking foreign currency clearance
A Canadian company sent me a bank check payable to me for goods sold to them. I went to my local bank and deposited it into my foreign currency account. As per normal local banking protocol I had to wait 45 working days before check is cleared and funds are made available into my account. This period elapsed and the funds became available. I withdrew half of the funds for my own use. Three weeks after, foreign bank sent the check back to my bank and requested verification of my signature of endorsement. My bank blocked my funds until they are verified. My bank confirmed signature and sent it back to foreign bank. My account was still kept blocked. A week later foreign bank sent the check back again claiming that the check was counterfeited by the payer. Now my bank wants the money back from me.
What are my rights? Didn\'t the foreign bank break the normal banking protocol more than once, i.e sending the check three weeks after the 45 working day period for verification of my signature and then sending it again stating that his client had counterfeited the check? Shouldn\'t my bank claim the money from the foreign bank and not from me? What are my right please? Should I be the one to suffer from a bank\'s mistakes and delays.
I appreciate your help cause I feel that I\'m going to be the one to suffer for someone else\'s mistake.
Thanking you in anticipation.
Regards,
Last edited by top_admin : 10-08-2007 at 02:27 AM.
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