I recently visited my LIC Housing Finance branch to prepay my home loan, and handed a cheque from my in-laws. The officer refused to give me an acknowledgement for the cheque. When I went to the head office four days later, they refused to accept the cheque because it was from a third party. Had I been informed about this at the branch, I could have avoided losing a week’s worth of interest. The officer tried contacting the number on the cheque, but a child answered and gave him his father’s (my brother-in-law) number. Instead of contacting him, shouldn’t the banker have reached out to the actual account holder?

Apni Law
Apni Law
Law Forum › Category: Consumer Court › I recently visited my LIC Housing Finance branch to prepay my home loan, and handed a cheque from my in-laws. The officer refused to give me an acknowledgement for the cheque. When I went to the head office four days later, they refused to accept the cheque because it was from a third party. Had I been informed about this at the branch, I could have avoided losing a week’s worth of interest. The officer tried contacting the number on the cheque, but a child answered and gave him his father’s (my brother-in-law) number. Instead of contacting him, shouldn’t the banker have reached out to the actual account holder?
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Apni Law Staff asked 8 months ago

I recently visited my LIC Housing Finance branch to prepay my home loan, and handed a cheque from my in-laws. The officer refused to give me an acknowledgement for the cheque. When I went to the head office four days later, they refused to accept the cheque because it was from a third party. Had I been informed about this at the branch, I could have avoided losing a week’s worth of interest. The officer tried contacting the number on the cheque, but a child answered and gave him his father’s (my brother-in-law) number. Instead of contacting him, shouldn’t the banker have reached out to the actual account holder?

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Apni Law Staff answered 8 months ago

While the bank has the right to refuse a third-party cheque, it is advisable to inform the customer of the policy upfront. The officer should have contacted the account holder, your in-laws, to clarify the situation before rejecting the cheque. This would have avoided unnecessary inconvenience and interest loss for you.

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