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Mr. Ali is an illiterate person, and runs a whole-sale shop of garments at Azam Cloth Market, Lahore. Additionally, he maintains a current account with Bank Alfalah.
The business is purely cash based, and payments collected from the debtors are in form of cash which is deposited afterwards in his bank account, but this time around, one of his customers has handed him over a cheque drawn on Allied Bank. Now, Mr. Ali due to his limited banking knowledge is clueless as to how payment will be credited to his bank account.
Assuming that both banks are located in the same vicinity, you are required to discuss following points:
What will be the procedure involved if Mr. Ali deposits cheque (drawn on Allied Bank) in his account at Bank Alfalah? What will be the relationship between customer and banker in this specific transaction?
Which organization/entity will act as intermediary between the two banks, and facilitate/route the transaction?
What is the Turn-Around Time (TAT) for such transaction? Alternatively, how long will it take to credit funds in Mr. Ali’s account?
What will be the bank charges levied on customer’s account for such transaction?
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