This product is also named as Cheque Payment’s Solution Scheme (CPSS). It is an account that is linked with a savings account of same customer so that cheques would not be bounced wherever the current account balance is not found adequate to cover the cheque amount.
Underlying Features of the Product
The pecuniary nature of this account is that customer will get the advantage of responding to their cheques rather than being accused of maintaining insufficient fund, which leads to closing of the account;
The account holder is required to give authorization to the Bank to link the saving account and current account;
The current account portion pays no interest, while the savings portion pays the normal interest rate;
Saving Account holders who have Birr 5,000,000 and above shall be eligible for this privilege (the amount of Birr 5 million is mainly as per other banks limit, we may propose other amount for ours if necessary);
The number of withdrawals from the saving account through this product is unlimited as long as the minimum deposit amount requirement is maintained at all points of time;
When there is a shortage of balance in the current account, the customer automatically can access its saving account for the settlement of the check;
Whenever a customer of current account protection scheme draws a cheque from his/her savings account, he/she shall be automatically informed about same using SMS.
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