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What is the Sanction of Issuing a Bounced Cheque
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Before the drawing date issued on the cheque, or when presented within the presentation period, the account owners who draw the cheque which is even not paid partially, or their authorized representatives shall be fined with heavy fine penalty, reserving the cases considered as crime by the laws. In case this crime is repeated, imprisonment from one to five years will be given.
If this crime is committed by an organ or representative in favor of a legal person, then private law legal person fine penalty will be determined. Besides, the real person to whose favor a cheque is drawn by the authorized representative shall be fined.
The court may also decide on prohibiting the owners of the account or the authorized representatives from opening a tax account for one to five years depending on the property of the committed crime. The decision of prohibition shall be informed to the Central Bank of Turkey in order to inform all other banks.
Each cheque leaf which is fully or partially bounced constitutes a separate crime. Due to these activities, the performance of proceedings depends on the complaint of the holder of the cheque. The period of complaint begins on the date the cheque is presented to the bank.
What is the right of correction? How is it used?
Within maximum ten days from the end of the presentation period, which is the drawing date written on the cheque, if the drawer of the cheque benefits from the correction right by paying the bounced part of the cheque and a ten percent indemnity and the default interest to be applied for the period from the presentation date to the date of payment, which is to be calculated according to the Law on the Organization of Payments with Cheque, and the Protection of Cheque Holders (the default interest rate applied for commercial operations), then he will regain the right to draw cheques.
What is the amount the bank is responsible for?
If a cheque presented in its period is bounced, then the drawee bank is responsible for paying up to three hundred and fifty million liras part of each cheque leaf, and if the cheque is partially bounced, than to complete the amount to be paid for each cheque leaf to three hundred and fifty million liras. This issue is in the quality of a non-cash loan contract between the account holder and the drawee bank, which is irrevocably made during the handing over of the cheque book.
The amount of the responsibility mentioned here above is determined by considering the changes in the annual index of wholesale prices issued by the State Statistics Institute every year, determined and published on the Official Gazette by the Central Bank of Turkey every year in January.
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