H
Hound Dog
Guest
I recently paid a foreign cheque into my bank account. The account was credited the same day at that dates rate of exchange. Somewhere in the clearing process it was returned to the bank and the cheque was returned to me with a slip saying that the bank was debiting my account for the amount of the cheque.
Fair enough.
However...when I looked at my statement i realised that the amount that they debited from my account was significantly higher that the amount that was credited when I lodged the cheque.
Two things to note:
The difference cannot be explained as a charge, as there was a separate entry for the charge for the returned cheque.
The difference cannot be explained as simply reflecting the difference in foreign exchange rates on two separate days - I checked the rates and there was less than 1 cent in the difference in the rates. There is an almost 9 cent difference in the rate that they have applied.
I believe that they have applied a "sell rate" to the currency when they returned the cheque to me. I wouldn't have thought that that sort of transaction applied to this situation.
To me this seems like fraud. But I would appreciate anyone's comments about the legality/ethics of it if this is the case.
Much obliged.
Fair enough.
However...when I looked at my statement i realised that the amount that they debited from my account was significantly higher that the amount that was credited when I lodged the cheque.
Two things to note:
The difference cannot be explained as a charge, as there was a separate entry for the charge for the returned cheque.
The difference cannot be explained as simply reflecting the difference in foreign exchange rates on two separate days - I checked the rates and there was less than 1 cent in the difference in the rates. There is an almost 9 cent difference in the rate that they have applied.
I believe that they have applied a "sell rate" to the currency when they returned the cheque to me. I wouldn't have thought that that sort of transaction applied to this situation.
To me this seems like fraud. But I would appreciate anyone's comments about the legality/ethics of it if this is the case.
Much obliged.