Commercial Bank of Ceylon will scrap the commission charged on cheques drawn on its outstation branches starting June 1, 2004.
This means that recipients of Commercial Banks outstation cheques will henceforth receive the full face value on these cheques.rn
rnThis move supplements the existing practice where the commission on outstation cheques of other banks deposited with Commercial Bank has been absorbed by the Bank since 1992, thereby giving customers full value on cheques deposited with any branch of Commercial Bank. rn
rnWith this move, Commercial Bank becomes the first local bank to offer 100% commission-free clearing of cheques. The clearing of Commercial Bank cheques within the Banks 120-branch network does not involve a levy of commissions. rn
rnldblquote Commercial Bank customers have always been receiving the full face value on all local cheques they deposit in their accounts, regardless of the issuing bank and its location. With this latest development, customers of other banks recei