Q. Is Cheque Guard an overdraft?
A. No
Q. What about business customers?
A. The service is available to business customers under the old schemes. However, it will be rolled out to Pearl Business customers within the course of the next few weeks
Q. What type of account can I link to the current account?
A. Savings account, current account and fixed deposit account
Q. What is the maximum number of accounts I can link?
A. There is no limit to the number of accounts you can link
Q. How is it possible to link a fixed deposit account on Cheque Guard?
A The fixed deposit account will be automatically part-liquidated to the tune of the shortfall to fund the current account whenever there’s a payment request; and the balance will be rolled over at the prevailing interest rate
Q. Will the appropriate pre-liquidation charge still apply?
A Yes
Q. Must all the customer’s accounts be domiciled in the same branch?
A. No. Each account can be in different branches
Q. If my secondary account is frozen or on PND can money still be transferred out of that account via Cheque Guard?
A. No. Cheque Guard does not override an existing condition on an account
Q. Must all the accounts belong to the same customer?
A. Yes
Q. What if the customer IDs are different?
A. The customer ID on both the primary and secondary account(s) must be the same for Cheque Guard to work
Q. Can a joint account be linked to an individual account on Cheque Guard?
A. No. Only accounts with same Customer ID can be linked and the mandate on the primary account must apply at all times
Q. Can I apply for Cheque Guard if I have an overdraft on my account?
A. Yes. In a situation whereby your primary account has an overdraft limit which has been exceeded, Cheque Guard will transfer funds from your other funded accounts to enable you make the payment in the primary account
Q. What if the money in the secondary and the pool account is not enough to cover the payment?
A. For ChequeGuard to work, a customer needs to ensure that the pool balance is sufficient to cover the payment request.
Q. How do I know if Cheque Guard is set up on an account?
A. The available balance will be different from effective available balance
Q. What will be the difference between the available balance and the effective available balance?
A. The available balance is the current account while the effective available balance is the total amount in the pool
Q. What type of payment on the current account does Cheque Guard cover?
A. Cheques in clearing, cash withdrawals and bank induced fees.
Q. Will Cheque Guard work on withdrawal requests done through alternative channels such as ATM?
A. Yes
Q. Can my savings account be the primary account for Cheque Guard?
A. No
Q. How can I unsubscribe from Cheque Guard?
A. Through a written instruction that must be signed and dated
Q. Are there any charges to unsubscribe?
A. No, however the N2,000 fee paid upon subscription is non-refundable
Cheque Guard
