BANK MELLAT TURKEY ISTANBUL MAIN BRANCH

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COLLECTIONS

Bank Mellat provides services for collection of cheques, promissory notes, drafts and other payment instruments. Sight or post-dated cheques on other banks are received from our customers for future collection. Such cheques may be received as collaterals of the credits or just for collection. In all cases these cheques are accepted against a receipt to be given to the customers.

Post-dated cheques are filed in date order and kept in a fire proof safe.

Matured cheques are presented to the cleaning house of the Takas Bank for collection.

An inventory of the post-dated cheques to be collected are made once a month and reconciled to the balance appearing in the General Ledger.

All cheques under collection process must be endorsed in the name of Bank Mellat.

As for the promissory notes, similarly these payment instruments are received from its legal holders against a receipt and kept in a fire-proof cabinet in date order. The debtors are notified within a reasonable period before the maturity. If they are not paid on due dates, such instruments are sent to notary public after two days from the maturity in order to be protested. The promissory can be paid in the notary public while standing these before or after protesting process.

On the other hand, drafts to be collected are received as collateral of the credits or taken for simple collection. Similarly this type of documents are entered in the Bank books against a receipt and sent to the drawees for acceptance. In case of non-acceptance or non-payment on due dates, these instruments are also sent to notary public for non-acceptance or non-payment protest.