Analyses: Aspects of the collection of a cheque cleared through an automated clearing bureau
| Jurisdiction | South Africa |
| Pages | 326-336 |
| Published date | 25 May 2019 |
| Author | JT Pretorius |
| Citation | (1998) 10 SA Merc LJ 326 |
| Date | 25 May 2019 |
Analyses/Analises
Aspects of the Collection of a Cheque Cleared
Through an Automated Clearing Bureau
JT PRETORIUS
University of South Africa
Introduction
The Automated Clearing Bureau (Pty) Ltd (ACB) was established by
the South African clearing banks in 1973 to provide for the computerized
collection and payment of cheques
(Report of the Committee of Inquiry
into a Giro System
(1977) 26-30; M Greeff & CJ Nagel 'Die Tydstip van
Betaling en die Sertifisering van Tjeks' (1992) 25
De Jure
56 at 57;
Malan
on Bills of Exchange, Cheques and Promissory Notes in South African Law
(1997) 3 ed by FR Malan & JT Pretorius para 189 pp 290-291 ('Malan
Bills');
FR Malan 'The Liberation of the Cheque' 1978
TSAR
107 at
109-110). This system uses sophisticated electronic data equipment and
processes cheques by means of magnetic ink character recognition
(MICR) through the medium of a clearing house. (For a description of
the functioning and mechanism of the system, see
Rosen v Barclays
National Bank Ltd
1984 (3) SA 974 (W) at 976-977;
Volkskas Bank Bpk v
Bankorp Bpk (h/a Trust Bank) en 'n ander
609C—G; Malan
Bills
para 189. See also
Wavecrest Enterprises v Cema
Africa ( Pty) Ltd (in Liquidation) & others
(1991) 2
Commercial Law
Digest
266 (C) at 270; AN Oelofse 'Enkele Regsaspekte van Ontwikke
lings in die Bankwese' (1985) 7
Modern Business Law
6 at 8; AN Oelofse
'The Moment of Payment of a Cheque Cleared Through an Automated
Clearing Bureau' (1986) 1
Journal of International Banking Law
4;
Coenraad Visser 'The Automated Clearing of Cheques' (1991) 21
Businessman's Law
3 at 4; Johanna Vroegop 'The Time of Payment in
Paper-based and Electronic Funds Transfer Systems' 1990
Lloyd's
Maritime and Commercial LQ
64.)
The automated clearing of cheques is regulated by an agreement (the
'clearing house rules') between the ACB and participating financial
institutions. Although these rules are 'confidential' and are said to be
designed for the benefit of the banking industry alone, they have indeed
been referred to and applied in
Rosen v Barclays National Bank Ltd
(supra) at 976-977 and
Volkskas Bank Bpk v Bankorp Bpk
(supra). (For
criticism of the 'confidentiality' of these rules, see JT Pretorius 'Pro-
fessionele Aanspreeklikheid, die Invorderingsbank en Regshervorming'
326
(1998) 10 SA Merc LJ 326
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