Standard Bank is changing its deposit statement narratives to make them simpler, clearer and more descriptive, with transaction descriptions on customers' bank statements clearly describing the nature of the transaction.
Transaction descriptions will clearly say "cash deposit", "cheque deposit" or "cash/cheque deposit".
The bank says this is to help customers not to fall prey to fraud. It advises clients not to release goods paid for by cheque until a seven-day clearance period has elapsed and only when they know the cheque has been paid.