Terms related to an account

People open an account in a bank of their choice so that they can make transactions easily. Having a bank account helps in a variety of things including payments, storing money and performing other money-related functions. Every individual who is connected to some of the other bank or financial organization must know these commonly used terms in the monetary world-

  • Checkbook- It is a booklet provided by the bank to the account holders by which they can make payments.
  • Credit and debit cards- These cards serve the same purpose and the cardholders can get money instantly from an ATM without having to go the bank for it. They are also used in case of transactions.
  • Savings account- It is a general account type that people have in a bank where they deposit their money or salary directly so that they can use the amount in future.
  • Fixed deposit- They are a type of deposit schemes where the depositor cannot withdraw money until a certain time and the cash keeps on increasing as per the interest rate offered by the bank.

General problems faced

All of these facilities are provided to the customers by every financial organization to make their day to day activities involving money easier. Along with the benefits they offer, there are certain drawbacks of these services too, and one of them is the bouncing of a cheque. The matter sometimes becomes serious and the party who has been offered a bounced check has to seek legal assistance. If you are too facing the same problem right now then a simple search related to the Best Lawyer for cheque bounce in Delhi can yield great results.

Why does a cheque bounce?

Before moving further, let us discuss the reasons behind the bouncing of a cheque. The situation arises when the issuer’s account does not have the needed amount of money that is mentioned in the cheque. When it is submitted to the bank, the payment is not made because the unavailability of cash and it leads to a cheque bounce. Though there are certain penalties that the issuer has to pay in case this happens but the one who is at a great loss at such a time is the other party. They do not get the amount of money that they were supposed to and hence set out to the court for retrieving their due amount somehow from the defaulter party.

Role of a law firm

Many firms and private practitioners these days offer services for such cases. All one needs to do is search for the Top cheque bounce Advocate in Delhi and several websites will come up on the screen. Just select a best one by comparing the fees they charge and the quality of service they offer. More details can be found by reading the testimonial and client reviews on their respective websites. Hire a lawyer, present your case to the court, fight for your right, and get your due amount of money back.