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Those familiar with banking terms and who know what the title means may skip this post. Others would find it useful.

I deposited this cheque to my Citibank Suvidha account. It bounced with this “Payee endorsement required” as the reason. Not knowing what it means, I called the bank.

The call centre agent could not explain what possibly it could mean. He promised to log a call with the back end department and call me again on 22 June. I haven’t heard from him.

The same evening I made a trip to Citibank MG Road branch. The first staff I contacted did not have a solid answer. However, another executive (also more attractive than the first one )enlightened me. She told me that the message means I had to sign at the back of the cheque. Not every cheque requires this. If required, it would be mentioned.

The backside of the cheque from Google clearly said so.

Lessons:

1) How come I did not google what “Payee endorsement required” actually means? For any other doubt, I would have googled. I now learned I am not alone alien to this banking term.

2) Why didn’t I think of checking what the word “endorsement” mean? I know it means “approval”, “authorization” etc.

3) The two staff from Citibank I encountered were not able to make me understand what it could mean. For people in the field of banking, I am surprise that they could make a layman understand this term.

4) Citibank (banks) should use simple language beside banking term if they are interested in helping us understand which would save our time and their time.

5) Why did I shy away from the term just because ti felt too banking only term for me?

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This entry was posted on Sunday, June 24th, 2007 at 12:50 am and is filed under The UnWeekly. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.