Application to change the address this is again a pre

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Application To Change The Address: This is again a pre printed request form in which the client fills in his name,account number, tele phone number/s and the new address so that he couldcommunicate with the bank and receives all the notices, statements and other necessary document which the bank might send through mail de pending upon thecircumstances. WEEK 2 pg. 46
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Remittance Department: I worked in the Remittance Department in the second week of my internship program. Unit Head : Mam Shabana Mam Shabana in Bank Askari is the officer for Remittances Department. In remittances, followi ng banking instruments are used: Pay order Demand draft Online transfer Call deposit receipts Traveling cheque The procedure for dealing with all these under local as well as foreign currency in BAL is as und er. 1. Pay Order: Payment order is an international banking term that refers to a directive to a bank or other financial institution from a bank account holder instructing the bank to make a payment or series of payments to a third party . Procedure for Pay Order: A form is given to the customer to be filled. Two signatures of the applicant are required. Then after solving all particulars the in-charge is to recheck the form and then stamped it with 3 stamps. Then the form is delivered to the supervisors for supervision. After the whole process the form is completed to become a Call Deposit Receipt (CDR). 2. Demand Draft: A Demand Draft (DD) is an instrument, which is drawn by one bank upon another bank fo r a specific sum of money payable on demand. It is made by the bank, given to the purchaser aga inst cash or cheque. Parties Involved In DD: Purchaser Issuing Branch Drawee Branch Payee Procedure of Demand Draft: The procedure is almost the same as for the payment order. After receiving the demand draft the signatures of applicant are verifies and all other particulars are checked. When instrume nt is presented for payment, signatures of the attorneys are verified on DD and after proper scruti pg. 47
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ny; it is posted in the system and canceled by the Remittances Incharge. Online Money Transfer: Online money transfer is where the old-fashioned concept of wiring money converges wit h the modern technology of electronic funds transfer, or EFT. You probably use EFT all the tim e.It's simply a completely electronic way of transferring money from one bank account to anothe r bank account. Outward Bills Of Collection: Outward Bills for Collection (OBC) is the handling of domestic sales and export document s, which are presented to the Bank by the seller to collect payment from the buyer through the bu yer's bank. Inward Bills Of Collection: IBC is the handling of inward documents (domestic or foreign) received from a Remitting Bank and/or seller for presentation to a buyer/importer for presentation to a buyer/importer, eithe r for payment on sight or acceptance of usance Bills of Exchange for payment at a future date.
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