This company will self destruct in 6 minutes
My bank has always been very supportive even when we have had periods of time where we tested the relationship. Banks also are not always completely innocent. We had a situation at Wyse Leasing where the bank made a transfer by mistake, costing us best part of £20,000.
In the height of the recession, when banks were taking a tough line, I had the chat with the Manager. “You must get the account in order by 4:00pm or we will return the cheque.” They don’t like to use the word “bounce.”
We did sort the position, but only at 3:54pm, six minutes prior to the deadline. Bouncing cheques causes a major problem. It is not just the fact that your washing is being aired in public, it is a statement from one of your most important customers – the bank – that they have lost faith in you.
It’s an obvious statement to make, do not let yourself get into this position – ever.
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