| Lock Box Facility |
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 What benefit Customer get out of this facility? |
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The time taken for realization is saved. For example the time taken for sending the cheque to India and back to USA for realization is saved.
Costs involved for sending the cheque to India and from India to USA are saved. We charge you lesser than the cheque collection charges. Almost at half the cost of old method you get your funds now transferred to India. |
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| How it costs the Customer? |
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It costs you as follows:
| Cheque Amount |
Charges Including Postage |
| Upto USD 1000 |
USD 4.00 |
| > USD 1000 upto USD 3000 |
USD 5.00 |
| > USD 3000 upto USD 5000 |
USD 7.00 |
| > USD 5000 upto USD 10000 |
USD 8.00 |
| Above USD 10000 |
USD 10.00 |
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| Is there any monetary limit to transfer the funds to India? |
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There is absolutely no monetary limit to transfer the funds from USA to India |
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| Do NRI have to have an account with Andhra Bank to use this facility? |
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No. NRI need not have an account with us. However the beneficiary should have an account with us in any of our 1536 branches (as on 30th September’09) in India and have complied with the KYC guidelines of the Bank. |
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| In which currency NRI can send the money. |
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NRI can send the Money in US Dollar only |
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| How much time it takes to credit the account in India. |
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3 to 4 business days from the date of receipt of Customer cheque by Bank of America Dallas, USA. |
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| Whether the beneficiary can avail the funds immediately? |
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The credit given by Bank of America is a Provisional Credit. Customer need to wait for a period of 12 days from the date of credit from our International Division. |
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| What information is needed to send the cheque through this facility? |
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Simple details like Name of the beneficiary, his account number, Name of the branch where the account is maintained. |
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| What should Customer verify before he sends the cheque |
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NRI should verify the following:
Whether all the details on the cheque are properly filled in
- Name of the Beneficiary,
- Date of the cheque in locally acceptable (mm/dd/yy) form.
- Amount in figures and Words, and signature
- The cheque amount and other details should tally with that of Deposit sip.
- Make sure that sufficient balance is maintained in your account when the cheque is presented to your banker.
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| Where Customer has to send the cheque? |
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For instruments sent via First Class mail:-
ANDHRA BANK (MUMBAI),
P.O. BOX 841810,
DALLAS, TX 75284-1697, USA.
The new address For instruments sent via courier
(FEDEX, DHL, UPS and local courier) :-
ANK OF AMERICA LOCK BOX SERVICES,
LOCK BOX 841810,
1950 N. STEMMONS FREEWAY, STE 5010,
DALLAS, TX 75207, USA. |
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| Things to know about "US" clearing laws |
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As per US laws the drawee bank can return the cheques within one year if it is found that the instrument is materially altered, within three years if it is found that the instrument is forged and within seven years in the case of US Treasury cheques |
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