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Further to our meeting on 6-6-00 , Please find below , a tentative procedure , which can be followed with regard to acceptance of DDA forms and subsequent payment request.
1. AAA will collect all DDA forms of Bank Muscat customers , duly filled in and signed by the customer .
. There would be two types of DDA's collected by AAA. The first type would comprise of DDA forms which the customer has got it stamped and approved by the customers respective branch . The second type would comprise of DDA forms where only the relevant details and signature of the customer is available ie DDA forms which are not send to respective branch of the customer for approval.
. AAA would submit to Bank Muscat, the original DDA form along with a photocopy , for approval . Cheap University Papers on sorry i do not have time
4. Bank Muscat, on receipt of the DDA forms will keep the original DDA form and returned the photocopy with an acknowledgement stamp in the case of the first type of DDA forms and in case of the second type , Bank Muscat keeps the forms for verification of signatures and other bank formalities . On completion of these formalities , Bank Muscat returns the acknowledged photocopy to AAA.
5. Bank Muscat reserves the right to accept or reject a particular DDA form as the case may be . AAA will issue the smart card only when the DDA form is accepted by Bank Muscat.
6. Once the DDA forms are accepted by Bank Muscat , the monthly invoice of AAA customer will be send to you in the following format either in hard copy or soft copy as per requirement of Bank Muscat.
Membership No Customer Name A/C No Branch Amount
7. Bank Muscat, on receipt of the claim from AAA , Debits the account of the respective customers (if sufficient funds are available ) and transfers the proceeds to the account of AAA along with details of payment .
As mentioned earlier this procedure is tentative and we look forward to having your suggestions and comments if any which can make this procedure more simpler and streamlined.
We would also like to get the following information from you.
1. How many days would it take for Bank Muscat to approve a DDA form of the customer ?
. How many days would it take for Bank Muscat to transfer the proceeds to our account?
. In case of insufficient funds in customers account to meet AAA invoice , How many more times does Bank Muscat check the account of the customer before informing AAA of unavailability of funds.?
4. How much does Bank Muscat charge if AAA requests the proceeds to be transferred to another bank account of AAA?
Kindly revert back with your comments , suggestions and reply as soon as possible.
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