# urgent advice



## vagtsio (Oct 12, 2008)

I went to open an a/c with HSBC and they asked me to sign a blanck cheque..is that the practice the banks follow now days or just HSBC.

your answer is much appreciated.


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## Tropicana (Apr 29, 2010)

Never had to sign a blank cheque. The only reason why banks ask for blank cheques is when applies for a loan/credit card

You do realize that HSBC will gain the power to destroy your life if they misuse the blank cheque. 
And you will never ever get them to give you anything more than a sorry.


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## vagtsio (Oct 12, 2008)

Tropicana said:


> Never had to sign a blank cheque. The only reason why banks ask for blank cheques is when applies for a loan/credit card
> 
> You do realize that HSBC will gain the power to destroy your life if they misuse the blank cheque.
> And you will never ever get them to give you anything more than a sorry.


I am just wondering if it is their practice now and all banks do the same...


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## Gavtek (Aug 23, 2009)

I signed one with Emirates NBD when I took out my car loan, but not when I opened my current account.


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## vagtsio (Oct 12, 2008)

Gavtek said:


> I signed one with Emirates NBD when I took out my car loan, but not when I opened my current account.


maybe is because i asked for a credit card... so what is the advice here guys should i sign it as every bank will ask me to sign if i want credit card or look for an other bank?


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## pamela0810 (Apr 5, 2010)

vagtsio said:


> maybe is because i asked for a credit card... so what is the advice here guys should i sign it as every bank will ask me to sign if i want credit card or look for an other bank?


I had to sign a blank check with Rank Bank when I got a credit card from them. It's used as a guarantee in case you lose your job, etc and are unable to pay back the outstanding on your credit card.


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## tounzz (Jul 10, 2010)

I believe that most of the banks will ask for a security check when someone applies for a credit card or car loan / loan. The beneficiary will the Bank and the amount is limited to the 1) credit limit on the card or 2) the total value of the loan.

I do not recommend the value to be left "blank".

But to simply open a current account, banks in UAE are not requesting security cheques.

Thanks,

T


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## rsinner (Feb 3, 2009)

tounzz said:


> I believe that most of the banks will ask for a security check when someone applies for a credit card or car loan / loan. The beneficiary will the Bank and the amount is limited to the 1) credit limit on the card or 2) the total value of the loan.
> 
> I do not recommend the value to be left "blank".
> 
> ...


I agree - it is not a blank cheque but probably an undated one.
You would not need it for a simple current account though. I got my HSBC credit card without this cheque probably because (i) I have my salary account with them, (2) this was in early 2009 and they might have changed their policies now

Every other credit card that I have been offered in the last one year has required this cheque, and so I haven't taken any of them


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## Elphaba (Jan 24, 2008)

vagtsio said:


> I went to open an a/c with HSBC and they asked me to sign a blanck cheque..is that the practice the banks follow now days or just HSBC.
> 
> your answer is much appreciated.


It is standard practice with all banks when you take out a credit card or loan. It should however, be for a specified amount, either the card limit or the amount of the loan.

It is a surety for the bank should you default on payments or skip the country without settling your debts.
-


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## vagtsio (Oct 12, 2008)

Elphaba said:


> It is standard practice with all banks when you take out a credit card or loan. It should however, be for a specified amount, either the card limit or the amount of the loan.
> 
> It is a surety for the bank should you default on payments or skip the country without settling your debts.
> -


thank you Elphaba and thank you all

I definately feel more relaxt now... I anly need a credit card anyway...


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## vagtsio (Oct 12, 2008)

Elphaba said:


> It is standard practice with all banks when you take out a credit card or loan. It should however, be for a specified amount, either the card limit or the amount of the loan.
> 
> It is a surety for the bank should you default on payments or skip the country without settling your debts.
> -


thank you Elphaba and thank you all

I definately feel more relaxt now... I only need a credit card anyway...


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