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When will a collecting bank undertake a protest action on behalf of a seller?

April 26, 2017Action Bank behalf protest seller undertake

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When will a collecting bank undertake a protest action on behalf of a seller?

1 Answer

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10 Posted

A collecting bank will undertake a protest action on behalf of a seller if it has been so instructed by the seller prior to the buyer’s default. In instructing a collecting bank to undertake a protest action on its behalf, a seller must realize that a collecting bank will charge a separate fee for this service. Furthermore, a seller inclined to give protest instructions to a collecting bank must realize that protest fees vary widely from collecting bank to collecting bank and from country to country.