Dcheq (Dishonoured Cheque Information System) is a system by Bank Negara (Central Bank) which contains records of bounce cheques inccidents. Basically all banks/Financial Institutions have access to this system and are required to key in information of individuals whose cheques have been bounced.
Just like CCRIS and CTOS credit reporting systems. Banks/Financial Institutions use it to check for credit worthiness. One of the top 3 biggest bank has got an internal policy whereby if you try to open a current account with a bank, they will check Dcheq system to see if you have any history of bouncing cheques. One bank in particular do not allow current account to be opened if there is more than 3 hits.
It was previously believed that MBSB (The lender of last resort) did not have access to Dcheques as it was not a Bank Negara member. Now that it has been acquired by financial giant CIMB Bank, they most likely will have access to Dcheques.
As a property investor who uses bank loans, it is imperative that we have a good record in the Dcheq. The Dcheq report on an individual can be obtained free of charge from Bank Negara.
📌Updates 2020
BNM Dcheq system has been discontinued by Bank Negara on 20/09/2020. All banks will use their own internal Dcheq like systems instead. I believe Bank Negara has stopped this system in view of phasing out the usage of cheques.