Many financial institutions especially banks use the word Only at the end of the amount you paid into the bank which is written on a receipt or a teller.
It is compulsory that a bank or other financial Institution should include the word “ONLY” after the amount that a customer paid to them. You must have seen cases like this for example on your teller or receipt you will see Two Hundred Thousand Naira Only or even One Million Naira Only. Please when you see this don’t feel like that the bank or the Financial institution is trying to belittle the payment you made cause it is the duty of the person or a banker receiving the money to add the word Only at the end of the amount in words.
Reason Why Banks and Other Financial Institutions Add Only on Money Payment
You may be thinking why banks will add only to every amount of payment paid in the bank and the main reason is to avoid fraud.
Yes that is it. Some of the ways to stop fraud or fraudulent activities in the bank especially when customers are paying in or withdrawing money from their account. The word Only means conclusion and this will also prevent a fraudulent person from adding extra words or amount to it. If Only is added to the amount, it will shows conclusion and therefore no other words or amount will be added again.
My little cousin was asking me about this and she felt that the bank was trying to belittle her payment, i told her even if it is one billion or trillion bank will still add ONLY to it. The reason is to show the exact amount of money that you received or paid into the bank. A fraudulent person can add extra figures to the initial figures written especially if the person is paying in money to his or her account. And he or she will come up and say that the bank under paid her after all it bears the bank’s stamp.
In cheques also it is a must that the person issuing a check to someone should include the word “Only” so that as not to make the person the cheque is drawn to not to add extra figures to it. Someone might draw a check or cheque of One Million to Mr Charles, and him Mr Charles add added figures like 500 hundred thousand to it and then closes it by adding the word Only it. The bank will automatically pay Mr Charles one million five hundred thousand Naira. Instead of the initial One Million Naira you drawn to him.
In order to take precautions especially when it comes to money payment, the word only is used to indicate conclusion or end.