I'm actually a bit surprised that this topic hasn't come up earlier. I too know of one instance of an individual who had his bank account emptied recently.
In addition, when buying a property or getting a loan here, its an amazing process. One will be hit with unexpected fees which aren't small either. Usually this is brought up once a cheque has already been handed over so you either write off a large sum or pay the additional fees. Basically you are screwed.
I have never heard of a bank or financial institution requiring UNDATED cheques for things such as cars and even property, covering the entire amount, in advance of even the completion date. This is common practice in the UAE. This of course is in addition to already qualifying, prepaying and setting up payment schedules. As we all know, a cheque in this country cannot be cancelled and it is considered to be cash with respect to the law. In other words, if it bounces for whatever reason, you run the serious risk of jail time in spite of the fact that you may have tried to cancel the cheque, or taken the money from your account in order to stop payment. (for valid reasons)
So now a financial institution or whoever has your undated cheques for eternity. There is no 'written' guarantees of your cheques being returned, although i'm sure it is likely done. In fact there are no 'written' guarantees of anything that might be a protection for yourself.
I have never been lied to more often and more consistently than dealing with these institutions. My conclusion........ I will never deal with them again, and always take my money out of this country at the first opportunity.