July 11, 2011

Important Advisory for Checking Account Holders

Philippine Clearing House Corporation or PCHC will implement the use of standard dorsal format for all bank checks, both personal and commercial checks. They aim to put an order in accomplishing the required information at the back of the check. 

September 1, 2011, is the tentative date for implementation but they are encouraging checking account holders to request a new checkbook with a new dorsal format and replace the old checks that have been issued even there is still no implementation.

So whether we like it or not, we have to order a new checkbook. For the second time around, we need to replace the checks that we have issued for our housing loan. Just last week; I received twenty pieces of checks that I need to replace for our Pag-ibig Housing loan.

I am not happy with this because I still have one unused checkbook with the old format that we plan to use for Pag-ibig because we want to close the BDO checking account. Aside from that we still have several checks left on our checkbook because we rarely use it. But what can I do if I can no longer use these checks?

I do not want to put this to waste so what I did is I reuse it. Voila! My very expensive scratchpad (P175 per checkbook). I can't find my padding glue so I'm just using a paper clamp to bind the paper

Update: January 2016

Important Advisory on Check Clearing

On January 4, 2016, checks with erasures, alterations, deficiencies or missing details will no longer be accepted by banks in the Philippines, even if with countersignature (based on PCHC Memo Circular 15-460)

This is preparatory for the Check Image Clearing System (CICS), which will use digital check images instead of physical checks throughout the clearing cycle. New CHeck design standards have also been issued by the Philippine Clearing House Corporation (PCHC) to complement this new system. 

Meanwhile, checks in old and new designs are still honored by BPI until further notice. Please anticipate succeeding advisories based on PCHC's Updates to the banks. 

New Check Design Standards:

1. Length of 8 inches for Personal and Commercial Checks.
2. Box enclosure to Peso amount
3. A mandatory waiver that states "I/We allow the electronic clearing of this check and hereby waive the presentation for payment of this original to (Bank)"
4. Improved paper quality with new security features. 

1 comment: