Effective January 20, 2017, the Monetary Board will be implementing the Check Image Clearing System. This is a step towards a 1 day clearing system of other bank’s checks. Checks will be electronically remitted instead of transmitting them physically which takes 3 days to clear.
Since we need the best image possible, BSP came up with some reminders on how to handle checks.
1) Use of Dark colored ink. Preferably Black or Blue Ink only.
2) Refrain from using correction tapes or correction ribbon in electric typewriters. This covers the security features of the check.
3) Always start writing on the left most part. That way, no words can be inserted.
4) To signify end of sentence, put “only” after writing the amount in words. For the Payee and the Date, you could put “***” or “-” before and after.
5) When writing a check, treat it as something special. Write nicely and legibly. Make sure that all the words are readable and understandable.
6) Do not crumple, fold, staple, pin or bind checks. This will also ruin the chance of the system to get a good image.
7) Checks must only be signed by authorized signatories.
8) The most important of all. Never ever write checks that are unfunded! Unless you want to see fireworks and pay a lot pf bank charges.
Hope this helps somehow.