Reminders about Bank Checks

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.

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Public Service: Money Money Money

It’s almost the end of the year and I want to remind you guys that the old bank notes will not be accepted for daily transactions come January 1, 2016.

How it looks ↓

image

Photo grabbed from www.gov.ph

If you have kept some notes like these in your baul (treasure chest), better take them out now and exchange for the newer bank notes which was launched last 2010.

Time to retire these old notes, they have been around since 1985.

To get a good look of the two bank notes, see next picture.

image

Photo grabbed from www.gov.ph

The old bank notes can only be used until December 31, 2015.  Don’t fret though if you still have some by January 1, 2016, banks and BSP can still accept and change your old notes into new notes.  You have 1 whole year to look for old notes that may be kept in your house or in the bank.

Make sure you are done by 2016.  The old bank notes will be demonetized on January 1, 2017.  It will have no value by then.

Why stress yourself next year?  You can do it as early as now!

SassyBiatcheMom

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