The Philippine Clearing House Corporation (PCHC) issued on 24 January 2017 a Memorandum to All Clearing Banks/Institutions clarifying the advisories previously issued with regard to the handling of checks under the new Check Image Clearing System or CICS.
Memo Circular No. 3306 clarifies that the reminders stated in the Advisories are issued primarily for the protection of the customers. Non-conformity with the reminders should not be a reason for non-acceptance of the checks.
PCHC specifically states that checks which are folded or have staple holes should be accepted by banks as long as the image and the information on the check are still clearly visible upon unfolding or inspection.
Further, checks without the word “only” after the amount written on the check, with empty spaces not ruled out, or information not written in dark-colored ink should not be reasons for non-acceptance by banks. No standard format on the date on the checks is required.
The Bangko Sentral enjoins banks to remain prudent in implementing the new check clearing process but at the same time not too rigid in accepting checks.
The Bangko Sentral upholds consumer protection and promotes efficient payment system which are ingredients in maintaining financial stability.