It is expected, the BSP announced on its website. It announced that electronic check clearing will start on January 1, 2017. This means that checks will no longer be physically delivered to the paying bank. Instead, a digital image of the check will be sent online to the paying bank through the Check Image Clearing System of the PCHC*.
This is why the new design of checks is now like this:
1. Smaller in size. Width now only 8 inches.
2. The ₱ amount portion is now boxed.
3. There's a waiver -- those words in small letters.
The waiver says:
I/We allow the electronic clearing of this check and hereby waive the presentation for payment of the original to XYZ Bank.
Be reminded again that your check should have:
. No erasure
. No alteration
. Complete information
Name of payee
Amount in figures
Amount in words
Not All Banks
Sadly, there will be some banks that will not yet be able to participate in the Check Image Clearing System come January 2017.
Honored check -- funded check; paid check; good check
Bounced check -- not funded
Tips for New Checking Account Owners