One-Day Check Clearing for Local or Regional Checks. Will it happen soon? Will cheques soon clear on the same day it is presented to the bank?
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:
3 changes:
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.
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Be reminded again that your check should have:
. No erasure
. No alteration
. Complete information
Date
Name of payee
Amount in figures
Amount in words
Signature
What happens to the honored original physical check?
The original physical check will NOT be returned to the issuer or drawee bank. It will stay with the collecting or depository bank (where the check was deposited) for a period of 6 months.
What happens now to a returned check or bounced check?
The original physical check, with the reason for return stamped on it, will be returned to the payee by his/her bank. It also includes information on whether the check is good for re-clearing/redeposit or not.
Can the issuer ever see his honored original physical check again?
Yes, but only within 6 months from clearing date. And most likely a not-cheap fee will be charged because both the depository bank and the collecting bank will be involved.
After 6 months, most likely the original physical check will be shredded, kasi sabi nila, after 6 months, only the digital image will be available for viewing upon request.
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.
*PCHC is the Philippine Clearing House Corp. (PCHC). It will implement the electronic check clearing system through its Check Image Clearing System (CICS).
Glossary:
Payee — to whom the check was issued; person or organization being paid
Issuer — the one who issued and signed the check
or Drawer
Drawee bank — bank of the check issuer; bank with name embedded on the check
or Paying bank
Depository bank — bank of the payee; where the check was deposited
or Collecting bank
or Presenting bank
Honored check — funded check; paid check; good check
Bounced check — not funded
Returned check
References:
Bangko Sentral ng Pilipinas. 2016. Electronic Clearing of Checks to Start in January 2017. Retrieved from http://www.bsp.gov.ph/publications/media.asp?id=4172
Bank of the Philippine Islands. Check Image Clearing System. Retrieved from http://www.bpiexpressonline.com/p/1/907/check-design
BDO Unibank Inc. 2016. Check Image Clearing System. Retrieved from
http://www.bdo.com.ph/sites/default/files/notice_check_clearing.pdf
China Banking Corp. On Check Image Clearing System or CICS. 2016. Retrieved from
http://www.chinabank.ph/pdf/CICS-FAQ-as-of-May-16-2016.pdf
yesterday nsa current balnce yung dineposit kong cheke ngyn zero na current at sa available balnce ndi sys ng reflect..what happend? failed po ba clearing? no funds si sender?
Hi lermina, oo malamang hindi nag-clear ang check, meaning walang pondo o kulang ng pondo ang check. Suggestion ko is call your bank to ask, and then call your check issuer and ask them to deposit today the amount directly to your account.
I have my check funded the same day but still they returned because according to them I had funded late ba daw. I thought clearing of checks is until midnight. I funded it @7:32 in evening the same day the payee diposited that on her bank
Hi Glenda, now that banks close earlier, they process earlier. And since banks can now clear checks with other banks electronically via the check image clearing system, clearing is quicker. They must have processed the check you issued right after it was deposited or early in the afternoon.
Ilang days for clearing a cashier’s check from metrobank and deposited to my BPI Family Bank?
Hi Radz, kung nahabol mo yong cutoff ng BPI kanina, dapat by Monday available na ang pera. Pero meron pa ring mga cases siguro na aabot pa ng Tuesday.
Hi! I deposited an RCBC check to my BPI account. Hindi na ako umabot sa cutoff ng BPI kanina. Kelan ko kaya pede iexpect na maclear yung check?
Hi Geraldine, malamang Friday na mag-apir yong amount sa account mo. Pero if you have mobile/online banking, check mo lang tomorrow afternoon, baka credited na.
Hi my employer deposited a metrobank check in my bdo account today .. how long will it take for the check to be cleared
Hi Jester, if your employer deposited your check before cutoff (around 1pm), it will most likely be cleared tomorrow afternoon. If not, Monday.
hi nagdeposit ako ng HSBC check earlier 12nn sa Metrobank account ko how long po ang processed?
Hi Jharden, sori I missed this. Useless na ang sagot ko kasi na-cleared na ang check mo the next day
Anu ora’s ba clearing Ng checke s bpi deposit ko ksi checke Ng landbank s bpi account ko wla pa din
Hi Nerissa, basta nakaabot ang deposit sa cutoff (noon or 1pm), the next day, cleared na.
Gaano katagal ang clearing ng metrobank to metrobank check?
Hi Alvin, dapat the same day na ang clearing, but I’m not sure kung nagagawa na ng Metrobank for all checks
Hi po, nag deposit po kahapon, 16th ng BDO check sa BPI account ko. Akala ko same day mawi widraw na ung funds, ilang days po ba?
Hi Aurora, sad to say, hindi pa consistent yong one-day clearing ng banks. Yong same-day clearing, puede lang muna kapag parehong bank ang nag-issue at dedepositohan.
Hello po.. Ask ko lang po if nadeposit yung bdo check to bpi account around 2:39pm kahapon. mag aapir na din po ba sya today. thank you po.
Hi Rachell, hindi pa rin consistent yong one-day clearing ng banks. Dahil hapon na nadeposit kahapon, dapat ngayong hapon, available na sa yong account. Pero puede ring bukas pa ng umaga.