ADVISORY ON NEW CLEARING PROCESS
STARTING JANUARY 1, 2011
to inform you of the new check clearing and settlement
process that Bangko Sentral ng Pilipinas (BSP)
shall implement starting January 1, 2011.
regulation under the BSP Circular No. 681 (series
of 2010) states that:
checks lodged under 'Returned Checks and Other
Cash Items' which were dishonored due to insufficiency
of funds shall be returned not later than 7:30
AM on the clearing day immediately following the
original date of presentation of the COCI to PCHC
time constraint, there is no more chance for us
to communicate with you the status of your checks.
The practice of covering insufficiently funded
check issuances the following day is no longer
we strongly request our clients to manage carefully
and monitor properly their checking accounts to
avoid any inconvenience that would result with
the new process, as well as to avoid collection
of penalty charges due to returned checks.
this information would assist you to be prepared
with the necessary changes in handling your account
with us. For further inquiries and clarifications,
please feel free to contact or visit your branch
of account or any PBB branch nearest you.
you for your continued patronage!
Philippine Business Bank