To Our Valued Clients:

Greetings!

We wish to inform you of the new check clearing and settlement process that Bangko Sentral ng Pilipinas (BSP) shall implement starting January 1, 2011.

The new regulation under the BSP Circular No. 681 (series of 2010) states that:

“The 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 or RCC”.

Due to 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 possible.

Thus, 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.

We hope 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.

Thank you for your continued patronage!

The Management
Philippine Business Bank