Effective starting January 4, 2016, in compliance with Philippine Clearing House Corporation (PCHC) CHOM No. 15-460 dated August 24, 2015, banks will NO LONGER ACCEPT for clearing checks with erasure, alteration, and/or deficiency (incomplete information).
This means, any check that:
1. shows or indicates on its face any erasure or alteration of the –
- Date
- Name of Payee
- Amount in Figures
- Amount in words
- Signature/s of the drawer/s or drawer’s signatory/ies
- Account name
- Account number
- Check number
- Magnetic Ink Character Recognition (MICR) characters
2. does not indicate the –
- Date
- Payee
- Amount payable in figures
- Amount payable in words – except for checks issued using a check writer
- Signature/s of the drawer/s or drawer’s signatory/ies
Those who have issued post-dated checks for clearing beyond January 4, 2016, and that bear corrections, alterations, or deficiencies, are required to coordinate with their respective payees for re-issuance of checks.
If you have these checks or know anyone who does, please share and spread the word to avoid any hassle.
Anything to add? Share your thoughts in the comments.
