Checks with Erasures will no longer be accepted starting January 4, 2016

CHOM-15-460-A-CHOM-No-15-460-on-Non-Acceptance-of-Check-with-Erasure-Alteration-and-or-Deficiency

Philippine Clearing House Corporation (PCHC) issued advisory last September 02, 2015 indicating in details the new rules regarding check issuance.Starting January 04, 2016, all banks will no longer be able to honor checks bearing the following:

  1. Any erasure or alteration in the entries below
    • 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. Any deficiency in the following entries
    • 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

Stay informed.