Check Image Clearing System (CICS)
Important Reminders to Check Issuers
- Checks with old design (i.e., without waiver statement) will be accepted for clearing until June 30, 2017 only.
A Check with the new design has more security features
Sample of a Check with new design (i.e. with waiver statement):
- Make sure the Check you issue is sufficiently funded.
- Use pens with dark-colored ink (blue or black) to write the:
- Date of Check Issuance
- Name of Check Payee (or indication of Bearer or Cash for payee’s name)
- Amount of the Check in figures and in words; and
- Your Signature as Check Issuer
- Do not use pencil, pens with gel ink or erasable ink to fill out required information.
- Ensure that all Required Information are clearly and completely indicated on the Check and that there are no alterations or erasures on any of those information and on any other parts of the Check. Checks with alteration or erasure or incomplete information are not acceptable for clearing even if the erasure or alteration is countersigned by you.
- Do not fold, crumple, staple, mutilate Checks or make markings that will overlap on the Required Information so the Check’s images will be readable enough for processing or clearing.
- Review your monthly bank statement/s immediately upon receipt. Checks that are honored will no longer be sent with the bank statement/s; only the digital copies of the honored Checks will be provided to you. The physical Checks (paid) will be kept by the banks for 180 days only.
Benefits to Depositors/Payees
- Funds available within the next banking day
- Nationwide coverage
- Faster feedback on your Check deposits
The Monetary Board has approved the adoption of electronic clearing of Checks which was implemented since January 20, 2017.
What You Need to Know
- Authorize and Waive. Consumers have to authorize the bank to scan the image and issue waivers.
- Post Dated Checks (PDCs) warehoused by the bank may have to be replaced.
- Use Dark-Colored Ink. Preferably black or blue ink only. No to pastel or light colored ink.
- Do not use erasable ink or correction ribbon.
- Left justify when writing on the spaces.
- End the amount in words with “only”.
- Write Legibly. Written words on the Check should be readable
- Make sure authorized signatories are updated with the bank.
- Do not staple, crumple, fold, bind or pin Checks.
- Never ever write an unfunded Check.
*CICS is joint undertaking of the Bangko Sentral ng Pilipinas (BSP) and the Philippine Clearing House Corporation (PCHC) with full support from the banking industry. From more information about the Check Image Clearing System (CICS), please visit the PCHC website at www.pchc.com.ph or you may contact your local bank today.