Here’s what you need to know about the new check design

After being deferred for a year, Philippine banks started the implementation of the new check design and specifications prescribed by the Philippine Clearing House Corporation (PCHC).

Aside from enhancing the check processing capabilities of banks, the new check design also aims to introduce a standard way of filling out checks to lessen errors and misinterpretations.

Here are the crucial things you need to know about the implementation of the new check format and design:

Watch of for these format changes

Effective May 1, 2024, all checks are now required to follow a specific format as shown below:

There are three main changes in the check’s design and format. Here’s how you should fill them out:

1. Date

Individual boxes are provided for each character of the Issue Date, which follow a numeric format: MM-DD-YYYY. For instance, if you are issuing a check by May 30, 2024, you should write its equivalent numeric format, 05-01-2024. Banks will no longer honor checks with Issue Dates in alphanumeric format.

2. Amount in figures

You will have to write the amount in figures inside the box provided. Take note that there is no need to write the peso sign as it is already indicated outside the box.

3. Signature

You should sign your check in the box provided on the lower right side of the check. The boxes replaced the signature lines.

Request for an updated checkbook

If you still have a wad of checks with the old format, you may visit the nearest BPI branch to request a new checkbook. You can also order using the BPI app — after placing an order through the app, you can pick up the checkbook from your branch of account after six to nine banking days.

Individual clients need to pay Php 300 for a checkbook, which already has 50 checks. Checkbooks for corporate clients, on the other hand, cost Php 600 and contain 100 checks.

Verify if your payee has warehousing arrangements

If you have already issued post-dated checks, you must ask the receiver of your checks if they have warehousing arrangements with their banks. This refers to a service where banks keep post-dated checks and credits them automatically to the clients account as they mature.

Post-dated checks in the old format will only be processed for clearing if the payees have PDC warehousing arrangements. You will need to reissue checks bearing the new design and format if your payee does not have this arrangement.

Remind your payees about old format check issued on or before April 30, 2024

If you have issued old checks dated April 30, 2024 or earlier, they can still be cleared for deposit or encashment within 180 days from the issuance date.

Remind the recipient of the check to have it cleared within the 180-day period. Otherwise, you will need to have the check reissued with the new format and design.