PUBLISHED: January 31, 2023 With the recent Memo Circular No. 3738 published by the Philippine Clearing House Corporation entitled “Clarification on the Implementation of the New Check Design Standards and Specifications”, stated a new format of all checks to be created by any organization or individual starting May 1, 2023. What is the new check format 2023? And what will happen to all the post dated checks issued following the old format?
What should be the new check format 2023? According to the Philippine Clearing House Corporation, the new check format 2023 shall be in full number date format [MM-DD-YYYY] this new format is implemented with the intention to standardize the writing of issue date on the check and to determine the acceptability of checks for clearing.
When will the checks with alphanumeric issue date not be accepted? Starting May 1, 2023, checks following the old format will no longer be accepted except for the following:
- All checks described on OM No. 21-036, Section 2.2 that are; PDCs accepted or stamped “Warehouse” by banks prior to May 2, 2023; PDCs without “Warehouse” stamp but has “Unique Identification Code” prior to February 11, 2023; and Manager’s checks or cashier’s checks by clearing banks having the Waiver Statement and features required under CICS OM No. 19-030.
- Checks dated on or before April 30, 2023 that is presented to the presenting bank for deposit prior to 180th day from its date of issue.
What will happen to the check format following the alphanumeric issue date? It is said that these checks will remain acceptable until April 30, 2023. What does this new check format 2023 mean for non-banking entities who received PDCs with alphanumeric date formats? It will not be cleared. So, inform your debtors/clients/customers to change their PDCs with full numeric dates for May 1, 2023 (05-01-2023) and onwards to avoid inconvenience.
What about computer-generated checks? All computer-generated checks shall follow the new check format 2023 on which the number date [MM-DD-YYYY] format. Should the said checks appear to have printed the date outside, above, or below the designated boxes, is shall remain acceptable unless becomes unreadable and covers other fields.
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