Banks to accept checks with new design starting May 1

In case you missed it, banks will only accept checks with the new design starting Wednesday, May 1, 2024, the Philippine Clearing House Corporation (PCHC) said.

The new standards will adopt the month, date, and year in numerical format on the issue date of the check. It also now has boxed spaces for writing the date of issue, amount in figures, and signature of the Issuer /Drawer. Additionally, the peso sign is now placed outside the amount in figures box.

These changes aim to “set a standard or uniform format of writing the date on checks in order to avoid misinterpretation of date of issue” and to “enhance check processing capabilities by providing banks better optical character recognition features that are needed for an automated check verification system.”

PCHC said that exceptions will be allowed for post-dated checks stamped or printed with the word "warehoused," manager's or cashier's checks, and checks with an issue date of April 30, 2024 or earlier.

— The Philippine Star (@PhilippineStar) April 30, 2024

Checks that haven't been updated to the new format, or are written in alphanumeric, may still be acceptable “provided they are dated April 30, 2024 or earlier and they are presented for deposit prior to the 180th day from issue date.”

The implementation of the issuance of a new check format and specifications was supposed to be implemented last May 2, 2023. It was postponed to this year based on the recommendation by the Clearing Officers Club, Inc. and the approval of the PCHC Board.

“This deferment in implementation is effected with a view to allowing more time for bank clients to exhaust remaining checks or base stocks of printed checks in their possession,” the memorandum said.