Updated: Dec 10, 2020
September 25, 2017
T O : All Clearing Banks/Institutions
R E : INCORRECT AMOUNT ENCODING IN THE ELECTRONIC PAYMENT INFORMATION (EPI)
1. The Drawee Bank shall return a Regular Clearing Item (RCI) within the Prescribed Period if the EPI transmitted to it shows an incorrect ("over or under encoded) Check Amount.
1.1. In case of such return, the Drawee Bank is entitled to collect from the Presenting Bank a
penalty charge of P1,000.00 or the amount of discrepancy multiplied by the Average IBCL Rate for the day whichever is higher.
1.2. The Drawee Bank shall collect the penalty from the Presenting Bank via the usual Charge Slip within five (5) banking days from date of the RCI transmission.
2. However, if the Drawee Bank is unable to return the RCI within the Prescribed Period, it may settle the clearing discrepancy with the Presenting Bank via Charge Slip without penalty.
3. For your guidance and compliance.