CICS OM 19-031

May 29, 2019

T O : All Clearing Banks/Institutions

R E : NON-ACCEPTANCE OF OLD FORMAT CHECKS BY MAY 2, 2022

1. Further to CICS Operating Memo (OM) No. 19-030 dated February 11, 2019, we wish to remind that starting May 2, 2022, only the following clearing items shall be acceptable for clearing:

1.1. Checks that comply with the new Check Design Standards and Specifications. On top of

the design revisions already published prior to the above stated Memo, new design Checks

include the following changes:

1.1.1. Standard Month-Day-Year format (MM-DD-YYYY) for date, supported by date format

guide below the dateline and box for each of the MM-DD-YYYY letters.

1.1.2. Peso (₱) Sign moved out of the Amount in Figures box (placed before the box).

1.1.3. Boxed Signature/s Line/Spaced

1.2. Old Format Checks in any of the following conditions:

1.2.1. Post-Dated Checks (PDCs) accepted/stamped ‘Warehoused’ by banks prior to May 2,

2022;

1.2.2. PDCs without ‘Warehoused’ stamp but bearing or printed with ‘Unique Identification

Code’ (UIC) that indicates receipt by banks (for warehousing) prior to February 11,

2019 (date of issuance of CICS OM No. 19-030) ; and

1.2.3. Manager’s Check/Cashier’s Check issued by the clearing banks bearing the Waiver

Statement and features required prior to the issuance of CICS OM No. 19-030

will still be acceptable for clearing beyond May 1, 2022.

2. Take note of item 1.2.2 above which is about PDCs that have no ‘Warehoused’ stamp.

Notwithstanding the absence of the stamp, acceptance of such PDCs is allowed because stamping and recapturing of previously accepted PDCs may be tedious and prone to errors.

3. A non-compliant Check that does not fall within the conditions mentioned in 1.2 when

presented for clearing shall be returned by the Drawee Bank to the Presenting Banks using the reason: Refer to Issuer: Old Format Check. Moreover, such presentment is subject to the applicable penalty of ₱1,000.00 per item/day or amount of item multiplied by the average IBCL rate of the day, whichever is higher, pursuant to the provision stated in CICS OM No. 17-019

dated 13 September 2017.

4. We count on the full cooperation of all participating banks.

CICS OM No.19-031

.Non-acceptance of Old

Download NON-ACCEPTANCE OF OLD • 56KB