Philippine banks must accept folded or stapled checks as long as the important details are still visible, the Philippine Clearing House Corp. (PCHC) clarified on Monday.
"PCHC specifically states that checks which are folded or have staple holes should be accepted by banks as long as the image and the information on the check are still clearly visible upon unfolding or inspection," the PCHC said in a statement emailed by the Bangko Sentral ng Pilipinas (BSP).
This comes after the BSP set a January 20, 2017 deadline for Philippine banks to shift to the Check Image Clearing System (CICS) regulated by the PCHC.
"Further, checks without the world 'only' after the amount written on the check, with empty spaces not ruled out, or information not written in dark-colored ink should not be reasons for non-acceptance by banks," the PCHC said.
"No standard format on the date on the checks is required," it added. —Jon Viktor D. Cabuenas/KG, GMA News