BSP CIRCULAR 681 Revised Check Clearing and Settlement Processes (Automatic A R!

"UR# $% "$&'&AU& checks( )hat is BSP Circular #o* 681+ Bangko Sentral ng Pilipinas Circular No. 681, or the Revised Check Clearing and Settlement Processes, mandates banks to automaticall return checks dra!n against uncollected deposits "#$%#& and dra!n against insu''icient 'unds "#$()& on the same da . )hat is the e,,ect o, this circular+ *he circular onl a''ects in!ard checks issued against accounts !ith insu''icient 'und "#$()& and+or dra!n against uncleared deposit "#$%#&. Negotiated checks that are un'unded !ill automaticall be returned the same da . )ill the client -e in,ormed o, un,unded checks+ No, due to accelerated clearing time, there !ouldn,t be enough time 'or the bank to call and in'orm the client regarding their insu''icienc o' 'unds. A,ter -anking hours. are there other means o, ,unding m/ account+ -es, ou can trans'er 'unds be'ore 1./..p.m. through the various electronic banking channels on the same da ou issued the check. 0e suggest ou maintain su''icient 'unds in our account, especiall !hen issuing checks. 0e also recommend that ou enroll our accounts to our 1lectronic Banking Channels. *hese channels allo! ou to in2uire our balances, trans'er 'unds, issue a stop pa ment order and man more an time o' an da 3