Avoid Errors and Alterations When Issuing Checks

erroneouscheck

The Philippine Clearing House Corporation (PCHC) has announced that effective January 4, 2016, checks with erasures, alterations and/or deficiencies will not be accepted for clearing.  This is regardless of any signature, or initial of the check issuer on the errors/alterations which would appear to indicate authorization of the alteration.  Previously banks allow such alterations for as long as the signature or initials of the check issuer appears beside the alterations.  This is not the case anymore.  Banks are not allowed to accept any check containing any deficiency lest they be penalised by the PCHC.  So beginning January 4, 2016, be extra careful in issuing those checks.

For more detailed explanation of this ruling, here’s the official memo from PCHC:

CHOM PAGE1

 

CHOM PAGE2

 

 

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