Scrap Writing Month Names on Your Checks, Dates Have to be All Numbers Now
With some exceptions.
(SPOT.ph) Looks like replacing mistaken writings of 2022 with 2023 isn't the only date change you'll have to accommodate soon. Starting May 1, checks with alphanumeric date formats will no longer be valid to make way for a more uniform date format. That means you'll have to replace writing down the month's full name with its number equivalent. Allow us to explain.
An example of alphanumeric dates would be January 1, 2023. The fully numeric equivalent would be 01-01-2023, and it will be the only valid format starting May 1. If you've got alphanumeric dates on your checks, they'll be valid only until April 30 of this year.
Also read: Try These Money-Making New Year's Resolutions For a Prosperous 2023
What if my check has the month spelled?
Simply put, they won't be cleared. Best settle your checks with alphanumeric dates as soon as possible and train yourself to write purely numbers for dates when you fill out a check. Inspect the checks you receive and inform clients or customers, if you have any, of this new rules.
Also read: It's High Time to Open Another Bank Account, Here's Why
Exempted checks
According to Memo Circular No. 3738 from the Philippine Clearing House Corporation, the following exemptions will be made:
- post-dated checks or PDCs accepted or stamped "Warehoused" by banks prior to May 2, 2023.
- PDCs without "warehoused" stamp but bearing or printed with Unique Identification Code or UIC that indicates receipt by banks (for warehousing) prior to February 11, 2019.
- Manager's Check or Cashier's Check issued by the clearing banks bearing the Waiver Statement and bears features required
Credit: Atty. Harve B. Abella
If you have a check dated April 30, 2023 or earlier, you can still have it cleared provided that it's presented to the bank before the 180th day from its issue date (you only have until October 27, 2023 to claim it!).
Ever had to clear a check and the computer-generated date doesn't land exactly on the space provided? They'll still be accepted as long as the date is numeric and fully seen on the check, as long as it doesn't encroach other fields or parts of the date are missing.
Also read: 10 Savings Challenges to Start Now So Your Wallet Can Thank You Later