Check Clearing in the Philippines

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  1. Hi Miss Nora. If I issued a crossed check po dated October 13, 2015 for example but my account has insufficient funds, will I still have the chance to fund it on the same day just before my bank closes? Thank you.

  2. Hi ms, its me again. My cheque (bank of commerce) is due on oct 25 but its a Sunday. Is it okay if i will deposit funds early morning monday oct 26. Thank you very much.

  3. Hi Rose, if the due date is today, you should fund your check before 1 pm today. There are some banks though that accept funding just as you described — just before the bank closes on check date. Call your bank.

  4. Hi cecil, if you’re sure your payee will deposit your check on Monday, then yes, you can deposit funds the first banking hour of Monday. But if your payee is a company that warehouses checks, usually warehoused checks are deposited on the preceding Friday if the due date falls on a Sunday. It will help if you call your payee.

  5. I deposited a bdo check on my landbank savings account. when I check my online account in landbank, my available balance is 500 while my current account is 5500. why could it be?

  6. Hi laarni, your check has not yet cleared. If you deposited yesterday before 1 pm, your money will be available tomorrow.

  7. hi ms. i issued a check (bdo), and it is to be cleared po today, but it was not been funded. my secretary forgot about the clearing date. but i ask a friend to transfer fund online from hers to mine. but it was already 7pm. my concern is, is it possible that my check won’t be returned tomorrow?

  8. Hi Fred, do you mean the check date is Nov 3, and it was funded 7 pm of Nov 3? I hope your check was not presented over the counter at BDO, and was deposited/warehoused in other banks. I think it won’t be returned, if BDO is just like BPI or HSBC that considers funding before 9 or 10 pm of check date if the check is deposited with other banks.

  9. Good day po. If a dated check was issued in the name of the school, how many days will it clear after they deposit? Thank you po.

  10. Hi ms, question po. I issued po a PDC to another bank NOV. 6 (fri) but I forgot my balance was not enough. if I deposit tomorrow NOV 7 (sat), will that cover the check good? will my check bounce? thanks po!

  11. Hi – i’m new to this. I don’t even know that current account is the other term for checking account. our cooperative requires us (me in particular) to open a checking account, I was given endorsement letter to open a non-maintaining checking account. I’m adamant to open coz I don’t know how it works. I’m trying to search thru the net on how this works and what possible fees I might incur for opening this but I cant find any. until I found your blog. To be honest I don’t even know how to write a check. can you please help aand post more info about it? your answer will highly be appreciated. 🙂

  12. Hi jay, we have written a new post here due to numerous questions on checks: Tips for First-Time Owners of Checking Accounts. I don’t know if you can still find a non-maintaining checking account. If you’re near a CityState bank, try asking about their 1,500-maintaining-balance checking account. If you’re near a rural bank, ask about if they have a non-maintaining checking account. The possible fees that you will pay are: below-maintaining-balance fee (from 200 to 500 pesos per month). The most important thing is do not issue a check if there’s no money in the account to pay the payee — the fee for returned check is 2,000 pesos plus 200 pesos per day until the check is funded or the account is closed. Returned check is the same as bounced check — this means the check bounced or was returned to the Phil Clearing House Corp. because there’s not enough money in the checking account to pay the payee. Do you mean the checking account will be in your name? What is it for? For your own use, or for the coop’s use? The most serious thing about checking accounts is you can be sued under the anti-bouncing check law and estafa law if your check bounced and you’re not able to remedy it quickly and your payee gets angry and will sue you. After reading the tips, comment again here or after the tips so I’ll know the things that you don’t know yet.

  13. Hi Abel, it will clear on the 3rd day if the check is local, meaning the issuing bank is in the same region as the bank where they deposited the check. 5 days if different regions.

  14. Hi kelly, there’s a big chance it won’t bounce if your payee deposited your check in the afternoon of Friday in another bank (different from your bank). By the way, it’s now Sunday (sorry for my delayed response), so check your account if 2,000 pesos was already deducted — that means your check was deposited early Friday morning. Do call your bank.

  15. Hi Nora I have mnthly payment in RCBC .Actually its every 11th of the month,I just want to ask if there is penalty if I have deposited at 1103 am today,

    Thanks

  16. Hi cathy, do you mean you issued an RCBC cheque dated Nov 11, 2015? If the payee’s bank is another bank, then your cheque is most likely good, and there’s no penalty. By this time, you can already check your RCBC account so you can see if your cheque was made good. I hope so.

  17. good am po.ask ko lang if nag deposit ako ng bpi check sa bdo ng 10:04 am.kelan po dapat ako mag fund? thank you po.
    good am po. if I deposited a bpi check at bdo at 10:04 am, when should I fund?

  18. Hi april, if you are the payor, you should fund your BPI check before the end of banking hours today. But if money is really tight, you can still deposit using the BPI cash deposit machine before before 9 pm today, but deposit earlier, to be sure.
    If you are the payee, and you’re asking when your BPI check clears or when it becomes available for withdrawal, your money should be available on Tuesday, Nov 17.

  19. Hi, if i pay via check today and deposit it after the cut-off (lets say before the bank closes) and tomorrow is non working holiday (apec wed and thu). does this mean that the check will be processed by friday?

  20. Hi Nicholle, if this is not a BPI check deposited to a BPI bank, yes, your check will be processed Friday morning.

  21. Hi Ms. Nora! I opened a Bdo savings acct (atm)yesterday (nov19-apec hol), they are on a half day, using a bdo managers check as my initial deposit. As per my understanding this has an average 1 day clearing, but checking thru the ATM today after activating it..the amount of check deposited is there but is not yet available. Does it require a 3 day clearing still? Even if its check is deposited on the same bank?

  22. Hi Voi, yes, your check will be available for withdrawal on the 3rd business day, on Tuesday. First day is today, Friday, because yesterday was a holiday. I think it’s only BPI that does immediate clearing if a BPI check is deposited to a BPI account. The same with a BPI Family check deposited to a BPI Family account.

  23. Hi Christine, sorry, no. If your HSBC check is not crossed, you can encash it at the issuing HSBC branch on Monday or the next days. BDO and other banks do not encash another bank’s check, but they can accept another bank’s check for deposit to the payee’s account, and the check will clear or be available for withdrawal on the 3rd business day.

  24. Hi Ms Nora! I made a redemption on Phil Equity last Nov9 after 12nn so they processed my request the next business day, Nov10. As per their website, the maximum days of redemption is 7 business days. They informed me that my cheque will be credited Nov23, which is today. However, upon checking my bank account the Current and Available balance are still the same. I understand that if the cheque is from a differnt bank, I need to wait for 3 banking days for it too be cleared. My question is, if they already credites the cheque to my bank, why it is not shown on my Current balance? Thanks and more power.

  25. Hi Joyce, you’re correct in all your assumptions. We’ll assume Phil Equity deposited in the afternoon of Nov 23, so we hope it will be credited to your current balance this afternoon. If not yet deposited this afternoon, then it’s time to call Phil Equity. More power too!

  26. Hi Ms. Nora I issued a check to PLDT Wed Nov.24, but I forgot to fund it yesterday, can I still catch up with it by funding it today, many thanks.

  27. Hi Ms. Nora, my friend in Zamboanga deposited a check (LandBank) into my LandBank account on 23 Nov (Tuesday) 12:40PM in Zamboanga. My LandBank account is @ Manila Branch. I was in the assumption that it will take 3 business days to clear. But until now, 28 Nov (Friday) 5:45PM, when i inquired my account, the check is still credited under the Current Balance. Why has it not yet cleared? Will it take 5 business days because it was deposited in Zamboanga and my account branch is in Manila? THANK YOU JOHN

  28. *CORRECTION AGAIN. Sorry, i confused my dates. I thought today is the 28th. Check Deposited on TUESDAY 24th November 12:40PM @ Zamboanga Landbank
    Last time i inquired my account : TODAY, FRIDAY, 27th November 5:45PM @ Manila Landbank

  29. Hi! I issued a check dated nov. 28 for pagibig, and one dated nov 27 for eastwest bank. i have issued the one for eastwest bank late for clearing already, however, i suddenly realized that the funds in my checking acct. Will not be sufficient for the two checks. Since nov. 30- monday is a holiday, will i stil have a chance to complete the funding by dec. 1 early morning and i wont e penalized? Thanks!

  30. Hi Novee Iris, was the Eastwest Bank check a payment to Eastwest Bank? and was it deposited/accepted at Eastwest Bank? If yes, Eastwest might charge you if the Pag-ibig check was cleared on Feb 27. Warehoused checks due on holidays, Saturdays and Sundays usually are cleared the day before. Check your online banking so you can see what were debited. If you can fund your check through a cash machine or through online, or through a branch open on weekends, then it’s wise to fund them earlier to lessen charges or to increase your leverage when you ask for consideration from your bank.

  31. Hi malen, do you mean the check date was Nov 24? You should have funded your check on Nov 23 or early on Nov 24. If PLDT did not have time to deposit your check before cutoff on Nov 24, then you still had time to fund your account on Nov 25. I hope you already have funded your account. Most likely, you had been charged if your check was presented for clearing before you were able to fund it.

  32. Hi John, yes, you’re right, regional clearing takes 5 business days. There are even cases which take 7 business days. And if the check cutoff in Landbank Zamboanga is 12 noon, your check will clear on Dec 2 (the 5th business day). I think it’s only BPI that offers real-time clearing if a BPI check is deposited to a BPI account.

  33. If the check was deposited by Nov. 26, and there is a 3 days clearing, when will I expect the deposited amount to appear in my bank acct. (BPI)? Just don’t know what bank is the cheque.

  34. Hi Misha, it’s most likely a non-BPI check since it’s not yet in your account. If it’s a local check, it will clear on Dec 1. If it was deposited after cutoff on Nov 26, it will clear on Dec 2. But the check amount should already be appearing in your current balance, although not yet in your available balance.

  35. Hi Ms. Nora, My client is from New Zealand and sending my salary through Paypal. I received an email from paypal that they are transferring the money and I will see the money at my bank account by November 27 2015. I noticed as well that my client sent my salary by Check. Until now I haven’t see any amount on my account. How many days that it takes for me to get the money?Thanks.

  36. Hi May, what I know is that if Paypal is used, you should have your own Paypal account. One cannot use Paypal to send money directly to another person’s bank account. The Paypal process is this: Your client sends money to your Paypal account, and when the money is already in your Paypal account, you yourself will transfer your Paypal money to your bank account. Recently, I transferred money from my Paypal account to my BPI account, and the money became available on my account the next day. Do you have a Paypal account? You can create your Paypal account anytime. Verify it using your Mastercard/Visa credit card or debit card

  37. Hi Mrs. Nora

    Yes I do have my Paypal account. I already tried to transfered the money into my bank account and paypal already emailed me that the money will be available on my savings account by November 27 however I havent seen any amount yet transferred to my account until now.

  38. Hi Ms. Nora, I issued a PDC dated 11/30/2015, but since it was a holiday there in the Phils, I assumed that the company to which I issued my PDC to, encashed it on the 27th even though the cheque was dated 11/30? Because I found out I was charged a service charge of Php 2200. Also, I saw in my statement that there was a cash deposit in my account on 11/27 to sufficiently cover the cheque issued. Was just wondering why I was charged with Php2200. And is it possible to have this reversed by BPI? Thanks po.

  39. Hi joyce, yes, call BPI and ask why you were charged 2200 and then ask the 2200 charge to be reversed. Yes, you’re right that banks encash warehoused checks due on a holiday on the business day preceding the holiday. But since you said there was cash deposit on 11/27, you should ask for the reversal.
    I noticed that there’s an additional 200 to the usual 2k charge, so I’m guessing that maybe the company you’re paying warehoused its checks with BPI. And since a BPI check deposited to a BPI account gets instant clearing, maybe the cash was deposited to your account later in the day on 11/27. But just the same, request for a reversal.

  40. hi nora, just to clarify the banking days term used, i deposited a check (backpay) issued by my previous employer to my own personal BDO account, let’s say i made the deposit friday afternoon, would that be already available on tuesday?

  41. Hi Apple, if you deposited it Friday afternoon, your check will be available on Wednesday. If you deposited it Friday morning, before cutoff, your check will be available on Tuesday.

  42. Hi Ms. Nora. I deposited checks to my account at bdo last saturday (december 12, 6:45) when will the checks be cleared? And if ever the checks are not funded, when will the bank notify me that the checks bounced?

  43. Hi Abad, your checks should clear on Dec 16. I think BDO will not notify you that your checks bounced. It’s you who need to check your balance through your online BDO account or through the atm. You can also call BDO.

  44. Hi, I have a salary loan check from PNB but I realized I dont have valid IDs yet(still working on them)but is it possible to deposit the check to MY BPI savings account because I really need the money. Your help will be much appreciated. Thank you.

  45. Hi Clyde, yes, you can deposit your PNB check to your BPI account. It will clear on the 3rd day. You don’t need an ID to deposit your check to your account.

  46. Good day po! I deposited my SSS check to my BPI account yesterday at around 1:15pm. When will the cash be available for withdrawal?

  47. Hi po, Ive got a bdo check and need it to deposit to my pnb account. How many working days can i widraw the money? Does bdo have a maximum limit for cash encashment? Thanks

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