A checking account has many good uses, and for business people, it is necessary. But if you don’t handle it well, it can lead you to financial and legal troubles and much stress.
Someone asked about crossed and open checks, so I’ll describe them first before going to the main topic.
CROSSED CHECK: Yong may 2 parallel slant lines sa left top corner ng check. This means this check CAN NOT BE ENCASHED over the counter. Ide-deposit siya to the account of the person whose name is on the check.
Yong ibang issuer, nag-i-stamp ng FOR DEPOSIT ONLY or FOR PAYEE ACCOUNT ONLY sa check.
Merong company-issued checks na pre-printed at naka-design na sa check yong FOR PAYEE ACCOUNT only.
OPEN CHECK or UNCROSSED CHECK: Walang 2 parallel slant lines, at walang FOR DEPOSIT ONLY or FOR PAYEE ACCOUNT ONLY. This can be encashed immediately over the counter on date of check at the drawee bank branch (yong bank branch ng nag-issue ng check).
To avoid troubles and stress, don’t do the following:
1. Huwag mong ipagkalat na meron kang checking account. You are opening yourself up for abuse by friends, neighbors, officemates and relatives na mahilig manghiram pero hindi responsable.
2. Iwasan ang pag-issue ng check na Pay to CASH. Ginagamit lang ito sa maramihang issue ng checks for awards, rewards, etc. Kapag merong name ang check, meron kang proof of payment at mas accurate ang financial records mo.
3. Do not issue a check if there’s no money or not enough money in your account to cover check encashment.
Huwag mong isiping dahil crossed check ay safe pa…dahil clearing rules have changed. You can no longer fund your account upon presentation of the check ( for stricter banks). Penalty agad.
Merong banks that allow more time, but funding should be done within the day of check presentation. Some banks also offer options, such as automatic transfer arrangement or electronic funding. Before 7:30 am the next day, banks are required by BSP to return unfunded checks. Pag returned check, surely kasabay ang penalty.
Eh kung open check pa at dinala agad sa bank mo for encashment, may penalty ka agad.
Penalties for unfunded checks and returned checks are costly. Hindi na lang 2k ngayon. Iba-iba rin ang penalty policies — puedeng merong penalty imposed by the drawee bank and another by the payee bank.
So, basahin mo yong check clearing policies ng bank mo, at kung magkano ang penalties, at kung ano yong mga penalties.
4. Do not issue post-dated checks if you are not sure where money will come from, especially if these are big amounts.
Payees can use the checks to sue you for violating the Bouncing Check Law or for committing Estafa.
Usually, car dealers, real estate developers, housing loan providers, and rental property owners require post-dated checks. Ask these people if you have the option, in case of some problems in the future, to notify them and request for a grace period before they deposit the check, so you can avoid the costly penalties.
5. Do not bring your checkbook anywhere you go.
Parang credit card din ang checkbook. Kapag nawala, puedeng gamitin ng iba lalo na kung meron kang pirma doon na matutularan nila.
6. Do not issue a signed blank check. Puedeng malayong malaking amount ang isusulat ng binigyan mo.
Sulatan mo muna ang date, name, and amount bago mo pirmahan.
7. In writing the amount in words, huwag kang mag-iwan ng malaking space between sa printed na “PESOS” at yong amount na isusulat mo, para nang sa ganon, wala nang maidagdag pa ng mga gustong manloko.
Puede kasing gawing “Twenty Nine Thousand Pesos” yong “Nine Thousand Pesos” kapag merong space.
Ganon din sa amount in number, puedeng 29,000 yong 9,000 lang. Dapat konting-konti ang space between the Peso sign and the amount. Yong iba, gumagamit ng dash o asterisk before and after the amount in number and amount in words.
8. Don’t forget your maintaining balance.
Kung nahatak pati maintaining balance to fund a check, remember to replace it ASAP. Dagdagan mo pa para mahila pataas yong monthly average daily balance at umabot sa required balance.
9. Punuin mo ng XXXXX ang check na merong error para hindi magamit ng iba.
10. Gamitin mo yong bookkeeping pages ng checkbook mo. Fill-up the DATE, CHECK NUMBER, PARTICULARS, DEPOSIT WITHDRAWAL, BALANCE after you write every check para ma-check mo ang balance mo at ma-monitor mo ang pera mo. Mache-check mo rin kung merong nawawalang check.
1. If your bank has Internet banking, enroll your account para mas madaling mag-monitor ng account. Madali ring mag-transfer ng money from your savings account to your checking account.
2. Keep the phone number of your bank branch, so you can call if you have questions.
3. Know your bank’s other branches and their locations, so you know where to deposit money in case you’re somewhere else.
Checking account in the Philippines
Cheapest Checking Account in the Philippines
Philippine Checking Accounts with Low Maintaining Balance Requirements
Hi Nora. Thank you sa tips about using checks. Bago palang ako nagkaroon ng tseke at nalilito pa ako minsan. Yung asterisks sa amount in words and figures, na-appreciate ko.
Post request, pwede ka bang mag-post ng tungkol sa mga internet banks?
Hi Rance, if you deposited the check before 1 pm, cleared na dapat the next business day. If you deposited yesterday, Friday, before 1pm, cleared na dapat on Monday.
Hi may nagbayad po sakin ng pera gamit checke sa bank ,bali Sa PNB po sya galing ilang days po ba ang clearing bago makuha ang pera
Helllo po. may checke po kasi lola ko di nya na encash way bay 1986 di po kasi naansin dahil namatay sa panahon na iyon lolo ko. now lang nakita… international check po sya… may pwede papo ba magawa dun
good evening po tanong lang po ako kasi iiwan ko po ang booklet ko sa girl friend ko at ipagamit ko sa kanya ang checke account ko sabi nya sya na mag hulog at gagamitin nya sa assume ng sasakyan kasi ako mag ibang bansa ako magkaproblema po ba ako if hindi nya magamit ng maayos ang checke account ko salamat sa sagot
I would like to ask about the misaligned printed check. Is it okay?
Hi Sandy, sabi mo late night na ng 28th, kaya malamang hindi mo na nahabol yong mga last processing ng banks on the 28th. Malamang meron ka nang charge. Feb 2 na ngayon, sorry I was late in my response, and I hope solved na.
Hi .. I would like to clarify, i have my monthly due date every 28th of the month. Mostly, before 28th i already funded my account , but then this time I deposit late at 28th (night) can the transaction will be proceed ? Or they just rejected my transaction ? thank you very much.
Hi Ms. Nora, meron po akong nawawalang cross blank check na deposit na po sya posibble po ba ma trace namin kung kaninong account sya nadeposit at possible pa po ba na mabawi un? Sino po pede kasuhan dun ung nagdeposit or ung kaninong account dineposit.. Sana po matulungan nyo ko.. Salamat po.
Hello po pwde ko po bang madeposit yung cheke na na cash yung nakalagay instead na yung name ko po?
Good day, d po ko ganong aware s checking account nun. My vouch checl po ko dati, mkakapag open p pob ako ng chechng acCt. Need ko pp kc mag open for housong loan. Thnx po
Hi Melanie, ang alam ko hindi puede ang authorization letter; ang puede is special power of attorney specifying the encashment of that check. Pero try mo rin yang authorization letter. Sana kung merong bank account ang husband mo, doon mo ideposit yang check. Kung hindi puede sa BPI at kung walang bank account, icheck mo kung puedeng yong nag-issue ng check ay ire-issue yong check sa iyo, with request or authorization letter from your husband to the issuer.
Hi ask ko lg sana if pwede ba yong spouse ang mgencash ng check na naka name sa husband?kc my authorization letter at mga valid ids naman po na iniwan.umalis na kc papunta sa ibang bansa Si husband.sa bpi po ang check.
ask ko lang sana panu ko ba maclose ung checking account ko, kasi ayaw pumayag ng ucpb na iclose ko ung acct without getting all the PDC sa developer. Sa developer kasi ayaw naman na nila mkpag cooperate sakin umatras kasi ako sa kimuha ko na bahay, ginagamit ko kasi yung PDC sa equity tapos bgla naman dumating ung notice sa pag ibig na approve na ung sa loan naming nag sabay tuloy ung pag ibig ska equity which hindi nila kami ni inform kasi sabi nila tatapusin muna ung equity bago ung sa pag ibig . Ganun din un sabi samin sa pag ibig dati tapos nagulat nalang kami nagsabay na . Hindi ko na kasi nilagyan ng funds ung checking acct ko kaya tumawag ung bangko na nag return check daw gusto ko sana isara na anu po ba pde gawin. Saka ung penalty ng UCPB pde po ba hindi bayaran un since sila naman may ayaw I close ung account without the PDC issue.
Hi! Ask ko sana if ok lang nakaprint ng details sa check using check printer pero ang date naka hand written? TIA
Hi Juan maria, yes, valid yan. Kung malapit ka sa branch ng bank na nakaprint sa check, doon ka mag-encash. Kung malayo ang branch, subukan mong mag-encash sa the same bank pero different branch. Kung ayaw nilang iencash, ideposit mo na ang check sa bank account mo. Ma-credit ang amount the next day or 2nd day.
Hi maam good morning po. Patulong naman po sana . May customer po ako na mag issue ng pay to cash check.. dapat po nakapangalan sa akin. Valid po ba yun? Ang problema po di ko na makontact yung customer tsaka nkuha napo nya ang item? Ano po ba dapat gawin..
Hi christina, yes, makiusap ka sa customer. Ikaw na ang pumunta sa lugar niya para hindi siya masyadong maisturbo. Bring the crampled check para isoli sa kanya pagkakuha mo ng new check.
good eves maam pwede po ba magpa issue ulit ng cheque sa customer namin kasi nagusot ko yong cheque na binigay nya for payment.
hi nota! i just want to know how if the banking institution bdo whom i issued check will call me if the unfunded check was returned to them? can i ask for hrace perood to fund the check and jave it redeplsited?
Hi May, ang tanong mo ba is liability sa bank charges? Ang magbabayad ng returned check fee is yong nag-issue ng check (yong nagbayad sa inyo). Kung yong bank nio ay merong service fee for returned check collected by roving banker, yon lang ang babayaran nio, pero barya lang yon compared sa 2k or more na babayaran ng nag-issue ng check (pero baka wala naman kasi loyal customer kayo).
kung liability with respect to your employer, wala kang liability, kasi inapprove nila ang process nio na magdeposit sa roving banker. Yan ang isang risk ng gagamit ng service na ganyan. Pero kung SOP nio rin as employees yong dapat i-follow-up sa bank about the status ng checks, yon ang hindi nio nagawa as employees.
Hi SA work po kc we deposit cash and check SA mga roving banker,and May returned check PO na sinabi lng SA amin after a week.is it still our liability ? We received the check as a payment
Hi julie ann, what did you mean? Merong naibigay sa iyo na RCBC cheque in your name then na-encash ng iba? Oo mate-trace, pero kelangan mong makausap yong nag-issue ng cheque, para ma-trace nila doon sa nag-encash ng cheque. Puede ring antayin nila yong image ng cheque na ibibigay ng nag-encash ng cheque.
hi ask lng po mattrace b kung kanino name ntransact ung cheke ng rcbc
In addition po sa tanong ko saan o kanino po mpupunta ung perang winidraw ng bangko?
Tanong ko lng po paano po ang dapat gawin kung may cheke ako tapos pinapalitan kolng sa 2nd endorsement tapos ang nangyari dineposit nya sa account nya ung pera ngayong araw then kinabukasan bumalik sa kanya yung cheke at tumawag ung bangko para sabihin n may problema sa cheke dahil for encashment only lng daw ung cheke, tapos sinabi ng bangko n kailangan i-withdraw ung pera sa account nya pwede po ba yun?
Naguguluhan po kasi ako sana maipaliwanag nyo po sa akin ng maayos.
Paano po kung nakapagisyu na ako ng PDCs at nagclose na po Checking account ko?
Ano po magandang gawan to avoid Legal Actions against me?
What I mean is paano ko po mapapaCancel ung mga tseke to avoid Bouncing Checks?
Sana po ay masagot nyo ko.
Tanong ko lang kung pwede ko ba edeposit ung check na galing sa ibang bank which is located sa ibang country at ilagay sa different bank account sa pinas?
Papano po kung hindi ko napalitan ng password ang ATM bdo kabayan savings ko safe po bang hulugan ko ng Pera ito?
I just want to clarify. I pay a PDC and it was acknowledged ng Company. Ung due date q kc is June 24 so ng issue aq ng pdc nung June 23 but ang pinalagay nung cashier sa check is July 5, 2018 which is the last day dw s grace period q. This means na ung check is for clearing by July 5 pa , right?
Looking forward for your response.
Hi ara, kapag Monday 7pm ang deposit, considered Tuesday deposit na. Kung hindi manager’s check, 3 days pa rin ang clearing. Ngayong Thursday, dapat cleared na ang check mo.
posible po ba maging 2days clearing? ngdeposit ako nung monday 7pm s bpi account.ang deneposit ko checke bdo crossed chek pay to cash.hanggang ngayn di pa cia clear.
Hi ayah, kung merong important reason na kelangang malaman ng BDO kung kanino nadeposit ang tseke, puede nilang i-track yong check. Nowadays na electronic image clearing na, hindi na bumabalik ang good cheque sa issuer, ini-store for 6 months ng accepting bank. Pero the issuer can request for a copy of the cleared cheque, or makikita niya sa monthly statement of account niya, so makikita yong mark ng accepting bank kung saan nadeposit. Yong account number and name, usually nino-note sa likod ng cheque.
hi ask ko lang po ng issue si company ng check skn pay to cash cross bdo checked.den ideneposit ko s bpi ko..malalaman b ng bdo kung kanino nadeposit while the check is pay to cash?
Hi Katherine, sorry hindi puede. Dapat yong name on the check ay pareho sa name of bank account. Mag-open ka na lang ng Kaya savings account sa BPI or BPI Family, walang maintaining balance at 150 lang yong debit card plus 200 pesos initial deposit. Pero bago mag-open, tanungin mo kung puede mo nang isabay na ideposit ang cheque mo.
hi ma’am. good day. ask lng po sna, i was given a crossed check (BDO) by my previous employer pero di ko po maencash dahil wala po ako bank account. possible po ba maideposit ko sya sa account ng mother ko since she has one with BPI? sana po makareply kayo sa akin. salamat po.
Good am po Ms. Nora, tanong ko lang po kung pwede pa ba maencash ang isang stale check? Thank you.
Hi I just wanted to ask. My former employer issued me a crossed check under my name but did not indicate “for payees account only” and is it possible to deposit it to my mother’s bank account because I dont have existing bank account yet.
Hi Agnes, were there remittances already sent to his Kabayan account? If none, based on comments I’ve read, BDO rejects check deposits into a Kabayan account because the BDO officers think that the OFW opened the account only for a check to be deposited (specially if the account was opened abroad). Ask your husband to send a remittance to his Kabayan account, then after the remittance is credited to his account, try again depositing his check into his account. If rejected by the teller, tell her that the account has already received remittances. Plead respectfully with the manager. In what country does your husband work? He might be able to open a Landbank or Metrobank account there
Hi Damien, dapat bawiin mo yong mga cheques mo sa pinagbigyan mo para hindi ka na gagastos pa sa stop payment order (SPO). Or kung hindi mabawi dahil mall ito or merong contract or dahil operating pa yong business, ask your former partners to issue you cheques or give you cash to cover those 6 months of admin fees. If you issue kasi SPOs, you pay for SPO fees and for returned cheque fees in case those cheques are deposited. Last resort is to close your checking account, specially if these admin fees and other fees are big losses (though it might be difficult for you to open a new checking account with the same bank in the future). Isipin mo rin if you could be sued for estafa if those checks bounce due to closed account or SPOs or insufficient funds.
Maari po bang ipacancel ang post dated cheques na naissue na? Dahil before connected ako sa isang small business at temporarily ginamit muna ang cheque ko pambayad ng admin fee. Ngayon wala na ako connection sa “small business”. At may natitirang 6months pa akong post dated cheques.
Hi ms nora my husband sss cheque was not able to be deposited on his bdo kabayan savings. And the teller told me that it si only for encashment.. the sss told me that it can also be deposited unless its the members account.. is there any special rule for depositing cheques for bdo kabayan saving since my husband is not here and it is offered for them as ofw . His cheques will be valid until july 2017, and my husband will be hwre on dec. can u help us here.
Hi Ms. Nora – I issued a BPI PDC but unable to fund it within the day. I got charged for 2,200. I funded the account by end of day. Does BPI keep the check or do they return the check to the holder? I’m asking because I want to tell the holder that they can present it again since I have already funded the account. But if they don’t have the check anymore, I won’t be able to tell them that (instead, tell BPI to process the check clearing).
Hi Alex, hindi na nirerecord kung sino ang nagdeposit. Kung SSS benefit o loan itong check, ang nagdadala sa mga banks ay mga delivery personnel nila at bahala na yong mga banks to credit the check amounts into the payees’ accounts. Sa account mo naman nadeposit kasi name mo yong check?
Hi ms.nora, itatanong ko lng po. May way po b pra malaman ko kung sino ngdeposit ng lbp check ko s bdo? Naka-pay to cash ito at cleared n ang check. Alam ko n po kung kninong acct sya pumasok, ang gusto ko lng malaman ay kung malalaman ko kung sino ang ngdeposit? Salamat
Hi kristel, yong tseke ay UCPB? Name ng mother mo ang nakasulat sa tseke? If yes, punta kayo sa BDO at ideposit nio ang UCPB check sa BDO account ng mother mo. Mag-antay kayo ng 3 days clearing. Kung madeposit nio bukas before noon, available na ang money sa Monday. Puede ring tanungin nio sa teller kung 3 days pa rin ang clearing or 1 or 2 days na lang, kasi sinimulan nang inemplement ng mga banks ang electronic image clearing.
Hello po gstu KO pong magtanung at mabigyan linaw. Dtu sa cheque ng mother KO may nakalagay na payee accnt only. So nung nag pnta napo kame bangko SBI need daw po ng bank account para makuwa ung pera at duun mailagay. Ang problem po ay ung cheque is ucpb bank pero ang ATM po n mother is bdo pwede po ba na ibang bank ung accnt no. na ibbgay sa ucpb para makuwa na namin ung pera .? Need help LNG po thanks.
Hi Mel, normally ang cheque sa atin ay meron nang naka-print na PESOS sa left side. Kung ganito ang design ng cheque mo, I think valid pa rin yong cheque mo.
Hi there, I forgot po to put PESOS word in the amount in words, but my figures ay okay naman po, yung word na pesos nakalimutan ko. Okay lang po ba yun? Thanks.
Good Day po Ms Nora gusto ko po magopen ng checking account maguumpisa po kasi ako ng small bussiness ano po pwede nio irecommend na bank yung mababa lang ang maintaining balance, for beginner po. Thank you in advance
Deposited ang check friday, kelan po ang clearing day? Tks
Hi Ed, sorry there’s no more BDO office in Milan. Meron lang silang remittance partner: CBN London Ltd. – Milan Branch
Corso Vittorio Emanuele II 22/1, 20122 Milan Italy. Phone No.: (0039) 023 9440 029 / (0039) 023 9440 541 / (0039) 023 9440 121
Ano po ang telephone number ng BDO sa Milano… Salamat po.
hi po maam nora, can i possibly withdraw a pay to cash check of specific bank to any branch of of that specific bank.. let say someone issued me a pay to cash check from abc bank malate manila, can i withdraw that check to abc bulacan? i hope you got me
Hi, what would I need to present if I’m to ecash a check in bdo? And how long does i take for them to actually give you the cash if it’s more than 500,000?
Hi gela, sorry no. I-encash mo dapat on the date of the cheque. Kapag merong 2 diagonal lines sa top left corner ng cheque, or merong “For Payee’s account only”, dapat ideposit mo ang cheque sa account mo. Maging available ang money mo on the 3rd business day after deposit, if deposit was done in the morning.
Pwede po ba ung ganun??? Confuse lang.
May 10 pdc kami na issue nang buyer, dahil naghahabol ung may MOA pero hindi nakapangalan aa kanya ang titolo. Pinipilit nya na ipstop payment ung sa amin kaya tumatalbog at issuehan sya nang bago para sya ang pagpasok sa banko
hello can I ask if pede nang icash yung cheque even not on the exact date ? thnks
Hi mike, yes, puede, the bank will charge you for interbranch encashment. But if the branch in Pangasinan is strict, it might require you to deposit the cheque to your account kahit uncrossed check yan.
even i encash it in pangasinan? because the cheque is manila branch. can i encash it to pangasinan branch on the date the cheque issued?
Hi mike, if there are no 2 diagonal lines on the top left corner, or if there’s no “FOR PAYEE’S ACCOUNT ONLY” on the check, yes, you can encash it on the check date. If the said marks are there, deposit the check into your account on the cheque date.
Hi! Can I open an account in the Philippines even I’m here in Canada?
i have a bdo cheque and it is manila branch can i encash it already? by the date issued?
Hi Celina, based on what you’ve said, I guess naninigurado lang siguro yong developer about your ability to complete documents required by Pag-ibig. Sa akin, kung ang sinasabi ng developer na blank check ay amount and date lang ang wala, pero isusulat yong Pag-ibig Fund sa Payee line, at crossed check, at meron silang ibibigay na receipt for the cheques with note like “24 cheques for Pag-ibig housing loan monthly amortization”, puede pa siguro, kasi nga hindi pa nila alam yong exact monthly amortization amount at yong exact amortization due dates. If you like, tawagan mo na lang ang Pag-ibig housing department about this: Housing Trunkline: (02) 422-3000 connecting all departments, puede sigurong Servicing Dept, or Member Relations Dept or Developer Assisted Dept
Hello Ms Nora, thank you for your reply. Actually first time din namin na nakaexperience nun. To clarify, ang pinapaissue po nilang 24 signed blank checks ay yung para sa pag ibig. Yung equity po ay may amount naman and all. Gusto ko po sana tanungin kung may mga legal counsel ba akong puedeng makausap to stop what they are doing na pagkuha ng signed blank cheks. I believe na legal naman ang business kasi marami nang nakatayo at nakatira sa subd. Isa pa, ung mga kasabay ko office nila ay for orientation sa take out and ung iba nakatira na dun.
Hi Celina, your husband is right. Why black checks? It’s my first time to hear about issuing blank checks for equity payments sa developer. A good developer should not be asking for blank checks from buyers. Kung ang concern nila is clear yong pagkasulat ng amount, ask them kung anong style ba gusto nila? Ang instructions lang naman ng PCHC is walang erasures, walang smudges, clear writing at yong amount in digits ay inside the box for amount. Ask your agent. You’re the buyer. They will do what you want about the check, or you will refund your reservation fee. You can tell them you were precisely instructed by your husband to sign only when the date, payee name and amount are all printed. All these 3 fields are important. The payee name should be the developer (company name). Write the dates correctly. 🙂
Hi Mrs Nora, I availed a house and lot through pag ibig financing pero sa ngayon, equity pa lang ang binabayaran ko. It’s actually my 1st month sa equity. They are requiring me to give 24 signed blank checks which is part of their requirements. I saw many people na okay naman ang naging result like nakapag moved in sila and the likes. Pero ayaw ng asawa ko na mag issue ako ng signed blank check dahil risky daw yun. Gusto ko magtanong sa mga legal counsel. Do you have recomendations? Thanks in advance! 🙂
Thanks. You’ve become my financial adviser. Another thing is that am already 47 and not yet a member of sss, pag I big, etc. The money o have came from my guardian who passed away recently that I would really like to be safe up until the day I need it most. I’ve no family of my own but has a grandnephew who’s 5y.o. please suggest as not keep my money in one basket.
Hi Peter, yes, it doesn’t take a long time to put money in time deposit. Just bring your money and your ID to the bank and fill up and sign about 2 or 3 documents. Choose auto-renew (6 months or 1 year auto-renew) so your money continues to be in time deposit in case you forget to renew it. The 5-year-term MP2 savings scheme of Pag-ibig is also good — it gives higher interest compared to time deposit. Save monthly 200 pesos with P1 (a requirement for MP2), then save monthly 500 to 1k or more with MP2.
Hi again. This is not about checking accounts but merely putting money where it yields and grows for the future. Is time deposit the least time consuming when it comes to paperworks? Even if low in interest to start short term eventually going to a long term is how I was advised.am not getting any younger s putting it in a bank would do me good.thanks.
Hi peter, no penalty if you don’t use it, but you will be charged 300 to 500 pesos a month if you don’t maintain the minimum maintaining balance. You should also put your checkbook in a secure place.
I just acquired a checking which comes with the whole bank package will I have to pay if I don’t use it at all?
Hi Jay, yes, you can use checks to pay your bills and other payables. Note that there are Bayad Center branches that don’t accept checks (the bigger ones accept checks). Most banks and companies accept checks for payments. Some banks don’t accept checks for certain bills.
About date of check and funding: You should fund your check prior to or on the early morning of your check date. For bill payment, the date of your check should be the day you pay your bill or day/s prior. Bill payment collectors do not accept post-dated checks (PDCs). When paying by check, always pay 3 or more business days before your bill’s due date, so that your check will clear on or before your due date — this is specially true for credit cards that impose penalties on late payments.
About your question: Your due date is the 30th, and you issue your check today and your date of check is today — You should fund your check today because your date of check is today, and your payee is expected to encash your check today, even if the due date is days later.
About PDCs: PDCs are usually required by financing and lending companies and banks for the installment payments for a car, a housing loan or for monthly condo or house rentals. These are usually issued in sets of 6 checks to 12 checks or 24 checks. The dates of PDCs are future dates, for example, Dec 25, 2015; Jan 25, 2016; Feb 25, 2016, and so on. For PDCs, you should fund every check prior to the date of the check (or early morning of the date of check). If the date of check is a holiday, Saturday or Sunday, fund your check the business day or the Friday before.
We have tips about checks here: Tips for First-time Owners of Checking Accounts
Hi Nora, I recently opened a checking account but to be honest I dont know how to use it. I find your site or blog very helpful so I decided to shoot you my questions.
Can I use this to pay my mortgage and my utility bills? If so, say my due date will be on the 30th of the month and I issue the check today and I deposit the funds on the 30th will that be ok? Will my bank not charge me any fee? When will the payee encash the check? Is this the PDC thing?
Hi Jasmine, yes, the issuance is legal. But your check will be good only if the company is reliable, and that their checking account will be sufficiently funded on time.
I was issued a post dated check one year in advance from my investment in a company, Is this ok?
Hi Shahi Badal, I replied to your question here: https://www.workingpinoy.com/banks-2/bpi/
Thank you Nora! 🙂
Hi charm, you need to register your account first at BDO’s website, then after registering, you are given a code that you will use to validate your registration at a BDO atm. Go to bdo.com.ph, click ebanking, then see Online Banking and Click ‘Go’
Hi! I just want to ask how to check my BDO account through internet?
Hi christian, you should check your account balance through atm to see if your account is still active. If a check bounces, usually the penalty is 2,000 pesos, and there’s an additional penalty of 200 pesos per day until the account is funded. There’s also a 300-peso penalty for accounts not maintained for 2 consecutive months.
To whom did you issue your 2695.35 check? Did he/she not complain that your check bounced?
How much is the interest if my check bounced? is there interest every day? If the check worth 2695.35 bounced march 10 because I lacked maintaining balance, how much is the interest by april 30?
Hi Jett, see your check if it has a “VALID UNTIL ___”. If it does not have a validity date, your check will be valid for 6 months. I hope you get your ID soon. It’s easy to get a postal ID, although it costs around 500 pesos, depending on the post office. You need a barangay certificate to get a postal ID. And ask BDO if they accept postal ID; some banks no longer accept postal ID.
Hi Nora, Im fresh grad and new at freelancing and I got my payment from my employer through a check in BDO. I just want to know, when will this check be expired or stale dated… since I dont have the required ID yet, it was dated on jan 8 2015
Hi josey, yes, you can check it today.
Hi josey, usually banks that are open on a Saturday just accepts the check, and then deposit the check the following Monday. If it’s a local check, it will clear on the following Wed.
Hi Nor, I haven’t received yet your response, if the check will be cleared on Wednesday if you deposited it Saturday before clearing time.
anyway, it’s already Wedensday. Perhaps I’ll just check it later.
I need to know if I deposited a check Saturday before clearing time, when will it be cleared or ready to use?