Home » Articles » Banking

Metrobank Will Be Implementing Changes in Check Processing (BSP Circular 681)...

Metrobank clients are reminded and advised that Metrobank will soon be implementing changes in check processing as mandated by Bangko Sentral ng Pilipinas Circular 681.

This is their email notification letter to all Metrobank clients:

Effective January 1, 2011, ALL banks are required to return unfunded checks not later than 7:30AM on the following day after checks are deposited/presented for clearing.  This change will have the following implications:


(1)         Checks with insufficient balances will automatically be returned.

(2)         Checking accountholders will only be able to fund any deficiencies via fund transfers using electronic channels ( i.e. Metrobankdirect, Metrophone, ATM) not later than 11pm within the same day when the payee deposited/presented the check to the bank.

(3)         Returned checks will be subject to inward returned check fee of Php2,000 plus Php200 for every Php40,000 and a fraction thereof of the check amount per day


We strongly encourage you to prepare for these changes in order to avoid any inconvenience once the circular becomes effective.  If you have questions or require further clarification, feel free to contact your branch of account.  You may also reach our Customer Care hotlines through any of the following:        


Hotline              : (632) 898-8701; (632) 898-8702
E-mail               : customercare@metrobank.com.ph.


Once again, thank you for choosing Metrobank.

E-Banking Division


Please support us in writing articles like this by sharing this post

Share this post to your Facebook, Twitter, Blog, or any social media site. In this way, we will be motivated to write articles you like.

--- NOTICE ---
If you want to use this article or any of the content of this website, please credit our website (www.affordablecebu.com) and mention the source link (URL) of the content, images, videos or other media of our website.

"Metrobank Will Be Implementing Changes in Check Processing (BSP Circular 681)" was written by Mary under the Banking category. It has been read 4798 times and generated 0 comments. The article was created on and updated on 24 December 2010.
Total comments : 0