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BSP CIRCULAR 681 Revised Check Clearing and Settlement Processes
(Automatic AM RETURN OF TOD/DAUD checks)
What is BSP Circular No. 681?
Bangko Sentral ng Pilipinas Circular No. 681, or the Revised Check Clearing and Settlement Processes, mandates banks to automatically return checks drawn against uncollected deposits (DAUD) and drawn against insufficient funds (DAIF) on the same day.
What is the effect of this circular?
The circular only affects inward checks issued against accounts with insufficient fund (DAIF) and/or drawn against uncleared deposit (DAUD). Negotiated checks that are unfunded will automatically be returned the same day.
Will the client be informed of unfunded checks?
No, due to accelerated clearing time, there wouldn’t be enough time for the bank to call and inform the client regarding their insufficiency of funds.
After banking hours, are there other means of funding my account?
Yes, you can transfer funds before 10:00p.m. through the various electronic banking channels on the same day you issued the check.
We suggest you maintain sufficient funds in your account, especially when issuing checks. We also recommend that you enroll your accounts to our Electronic Banking Channels. These channels allow you to inquire your balances, transfer funds, issue a stop payment order and many more anytime of any day!