In line with our efforts on keeping you informed on the latest banking and market information updates, allow us to share the latest announcement from the Bangko Sentral ng Pilipinas.

The Bangko Sentral ng Pilipinas has recently released Circular No. 681 (“Circular 681”) regarding the revised check clearing processes, which will take effect in January 1, 2011.

Under Circular 681, a check that is dishonoured by reason of insufficiency of funds or credits shall be returned by the drawee bank to the negotiating bank not later than 7:30AM on the clearing day immediately following the original date of presentation of said check to the clearing system. This is effectively the 2nd day from the date of presentment of the check for deposit.

In view of this, please ensure that your checks issued by you are funded with sufficient, clear and available funds. This is to avoid any inconvenience and corresponding penalties for dishonoured and returned checks.

For more information, please call your Account Officer, the 24-Hour CitiPhone at 995 9999 (Metro Manila) / 1 800 10 995 9999 (from other provinces through PLDT) or the Citibank Savings Customer Service Hotline at 995 1888 (Metro Manila) / 1 800 10 995 1888 (from other provinces through PLDT).