US DOLLAR CHECKS

US Dollar Checks

US Dollar Checks

IMPORTANT ADVISORY ON US DOLLAR CHECKS

Starting January 1, 2014, all Citibank US Dollar checks issued from your Philippine US Dollar checking account(s) which are deposited to local banks or foreign banks in the US will be treated as collection items by the presenting bank (the bank where your check is deposited). The processing period of these checks for collection may take longer than the current 15 days, depending on the process of the presenting bank.

To ensure that your checks are properly routed for collection, your current US Dollar checks need to be replaced. You may request for new US Dollar checkbooks through your Citibank branch, 24-Hour CitiPhone or by logging into Citibank Online at www.citibank.com.ph starting November 20, 2013.

Further, beginning December 15, 2013, please refrain from using your old US Dollar check. Please destroy all your unused checks and replace all outstanding checks you have issued with the new US Dollar checks.

We would also like to take this opportunity to inform you of one of our funds transfer services. With Citi Global Transfer, you can instantly transfer funds between Citi individual accounts in over 30 countries for FREE. Regular telegraphic transfer through the branch and interbank funds transfer services through Citibank Online are also available to you.

For more details, please call our 24-Hour CitiPhone at 995 9999 or 1800 10 995 9999 (outside Metro Manila through PLDT). You may also view our Frequently Asked Questions.

Thank you.


FAQs

Click on to expand and on to minimise the details.

Under the current clearing process, US Dollar checks issued by clients of Citibank Philippines are routed through Citibank Guam, USA. The checks are then sent to the US Federal Reserve System for clearing. However, effective January 1, 2014, Citibank Philippines US Dollar checks will no longer be sent to Guam and these will have to be processed as collection items.

When checks are sent for collection, physical checks are sent by the presenting bank back to the issuing bank for processing. The processes for presenting banks differ and the checks may be sent via (1) courier to Citibank Philippines or (2) through their correspondent bank.

Once received by Citibank Philippines and check is processed for collection, proceeds are remitted via wire transfer to the presenting/accepting bank.

Processing period varies depending on where the check is deposited. Impact of the change in process applies to Citi PH Dollar checks which are presented to Philippine-based local/foreign banks as well as international banks in US mainland. This may take longer than the current 15 days. The actual number of days will vary due to different handling of presenting banks.

The collection fees imposed by presenting banks may vary. But Citibank Philippines does not charge the payee or the client who issued the US Dollar check.

You need to replace your unused old US Dollar checks. New checkbooks will be available for request starting November 20, 2013 through the branch, CitiPhone, or Citibank Online.

Old checks will be cleared by Citi Guam until December 31, 2013. However, please refrain from issuing old checks and replace all outstanding checks starting December 15, 2013.

The new checks provide specific instructions to send the check item for collection and removes existing references to Citi Guam (including routing numbers and MICR details).

Below is a sample image of the check portions bearing the changes:

If your old checks will be presented to other banks on January 1, 2014 onwards, the checks will no longer be cleared by Citibank Guam and these will be rejected since Citibank Philippines would no longer have a clearing arrangement with them.

The fee for dollar checkbook is US Dollar 10.