What is BSP Circular 681?

The Bangko Sentral ng Pilipinas Circular 681 or the “Revised Check Clearing and Settlement Processes” mandates all banks to return checks that are not sufficiently funded on the date the checks are presented: either Drawn Against Uncleared Deposits (DAUD ) or Drawn Against Insufficient Funds (DAIF) at an earlier time (by 7:30AM of the following day). 

How will this new policy affect checking account holders?

The new policy will affect only checking account holders who issue checks that are not sufficiently funded.  Owing to the shortened period that UCPB is allowed by the BSP to return DAUD or DAIF checks, we will no longer be able to advise you if you forget to fund the checks you issued, and you will have to ensure that there are sufficient funds in your account prior to the cut-off time. 

Savings account holders and recipients of checks will not be affected by this Circular. 

What is the deadline for funding my account?

Before issuing a check, please make sure that your current account has sufficient funds and available funds to avoid the inconvenience and added charges of a returned check. 

In cases of oversight, here are the ways you can fund your account on the day your check is presented:

Channel

Deadline

UCPB Branches

  • Over the Counter Cash Deposit
  • Over the Counter Check Deposit (UCPB Checks)
  • 3:00PM for most branches
  • Some of our branches are open until 6:00PM.  Click here to contact your maintaining branch.

ATM Fund Transfer

  • Any UCPB ATM (click here for locations)
  • Any Megalink ATM

 

10:00 PM

Internet Banking Fund Transfer

  • UCPB Connect for individuals
  • UCPB CM.Biz for corporations

10:00PM

UCPB Telebanking Fund Transfer (for individuals)

10:00PM

How do I enroll my account to UCPB’s Internet Banking or Telebanking?

To enjoy the convenience of viewing accounts online, paying bills and transferring funds anytime, please call your maintaining branch.  They will be more than willing to help your enrollment in our e-channels. 

Use of the UCPB Connect, UCPB CM.Biz and UCPB Telebanking is provided free of charge. 

If you have a UCPB ATM card, click here to enroll to UCPB Connect and start using it instantly.

I ordered a Stop Payment Order (SPO) on a check.  What will happen?

SPO instructions are only honored by the bank if it is ordered earlier than the check date.  If an SPO was ordered on or after the date indicated in the check, the SPO will only be honored if the check has not been presented to the bank. 

Can someone else fund my account?

Yes.  You may have another UCPB account holder fund your current account by fund transfer through ATM, UCPB CM.Biz, UCPB Connect, UCPB Telebanking, cash or “on-us” check issuance at any UCPB branch, provided that the deadlines indicated above are met.

When will the BSP Circular 681 be effective?

The BSP Circular 681 will take effect on January 24, 2011. 

As amended by BSP Circular 705

Who can I contact in case I need more information?

You may contact your maintaining branch or UCPB’s Customer Relations Center at (02) 811-9111 or email crc@ucpb.com.

We will also be updating our website for any further news regarding this circular and any other notices that will need your attention.

 

Thank you very much.