30 May 2018

Important notice

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Call us on: (02) 85-878

Corporate Customer Advisory: Uniform Interpretation of Date on Cheques

Dear Valued Customer

This is to formally advise that the Philippine Clearing House Corporation (PCHC), through CICS OM No. 18-021 dated 16 April 2018, mandated that starting 1 July 2018 the Issue Date of cheques for clearing should follow the standard Month-Day-Year sequence, written in any of the following formats below:

Format Example
Fully Written November 03, 2018
Abbreviated Month (first three letters) Nov 3, 2018
Numeric Style (full year) 11032018
Numeric Style (last 2 digit year) 110318
Numeric with '/' partition (full year) 11/03/2018
Numeric with '/' partition (last 2 digit year) 11/03/18
Numeric with '-' partition (full year) 11-03-2018
Numeric with '-' partition (last 2 digit year) 11-03-18
Numeric with '.' partition (full year) 11.03.2018
Numeric with '.' partition (last 2 digit year) 11.03.18

 

This is to address the issues raised by the Clearing Participants arising from the non-uniformity of their interpretations of the dates on cheques presented for clearing.

Prior to this standardization, a cheque with an issue date written entirely in numerals, without clear indication which refer to the month of issue, was difficult to determine whether post-dated or stale. For example, "050418" can either be 4 May 2018 or 5 April 2018.

As support, HSBC Philippines will implement the following changes to its cheque clearing process starting 1 July 2018.

All non-compliant Current - (CDCs) and Post-Dated Cheques (PDCs) accepted and warehoused starting 1 July 2018 will be referred or returned to the client.

All non-compliant PDCs accepted and warehoused before 1 July 2018, on the other hand, should continue to be accepted until paid/negotiated.

If you have clarifications on this matter, please contact us at + 63 2 581 7315 or josephconcepcion@hsbc.com.ph.

Respectfully,

Joseph Concepcion
Client Services - Head
HSBC Philippines

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