MANILA — The Bank of the Philippine Islands now mandates a revised format for check deposits via its mobile application.
Starting
April 1
Customers planning to deposit their checks digitally should write “BPI/” followed by the payee’s BPI account number above the payee’s name.
Behind the check, they must also include the date of the mobile check deposit along with the payer’s signature.
The previous format mandated that clients write the payer’s account number at the back of the check.
BPI stated that they will process checks in their present form—which looks like what’s depicted below—only up until
March 31.
The bank mentioned that these new rules align with the updated mobile check deposit guidelines set by the Philippine Clearing House Corporation (PCHC).
The lender mentioned that their app’s mobile check deposit feature accepts checks for amounts under ₱500,000.
BPI mentioned that mobile check deposits will follow the same clearing guidelines as those submitted at physical branch locations. Any checks received after 3 PM, on weekends, or public holidays will be handled on the subsequent business day.
BPI reduces InstaPay transfer charges to PHP 10.
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