Dear Client:
The Bangko Sentral ng Pilipinas (BSP) will be implementing new procedures on check clearing starting on January 24, 2011. Under BSP Circular No. 681 re: Revised Checking Clearing and Settlement Processes, checks with insufficient funds shall be dishonored and returned not later than 7:30 AM on the clearing day following the original date of presentation.
This means that Unity Bank, a Rural Bank, Inc. (URI) will no longer be able to advise its valued clients to fund their checks. The bank is now required to return to the Philippine clearing house corporation (PCHC) all unfunded checks for value on date of deposit.
Therefore please ensure that all your check are funded to avoid inconvenience and/or penalties.
For any clarification, please feel free to approach any of our branch officers.
Thank you.
The Management