Checking Account

1. The Bangko Sentral ng Pilipinas issued a new order to phase out the old cheques by April 30, 2024. What is the effective date for the new cheque with the new format?

• May 1, 2024

• June 1, 2024

• May 1, 2025

• June 1, 2025

Which of the following is not true about the new format of cheques released by the BSP?

• The Philippine Clearing House Corporation (PCHC) informed the public that beginning Wednesday, May 1, 2024, banks will only accept checks with the new design.

• Among the changes are the standard date format, which will now follow the month-day-year. numerical format; the peso sign is now outside the amount in the figures box; and the addition of a signature box.

• Exceptions will be allowed for post-dated checks stamped or printed with the word "warehoused," manager's or cashier's checks, and checks with an issue date of April 30, 2024 or earlier.

• None of the above

 It is an instrument that orders a bank to pay the person named on the check or the bearer thereof a definite amount of money from the drawer’s bank account

• Passbook

• Check/cheque

• Bank Statement         

• ATM card

What are the benefits of having a checking account?

• Convivence and better money management

• Low interest rate

• Not safe to save it in the house

• none of the above

When making a cash deposit with deposit slip, what are the thing we might consider?

• Do not write the transaction date.

• Give the teller your deposit slip and cash.

• Do not write the total cash amount.

• Make sure the deposit slip has the incorrect account number and address information.