What are the bank policies regarding checks in the Philippines?
Kindly enumerate the policies implemented by a particular bank regarding checks. Indicate which bank/s in the Philippines implement such policies.
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Answer by ynsy_spyder
Checks are issued from a checking/current account which you open in any local bank. You have to maintain a minimum amount (usually P10K for peso account) monthly otherwise you will be charged a P100 for below minimum balance. It earns interest of 0.5% if you can maintain certain amount as balance (e.g. P50K) per month.
The rule of thumb in owning a checking account is not to issue check when you have no sufficient fund or when you have closed the account. When you do, the charge for unfunded account is P2,000 epsos + 200 per check per day. Then you could also get charged under bouncing check law if you don't pay up after your creditor demanded you to pay the amount you owe him.
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World Bank Raises Pakistan Floods Support to US billion
Image by World Bank Photo Collection
World Bank Raises Pakistan Floods Support to US billion. Washington DC., September 1, 2010. World Bank Group President Robert B. Zoellick told Pakistan Finance Minister Hafeez Shaikh today that the Bank would raise its flood-related support in the current fiscal year to US billion from US0 million and emphasized the Bank Group's commitment to help Pakistan recover from the worst floods in its history. Photo: Simone D. McCourtie / World Bank
Photo ID: 090110-RBZShaikh_006 World Bank
Orignal From: What are the bank policies regarding checks in the Philippines? and World Bank Raises Pakistan Floods Support to US$1 billion
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