Banking

Citi introduces Citi Check Protect

January 18, 2011 | 12:00am

MANILA, Philippines - Citibank Philippines (Citi) has launched a new service to help its depositors ensure that the checks they issue will be honored as long as they have funds in their other Citibank accounts.

Citibank Philippines introduced Citi Check Protect, which will provide its clients the option to secure protection for the checks that they issue by enrolling their savings accounts as alternate sources of funds, should their checking account come up short. Citi Check Protect will also be available to depositors of Citibank Savings, Citibank’s thrift banking arm in the country. Citi Check Protect can be availed with a simple one-time sign up through a call to 24-hour CitiPhone or a visit to any of the branches.

Under Circular 681 of the Bangko Sentral ng Pilipinas, effective Jan. 24, 2011, a customer’s checking account must have sufficient funds the day the check is presented for clearing. The drawee bank must return the dishonored check to the negotiating bank, not later than 7:30 a.m. on the second day from the date of presentment of the check.

With this tighter window, depositors will no longer have the opportunity to fund incoming checks in cases of insufficient account balances. New check clearing process shall be applied to Manila local exchanges, while regional local exchanges shall be applied effective July 1 this year.

Citi Check Protect complements a number of benefits that Citi banking clients currently enjoy, affording them peace of mind.

Citi country officer for the Philippines Sanjiv Vohra encourages the bank’s clients to be proactive and stay on top of their checking accounts through a free SMS service called Citi Alerts. “This is another innovation we introduced years back, and continue to offer for free, to help our clients stay on top of their Citi accounts.”

Once enrolled to Citi Alerts, depositors may receive a range of SMS alerts such as notice on return of unpaid checks, large withdrawal, large deposits, and transfers to another Citibank Philippines account.