PSBank Mobile Check Deposit allows individual clients to deposit eligible PSBank and other local checks payable to them, to their personal savings or checking accounts, just by taking a photo and a few taps on PSBank Mobile.
Through this innovation, clients no longer need to go the bank to have their checks cleared.
Access to the service is subject to eligibility, cut-offs, and transaction limits. It is available exclusively through PSBank Mobile, to customers with an individual or joint “or” current/savings account, maintained at the bank and enrolled in PSBank Mobile.
To use the PSBank Mobile Check Deposit service, the client must have a total Deposit Relationship Balance of PhP50,000.00 (combined Month-to-Date Average Daily Balance (ADB) for the relevant month, or Outstanding Balances of Savings Account, Checking Account, Time Deposit, and Prepaid Account).
US Dollar-denominated accounts are included with a fixed foreign exchange conversion rate of PhP50: USD 1
UITF and Loan Accounts are not included.
ELIGIBLE TARGET ACCOUNTS
Active Current or Savings Accounts
Note: Time Deposits, Prepaid Accounts, Accounts tagged as Cash-Basis-Only (CBO), UITF, Loan Accounts, and accounts with other restrictions (dormant, closed, etc.) are not eligible as target accounts.
HOW TO USE THE MOBILE CHECK DEPOSIT FACILITY
Please follow these guidelines:
TAKE FRONT PHOTO OF THE CHECK
TAKE BACK PHOTO OF THE CHECK
Note: Checks will be subject to image quality checking to ensure compliance with PSBank and PCHC standards. Checks shall likewise be reviewed by PSBank for its technicalities and compliance with the bank’s guidelines. Only acceptable checks shall be submitted for clearing / processing.
AVAILABILITY OF FUNDS
Checks received within the set clearing cut-off (3:00pm) shall be processed within the day. Checks received after the clearing cut-off shall be processed on the next banking day.
|Transaction Amount Limit per check||PhP100,000.00|
|Customer Limit per Month||PhP200,000.00|
|Velocity Limit per customer, per day||50 checks|
|Velocity Limit per customer, per month
Clients can easily deposit eligible checks just by taking a photo via the upgraded Mobile App. They no longer need to go to the bank to have their checks cleared.
|Invalid check image||
|Invalid payee name||
|Invalid date||Check is post-dated|
|No signature||No signature of the issuer|
|Pending for processing|
|Rejected by PSBank - Clearing Department|
|Posted to the account|
|Rejected by PCHC|
|Honored by Drawee Bank||X|
|Dishonored by Drawee Bank|
* Deposits are insured by PDIC up to PhP500,000 per depositor.