This service was launched in April 1997. It is designed for financial entities to cash checks received from their clients, and issued by a different bank. Funds from checks sent for clearing on a given day will be credited to the beneficiaries’ accounts at the latest by noon of the following working day; this period is specified in the regulatory framework for this services, and financial entities are compelled to comply with it. At present, all check-issuing financial entities in the country use this service to collect and pay the funds from checks received from their clients. Using the servicesWhenever an individual/juridical person receives a check, they have two possibilities to obtain their funds:
• First, they may go to the financial entity issuing the check and cash it, with the client taking the risk of moving with the funds in cash.
• The second option is to deposit the check in the financial entity in which you keep your account. If it is the same entity against which the check was drawn, the customer will have the corresponding credit in his or her account on the same day. However, if the check is from a different entity, the entity that receives it as a deposit will send it to be cleared through this service, and the funds should be credited at the latest at 12:00 p.m. of the following working day. AdvantagesFor the individual/juridical person cashing the funds:
• The timeframe for their financial entity to credit the funds to their account is regulated.
• There is the possibility of filing a claim with the client’s own entity, if the funds are not credited within said timeframe. If the financial entity is unable to solve the claim, another claim may be submitted to BCCR. Claims may also be filed if the client’s financial entity should fail to credit the funds altogether [More information]
• The collection process is improved, as clients receive timely information on any uncollected checks, so they may do the collection procedure again.
• There are fewer security risks, since cash does not have to be moved from one financial entity to another to make a deposit.
Working hours
The Check Clearing and Liquidation service operates from Monday through Friday, except on holidays decreed by the Government, on a 2-working-day cycle. This means that any collection procedure carried out by a financial entity on a given day will allow the beneficiary to have the funds resulting from that operation in his or her account at the latest by noon of the following working day.
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