Menu
MENU

Homebuying 101

Important Tips on

Handling Checking

Account

01

Fund your checking account thru ONLINE FUND TRANSFER at least 5 banking days before the check due date.

For your convenience and safety, we encourage you to Enrol in Mobile banking applications or download GCASH Application to Transfer Fund to your checking account online.

02


Be aware of bank penalties

Penalty for a Returned or Bounced Check
PHP 2,000 for every PHP 40,000

Additional Penalty for a Returned Check
PHP 200 for each day that passes until you fund your check.

03

Keep in mind laws against bouncing checks.

Imprisonment or fine for issuing a returned or bounced check, if your payee sues you under the Anti-Bouncing Checks Law (BP 22 or Batas Pambansa Bilang 22) and you are found guilty.

• Law on Estafa or Swindling (Presidential Decree No. 818, an amendment to Article 315 of the Revised Penal Code)

04

Know the meanings of these acronyms: DAIF and DAUD

DAIF = Drawn Against Insufficient Funds means your account balance is not enough to pay your check payee.

DAUD = Drawn Against Uncleared Deposits means your account balance is enough, but part or all of the amount is not yet available due to not-yet-cleared funds.

05

Do not Fall below your Average Daily Balance (ADB)

Monthly Average Daily Balance (MADB) requirement, usually 5,000 or 10,000 pesos. Falling below your maintaining balance will be charged P300-500 per month. This is automatically deducted to your balance.

06

Handle your checking account carefully

Three (3) bounced check will result to Automatic Closure of your account.

• This will affect your credit worthiness if you will apply for a bank loan

07

Monitor your checking account

Monitor the Monthly Due Dates of your issued Post Dated Checks.
Ensure sufficient funding before it falls due.

DATECHECK NO.ISSUED TOAMOUNTDEPOSITWITHDRAWALBALANCE
5/25/2020001Citihomes Builder and Development Inc.15,000.0015,000.00 200,000.00
6/25/2020002 Citihomes Builder and Development Inc. 15,000.00 15,000.00 185,000.00
7/25/2020003 Citihomes Builder and Development Inc. 15,000.00 15,000.00 170,000.00
8/25/2020004 Citihomes Builder and Development Inc. 15,000.00 15,000.00 155,000.00

What's New
MyCitiHomes Brings Back the Bayanihan Spirit through Urban Gardening December 14, 2020

One of the most positive things to come out of this year is a renewed interest in plants and urban gardening. As more people have worked from home over the last few months, there is more of a ...

Saving Princess : MyCitiHomes Gives Back to the Community December 14, 2020

Princess was pregnant when tragedy struck her home. The Taal Volcano erupted in early 2020, blanketing up to 14 kilometers of land with ash. Our Sabella Village project in Cavite is planned to be out ...

MyCitiHomes’ TABLET To Help Students In The New Normal September 30, 2020

For Filipino parents, giving their children access to quality education has always been a big priority. Many have even said it is the best inheritance kids can receive. Even in current times as we ...

Calculator

Disclaimer: All computation results are for sample computation only and are not official (VAT excluded).

Property Finder
%d bloggers like this: