Funds will now be available a day after making a check deposit.
United Coconut Planters Bank (UCPB) is now fully compliant with the one-day check clearing announced by the central bank earlier this year.
In a statement, the state-run bank said check deposits can now be credited after one banking day, faster than the previous three-day waiting time as UCPB migrates to the check image clearing system. The new procedure allows banks to rely on digital images of a check to process fund transfers, versus the old requirement of bringing the checks from one bank branch to another before clearing can be carried out.
Starting Monday, Aug. 7, 2017, UCPB clients can now withdraw check deposits not later than 3 p.m. the next day.
The same one-day clearing will be implemented by UCPB Savings Bank.