As my fiance and I are thinking of purchasing a condominium in Cebu, we encountered a dilemma on how to pay the developer. Since both of us are based abroad, our banking transactions in the Philippines are mostly done online. We do not have any checking account nor do we want to ask someone to issue a personal check on our behalf after transferring the funds to them. To resolve this issue, I remembered a supplier from my previous company provided a manager’s check and check with our bank about this option.
A manager’s check or MC is a cheque issued by the bank, payable to a payee (individual or corporation) as indicated by the person who buys the MC. It is often used in situations when the beneficiary does not accept cash or personal cheques. One of the benefit of receiving or asking for a manager’s check is the check is “good as cash”. The bank puts a hold on the MC buyer’s account or have them pay the check amount upfront. Manager’s check are subject to 1 day clearing compared to the 4 day clearing of personal or corporate check.
Steps to Purchase a Manager’s Check
1. Proceed to the bank where you hold an account.
2. In the bank, ask for a form to purchase a manager’s check. Fill in the form. Double or triple check the information you’ve written on the form.
3. After you fill in the form, queue in the line and present the form, your ATM card or passbook, valid IDs and the manager’s check fee.
4. The bank will hand over the manager’s check to you. Double check that the name, amount (in words and number), date and signatories are all correct.
– The fee to purchase a manager’s check varies from bank to bank. You may try and ask for the fee to be waived if you’re a VIP customer.
– A manager’s check will no longer be valid after 6 months of issuance date.
– If you lose the manager’s check, file for an affidavit of loss, report it to the bank and ask for a replacement subject to fees.
– To cancel the manager’s check, you need to return the original check to the issuing bank with your valid IDs. Make sure that the person who purchased the MC is the same person who returns the original check for cancellation.
Manager’s Check Fee of Some Banks as of 14 May 2012:
- BDO: Php 30
- BPI or BPI Family: Php 50
- China Bank: Php 30
- HSBC: Php 100
- Maybank: Php 31.50