Service Fee for New Note Deposits with the BSP
On November 9, 2009, the Bangko Sentral ng Pilipinas (BSP) issued Memorandum No. M-2009-044, introducing a P100 service fee for every 1,000 pieces of new note deposits made by authorized banks. Banks are required to authorize the BSP to debit this fee from their Demand Deposit Accounts at the time of deposit. New notes are defined as those in original BSP wrappers or uncirculated condition in individual wrappers, and banks must use separate deposit slips for these new notes. Additionally, banks in Metro Manila must deposit new notes in sealed transparent containers, while regional offices may accept bundled deposits of mixed notes under specified conditions. This policy is set to take effect on January 4, 2010.
Quick Answers
- What is Service Fee for New Note Deposits with the BSP about?
- On November 9, 2009, the Bangko Sentral ng Pilipinas (BSP) issued Memorandum No. M-2009-044, introducing a P100 service fee for every 1,000 pieces of new note deposits made by authorized banks. Banks are required to authorize the BSP to debit this fee from their Demand Deposit Accounts at the time of deposit. New notes are defined as those in original BSP wrappers or uncirculated condition in individual wrappers, and banks must use separate deposit slips for these new notes. Additionally, banks in Metro Manila must deposit new notes in sealed transparent containers, while regional offices may accept bundled deposits of mixed notes under specified conditions. This policy is set to take effect on January 4, 2010.
- What type of law is BSP Memorandum No. M-2009-044?
- Service Fee for New Note Deposits with the BSP (BSP Memorandum No. M-2009-044) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Service Fee for New Note Deposits with the BSP enacted?
- Service Fee for New Note Deposits with the BSP (BSP Memorandum No. M-2009-044) was enacted on Nov 9, 2010.
- What is the citation for Service Fee for New Note Deposits with the BSP?
- Service Fee for New Note Deposits with the BSP, BSP Memorandum No. M-2009-044, Nov 9, 2010 (Philippines)
Law Information
- Reference Number
- BSP Memorandum No. M-2009-044
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
November 9, 2009
BSP MEMORANDUM NO. M-2009-044
| TO | : | All Authorized Agent Banks |
| SUBJECT | : | Service Fee for New Note Deposits with the BSP |
Pursuant to Monetary Board Resolution No. 1503 dated 22 October 2009 approving the proposal to charge a service fee of P100.00 for every 1,000 pieces of new note deposits of banks with the Cash Department (CD), Currency Management Sub-Sector (CMSS) and the Regional Offices and Branches, Regional Monetary Affairs Sub-Sector (RMASS), Bangko Sentral ng Pilipinas (BSP), please be advised of the following:
1. Banks shall issue a letter of authority in favor of the BSP, through the CMSS and RMASS to debit their respective Demand Deposit Account maintained with the BSP, for the service fee on their new note deposits.
2. New notes shall be deemed to include:
a. Notes in original BSP wrappers/bundles; and
b. Notes in uncirculated condition in individual bank wrappers.
3. Banks shall prepare separate deposit slip/s for new notes in addition to the deposit slips for fit and unfit notes which will serve as basis for the imposition of applicable service fee for new notes.
4. The applicable service fee shall be debited against the Demand Deposit Account of the bank concerned with the BSP on the day of deposit based on the deposit slip/s.
5. Banks in Metro Manila shall deposit new notes in separate sealed transparent containers of twenty (20) bundles per denomination. The CD may refuse to accept mixed deposits of new and fit notes.
6. The BSP Regional Offices and Branches may, however, accept deposit of bundled new and fit notes packed in sealed containers in uniform quantity of twenty (20) complete bundles of one or various denominations. HTScEI
This shall take effect on January 4, 2010.
(SGD.) AMANDO M. TETANGCO, JR.GovernorBangko Sentral ng Pilipinas
Cite This Law
Service Fee for New Note Deposits with the BSP, BSP Memorandum No. M-2009-044, Nov 9, 2010 (Philippines)
Service Fee for New Note Deposits with the BSP, BSP Memorandum No. M-2009-044 (Phil. 2010)
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