The Rapid Check System is a division of Agency of Credit Control, Inc. Agency of Credit Control's Rapid Check System is an effective and efficient check collection service that allows its clients to:
Our check collection policy is a reflection of on-going efforts to provide better service to our customers and set higher standards for performance. The policy is based on principles of transparency and fairness in the treatment of customers. We are committed to increased use of technology to provide quick collection services to our customers.
All checks and other Negotiable Instruments payable locally would be presented through the clearing system prevailing at the centre. Checks deposited at branch counters and in collection boxes within the branch premises before the specified cut-off time, displayed at the branches, will be presented for clearing on the same day. Checks deposited after the cut-off time and in collection boxes outside the branch premises including off-site ATMs will be presented in the next clearing cycle.
Bank would give credit to the customer account on the day clearing settlement takes place. Withdrawal of amounts so credited would be permitted as per the Check return schedule of the clearinghouse. Wherever applicable, facility of high-value clearing (same day credit) will be extended to customers.
Bank branches situated at centres where no clearing house exists, would present local Checks on drawee banks across the counter and it would be the bank’s endeavour to credit the proceeds at the earliest.
Checks drawn on other banks at outstation centres will normally be collected through bank’s branches at those centres. Where the bank does not have a branch of its own, the instrument would be directly sent for collection to the drawee bank or collected through a correspondent bank.