"Clean Note Policy"

CBP MEMORANDUM Series of 1992

To:  Authorized Agent Banks

For an effective implementation of the "Clean Note Policy" provided for under CB Circular No. 1184, Series of 1988, all mixed/unsorted (fit/unfit) currency notes presented for deposit by Authorized Agent Banks (AABs) and accommodated by the Cash Department for overnight safekeeping only shall be charged a service fee of 0.1% per day based on the total amount of deposit if not withdrawn the following banking day as agreed/committed upon.

The service charge will automatically be computed on the banking day after default of withdrawal effective on the day of receipt of deposit and shall be charged/debited against the Demand Deposit account of the AAB concerned.

All deposit of mixed/unsorted notes shall be covered by a letter from an authorized Bank Officer addressed to the Cash Department stating intention to deposit mixed/unsorted notes for overnight safekeeping and an authority to debit demand deposit account in the event that said deposit is not withdrawn the following banking day.

This Memorandum shall take effect 15 days from date of issuance hereof.

EDGARDO P. ZIALCITA Deputy Governor