Friday, August 24, 2007 Developer creates safekeeping facility for check payments
ABOITIZLAND Inc. has established a post-dated check (PDC) warehousing facility, an added service for homeowners of its properties.
The facility is the first in Visayas and Mindanao.
Jinky Balcos, Aboitiz-land Inc. finance manager, said the PDC warehousing system is a cooperative arrangement with Security Bank.
She said the bank provides the facility to Aboitizland for the convenience of Aboitizland’s vecinos (Spanish for neighbors and refers to home-owners of Aboitizland) who have opted for deferred payment schemes.
“Aboitizland is the eleventh company nationwide to have availed of this facility,” Balcos said.
The real estate company has sought to make check issuance easier and more efficient for clients as it observed that ma-nual check-writing is both cumbersome and prone to error.
Under the PDC warehousing scheme, vecinos need only to bring their checks over to the com-pany’s offices and wait a maximum of five minutes while the software prints dates, payee, amounts in words and corresponding figures on their checks.
All that is left for the vecino to do is sign the checks issued and submit then to the Aboitizland finance department for turnover to Security Bank for safekeeping.
The system also automatically prints out an acknowledgment of the checks remitted to Aboitizland as the vecino’s proof of submission of his PDCs.
Balcos said the system accommodates checks from all banks and is one of the most “versatile” systems available, particularly for the real estate industry. (PR)
