With reference to the Palestine Monetary Authority regulation no. 125/2020 regarding the gradual implementation of the Electronic Cheques Clearing System, which entails electronic exchange of cheques in between all banks in Palestine and within Arab Bank’s branches, the new system aims to facilitate the transfer of funds and collection of cheques in between banks. To this effect , we would like to stress on the following important notes :
- Cheques will be automatically processed from the moment they are deposited for clearance.
- Customers must receive and use the new cheque books with the updated security marks.
- SMS messages will be no longer sent to customers after applying the new electronic clearing system, as the cheques will be processed instantly.
- SMS messages will only be sent when the cheque is cleared or returned.
- The customer must fund his/her account one business day before the cheque’s due date to avoid the cheque’s return, as well as maintaining the customer’s rating on the Palestine Monetary Authority cheques clearing system.
- The customer can view the transactions details and account balances via Arab Bank’s digital banking services.
- The importance of reviewing and validating the following technical details about the cheque prior to issuing or receiving it:
- Not to receive or submit any cheque that has been clearly altered or obliterated without the being signed by the cheque issue.
- The drawn amount on the cheque should have the same currency symbol on the cheque.
- The cheque should be in Arabic or English only.
- The cheque must not be written using a red pen and/or a pencil.
- In case the customer needs an account statement, it should be requested one working day prior to the cheque’s date of payment.
For more information, please call our Customer Care Center at:
1 800 333333 for Patel, Jawwal and Ooredoo subscribers.
+970 2 295 3333 for international callers and other telecom company subscribers.