The Central Bank of the Islamic Republic of Iran has announced that starting from Tuesday, October 7, 1405, the issuance of secured checks in the banking network will be prohibited. This decision has been made to enhance security and transparency in the country's banking system, and as a result, banks will be required to issue guaranteed checks instead of secured checks. This change will be implemented as part of a two-phase plan to completely eliminate secured checks from the banking system.
Ban on the Issuance of Secured Checks
According to this decision, from the mentioned date, banks will no longer be allowed to issue secured checks for customers. Instead, guaranteed checks will be introduced as a new and secure tool for financial transactions. However, existing secured checks will be exchangeable and transferable until the beginning of January 1405.
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Implementation Phases of Changes
The Central Bank's program consists of two phases. In the first phase, which begins on October 7, the issuance of secured checks will be halted. In the second phase, starting from January 1, 1405, the acceptance and transfer of secured checks in the Chekavak system will also be prohibited. This action is aimed at preventing any disruption in customers' financial processes and facilitating the use of guaranteed checks.
Guaranteed checks will be registered and issued through the Sayad system (Pichak), which allows recipients to verify and check the authenticity of the check. Banks are also required to inform customers about how to use this tool, including the benefits of verification and ensuring the validity of checks.
Attention to Customer Rights
The Central Bank has emphasized that the payment process for guaranteed checks should be executed in a manner similar to the payment process for secured checks. This action is taken to prevent any disruption in customer affairs and to protect their rights.
In light of the new changes, system controls and the status of checks must be conducted based on the information registered in the Sayad system. This action is particularly important when transferring guaranteed checks in the Chekavak system to prevent unjustified returns of these checks.
Future Consequences
With these changes, it is expected that security and transparency in the country's banking system will increase, allowing customers to conduct their financial transactions with greater confidence. The issuance of guaranteed checks as a reliable tool can help reduce issues related to secured checks and lead to a more efficient and secure banking system.
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