The password-protected check, as one of the important financial tools in recent years, has come to an end today, and in its place, the secured check has been introduced. As part of this plan, banks are required to stop issuing password-protected checks and to provide funds transfer services through secured checks.
Advantages of Secured Checks
Secured checks, due to their connection to the Sayad system (Pichak), allow customers to verify the check using a 16-digit Sayadi ID before receiving it. This feature was clearly absent in password-protected checks, and for this reason, the secured check can be used as a safer tool in financial transactions.
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One of the notable points about secured checks is that the recipient is not limited to visiting the branch of the same bank in the same province. Additionally, according to the Central Bank's announcement, payments for secured checks will be made instantly starting today, which can significantly increase the speed of transactions.
Implementation Stages of the Plan
The implementation of this plan is divided into two phases. In the first phase, starting from October 7, 2026, the issuance of password-protected checks will be completely banned, and from Tuesday, January 1, 2027, the acceptance and transfer of password-protected checks in the Chekavak system will be halted. This means that after this date, the exchange of password-protected checks in the banking network will no longer be possible.
According to the Central Bank's announcement, existing password-protected checks can only be paid through the beneficiary visiting the destination branch of the bank that issued the check and completing the relevant forms. This change has been made to enhance transparency and prevent financial abuses.
The Central Bank has also requested that the banking network fully inform customers about how to use secured checks, the possibility of verification, and other advantages of this financial tool. This information can help customers easily utilize this new tool and benefit from its advantages.
Overall, this change in the country's banking system is considered a positive step towards increasing financial security and reducing the grounds for abuse and money laundering. Given the numerous advantages of secured checks, it is expected that this new tool will soon find its place in the country's financial transactions and become one of the main pillars of fund transfers.
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