50 Ways Banks Are Earning From You Through Bank Fees

By Nora With 6 comments:

Here are 50 ways banks are earning from you through bank fees, penalties or charges. 

This list is not to condemn banks. We need banks.

This is just to make you aware there are a lot of bank fees and what these fees are, so you can be smart about them.

These bank fees are not only charged in the Philippines -- most of these fees are also charged by banks in other countries.

Here are 50 Ways You're Making the Banks Richer with Bank Fees:


1. Below-maintaining-balance fee
    This is among the most common fees charged by banks, based on complaints online. One OFW wrote to this blog, saying she was charged 300 pesos for 15 months for a total of 4,500. She did not know that the minimum Monthly Average Daily Balance (MADB) or maintaining balance was increased.

2. Dormancy fee
    This is common among OFWs who are too busy with their work abroad they forget to remit to their accounts. A savings account becomes dormant if there's no deposit or withdrawal within 2 years. The time frame for a checking account is only one year.

3.  Interregional-branch over-the-counter deposit fee
     It's great to say that BPI, BPI Family, Union Bank, EastWest Bank, Sterling Bank of Asia and some big RCBC branches do not impose this fee.  This is one of the reasons why many online sellers use BPI accounts for collecting payments from their customers. Their customers will not have to pay deposit fees.

4.  Fee for exceeding maximum number of monthly withdrawals for special accounts
      This is usually imposed on higher-interest accounts.

5.  Lost passbook replacement fee

6.  Dollar withdrawal fee (withdrawing more than maximum amount)

7.  Dollar deposit fee (depositing more than maximum amount)

8.  Early account closure fee
    Fee for closing your account within one month from opening date

9.  Bank statement or certification fee  


10.  Another-bank's ATM withdrawal fee
     This is perhaps the most common fees charged by banks, and the most ignored by cardholders ("15 pesos lang naman...").

11.  Another-bank's ATM balance-inquiry fee

12.  Same-bank ATM withdrawal fee for special accounts

13.  Over-the-counter withdrawal fee for ATM accounts
       Banks say your ATM account is ATM-based, so you should use only the ATM for withdrawals.
       Your withdrawal should be free if the machine is out of order, or if you need more than the daily maximum ATM withdrawal amount.

14.  ATM card or debit card replacement fee

15.  Overseas ATM  withdrawal fee
       This usually costs US$3.50 per ATM withdrawal. Some ATMs abroad also charge their own fees.

16.  Overseas ATM balance inquiry fee
       This usually costs US$1.00.

17.  Overseas ATM withdrawal rejection fee
      These fees for overseas withdrawals are in addition to fees charged by some ATMs abroad for foreign-issued ATMs.

18.  Fee for exceeding maximum number of ATM withdrawals (for special debit cards)
       Usually, you are limited to 2 to 4 free ATM withdrawals a month.

19.  Funds transfer to another local bank

20.  Foreign-issued ATM card fee


21.  Cash card or prepaid card over-the-counter deposit fee

22.  Cash card inactivity fee
       Fee for not doing any transaction for more than 12 months

23.  Same-bank cash card ATM withdrawal fee

24.  Another-bank cash card ATM withdrawal fee

25.  Cash card replacement fee

26.  Visa or Mastercard prepaid card annual fee
        This is charged for Visa or Mastercard prepaid cards not linked to a savings account.


27.  Fee for inward remittance from overseas
        Nagbayad ka na sa remittance company sa abroad, may bayad pa sa bangko? Yes!
        In some cases, banks get their remittance fee through their foreign exchange conversion rate.

28.  Fee for outward remittance to overseas

29.  Correspondent bank fee for outward remittance to overseas
30.  Intermediary bank fee for inward remittance to another local bank

31.  Fee for outward funds transfer to another local bank

32.  Fee for incoming funds transfer from another local bank

33.  Fee for funds transfer using debit/credit memo over-the-counter


34.  Returned check fee
       This could range from 2,000 to 2,500 pesos

35.  Stop payment order (SPO) fee
        SPO application fee is usually 200 pesos per check.
        Plus 2,000 pesos for the process of stopping to fund the check
        (this is charged whether funds are sufficient or not)

36.  Fee for depositing a dollar check that was later returned
37.  Check retrieval fee

38.  Over-the-counter check encashment
       (Isn't this free? It has always been, but now some banks want you to deposit the check, not encash over the counter.)

39.  New checkbook fee


40.  Late payment fee
       If your due date is a holiday, Saturday or Sunday, pay before your due date.  
       If you're paying by check, pay several days before to allow for the 3-day to 7-day check clearing period.

41.  Over credit-limit fee
      You spent more than your available credit limit.
      (Why don't the banks decline the card usage? Well, you might sue them for embarrassment or for loss of business opportunity, so they might as well allow you to go over your limit, and just charge you a fee. Isn't that clever?)

42.  Annual fee

43.  Fee for making multiple payments per month
       Fee for making more than 2 or 3 payments to your credit card within a month
       Pinapagod mo raw kasi yong teller nila or yong system nila :)
       Bakit daw hindi ka minsanan lang magbayad? Huh!

44.  ATM cash advance service fee

45.  Over-the-counter cash advance fee

46.  Foreign transaction service fee

47.  Returned check fee (if you used an unfunded check to pay )

48.  Sales slip retrieval fee

49.  Credit card replacement fee

50.  Installment pretermination fee

. Foreign banks usually do not impose maintaining balance requirements for each account. What they use is Total Relationship Balance (TRB), the overall total of the balances of all your bank and investment accounts with them.

. The 50 bank fees above are not the only bank fees charged. There are other bank fees.

Related Posts:
What is Maintaining Balance or Monthly Average Daily Balance (MADB)?
Tips for New Checking Account Owners
Below-Maintaining-Balance Penalties for BDO Kabayan Accounts


Enroll in BPI Online Banking While Abroad

By Nora With No comments:

Yes, you can enroll in BPI online banking while abroad.

What account can I enroll in online banking?
.   any deposit account with BPI, BPI Family, BPI Europe or BPI Direct
.  BPI credit card

For Express Cash card, loan accounts and other BPI accounts, you can enroll them ONLY after your online banking enrollment has been approved and activated.

What are the steps in enrolling in BPI online banking while abroad?

1.  Go to bpiexpressonline.com

2.  Find "Personal Login" and " Enroll Now"

3.  Click "Enroll Now"

4.  Choose one of these below:

   .  Enroll an ATM-based BPI, BPI Family Savings, or BPI Direct deposit account
        For clients with ATM-based accounts

   .  Enroll a Passbook-based BPI or BPI Family Savings deposit account
        For clients with Passbook-based accounts

   .  Enroll a BPI Europe account
        For clients with BPI Europe accounts

   .  Enroll a BPI Credit Card account
        For clients with BPI Credit Card

5.  Click "Continue"

6.  You will see "Please let us know where you are residing"
      Choose "Outside the Philippines"

7.  Click "Continue"

8.  You will see Internet Banking Services Agreement.
      Click "I Agree"

9.  Complete Express Online Registration form
         .  User ID
         .  Password
         .  First Name
         .  Middle Name
         .  Last Name
         .  Mother's Complete Maiden Name
         .  Email Address
         .  Telephone Numbers
.        .  Account Numbers and Account Types

10.   Review what you have written.

11.  Print the completed form

12. Click "Submit"

13. Sign the printed form and mail to:

BPI Fulfillment Banking Department
9th Floor BPI Card Center
8753 Paseo de Roxas Makati City 1200

14.  After your request is processed, BPI will send you an email advice.


Change Old Turkish Lira to Peso

By Nora With No comments:

Old Turkish liras or old Turk Lirasi banknotes with lots of zeros NO LONGER have VALUE.

They were demonetized in 2005.  Ibig sabihin, hindi na ito nagagamit sa Turkey.
Kung meron mang nagpapalit ng new Turkish Liras sa Philippines, hindi rin nila papalitan itong mga lumang Turk Lirasi na madaming zeros.

These old Turkish liras were demonetized in 2005 after Turkey suffered years of hyperinflation and decided to remove lots of zeros from its banknotes and redenominated them.

In 2005, the one-million banknote became only one lira.

     OLD 1 Million Turkish Lira  =  NEW 1 Turkish Lira

Naging Isang Lira na lang ang value nitong 1 Million Banknote na ito since January 2005.

Nag-issue ang Turkey ng bagong banknotes. 

The biggest banknote in value  is 200 Turk Lirasi. 

The following old Turkish Lira banknotes are OBSOLETE and no longer in circulation:

100000 Turk Lirasi   or  100,000  Turkish Liras
250000                      or  250,000
500000                      or  500,000
1000000                    or  1 Million
5000000                    or  5 Million
10000000                  or  10 Million
20000000                  or  20 Million

The biggest Turkish Lira banknote in value now is 200 Turk Lirasi.

At present, the Turk Lirasi banknotes are:


Merong website na nagsasabing nagpapalit sila ng OLD Turk Lirasi, pero hindi ko alam kung totoo sila: LeftoverCurrency.com 

Related Posts:


Where to Change 100 Baisa (One-Tenth of 1 Omani Rial) to Peso

By Nora With No comments:

We have been receiving lots of inquiries about where to change 100 baisa to Philippine peso so I researched about it.

100 baisa is the smallest banknote of Oman in value.

The money of Oman is called OMANI RIAL and its units are called baisa.

Merong 100 baisa na papel, meron ding 100 baisa na coin. The other coins are 5 baisa, 10 baisa, 25 baisa and 50 baisa.

1 Omani Rial = 1,000 baisa

This means 100 baisa is only one-tenth of 1 Omani Rial.

Kumbaga sa atin, parang ang 100 baisa ay barya-barya lang.

Sad to say, I found out that NO Money Changer in the Philippines is changing 100 baisa.
Siempre, napakaliit nga naman ng value. It is not profitable for a money changer to change 100 baisa.

Yong Omani rial na nga lang, hindi pinapalitan ng maraming money changers, yong baisa pa kaya. Maybe the volume of Omani rials being exchanged in the Philippines is so small that changing Omani rial is not profitable for money changers here. Czarina, Sanry's and the others are not changing Omani rials.

Based on foreign exchange calculators online:

1 Omani Rial = 116 pesos ( more or less)

but on the website of Naila's Money Changer, the exchange rate is:

1 Omani Rial = 70 pesos  

and because 1 Omani Rial = 1,000 baisa

1,000 baisa = 70 pesos


100 baisa = 7 pesos

7 pesos!

Kulang pa sa pamasahe sa jeep, halimbawa lang merong magpapalit nito.  Eh kung mag UV Express ka pa.

We suggest, ipunin mo na lang ang mga 100 baisa mo, then gawin mong collection mo
or ibigay mo na lang sa OFW na nagtatrabaho sa Oman.

UPDATE as of June 27, 2016:
I saw on the Facebook page of Ans Money Changer that their exchange rate for Omani Rial is much higher than that of Naila's Money Changer.

1 Oman Riyal = 99 pesos

Ans Money Changer
Ramon Magsaysay Commercial Center
Dr. J Quintos, Malate, Manila

Other Metro Manila Money Changers that Change Omani Rial (based on their Facebook pages):

Naila's, Ans, Azmee, and Lenivee's change Omani rial, but they DO NOT change 100 baisa.

Azmee Money Changer
2600 Taft Ave corner Vito Cruz St.,
Brgy. 729, Malate, Manila
Phone: 586 7621

Lenivee's Money Changer
399 Alabang-Zapote Road, Aguilar Compound, Talon 1,
Las Piñas
Phone:  800 8404

Best Money Changers in Metro Manila
Best Money Changers in Muntinlupa


Savings Accounts with Low Maintaining Balance Requirements

By Nora With No comments:
You need to maintain a certain minimum amount in your bank account so that your bank will continue to manage your account. This certain minimum is called Maintaining Balance.

Maintaining Balance is also called Monthly Average Daily Balance (MADB).

If you fail to maintain your MADB for 2 consecutive months (dalawang magkasunod na buwan), your account will be deducted with 300 pesos to 500 pesos at the end of the second month. The deduction will continue from month to month until you are able to maintain your ADB for the month.

Here are Bank Savings Accounts Requiring an MADB of Only 500 Pesos:


Savings Account with ATM Access
Maintaining Balance: 500 pesos
Required daily balance to earn interest: 500 pesos
Maximum Withdrawal Amount Per day: 50,000 pesos


ATM Savings
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 500 pesos
Interest credited monthly


Value Savings Account
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 10,000 pesos
ATM card can be used at any Maybank ATMs
      in Malaysia, Singapore and Brunei


Basic Savings Account with ATM Card
Maintaining Balance: 500 pesos
MADB to Earn Interest: 25,000.00 pesos
Dormancy Fee: 500 pesos
Below MADB Fee: 500 pesos
Early Closure Fee: 500 pesos

DBP   Development Bank of the Philippines

Peso ATM or Passbook Account
Maintaining Balance: 500 pesos
Minimum ADB to earn interest: 500 pesos


Peso Passbook Savings Account with ATM Card 
Maintaining balance: 500 pesos
Minimum ADB to earn interest: 1,000 pesos
Interest credited monthly

Peso ATM Savings Account
Maintaining balance: 500 pesos
Min bal to earn interest: 1,000 pesos
Interest credited monthly


Regular Savings Account
Maintaining balance: 500 pesos
Min ADB to earn interest: 1,000 pesos

Power Build-Up Savings Account
Maintaining balance: 500 pesos
You earn interest if you withdraw only up to 2 times a month.

*For both accounts, a service fee of 50 pesos per month is charged if you fall below the required ADB

POSTAL BANK   Philippine Postal Savings Bank

Peso Passbook Savings Account
Maintaining Balance: 500 pesos
Minimum ADB to Earn Interest: 1,000 pesos
Interest compounded monthly, credited quarterly

PostalCash ATM Account
Maintaining Balance: 500 pesos
Minimum ADB to Earn Interest: 1,000 pesos
Interest compounded monthly, credited quarterly

Savings Accounts with an MADB of Only 1,000 Pesos:


Express Teller Savings
Maintaining Balance: 1,000 pesos
Min Amount to Earn interest: 3,000 pesos


Easi-Save ATM Account
Opening Balance: 500 Pesos
Minimum ADB to earn interest: 1,000 pesos

Easi-Save Passbook
Opening Balance: 500 Pesos
Minimum ADB to earn interest: 1,000 pesos
Service charge if you close within 90 days: 200 pesos


Passbook Savings Account
Maintaining balance: 1,000 pesos
Minimum ADB to earn interest: 1,000 pesos


Regular Peso Savings for Non-Veterans
Maintaining balance: 1,000 pesos
Minimum ADB to earn Interest: 10,000 pesos
Choice of passbook and/or ATM


Passbook Savings Account
Maintaining Balance: 1,000 pesos
Minimum ADB to Earn Interest: 1,000 pesos

Common basic requirements in opening a bank savings account:

2 valid IDs
2 one-by-one ID pictures
Tax Identification Number
Proof of home address
     (Some banks require this. If you have a Meralco, PLDT, Globe, Smart or other utility bill in your name, bring it in case it's required.)

For Students:
Latest School ID (with photo, signed by school head)
Birth Certificate

For In-Trust-For (ITF) Accounts (for kids who cannot yet sign):
Birth certificate
School ID (with photo and school head's signature)
Parent needs to present valid ID

Remember, if your account is ATM-based, and you do not have a passbook,
most banks require you to withdraw only through the ATM.
You’ll pay a fee if you withdraw over the counter.