6.16.2025

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:


ACCOUNT MAINTENANCE 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  


ATM or ATM CARD OR DEBIT CARD FEES

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
        

CASH CARD or PREPAID CARD FEES

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.


REMITTANCE or FUNDS TRANSFER FEES

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


CHECKING ACCOUNT FEES

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



CREDIT CARD FEES

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

Notes:
. 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

7.22.2019

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
Philippines

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

9.27.2016

BDO Remittance Partners Near Melbourne, Victoria, Australia

By Nora With No comments:
There's no BDO remittance partner in the city of Melbourne, in the state of Victoria, Australia, as of this time,
but there are 4 BDO remittance partners in Victoria, and here they are:

EHA Services Australia

Factory 6/7 Olive Grove, Keysborough
Victoria
Phone No.: +61 3 9701 8676
Fax. 613.9701-8675
Business hours: Open from 9 am to 5 pm Monday to Friday

EHA offers freight forwarding, money remittance and door-to-door cargo delivery to the Philippines.
It was established in 1993.

Balikbayan boxes depart every end of the month, so make your bookings early.   You can deposit your payments in any branch of these banks:
ANZ, WESTPAC, NAB & CBA

JEC Remittance & Cargo Service

Unit 70 No. 346 Sydenham Road, Sydenham,
Victoria
Phone No.: 03 9449 3606


J & J Express

6 Mantung Crescent Rowville
Victoria
Phone No.: (03)9702 7995 or (03)8768 7341
Mobile Nos.: 0407 666 688 or 0423 921 628  
Email: jexpress@bigpond.com
ABN No: 48 034 600 599
Website: jandjexpress.com.au
Business hours: 9am to 5pm, Monday to Friday

Bank partners in Australia: Bank of Melbourne and Westpac

According to its website, J & J Express was founded in 1990 by Josephine Quintero. It started out as a money remittance company, then later branched out to shipping balikbayan boxes and other cargoes, handling order regalo requests, and arranging concerts and celebrity entertainment events.

Ordoña Exchange

482 Spring Vale Road, Glen Waverley
Victoria

MELBOURNE is the capital of Victoria, one of the 6 states of Australia.
It's a coastal city, along the coast of It's the most populated city in Victoria and the second most populated city in the entire nation of Australia.

The 6 states of Australia are:

Western Australia
South Australia
Queensland
New South Wales
Victoria
Tasmania

Australia also has 10 territories.

Related Posts:

9.24.2016

Banks Releasing SSS Sickness Maternity Benefits

By Nora With No comments:
Here are the banks that have partnered with the SSS to release SSS Sickness, Maternity and EC Benefits through SSS members' ATM accounts:

If you're:

  •   Self-employed
  •   Voluntary
  •   OFW
  •  Non-working spouse 
  •  Separated, 

you can receive your SSS sickness, maternity and Employees' Compensation benefit through your existing or new ATM account with any of the following banks:


  • Asia United Bank (AUB)
  • Bank of Commerce (BCommerce)
  • China Banking Corp. (ChinaBank)
  • CityState Savings Bank Inc.
  • Country Builders Bank Inc.
  • CTBC Bank Corp.
  • Development Bank of the Philippines (DBP)
  • East West Bank
  • First Consolidated Bank
  • Innovative Bank
  • Land Bank of the Philippines (Landbank)
  • Merchant Savings Bank
  • One Network Bank (ONB)
  • Phil Bank of Communications (PBCom)
  • Philippine Business Bank
  • Philippine Savings Bank (PSBank)
  • Philippine National Bank (PNB)
  • PNB Savings Bank
  • Philippine Veterans Bank (Veterans Bank)
  • Postbank Savings Bank
  • Rizal Commercial Banking Corp. (RCBC)
  • Security Bank (SB)
  • Standard Chartered Bank 
  • Union Bank of the Philippines (UnionBank)
  • United Coconut Planters Bank (UCPB)
  • Century Savings Bank
  • Guagua Rural Bank
  • Philippine Trust Company (Philtrust)


The partnership is called the SMEC-PB Program, which stands for Sickness, Maternity and Employees' Compensation Payment thru the Bank.

How Will SSS Know My Bank Account?

You will write your bank account's details in your SSS benefit application form.

Here's the portion of the SSS Maternity Benefit Application form where you will write your account's details:




  • You will write these details:

  • Bank Name and Branch
  • Bank Branch Address
  • Zip Code of Bank Branch
  • Bank Account Name
  • Bank Account Number
  • Check if Savings/Current Account, UMID ATM Account or Cash Card
  • If Cash Card, write Validity date

SSS wants to make sure you are writing the correct bank account details, so bring with you:
   - Recent Deposit Slip with your name and account number (original and xerox copy)
   - Actual ATM card
   - Photocopy of your ATM card (front and back)

Related posts:
Top Savings Banks, based on assets as of Dec 2015 
Top Rural Banks as of 2015

9.15.2016

Check Clearing on the Same Day

By Nora With No comments:
One-Day Check Clearing for Local or Regional Checks. Will it happen soon? Will cheques soon clear on the same day it is presented to the bank?

It is expected, the BSP announced on its website. It announced that electronic check clearing will start on January 1, 2017. This means that checks will no longer be physically delivered to the paying bank. Instead, a digital image of the check will be sent online to the paying bank through the Check Image Clearing System of the PCHC*.

This is why the new design of checks is now like this:


3 changes:

1.  Smaller in size. Width now only 8 inches.
2.  The  amount portion is now boxed.
3.  There's a waiver -- those words in small letters.
      The waiver says:
      I/We allow the electronic clearing of this check and hereby waive the presentation for payment of the original to XYZ Bank.

Be reminded again that your check should have:
                . No erasure
                . No alteration
                . Complete information
                      Date
                      Name of payee
                      Amount in figures
                      Amount in words
                      Signature                  

What happens to the honored original physical check?
The original physical check will NOT be returned to the issuer or drawee bank. It will stay with the collecting or depository bank (where the check was deposited) for a period of 6 months. 

What happens now to a returned check or bounced check?  
The original physical check, with the reason for return stamped on it, will be returned to the payee by his/her bank. It also includes information on whether the check is good for re-clearing/redeposit or not.

Can the issuer ever see his honored original physical check again? 
Yes, but only within 6 months from clearing date. And most likely a not-cheap fee will be charged because both the depository bank and the collecting bank will be involved.

After 6 months, most likely the original physical check will be shredded, kasi sabi nila, after 6 months, only the digital image will be available for viewing upon request.

Not All Banks  
Sadly, there will be some banks that will not yet be able to participate in the Check Image Clearing System come January 2017.

*PCHC is the Philippine Clearing House Corp. (PCHC).  It will implement the electronic check clearing system through its Check Image Clearing System (CICS).

Glossary:
Payee -- to whom the check was issued; person or organization being paid

Issuer -- the one who issued and signed the check
or Drawer

Drawee bank -- bank of the check issuer; bank with name embedded on the check
or Paying bank

Depository bank -- bank of the payee; where the check was deposited
or Collecting bank 
or Presenting bank

Honored check -- funded check; paid check; good check

Bounced check -- not funded
Returned check

References: 

Bangko Sentral ng Pilipinas. 2016. Electronic Clearing of Checks to Start in January 2017. Retrieved from http://www.bsp.gov.ph/publications/media.asp?id=4172

Bank of the Philippine Islands. Check Image Clearing System. Retrieved from https://www.bpiexpressonline.com/p/1/907/check-design

BDO Unibank Inc. 2016. Check Image Clearing System. Retrieved from
https://www.bdo.com.ph/sites/default/files/notice_check_clearing.pdf

China Banking Corp. On Check Image Clearing System or CICS. 2016. Retrieved from 
http://www.chinabank.ph/pdf/CICS-FAQ-as-of-May-16-2016.pdf