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 fee
        This is usually also 2,000 pesos.

36.  Fee for depositing a returned dollar check
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.  Manager's check 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

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.


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.


List of Life Insurance Companies Licensed 2014-2015

By Nora With No comments:
Here are the 31 Life Insurance Companies licensed by the Insurance Commission to sell life insurance policies for the licensing year 2014 to 2015, as of May 2015.

There are 2 insurance firms added to the 2013-2014 list.
Thankfully, there was no insurance company removed from the 2013-2014 list.

List is alphabetically arranged.

1.      AsianLife and General Assurance Corp. *
2.      Beneficial Life Insurance Co., Inc.
3.      BF Life Insurance Corp.
4.      BPI-Philam Life Assurance Corp.
5.      CAP Life Insurance Corp. **
6.      CLIMBS Life & General Insurance Cooperative *
7.      Caritas Life Insurance Corp.
8.      Cooperative Insurance System of the Philippines
9.      Country Bankers Life Insurance Corp.
10.    First Life Financial Company, Inc.
11.    Fortune Life Insurance Company, Inc.
12.    FWD Life Insurance Corp. **
13.    Generali Pilipinas Life Assurance Co., Inc.
14.    Insular Life Assurance Co., Ltd., The
15.    Manila Bankers Life Insurance Corp.
16.    Manufacturers Life Insurance Co. (Phils.), Inc.
17.    Manulife Chinabank Life Assurance Corp.
18.    Paramount Life & General Insurance Corp. *
19.    Philam Equitable Life Assurance Co., Inc.
20.    Philippine American Life and General Insurance Co. (PhilamLife) *
21.    Philippine AXA Life Insurance Corp.
22.    Philippine Life Financial Assurance Corp.
23.    Philippine Prudential Life Insurance Co., Inc.
24.    Philippines International Life Insurance Co., Inc.
25.    Pioneer Life Inc.
26.    PNB Life Insurance, Inc.
27.    Pru Life Insurance Corp. of U.K.
28.    Sun Life Grepa Financial Inc.
29.    Sun Life of Canada (Philippines), Inc.
30.    United Coconut Planters Life Assurance Corp.
31.    United Life Assurance Corp.

* These 4 companies are licensed to sell both life and non-life insurance policies:
AsianLife and General Assurance Corp.
CLIMBS Life & General Insurance Cooperative
Paramount Life & General Insurance Corp.
Philippine American Life and General Insurance Co. (PhilamLife)

** These are the 2 companies newly added to the list:
CAP Life Insurance Corp.
FWD Life Insurance Corp.

FWD Life Insurance Corp. is the Philippine unit of Hong Kong-based FWD Group. It's the first foreign life insurance company to launch in the Philippines since around 2005. It's also the first to be granted an insurance license under the new Insurance Code of the Philippines.
FWD officially started its Philippine operations on September 29, 2014 in Fort Bonifacio Global City. It also has a bancassurance partnership with Security Bank Corp. FWD life insurance products are offered at Security Bank branches.

FWD Connect
W Fifth Avenue Building
5th Avenue corner 32nd Street
Bonifacio Global City
Taguig City 1634
Phone: +632-888-8393
Email: CustomerConnect.ph@fwd.com

See here Name Changes: Licensed Life Insurance Firms 2013-2014

Top Life Insurance Companies, by Net Worth as of December 2013 


Send Money from Qatar to Philippines via BPI Remittance Partners

By Nora With No comments:
Here's a list of BPI Remittance Partner Companies in Qatar. You can send money from Qatar to the Philippines through these money transfer companies:

Al Dar For Exchange Works
IBA Bldg, C-Ring Road
Doha, Qatar
PO Box 24048
Phone: (974) 44550500

Al Fardan Exchange Co.
Najma St. near Merry Brown
Doha, Qatar
PO Box 339
Phone: (974) 44335132
Email: afx@qatar.net.qa

Al Jazeera 
14 Al Sadd St.
Doha, Qatar
PO Box 24413
Phone: 974-44363595

Al Mirqab Exchange Co. Wll
Bank St. beside QNB
Doha, Qatar
PO Box 1643
Phone: (974) 44886651
            (974) 44886652
            (974) 44886650
Email: unionexc@qatar.net.qa

Al Zaman Exchange Wll
Grand Hamad, Next to Al Fardan Center
Doha, Qatar
PO Box 23497
Phone: (974) 44441448
       (974) 44325110

Doha Bank
Doha Bank Tower, Corniche Street
West Bay, Doha, Qatar
PO Box 3818
Email: www.dohabank.com.qa
Phone: (974) 44456000

Eastern Exchange
Jaidah Tower
Doha, Qatar
PO Box 454
Phone: (974) 44412655
       (974) 44431314
Email: easternx@qatar.net.qa

Islamic Exchange Co.
Al Mirqab, Old Clock Roundabout
Doha, Qatar
PO Box 2731
Phone: (974) 44426146
Email: islamicexchange@hotmail.com

National Exchange Co.
Souq Al Jabor Road
Doha, Qatar
PO Box 6318
Phone: (974) 44416403
Email: natexcco@qatar.net.qa

Travelex Qtr Qsc
Souq Al Badi
Doha, Qatar
PO Box 30808
Website: travelex.com
Phone: (974) 44434252

Qatar-UAE Exchange Est
Website: uaeexchange.com

If you have questions, you can call or email these Bank of the Philippines (BPI) marketing officers:

Qatar phones : +97466082322



Why BPI and BDO Online Banking Systems Are Safer

By Nora With No comments:

You might have seen on TV the woman whose online banking account was hacked and who lost 100,000 pesos to the hacker. The money was easily transferred by the hacker because the woman's online banking system offers the option to Send Money to any local bank account without prior enrollment of the recipient's account.  This option is very helpful to certain business people but can be very risky.

BDO and BPI has certain online banking features that make them safer. This is not to promote these banks; this is just to describe their security features so you can think about what is not safe with your bank's online banking.

BDO Online Banking

1. BDO requires two login steps.
    It's just like opening two locked doors one after the other before you can enter.
   The first step requires your user name and password.
   The second step requires your One-Time Password (OTP) or the correct answer to the Challenge Question.
   You will know your OTP only if you're using the mobile phone no. registered with BDO.

  This means that even if your username and password were hacked, the hacker needs to have your mobile phone SIM to be able to receive the correct OTP code.

2.  The "Send Money to Another Local Bank" service requires you to enter the account owner's complete name, address, mobile phone no. and birth date.

3.  BDO has maximum limits for funds transfer amounts and number of transactions for unenrolled accounts per day.
     For "Send Money to Another Local Bank," the maximum transfer amount is 50,000 pesos.
         To complete the transfer request, you must first enter the sender's complete name, address, mobile phone no. and birth date.
     For "Send Money to Unenrolled BDO Account," the maximum transfer amount is 10,000 pesos.

4.  BDO requires you to change your password every 3 months.

BPI Online Banking

1. BPI notifies you through email immediately after a successful login. 
   Activate this service because this service is optional.
   Activate also your smartphone email notification so you'll be alerted if another person logged in to your account.
   This means that in case another person was able to log in to your account, you can immediately call BPI's hotline to stop the break-in.

2. BPI notifies you through email immediately after a fund transfer or a bill payment.
   Activate your smartphone email notification so you'll be alerted of the transfer or payment.  
3. There's no "Transfer Money to an Unenrolled Account" option in BPI online banking on desktop or laptop.
    You cannot transfer money to just any account. You need to enroll first another person's account before you can transfer money to it. Enrollment requires you to appear in person with your IDs at your branch or to send your enrollment form through postal mail to BPI and verify your enrollment over the phone.
   This means that in case the hacker is able to get through, the hacker cannot transfer your money to his account or another person's account.
4. The "Transfer to Anyone" option  is available through BPI's mobile phone banking but it is not automatic. It is optional. You need to activate this option using a BPI atm machine.
    This means you will not have the risk associated with this if you do not want it.