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.


Are My BDO Kabayan Savings Passbook and ATM Card Different?

By Nora With No comments:
Here are our answers to questions we usually receive about the passbook and ATM card that come with the BDO Kabayan savings account:

1.  Are my passbook and ATM card different?

    Yes, they are different in the sense that one is a passbook and the other is an ATM card.
     But they belong to one and the same account -- your account.
     Your passbook and ATM card have one and the same Account Number.
     Your Account Number is on the first page of your passbook.

2.  I always withdraw using my ATM card, what'the use of the passbook?

      For your reference and proof.
      It's a printed record of your transactions,
      such as deposits, withdrawals, remittances, or transfers, whether through ATM machine, or online or over the counter at BDO.

3.   I have been using my ATM card only, and there's no record at all in my passbook.

      Your passbook will have records of your transactions only after you present your passbook at a BDO branch for updating.

4.  Is there a deadline or time frame for updating?
     None. You can request for passbook updating every month, or every several months, depending on your need.

5.  Is there a fee for updating?


6.  Are you required to deposit or withdraw when you update?


7.  After someone abroad sends money to my Kabayan, do I need to update my passbook before I can withdraw using my ATM card?

     No. You can withdraw through the ATM as soon as your remittance gets posted into your account.

8. Is the number on my ATM card my account number?

     No, that is not your account number. Your account number is on the first page of your passbook.
     Your account number consists of 10 digits. It has 12 digits if you include 00.

     The 16-digit number on your ATM card is your ATM card number. It's used by the bank for reference and tracking.

9.  Can I withdraw over-the-counter using my passbook?  
      Yes, usually if you're withdrawing a big amount.
       For smaller amounts, it's easier and faster to withdraw from the ATM machine.

10.  Is there a fee to withdraw over-the counter at a different branch?

       Yes. It's 100 pesos.

11.   Is Kabayan only for remittance from abroad? 
        Can anyone deposit to my Kabayan account over-the-counter?

         No, it's not only for remittance.
         Yes, anyone can deposit to your Kabayan account over the counter.

12.  Is there a deposit fee?

        But if you opened your account in Metro Manila, and someone deposits to your account in Laguna or in the Visays the deposit fee is 100 pesos.  This is called interbranch deposit fee. It's charged when account branch and deposit location are in different phone area zones.

13.  I opened my Kabayan account abroad.  Can I use my ATM card abroad?

       Not yet. You will have to activate your ATM card first.
       When you take your vacation in the Philippines, activate by changing your ATM PIN at a BDO ATM machine.

14.  If my ATM card is not yet active, is my Kabayan account active? Can I send money to it?

       Even if your ATM card is not yet active, your Kabayan account is already active. Yes, you can send money to it.

15.  I activated my ATM card when I was in the Philippines. But I forgot my ATM PIN. What should I do so I can use it here abroad? 

       If you no longer can remember your PIN, there's no remedy that you can do there abroad.
       Wait till you get back in the Philippines, so you can go to your BDO branch, ask for a replacement ATM card (a new ATM card), and activate your new card by changing your PIN.


Top Banks in the Philippines, by Assets Sep 2015

By Nora With No comments:
Here are the Top Banks in the Philippines based on Total Assets as of September 30, 2015.

 Top Commercial/Universal Banks in the Philippines




1 BDO1,884.4741
2 METROBANK1,367.6282
3 BPI1,158.5193
4 LANDBANK1,139.8464
5 PNB  607.4555
6 SECURITY BANK  483.0207
7 DBP  465.0826
8 RCBC  410.3559
9 CHINABANK  401.7598
10 UNION BANK  331.10110
11 CITIBANK  316.37511
12 UCBP  254.76112
13 EASTWEST  206.98113
14 HSBC  189.30614
15 AUB    138.76716
16 PHILTRUST   132.80015
17 BANCOM   121.26417
No. 18 to
No. 34
18 MAYBANK    89.04618
19 PBCOM    71.03719
20 STANDARD CHARTERED      60.74120
21 BANK of TOKYO   59.14321
22 DEUTSCHE BANK   58.97024
23 ANZ   56.95225
24 ROBINSONS BANK   55.36423
25 VETERANS    55.36422
26 JP MORGAN CHASE   48.37226
27 ING BANK   47.49228
28 BDO PRIVATE   45.40829
29 MIZUHO   42.32527
30 CTBC PHILS   29.18230
31 BANK OF AMERICA   15.87832
32 BANK OF CHINA   14.42931
33 SUMITOMO MITSUI    12.90333
34 MEGA ICB   11.77533
No. 35 to
No. 36
35 BANGKOK BANK   8.70535
36 KOREA EXCHANGE   7.55534
37AL-AMANAH   0.78636

If Savings Banks are Included in the top 25:
BPI Family Bank would be No.  13, with total assets of  243.279 billion
PSBank would be No. 16, with total assets of  158.288 billion
RCBC Savings  would be No. 22, with total assets of 86.486 billion
Philippine Business Bank would be No. 24, with total assets of 62.547 billion
City Savings Bank would be No. 25, with total assets of  61.812 billion

Banks That Moved Up over the Quarter:
Security Bank -- from No. 7 to No. 6
RCBC -- from No. 9 to No. 8
AUB -- from No. 16 to No. 15
Deutsche Bank -- from No. 24 to No. 22
ANZ -- from No. 25 to No. 23 ING Bank -- from No. 28 to No. 27
BDO Private -- from No. 29 to No. 28

4 Trillionaire Banks:
BDO passed the one-trillion-peso-asset mark in June 2011.
Metrobank  --  in September 2013.
BPI  --  in June 2014.
Landbank  --  in December 2014.

Landbank Becomes Second Biggest Bank if Merger with DBP Pushes Through

By Nora With No comments:

President Aquino has already approved the proposed Landbank-DBP merger and if the BSP approves it too, LANDBANK, as the surviving bank, will become the second biggest bank in the country, based on total assets, behind top ranking BDO.  It will surpass Metrobank and BPI.

Based on BSP data as of September 30, 2015, Landbank was the 4th biggest bank in total assets and DBP was 7th.

Top 10 Commercial/Universal Banks, Based on Total Assets




1 BDO1,884.4741
2 METROBANK1,367.6282
3 BPI  1,158.5193
4 LANDBANK  1,139.8464
5 PNB  607.4555
6 SECURITY BANK  483.0207
7 DBP  465.0826
8 RCBC  410.3559
9 CHINABANK  401.7598
10 UNION BANK  331.10110

Landbank Assets    1,139.846
DBP Assets                 465.082
Merged Assets         1,604.928

Absorbing DBP's 465.1-billion-peso asset into its own 1.14-trillion asset, Landbank will rise with 1.6 trillion in total assets, moving up to No. 2 in ranking, well above Metrobank and BPI. Aquino also approved the proposed increased in Landbank's authorized capital stock from 25 billion to 200 billion pesos to enable Landbank to absorb DBP.