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.


China Bank Remittance Partners in Saudi Arabia

By Nora With No comments:

You can send money to the Philippines from Saudi Arabia through China Bank remittance partners in Saudi Arabia:

Bank Al Bilad 

Al Rajhi Bank  
 Tahweel Al Rajhi

National Commercial Bank

Samba Financial Group

Arab National Bank

You can send money for:
  -   Deposit to a China Bank account
  -   Deposit to another bank in the Philippines
  -   Cash pickup at any China Bank branch
  -   Cash pickup at any branch of China Bank's remittance partners:
          Cebuana Lhuillier
          M Lhuillier
          Palawan Express
          SM Global Pinoy Center

China Bank offers an Overseas Kababayan Savings (OKS) atm account.
      It has no maintaining balance requirement.
      To open this account, bring 2 1x1 ID pictures and at least one valid ID (original and clear copy)
      Additional ID or IDs might be required.

BDO Remittance Partners in Saudi Arabia  

Savings Accounts for OFWs and their Families     


Top Savings Banks, by Assets, Dec 2015

By Nora With No comments:
Here are the TOP 17 SAVINGS BANKS in the Philippines,
based on Total Assets as of December 2015.

RANK                     BANKASSETSRANK
 1.BPI Family266.3791
 3.RCBC Savings  92.8093
 4.Philippine Business  65.8904
 5.City Savings  65.2585
 6.Planters Development  49.8836
 7.Sterling Bank  30.7347
 8.Bank of Makati  27.9168
 9.China Bank Savings  27.25310
 10.HSBC Savings  22.9479
11.PNB Savings  22.66711
12.First Consolidated  14.86013
13.UCPB Savings  14.78712
14.BPI Direct Savings  13.79114
15.Philippine Postal  12.07416
16.PR Savings  11.35815
17.Producers Savings  10.59617
No. 18 to
No. 38
18.Equicom Savings  7.67619
19.Wealth Development  7.24520
20.Malayan Bank Savings  7.04518
21.1st Valley Bank  6.91921
22.Luzon Development  5.55322
23.Citystate Savings  4.95923
24.Penbank  2.85224
25.CARD SME Bank  2.37728
26.TongYang Savings  2.10035
27.Enterprise Bank  2.05526
28.United Overseas  2.01125
29.Legazpi Savings  1.94727
30.Queen City Development  1.88829
31.Optimum Development  1.60730
32.ComSavings Bank  1.57331
33.Bank One Savings  1.46934
34.Hiyas Banking  1.46532
35.Century Savings  1.41633
36.Dumaguete City Development        1.27237
37.Isla Bank  1.26836
38Merchants Savings and Loan Assn  1,01941

Ranking of Smaller Savings Banks (With Less Than 10 Billion Pesos)
           No, 39 to No.


 --  PNB Savings Bank is formerly Allied Savings Bank.
 --  Security Bank Savings, formerly Premiere Development Bank, was acquired by its parent Security Bank in 2015.
 --  Bank of Makati, formerly the No. 1 rural bank in the country,
       started operating as a thrift bank in April 2015.
 --  TongYang Savings Bank moved up by 9 levels, from No. 35 to No.26, over the quarter.
      TongYang Savings, formerly Orion Savings Bank, was acquired by Taiwanese bank
       Yuanta Commercial Bank. Yuanta was the fifth foreign bank that invested in the Philippines                 following the enactment of the banking liberalization law in 2014.


Top Banks in the Philippines, by Assets Dec 2015

By Nora With No comments:
Here are the Top Banks in the Philippines,  based on Total Assets as of December 31, 2015.

 Top Commercial/Universal Banks in the Philippines




1 BDO1,943.4951
2 METROBANK1,461.1692
3 BPI1,241.6543
4 LANDBANK1,197.6604
5 PNB  628.9715
6 SECURITY BANK  532.9856
7 DBP  508.4647
8 CHINABANK  454.8539
9 RCBC  432.0258
10 UNION BANK  375.94010
11 CITIBANK  274.51211
12 UCBP  271.60012
13 EASTWEST  228.35713
14 HSBC  171.79814
15 AUB   151.36415
16 PHILTRUST   136.14716
17 BANCOM  136.02717
No. 18 to
No. 35
18 MAYBANK    87.86418
19 PBCOM    75.09419
20 BANK of TOKYO   60.82221
21 STANDARD CHARTERED      56.81420
22 ROBINSONS BANK   55.84224
23 BDO PRIVATE   51.66728
24 VETERANS    50.73825
25 MIZUHO   46.44629
26 DEUTSCHE BANK   45.33622
27 JP MORGAN CHASE   39.62526
28 ANZ   38.40823
29 CTBC PHILS   30.59430
30 ING BANK   22.85827
31 BANK OF AMERICA   17.27831
32 BANK OF CHINA   16.00332
33 MEGA ICB   13.27934
34 SUMITOMO MITSUI    13.13233
35 BANGKOK BANK   11.46735
No. 36 to
No. 40
36 KOREA EXCHANGE   7.39136
38 SHINHAN BANK    2.370
39 CATHAY UNITED    2.206
40 AL-AMANAH   0.77937

Three New Banks in the Ranking, all with more than 2 billion pesos in total assets:
No. 37    Industrial Bank of Korea
No. 38    Shinhan Bank
No. 39    Cathay United Bank

  Four 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