50 Ways Banks Are Earning From You Through Bank Fees

By Nora With 7 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.


BDO Remittance Partners in Perth, Australia

By Nora With No comments:
You can send money from Perth, Australia to the Philippines through these BDO Remittance Partners in Perth, Australia.

These are BDO's remittance partners in Perth, Western Australia:

Fams Pera Padala (Money Remittances) 
17 Stidwell Street, Canning Vale
Perth WA 6155

Granstar Global Services Pty. Ltd. 
Shop 00005 Belmont Forum Shopping Centre
227 Belmont Avenue, Cloverdale
Perth WA 6105

   PeraMax is the brand name of Granstar Global Services
   Peramax Toll Free Number: 1 300 798 751
   Office Telephone Number: 08 9477 1560 / 08 6102 6556
   Hotline Number: 02 8005 8271 / 08 8005 4352
   Mobile Number: +61 418 829 220 /+61 431 251 340
   Email : customercare@peramaxonline.com
   Viber +63917 560 9101

   Cash Pick-up points in the Philippines:
   M Lhuillier
   Cebuana Lhuillier

  Banks for Cash Deposits:
  You can send money to any bank in the Philippines,
   but the following banks are PeraMax's remittance partners:

You can also send through International Money Transfer Companies that Have Partnered with BDO:
Sigue Money Transfer
Xpress Money Services
TransFast/New York Bay Remittance
UAE Exchange Centre
Western Union

Perth is the capital of Western Australia, the biggest of the 6 federated states of Australia. It's the fourth most populated city in Australia, next to No. 1 Sydney (New South Wales), No. 2 Melbourne (Victoria) and No. 3 Brisbane (Queensland).

Perth is also one of Australian cities nearest the Indian Ocean. Some analysts consider Perth as among the most beautiful cities in the world.


Security Bank Fast Track Secured Credit Card

By Nora With No comments:
If you don't have income documents to apply for a regular credit card, here's another secured credit card -- the Security Bank Fast Track Secured Credit Card. It's a MasterCard credit card.

This is offered to both existing Security Bank clients and applicants who are not yet clients of the bank.

What's a secured credit card?
You give a collateral to the bank to secure your credit card. You'll deposit an amount of money that the bank can use to pay your credit card debt in case you're not able to pay your debt.

Dedeposit pala, eh uutang nga eh. Bakit pa ako kukuha ng secured credit card?
You apply for a secured credit card because you need a credit card, but you're not yet qualified to apply for a secured credit card. Maybe you don't have ITR or income documents. Maybe all your previous credit card applications were rejected.

With a secured credit card, you can build a good credit record, so you can apply for a regular credit card after a few years.

How much should you deposit to qualify for a secured credit card?

Savings account -- Minimum is 15,000 pesos

Time Deposit -- Minimum is 100,000 pesos

Can you withdraw your money or part of your money after you get your credit card?
No. The bank will hold your money for security. Your money is your collateral. It will be used to pay your credit card debt in case you're not able to pay off your debt.

Of course you can get back your money later on when you decide to surrender your credit card.

Does your savings account or time deposit earn interest while you're using your credit card?

Does the secured credit card enjoy promotions and discounts and earn points just like regular credit cards?


 - You're at least 21 and not older than 65
 - You have a residence or business landline number
 - You have a valid government photo ID

Documents to fill out and sign:

  1. Application Form
  2. Holdout Agreement Form

How to apply:

1. Prepare your valid government photo ID and money (at least 15,000 pesos).
    Bring your other IDs, if you have.

2. Go to any Security Bank branch and open a savings or time deposit account.
Mention that you want to apply for a Fast Track secured credit card.

3. Apply for a credit card.

4. Submit your application.

5. Wait for approval. Security Bank says it will process your application within 3 banking days.

Other secured credit cards:
RCBC Bankard Instacard
BPI Express Start


Send Money from Lebanon to Philippines

By Nora With No comments:

Here are remittance companies through which you can send money from Lebanon to the Philippines:

BDO Remittance Partner:
Service Exchange Co.(SECO)
Hamra - behind Pecadelly, Baalbak St.
Beirut, Lebanon

BDO international remittance partners:
Xpress Money

Asia United Bank (AUB) Remittance Partner:
Wings International Money Transfer
Hamra, Lyon St. Lyon Bldg.
Beirut, Lebanon

AUB GintongHatid Remittance Express System
 -- Door-to-Door Peso Cash Deliveries
 -- Cash Pick-up at AUB Branches and authorized Pick-up Centers
 -- Credit to AUB Deposit Accounts
 -- Credit to other banks' deposit accounts
 -- Faster transfer to Bancnet-member banks
 -- Remittance to AUB Redi Money Cash Cards
 -- AUB has promotions for loyal remitters:
      Cash-Cash Panalo, Loyalty program and Remittance Regalo II
--  You can track your remittance through these AUB tracking systems:
        AUB Gintong Hatid Remittance and Redi Money
-- You can ask Wings International if it's offering assistance in opening an AUB account

Send Money from Lebanon Through WIRE TRANSFER

You can send to a PNB, BPI or Metrobank account in the Philippines
through wire transfer
at these banks in Lebanon.
Usually, wire transfers are used when sending big amounts of money,
or when there's no other remittance option.

PNB Correspondent Banks in Lebanon (Philippine National Bank)

 -- Bank Audi SAL, Beirut AUDB LB BX
 -- Banque Libano Francaise, Beirut BLFS LB BX
 -- Byblos Bank SAL, Beirut BYBA LB BX
 -- Lebanese Swiss Bank, Beirut LEBS LB BX
 -- Lebanon & Gulf Bank, Beirut LGBA LB BE

BPI Correspondent Banks in Lebanon (Bank of the Philippine Islands)

 -- Byblos Bank Lebanon BYBALBBX
 -- Citibank Beirut CITILBBE
 -- Credit Libanais SAL CLIBLBBX
 -- HSBC Bank Middle East BBMELBBX
 -- Societe Generale de Banque Au Liban SGLILBBX
 -- Standard Chartered Bank S.A.L. SCBLLBBE

Metrobank Correspondent Banks in Lebanon
Audi Saradar Private Bank SAL Beirut  BSARLBBX
National Bank of Kuwait (Lebanon, Beirut) NBOKLBBE