50 Ways Banks Are Earning From You Through Bank Fees

By Nora With 8 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 12 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
       If you do not have a printer, select the whole application form, press Ctrl C, and then paste on a blank Microsoft Word page. Save in your USB.

12. Click "Submit"

Take note:
If after submitting, you see a print-ready version of your completed application form, then this is the one that you should print, sign and mail to BPI.

Again, if you do not have a printer, copy the print-ready form, save it in Word and then in USB, then have it printed at an Internet cafe.

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.

Which BPI accounts can not be enrolled in BPI Online Banking?

  • Peso Passbook accounts
  • Joint AND accounts 
  • In Trust for accounts (ITF accounts)
  • Corporate Accounts
  • Power 5-Bullet (Lump Sum Payment)
  • TF Plus Tax-Dree Repriceable
  • BPI TD Plus Tax-Free
  • Insta-Credit  
Third-Party Accounts that You can Enroll for Funds Transfer

You can enroll third-party accounts only if your own account is an ATM-based account.

These third-party accounts should be Individual Accounts

  • ATM Savings  
  • ATM Checking 
  • Passbook Savings  
  • Maxi  
  • Platinum Savings 
  • Platinum for Kids
  • BPI Direct Savings
  • BPI Direct Checking
  • Pangarap Savings


PayMaya Bills Payment -- List of Companies You Can Pay

By Nora With No comments:

Here's a list of bills you can pay using your PayMaya mobile app.

You can pay bills issued by these companies:

ABS-CBN Mobile
Cignal Mediascape
Destiny Cable
Fines Wide
Fortune Medicare
Globe Telecom
Home Credit
Innove Communications
Laguna Water
Manila Memorial Park
Manila Water
Manulife China Bank
Maynilad Water
PLDT Ultera (Smart MyBro)
Paramount Insurance
Sky Affiliates
Sky Cable
Smart Communications (Bro)
Smart Communications (Postpaid)
Sun Cellular (Digitel)
Sun Life Canada
Sun Life Plans

How to Pay Your Bill Using your PayMaya app:

1. Login
2. Click  on  top left
3. Click "Pay Bills"
4. Choose the company you want to pay
5.  Enter the following:
        Account Number
        Telephone Number (optional)

      Others need the following:
       Service Reference Number (Smart Bro, PLDT Ultera)
       Borrower Name  (NHMFC)
       Payor Name   (NHMFC)
           (NHMFC also needs you to enter whether your loan is Folio I, Folio II (UHLP) or PEA)

The only hassle of paying Meralco via the Internet is you need to enter the long Meralco Reference No.  26 digits!   Whew!  What if my eyes fail me?

Related posts:
All About PayMaya Visa or Smart Mastercard Virtual Debit Cards 
How to Load PayMaya through BDO Online Banking


Top Rural Banks in the Philippines, by Deposits, September 2016

By Nora With No comments:

Finally, after a long time, the BSP has decided to publish the balance sheets of rural banks. I'm glad that when I checked my previous ranking of rural banks using data from various sources, I got most of the leading rural banks correct.

I heard an argument before that publishing rural banks' rankings will have a bad impact on rural banks, like maybe killing the smallest rural banks. On the contrary, ranking the top rural banks will inspire more competition, more efforts to be efficient and innovative, and hopefully lead to mergers and consolidations that will give rise to stronger rural banks.

Here are the Top Rural Banks in the Philippines, based on Total Deposits

as of September 2016, as published by the BSP on its website.

1 One Network Bank 22.65
2 East West Rural Bank 9.77
3 Card Bank 5.67
4 Guagua Rural Bank 3.03
5 Quezon Capital RB 2.82
6 First Isabela Coop Bank 2.03
7 AMA Rural Bank of Mandaluyong 2.00
8 GM Bank of Luzon 1.93
9 BOF Inc. A Rural Bank 1.87
10 Banco Dipolog 1.85
11 Rang-ay Bank 1.73
12 Metro South Coop Bank 1.63
13 Country Builders Bank 1.56
14 Agribusiness Rural Bank 1.53
15 Cantilan Bank 1.52
16 Summit Bank 1.46
17 Bangko Mabuhay 1.19
18 RB of Porac (Pampanga) 1.15
19 Katipunan Bank 1.04
20 MVSM Bank 970.19
21 RB of Cauayan 938.96
22 Insular Savers Bank 937.24
23 RB of Pandi (Bulacan) 915.92
24 Rizal Bank 876.11
25 Consolidated Cooperative Bank 874.46
26 Mt Carmel Rural Bank 852.73
27 Tanay RB 850.15
28 PlanBank 830.05
29 RB of central Pangasinan 817.32
30 Imus Rural Bank 793.28
31 RB of Magdalena (Laguna) 779.77
32 Aspac Rural Bank 773.17
33 Camalig Bank 769.99
34 RB of Angeles 738.93
35 Gateway Rural Bank 703.46
36 First Tagum Rural Bank 673.56
37 RB of Barili (Cebu) 653.29
38 1st Macro Bank 652.63
39 Mount Makiling Rural Bank 642.26
40 Coop Bank of Cotabato 641.09
41 Bankways Inc. (A Rural Bank) 629.87
42 Zambales Rural Bank 626.78
43 Marayo Bank Inc. (A Rural Bank) 606.49
44 Tiaong RB 605.96
45 Valiant Bank Inc. (A Rural Bank) 595.16
46 Cooperative Rural Bank of Misamis Oriental    583.79
47 Coop Bank of Benguet (CBB) 573.63
48 Highland Rural Bank 514.43
49 RB of Bambang (Nueva Vizcaya) 513.31
50 Lifebank - A Rural Bank 512.60
51 Malarayat RB 507.28
52 Coop Bank of Quezon Province 500.78

Top Rural Banks in the Philippines, by TOTAL ASSETS, as of September 2016

Complete Names of Banks with Longer Names:

One Network Bank Inc. (A Rural Bank)
Card Bank Inc. (A MF RB)
First Isabela Coob Bank Inc. (FicoBank)
GM Bank of Luzon Inc. (A Rural Bank)
Banco Dipolog Inc. (A Rural Bank)
Rang-ay Bank Inc. (A Rural Bank)
Country Builders Bank Inc. (A Rural Bank)
Cantilan Bank Inc. (A Rural Bank)
Summit Bank (RB of Tublay Inc.)
Bangko Mabuhay (A Rural Bank) Inc.
Katipunan Bank "A Rural Bank"
MVSM Bank (A Rural Bank Since 1953) Inc.
Insular Savers Bank Inc. (A Rural Bank)
Rizal Bank A Microfinance-Oriented Rural Bank
PlanBank "RB of canlubang Planters Inc"
RB of central Pangasinan (Bayambang) Inc.
Camalig Bank Inc. (A Rural Bank)
1st Macro Bank Inc. (A Rural Bank)


Difference between Rural banks and Cooperative Banks

By Nora With No comments:

What's the difference between rural banks and cooperative banks?

They differ in type of ownership.
Rural banks are owned and managed by private entities or individuals.
Cooperative banks are owned, organized and managed by cooperatives or federation of cooperatives.

What are common between rural banks and cooperative banks?
They serve rural communities.  They lend money to farmers, fishermen, merchants, cooperatives and owners of small business operations in their areas on reasonable terms.

According to Republic Act No. 7353, an act providing for the creation, organization and operation of rural banks, and for other purposes, here are what rural banks can do and shall do:

 Rural banks are organized in the form of stock corporations.

 Rural banks shall grant loans primarily to farmers or farm families that own or cultivate agricultural lands, fishermen, merchants, and cooperatives.

 They're required to prioritize loan applicants who are applying for smaller loan amounts.

 They can lend to owners of small business enterprises in rural areas, but only up to 15% of any one bank's total net worth.

 They can offer these services:

  • Accept savings and time deposit
  • Open current or checking accounts (only rural banks with net assets of at least 5 million pesos (subject to change) 
  • Act as a correspondent for other financial institutions
  • Act as a collection agent
  • Act as official depositary of municipal, city or provincial funds in the municipality, city or province where it is located
  • Rediscount paper with the Philippine National Bank, the Land Bank of the Philippines, the Development Bank of the Philippines, or any other banking institution, including its branches and agencies. 
  • Offer other banking service (Section 72 of Republic Act No. 337, as amended)
  • Extend financial assistance to public and private employees (Section 5 of Republic Act No. 3779, as amended)

Top Rural Banks in the Philippines, based on Total Assets as of September 2017