50 Ways Banks Are Earning From You Through Bank Fees

By Nora With 2 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.


BDO Housing Loan Requirements

By Nora With No comments:

Are you eligible for a BDO home loan?

Yes, you are eligible to apply if:

  •   you are at least 21 years old

  •   you do not turn 65 years old before loan maturity

  •   your gross family income is at least 50,000 pesos a month 

  •   if employee: you have been employed for 2 years or more with your current company

  •   if self-employed or businessperson, your profession or business has been profitable for at least 2 years 

  •   you are a Filipino citizen

  •   if foreigner,  please see your visa requirements at the bottom of this post

What basic documents are required in the application for a BDO housing loan?

  • BDO application form (filled-up and signed)

  • Copy of 1 valid ID matching data written on BDO application form

  • Marriage contract, if married

What documents are required as proof of income?

For Employees in the Philippines:

1. Latest Income Tax Return (ITR) or W2

2. Payslips for the last 3 months
   or Certificate of Employment and Income with salary breakdown

For Employees Abroad or OFWs:

   Proof of remittance for the last 3 months
   or payslips for the last 3 months
   or Certificate of Employment and Income authenticated by Philippine Consulate
   or Employment Contract authenticated by Philippine Consulate

For Seamen:
   Latest Crew Contract and Employment History
   or Crew Contract and Exit Pass from POEA

For Self-Employed: 

  •    Certificate of Registration from SEC or DTI
  •    Articles of Incorporation or Partnership
  •    Bank Statements for the last 3 consecutive months
  •    Trade References: List of Suppliers and Customers
  •    List of Affiliated Hospitals or Clinics (for doctors) 
  •    Lease Contracts and copy of title (for real estate rentals)

What Initial Property Documents are Required?

  • Photocopy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT ) in the name of the seller

  • Lot Plan with Vicinity Map certified by a Geodetic Engineer

  • If condo, Master Deed of Declaration of Restrictions 
After BDO approves your loan application, you will need to transfer the TCT or CCT and Tax Declaration to your name. Before loan release, you will submit to BDO the original copy of the TCT or CCT, the latest tax declaration and the latest real estate tax receipt, all under your name.

What is the Minimum Loan Offered by BDO?
500,000 pesos

What is the Maximum Loan Term?
20 years

How Much Can I Borrow?
Up to 80% of the Appraised Value of the Lot, or House and Lot, or Townhouse, or Condo

Are there expenses in applying for a BDO Housing Loan?

You pay the appraisal fee upon submission of application: 
Appraisal Fee  3,500 pesos (Metro Manila)
                        4,000 pesos (outside Metro Manila)

You pay these prior to loan release:
Handling Fee  --  5,000 pesos
Notarial Fee  --   500 pesos
Registration Fee  --  depends on loan amount
Documentary Stamps
Mortgage Redemption Insurance (MRI)
Fire Insurance (FI)
Are there other expenses related to the housing loan?
Your biggest expense will be the cost of transferring the TCT or CCT to your name. You will pay the transfer tax (0.5% to 0.75% of sales price), documentary stamp tax (1.5% of sales price), any unpaid real estate tax, and registration fee.
The capital gains tax should paid by the seller, but there are times that the seller is able to persuade the buyer to also pay for the capital gains tax (6% of sales price), as part of the deal.


Photocopy of Alien Certificate of Registration (ACR) showing Visa status
or Alient Employment Permit (AEP)
or Visa ID

Your visa should be one of the following:

  • Alien spouse of a Filipino citizen (Sec 13A Visa)
  • Natural-born Filipino married to an Alien (Sec 13D Visa)
  • Returning Resident (Section 13E Visa)
  • Natural-born Filipino naturalized in foreign country (Sec 13G Visa)
  • Special Retiree's Resident Visa (SRRV) 
  • Quota/Preference Immigrant Visa
  • Permanent Resident Status and working Visa granted by Subic Bay Metropolitan Authority (SBMA)
  • Working Visa issued to Embassy Officials


Top 37 Savings Banks Based on Deposits, March 2015

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

 1BPI Family200.4241
 3RCBC Savings 68.3613
 4Philippine Business 47.0975
 5Planters Development 40.3814
 6City Savings 35.3898
 7Sterling Bank 29.6257
 8HSBC Savings 20.3206
 9China Bank Savings 19.2499
10BPI Direct Savings 12.22510
No. 11 to
No. 28
11UCPB Savings  9.84112
12PNB Savings  8.63011
13First Consolidated  8.28614
14Philippine Postal  8.21415
15Equicom Savings  6.28618
16Wealth Development  6.16520
17Producers Savings  4.89921
18Malayan Bank Savings  4.85017
19Luzon Development  4.25923
201st Valley Bank  3.90022
21Citystate Savings  3.22224
22PR Savings  2.53326
23Legazpi Savings  2.10725
24Penbank  2.07827
25Hiyas Banking  1.23328
26Dumaguete City Development        1.09832
27Queen City Development  1.08730
28Enterprise Bank  1.04633
No. 29 to
No. 37
29CARD SME Bank  0.96734
30ComSavings Bank  0.93431
31TongYang Savings  0.84737
32Bank One Savings  0.77236
33World Partners  0.74835
34BPI Globe Banko  0.73329
35Optimum Development  0.72738
36Isla Bank  0.63641
37United Overseas  0.61239

The acquisition of Security Bank Savings Corp. by its parent company Security Bank was approved by the BSP in February 2015. All branches of Security Bank Savings started operating as full-service Security Bank branches in April 2015.


Depositors' Top 15 Favorite Banks, Based on March 2015 Deposits

By Nora With No comments:
Where are you depositing your money?

 Here are the top 15 favorite banks of depositors, based on total deposits as of March 31, 2015.




1 BDO1,460.0571
2 METROBANK1,098.8962
3 BPI  948.3153
4 LANDBANK  911.4094
5 PNB  427.8195
6 CHINABANK  347.0906
7 DBP  293.5018
8 SECURITY BANK  249.88411
9 RCBC  249.1149
10 UNION BANK  230.0637
11 UCBP  195.40310
12 CITIBANK  188.64512
13 EASTWEST  141.87514
14 HSBC  114.24913
15 PHILTRUST   102.97916
No. 16 to
No. 30
16 AUB    97.88117
17 BANCOM   97.13215
18 PBCOM    61.26621
19 MAYBANK    60.22418
20 STANDARD CHARTERED     49.37319
21 VETERANS    47.36820
22 BANK of TOKYO   42.52722
23 ROBINSONS BANK   39.71223
24 JP MORGAN CHASE   37.83825
25 BDO PRIVATE   32.79427
26 DEUTSCHE BANK   31.63224
27 MIZUHO   28.01828
28 ANZ   27.71426
29 CTBC PHILS   20.27829
30 BANK OF AMERICA   11.79230
No. 31 to
No. 36
31 BANK OF CHINA   8.22431
32 KOREA EXCHANGE   4.36632
33 ING BANK   3.95035
34 MEGA ICB   3.52333
35 BANGKOK BANK   2.36334
36AL-AMANAH   0.40736