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.


Transfer Money to an Unenrolled BPI Account via BPI Mobile Banking

By Nora With No comments:

To transfer money online from your BPI account to an unenrolled BPI account, you first need to download the BPI Express Mobile banking app using your own smartphone.

BPI does NOT yet offer Transfer to an Unenrolled BPI Account through its desktop or laptop-accessed BPI Express Online banking system.

Here's how to activate your Transfer to Anyone feature on your BPI Express Mobile app.

1.   Using your smartphone, download the BPI Express Mobile app from
       Google Play, or App Store, or Windows Store, or Blackberry World

2.   Open your BPI Express Mobile app and login
        using your BPI Express Online username and password.

3.  Choose Menu, then More, then Enable Transfer to Anyone

4.  Enter required info

5.  Choose Activation option and Submit
       The easier Activation option is Via Express Teller Machine
       You will be asked to get your activation code through a BPI ATM.

6.  Go to a BPI ATM. Enter the ATM card of the account you specified in your mobile enrollment.

7.  Choose Special Services, then Activate Enrollments, then Express Online.
      Get back your ATM card.

8.  After about 10 minutes, login to your email registered with BPI Express, find the latest BPI email,
        and get the Activation Code sent to you by BPI.

9.  Login to your BPI Express Mobile app,
     choose Menu, then More, then Enable Transfer to Anyone
10. Enter your Activation Code, and choose Activate

11.  Remember to activate within 5 days of registering with BPI Express Mobile.

Related post:
Transfer Money from BDO to BPI and Other Banks
Transfer Money to Unenrolled BDO Account
Send Money Through BDO Wire Transfer


Now Only 14 Licensed Pre-need Companies, with 2 Only Servicing

By Nora With No comments:
Here are 14 pre-need companies licensed by the Insurance Commission to operate in 2016:

Alphabetically arranged:

1.    Ayala Plans, Inc.
2.    Caritas Financial Plans, Inc.
3.    CityPlans Inc.
4.    CocoPlans, Inc.*
5.    Eternal Plans, Inc.
6.    First Union Plans, Inc.
7.    Himlayang Pilipino Plans, Inc.
8.    Manulife Financial Plans, Inc.
9.    Mercantile Care Plans, Inc.*
10.  PhilPlans First, Inc.
11.  St. Peter Life Plan, Inc.
12.  Sunlife Financial Plans, Inc.
13.  Transnational Plans, Inc.
14.  Trusteeship Plans, Inc.

*These 2 companies below are authorized only to service their existing planholders, and are no longer authorized to sell plans:
CocoPlans, Inc.*
Mercantile Care Plans, Inc.*

Compared to the list of pre-need firms licensed to operate in 2015, these 2 companies below are no longer in the list for the year 2016:

AMA Plans Inc.
Paz Memorial Services Inc.


National Life Insurance Co. Sold to 6762 Holdings Corp.

By Nora With No comments:

Policyholders of National Life Insurance Co. will be relieved to know that their insurance company is  finally on its way to the hoped-for rehabilitation. The sale of National Life to 6762 Holdings Corp. has just been approved by the Insurance Commission, according to a May 10, 2016 press release from the Insurance Commission. The sale and purchase agreement was signed on May 6, 2016.

The Insurance Commission first put NLIC into conservatorship in August 2008 due to solvency problems, but later, in November 2008, authorized NLIC to operate to enable the company to recover and infuse more capital. In March 2010, the commission put NLIC again into conservatorship. Several changes in conservators and proposals occurred before the IC, NLIC and other stakeholders agreed to sell NLIC to 6762 Holdings.

6762 Holdings Corp. paid 1.054 billion pesos for National Life's stocks and liabilities amounting to 2.648 billion pesos.

6762 Holdings Corp., headed by Ricardo P. Cuerva and Ricardo T. Veloso, has agreed to incorporate a new company that will have the same name -- National Life Insurance Co. of the Philippines. It will also comply with the net worth requirements for existing insurance companies.

The insurance company will redeem insurance policies, pay cash surrender values and convert term policies, in addition to other agreements.