50 Ways Banks Are Earning From You Through Bank Fees

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

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



BDO Rewards Card Needs Bank Points to Prevent Cancellation

Are you a BDO Rewards card user? 
This is one easy way to earn some money for groceries or store items after earning points.
One point equals one peso. Ilang beses na rin ako nakagamit ng points to pay my SM Supermarket groceries.

Now BDO requires that you earn BDO bank points to maintain your BDO Rewards card. This means that if you do not have bank points within 2 consecutive years, your BDO Rewards card will be cancelled, including all points that you have earned.

How can you earn BDO bank points?

The easiest way
---> Pay your bills using your BDO online banking or atm or phone banking.
     Payment of a bill amounting to at least 1,000 pesos gives you 5 points.
      If US dollar account, payment of at least 25 US dollars gives you 5 points.
      Splitting of transactions is not allowed.

Other ways:
  • Use your BDO atm debit card to pay your purchases, such as in supermarkets, SM department stores and other partner retailers.
       1 point for every 1,000 pesos, up to 5 points per transaction

  • Send remittances from abroad through BDO Remit offices or remittance partners to your BDO savings or current account.
       1 point for every 1,000 pesos or every 100 US dollars

  • Use your BDO Credit Cards
       500 points for 3,350 Elite Credit Card Points (MasterCard Platinum, Visa Platinum and UnionPay Diamond credit cards)
       500 points for 4,775 Regular Credit Card Points (Standard and Gold MasterCard, Classic and Gold Visa, JCB Lucky Cat or Premiere and UnionPay Gold credit cards)

    Note: Call the BDO Rewards hotline to have your BDO Credit Card points converted to BDO Rewards points

  • Maintain at least 50,000 pesos in your savings or current account.
      10 points for the first 50,000 month to date average daily balance
       If US dollar account, 10 points for the first US$1,000 in month to date average daily balance

  • One-time awarding of points for these:
    Auto Loan: 10 points for every 100,000 pesos
    Home Loan: 10 points for every 100,000 pesos

  • You also get points for these accounts:
    Peso Trust Accounts: 10 points for the first 500,000 pesos in average daily balance
    US Dollar Trust Accounts: 10 points for the first US$10,000 in average daily balance
Yesterday, I received a replacement BDO Rewards Card for my old card which did not have an expiry date. The new card has now an expiry date. Okay na rin kasi sabi naman ng BDO, wala raw payment ang renewal card.

SM Retail Partners Where You Can Earn Points

400 Pesos = 1 Point
Baby Company
Crate & Barrel
Kultura Filipino
Mini So
Our Home
SM Appliance Center
SM Hypermarket
SM Supermarket
Walter Mart Supermarket

200 Pesos = 1 Point
Ace Hardware
Bata Shoes
Forever 21
Imax Theater
New Balance*
Pet Expess
Simply Shoes
SM Bowling**
SM Cinema
SM Skating**
SM Storyland**
Sports Central
Suite Blanco
The Body Shop
The SM Store
Toy Kingdom
Uno de 50

*Inside SM Malls

Other Partners:
Selected Shell gas stations*
PLDT Telerewards*
Taal Vista Hotel
Radisson Blu Hotel Cebu
Park Inn by Radisson Clark and Davao
Pico de Loro Beach and Country Club
Pico San Hotel
Asia Pacific College

* Not used for membership level upgrading



Philippine Banks Closed in 2007

Here's a list of banks closed by the BSP in 2007:

15   rural banks closed
  2   savings bank closed (Sandigan Savings Bank and Area Development Bank)
17   banks closed

17.  Rural Bank of Malilipot (Albay)
   - Head office at Belen St., Malilipot, Albay
   - Closed by the BSP on December 6, 2007
   - Taken over by the PDIC on December 7, 2007

16.  Orani Rural Bank (Bataan)
   - Head office at 2112 Centro Uno, Orani, Bataan
   - Had 1 branch: Public Market, Orani, Bataan
   - Closed by the BSP on December 6, 2007
   - Taken over by the PDIC on December 6, 2007

15.  Rural Bank of Milagros (Masbate)
   - Head office in Milagros, Masbate
   - Closed by the BSP on November 29, 2007
   - Taken over by the PDIC on December 3, 2007

14.  Rural Bank of Malabon
   - Head office at 92 Gen. Luna St., Brgy. San Agustin
     Malabon City
   - Closed by the BSP on November 29, 2007
   - Taken over by the PDIC on November 29, 2007

13.  Rural Bank of Sta. Barbara (Pangasinan)
   - Head office in Poblacion Sur, Sta. Barbara, Pangasinan
   - Had 6 branches:
     - Urdaneta, Pangasinan
     - Mangaldan, Pangasinan
     - Tayug, Pangasinan
     - Santa Maria, Pangasinan
     - Asingan, Pangasinan
     - Poblacion East, Calasiao, Pangasinan
   - Closed by the BSP on November 16, 2007
   - Taken over by the PDIC on November 19, 2007

12.  Rural Bank of Laur (Nueva Ecija)
   - Head office at Gen. Tinio St.
     Poblacion, Laur, Nueva Ecija
   - Closed by the BSP on October 25, 2007
   - Taken over by the PDIC on October 26, 2007

11.  Rural Bank of Sebaste (Antique)
   - Head office in Poblacion, Sebaste, Antique
   - Had 2 branches:
     - Poblacion, Numancia, Aklan
     - Boracay, Malay, Aklan
   - Closed by the BSP on August 24, 2007
   - Taken over by the PDIC on August 25, 2007

10.  Sandigan Savings Bank
   - Head office at Canlapan St. corner T. Alonzo St.
     Malolos City, Bulacan
   - Had 6 branches:
     - Pag-asa, Obando, Bulacan
     - Banga, Plaridel, Bulacan
     - Corazon, Calumpit, Bulacan
     - Poblacion, Pulilan, Bulacan
     - San Vicente, Apalit, Pampanga
     - Abangan Sur, Marilao, Bulacan
   - Closed by the BSP on August 24, 2007
   - Taken over by the PDIC on August 24, 2007

9.  Maranao Rural Bank
   - Head office in Moncado Colony, Marawi City
   - Closed by the BSP on August 16, 2007
   - Taken over by the PDIC on August 17, 2007

8.  Rural Bank of San Fernando (Romblon)
   - Head office in Poblacion, San Fernando , Romblon
   - Closed by the BSP on August 2, 2007
   - Taken over by the PDIC on August 7, 2007

7.  Rural Bank of Gen. Aguinaldo (Cavite)
   - Head office at Magallanes St.
     Gen. Emilio Aguinaldo, Cavite
   - Had 2 branches: Amadeo in Cavite and
     Malanday in Marikina City
   - Closed by the BSP on August 2, 2007
   - Taken over by the PDIC on August 2, 2007

6.  Banco Rural de San Antonio (Pangasinan)
   - Head office in San Antonio, Poblacion, Sto. Tomas, Pangasinan
   - Closed by the BSP onMay 24, 2007
   - Taken over by the PDIC on May 25, 2007

5.  New Settlers Bank (A Rural Bank)
   - Head office at Talisay Ave., Parang, Maguindanao
   - Closed by the BSP on June 7, 2007
   - Taken over by the PDIC on June 8, 2007

4.  Excel Rural Bank
   - Head office at 61 G.A. Solis St.
     Lipa City, Batangas
   - Closed by the BSP on June 7, 2007
   - Taken over by the PDIC on June 7, 2007

3.  Area Development Bank
   - Head office at Sambali Center
     Alejandro G. Camara Bldg.
     Iba, Zambales
   - Had 2 branches: Palauig and Sta. Cruz, Zambales
   - Closed by the BSP on May 17, 2007
   - Taken over by the PDIC on May 18, 2007

2.  Rural Bank of Santol (La Union)
   - Head office in Corro-oy, Santol, La Union
   - Had 3 branches: Balaoan and Bangar in La Union
     and in Tagudin, Ilocos Sur
   - Closed by the BSP on February 22, 2007
   - Taken over by the PDIC on February 22, 2007

1.   Rural Bank of Cajidiocan (Romblon)
    - Head Office at R. Magsaysay Ave. cor. Arellano St.
      Poblacion, Cajidiocan, Romblon
    - Had 1 branch: Alcantara, Tablas Island, Romblon
    - Closed by the BSP on February 8, 2007
    - Taken over by the PDIC on February 9, 2007

Failed banks in 2007
Closed banks in 2007




List of Licensed Life Insurance Companies June 2017

Here are the 31 Licensed Life Insurance Companies in the Philippines, licensed by the Insurance Commission to sell life insurance policies for the licensing years 2016 to 2018, as of June 29, 2017, as published by the Insurance Commission.

There are 2 changes from the previous list published by the IC in 2015:
. CAP Life Insurance Corp. is no longer on this list
. National Life lnsurance Company of the Philippines returned to the list
This List is alphabetically arranged.

1.      Allianz PNB Life Insurance, Inc.
           (formerly PNB Life Insurance, Inc.)
2.      AsianLife and General Assurance Corp. *
3.      BDO Life Assurance Co. Inc.
           (formerly Generali Pilipinas Life Assurance Co.)
4.      Beneficial Life Insurance Co., Inc.
5.      BPI-Philam Life Assurance Corp.
6.      CLIMBS Life & General Insurance Cooperative *
7.      Caritas Life Insurance Corp.
8.      Cooperative Insurance System of the Philippines
9.      Country Bankers Life Insurance Corp.
10.    East West Ageas Life Insurance Co.
11.    First Life Financial Company, Inc.
          (formerly First Guarantee Life Assurance Co.)
12.    Fortune Life Insurance Company, Inc.
13.    FWD Life Insurance Corp.
14.    Generali Life Assurance Philippines, Inc.
15.    Insular Life Assurance Co., Ltd., The
16.    Manila Bankers Life Insurance Corp.
17.    Manufacturers Life Insurance Co. (Phils.), Inc.
18.    Manulife Chinabank Life Assurance Corp.
           (formerly The Pramerica Life Insurance Co., Inc.)
19.    National Life lnsurance Company of the Philippines
20.    Paramount Life & General Insurance Corp. *
21.    Philam Equitable Life Assurance Co., Inc.
22.    Philippine American Life and General Insurance Co. (PhilamLife) *
23.    Philippine AXA Life Insurance Corp.
24.    Philippine Life Financial Assurance Corp.
           (formerly Asian Life Financial Assurance Corp.)
25.    Philippines International Life Insurance Co., Inc.
26.    Pioneer Life Inc.
27.    Pru Life Insurance Corp. of U.K.
28.    Sun Life Grepa Financial Inc.
29.    Sun Life of Canada (Philippines), Inc.
30.    United Coconut Planters Life Assurance Corp.
31.    United Life Assurance Corp.

* These 4 licensed insurance companies are licensed to sell both life and non-life insurance policies:
1. AsianLife and General Assurance Corp.
2. CLIMBS Life & General Insurance Cooperative
3. Paramount Life & General Insurance Corp.
4. Philippine American Life and General Insurance Co. (PhilamLife)