This change was put into effect on May 1, 2014.
If you're not able to maintain your account for 2 consecutive months, 300 pesos will be deducted from your account on the last day of the 2nd month. Another 300 pesos will be deducted on the last day of the 3rd month, if your account remains unmaintained. If you don't restore your account, or if you don't withdraw what's left of your money, the deduction continues until your account is wiped out.
Note to OFWs:
Your BDO Kabayan account is a ZERO-maintaining balance account, BUT you need to remit to your account from ABROAD at least once in 12 months.
If your account does not receive a remittance from abroad within 12 months, your Kabayan is automatically converted to a regular savings passbook account -- and will then require a 10,000-peso maintaining balance.
An over-the-counter deposit at a BDO branch to a BDO Kabayan account is NOT considered a remittance from abroad.
There have been several Kabayan account owners who have commented on our blogs about losing money to the 300-peso maintaining-balance penalty. Almost all of them did not know about the maintaining-balance increase from 5k to 10k pesos. Most of them lost more than 900 pesos each. The biggest loss was 3,000 pesos.
Is BDO the only bank doing this?
All banks have maintaining-balance requirements on almost all account types.
All of them impose a penalty on all accounts falling below their minimum monthly average daily balance requirement for 2 consecutive months. The deduction starts from the last day of the 2nd month, and it continues until the account balance is wiped out, or until it's restored or closed.
If you're not yet able to maintain a bank account, get a cash card.
Or find an account with a low maintaining-balance requirement.
The BPI Easy Saver account has a zero maintaining-balance requirement. You just pay 5 pesos for every ATM withdrawal or every ATM balance inquiry.