4.17.2015

Is Your BDO Kabayan Savings Account Active?

By Nora
10,000 Pesos -- this is now the maintaining balance requirement for a regular BDO passbook savings account.

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?
No.
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.

30 comments:

  1. what is the bdo phone number in japan?i have a optimun account in bdo phils and is it possible to remit to my acount?

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    1. BDO phone no. in Japan: Sorry BDO does not have a phone no. based in Japan. Call BDO Philippines 010-800-8-631-8000 toll-free if you call from a KDD, NTT or Japan Telecom landline.

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    2. If your Optimum account is active, you can remit to your Optimum account. It is active if you have been maintaining your required balance, and you have deposited to it or withdrawn from it within the past 24 months.

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    3. If you don't like to call, you can ask someone in the Phils to deposit 100 pesos to your account. If the deposit is accepted, then your account is still active.
      By the way, have you been maintaining at least 30k in your account?

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  2. can I convert my BDO kabayan account to BDO Savings Account?

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    Replies
    1. Kabayan account conversion: What I know is the automatic conversion of Kabayan account into a regular passbook savings account after 12 months of no foreign remittance. A regular passbook account requires a maintaining balance of 10k pesos.
      If you want to open an atm savings account (no passbook, only atm card, maintaining balance requirement is 2k pesos), you can open this at a BDO branch, then close your Kabayan account.

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  3. is kabayan account already active? or should i need to active it., thank you

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    1. Hi ailla: Your account is already active. You can deposit or remit to it. It is your ATM card that you should activate. Are you in the Philippines? Go to any BDO ATM and change your default PIN. Your default PIN is any 6-digit number -- 888888 or 123456. You can make a balance inquiry using your activate ATM card after 24 or 36 hours.
      If you're abroad, sorry, you can activate your ATM card only when you take your vacation in the Phils

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  4. GoodDay.
    I applied BDO kabayan account before i went abroad.Now, my problem is i forgot to get my ATM so im afraid to deposit on my account because i dont have its ATM. Its been 1 year now.I just want to ask if its still active. Its passbook is with me. Thanks in advance.

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    1. Hi Renz: Most likely, it's already closed, so don't remit to it. But if you desperately need an account to remit your savings, call BDO (00-800-8-631-8000 or 00-632 631 8000) and ask if your account is still active.
      Based on BDO's policy, after 12 months of no foreign remittance, the account is converted from Kabayan into a regular passbook account which will then require a 10k maintaining balance. After 2 months of no remittance or below-10k-average-balance, the account will be penalized with a monthly deduction of 300 pesos, and once the balance becomes zero, the account gets automatically closed.

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    2. Thanks for your response ma'am nora. I just want to ask is there any possible way for me to have a savings account in the philippines even if I'm here in abroad ? And how much you think it will cost if ever ? Thankyou.

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    3. Hi Renz, it's BDO that's offering account opening through its partners abroad, but since we're not sure if your BDO Kabayan is already closed, check this list of Landbank representatives if someone is near where you are: Landbank representatives. They offer account opening as long as you can meet them in person in their office. The cost? Ask for the Bagong Bayani atm account for OFWs, which has zero maintaining balance requirement. Initial deposit is 100 pesos or its equivalent there. Maybe a bit more there to cover some costs.

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    4. Hi Ma'am Nora. Thankyou. I will try this one. Godbless.

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  5. hi.. just want to ask if my account is still active its ATM DEBIT CARD by the way ,i guess haven't used it for 3 years maybe up to now.. or if there is possible way to used again..maybe reactivate it or do i need to open a new account?thanks

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    Replies
    1. ATM debit card unused for 3 years: If your account balance was less than 3,000 pesos, your account is most likely closed already. An account becomes dormant after 24 months of no deposit or withdrawal. There's a dormancy fee of 300 pesos per month if the balance is less than the required maintaining balance.
      Or if your balance was 100 pesos (the usual initial deposit) or zero, your account was most likely closed on the 14th month.
      Yes, open a new account.

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  6. Hello. Can i still reopen my closed BDO Kabayan Savings account? Im already abroad. Yhanks

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    Replies
    1. Hi Evan Justin: Sorry, hindi nagre-reopen or reactivate ng closed account ang BDO. Ang option is to open a new account when you take your vacation here in the Phils.

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  7. Hi...I opened my BDO kabayan savings with it's initial amount July 2014 and I haven't activated it yet in the Philippines I didn't deposit any amount until now. Can i still continue it?

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    Replies
    1. Hi Geraldine: Sorry, most likely your Kabayan was already closed in 2015, after 14 months of no remittance or deposit. BDO usually does not reactivate closed accounts, but you can open a new account. You can call BDO or use the
      BDO Contact Page

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    2. Thank you mam nora thank for the quick response.

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  8. Hi mam nora, just want to clear something,do i need to make a cash withrawal from my kabayan atm card within a year para di ma dormant ang account ko?,.and paano ba na dodormant ang isang account at anong ngyayari?.thanks

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    1. Hi Mark Alvin, yes, withdraw or deposit. Nado-dormant ang isang savings account kapag wala itong withdrawal or deposit within 24 months. Pag na-dormant ang account, what happens is napu-put-on-hold ang account, meaning hindi puedeng widrohan o depositohan or make balance inquiry hanggang hindi nare-reactivate by the account owner. How to reactivate? The owner goes to his branch with his IDs and fill a form. Hindi puedeng representative.
      Merong dormancy fee per month kung lower than maintaining-balance yong account.
      Pag checking account, ang time frame is only 12 months.
      Ang balance inquiry ay hindi accepted transaction to prevent dormancy.
      Pag 10 years na at hindi pa nare-reactivate from dormancy, ibibigay na yong pera sa Central Bank.

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  9. Good day po. Mam nora. Ang bdo kabayan saving acct. turn to a regular acct. na di ko nahulugan ng 1yr. Kya nag deposit nlng ako ng 10k para hindi ma close. My question is kylangan pdin po ba ng remitance ng acct. ko kahit regular na ito?

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    1. Hi Ken Gabong: Hindi na, kasi hindi na Kabayan ang account mo. Regular na siya. Ang requirement mo na is to maintain at least 10k in your account. Good that you deposited 10k to maintain your account. Keep saving.
      Nag-balance inquiry ka na ba? Nadepositohan mo ba agad after the 12th month na walang foreign remittance? Kasi kung nagdeposit ka after the 13th month or 14th month, merong possibility na mapenalize for 300 pesos, so maging 9,700 yong balance mo at kulang sa maintaining balance na 10k, at sunud-sunod din yong month to month penalty. So make sure na 10k pa rin yong balance as of today.

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    2. Ken Gabon MatibagNovember 20, 2016 at 7:51 PM
      Thanks for usefull responce.. kaya pla na penalize ng 300 kasi 10k lng exactly. So gasgwin ko talaga ngayun above 10k para di ma close.. next question po ok lng ba kung 2 yrs. walng widraw? Puro deposit lng?

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    3. Hi Ken Gabon: Oo, dagdagan mo, and check your balance from time to time. About not withdrawing for 2 years? Yes, puedeng-puede, mas gusto ng bank yan, basta mag-deposit. Your deposit transaction will prevent your account from getting dormant.

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    4. Another good day po ms. Nora can i ask bakit binawasan padin ng BDO Yung saving acct. ko ng 300? I just deposit 11,800 this nov.28 and now i check my balance naging 11,500 nlng.
      Last nov. 15 kasi pinawidraw ko muna lahat ksi exactly 10k lng laman ng saving acct. ko pero nag debit sila ng 300. Then i decide na widraw muna Lahat. Then nito lng nov. 28 i deposit agian 11,800+ at nag debit nnmn sila ng 300 day after. Nakalagay sa description SERVICE CHG SYS-GEN.

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    5. Hi Ken: Kasi hindi mo uli na-maintain yong 10k requirement. Dapat yong 10k or more andon sa account mo every day. Hindi lang for a few days in a month na meron kang 10k. This December, dapat huwag mong widrohin yong 10k mo, dapat every day andon ang 10k sa account mo. From Dec 1 to today, Dec 6 ba ay andon yong 11,500? If yes, then okay na. Kung magwidro ka, dapat up to 1,300 lang ang widrohin mo. Iwanan mo yong 10,500.

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  10. Good day Mam Nora,August 2016 ako kumuha ng BDO Kabayan savings Card,but I didn't deposited any amount until now.
    Question is:
    Is my account still active?
    i plan to deposit once every 2 months starting this January.
    Would BDO deduct 300 if I won't deposit every month?

    ReplyDelete

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