The Bank of the Philippine Islands (BPI) offers ATM Savings Account to interested clients. This account will come with a debit card which can be used for online shopping as well as use to swipe in EPS terminals.
There has been an increase to the maintaining balance for the ATM BPI account. Previously it was P2,000, right now it is P3,000.
Account Opening Requirements
The latest requirements for BPI ATM savings account opening are as follows:
- 2 Valid IDs – make sure one of the IDs is a government primary ID like driver’s license, passport, voter’s ID, PWD ID, GSIS ID, UMID, SSS ID, Pag-Ibig ID, Seaman’s Book, Alien Certificate of Registration (ACR).
- 1 picture 1 by 1 or 2 x 2. This photo will be stapled to the signature card that will remain in the branch where the account was open. The BPI New Account officer will also take a picture of the client using their web cam; this photo will be uploaded to the profile of the client and is accessible for other branches of BPI.
- Cash as initial deposit. The required initial deposit for BPI ATM savings account is P500. This amount will be “on-hold” or not allowed to be withdrawn within one month upon opening of the account. The P500 will be available for use after one month and one day from account opening.
Clients may choose to deposit more than P500 on the day of opening the ATM account. This is what the iSensey team recommends – that clients bring P3,000 and up as initial deposit. This is because BPI requires Minimum Monthly ADB of P3,000. If the client falls below P3,000, there is a P300 service charge for falling below the required monthly ADB.
ADB = Average Daily Balance
If the client’s initial deposit is only P500, within 5 days the client must deposit at least P2,500 again to make sure one does not fall below the BPI atm required monthly ADM of P3,000.
*BPI has discontinued Kaya accounts. Kaya bank accounts will be converted to reqular ATM savings account with a P3,000.00 minimum maintaining balance beginning January 15, 2021.
INTEREST ON ATM ACCOUNT IN BPI
For those who will save in BPI via an ATM savings account, they will be entitled to the interest rate per annum of 0.125%. The required daily balance to to earn interest is P5,000.
Take note that any interest on bank savings or time deposit accounts will be subjected to withholding tax.
Maximum Amount of Withdrawal Per Day
For the BPI ATM regular peso account, the maximum amount of withdrawal per day is P20,000 if withdrawn via an ATM machine. Clients are allowed to withdraw 6 times on an ATM machine on the same day, as long as total amount withdrawn is not over P20,000.
For those who needs to withdraw more than P20,000, go to any branch of BPI and withdraw over the counter. Clients must bring the ATM card to be presented to the teller. Over the counter ATM withdrawal is free even if withdrawing on a different branch.
If the client will use the ATM to swipe in EPS terminals, then the maximum payment limit per day is P100,000.
ATM Withdrawal Charges
There is no charge for withdrawals using a BPI ATM machine. If client uses other bank’s ATM machine there is a P15.00 service fee per withdrawal.
ATM Card Replacement Fee
Supposed a client lost his or her ATM card, or it was mutilated, or the EPS terminal or ATM machine can no longer read the card, and thus ATM card can no longer be use, client’s recourse is to request the branch to replace the card. If this happens, BPI charges P150 as replacement card fee.
DO NOT FALL BELOW MAINTAINING BALANCE
Remember that the BPI ATM regular peso savings account minimum maintaining balance is P3,000. Supposed a client falls below it and only has P800 remaining in his or her account. What will happen next?
For falling below maintaining balance, a P300 service charge will be levied on the account at the end of the month. Then if by the following month, the balance is not raise to P3,000, the bank will charge P300 again. And so on and so forth until the account balance becomes P0.00 or until the client deposits enough to reach the P3,000 required.
Once an account balance becomes P0.00, eventually the bank will close the account.
Will the bank call or reach out to client to inform him or her that the account is below the minimum maintaining balance? NO. During account opening, the New Accounts has explained to the client the bank policy on falling below maintaining balance and the service charges. Client has signed the required forms, signifying his or her understanding of the banks policies.
The lesson is not to fall below minimum maintaining balance so there are no service charges debited on the account.
Enroll ATM Account to BPI Expressonline
For clients who have existing access to BPI Expressonline, on the same day of account opening, client may already add the newly opened ATM account to online banking.
Use a desktop or regular web browser on your phone to access BPI Expressonline. Do not use the mobile app to add the new ATM account.
Login to BPI Express online > My Accounts > Manage Accounts > Input the OTP Sent to registered mobile number
Once the OTP is successfully keyed in, the page will refresh showing all accounts under client’s name. Select the newly opened bank account and then Click ‘Save’. If client go back to Account Overview, he or she will now see the new ATM account on display along with other bank accounts, if there is any.
If client does not have access yet to BPI Expressonline, then the process to follow is account registration and then adding of account.
Opening a new bank account in BPI is a straightforward process. iSensey suggest to go on a branch Tuesday, Wednesday, and Thursday. Usually banks are teeming with people on Mondays and Fridays, and just before holidays and long weekends.
Start a saving account with the Bank of the Philippine Islands. BPI is the oldest banking institution in the Philippines.
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