BPI Will Soon Charge Fees for Over-the-Counter Withdrawals and Inter-Regional Deposits

BPI depositors, listen up.

 

Yesterday, the Bank of the Philippine Islands (BPI) announced that its clients will have to pay charges for over-the-counter withdrawals and inter-regional deposits starting 1 September 2018. The move will apply to both BPI and BPI Family Savings Bank depositors and is in line with standard industry practice.

 
counter withdrawal BPI Will Soon Charge Fees for Over the Counter Withdrawals and Inter Regional Deposits

Image Credit: Rappler

 

As per the latest advisory, ATM account holders will be charged Php100 for each over-the-counter withdrawal. Passbook holders will be charged the same for inter-regional withdrawals, while inter-regional deposits will be charged Php50 each. (The company defines inter-regional transactions as those made to branches situated in a region that’s different from your home branch’s.)

 

For instance, someone living in Makati would not be charged for making a deposit to a BPI account in a Manila branch since they’re both still in the same region (NCR). Conversely, if you were to make a deposit to your Makati branch from a branch in say, Ilocos, you would be charged Php50 since the latter is situated in a different region, which, in this case, is Region I.

 

Same-branch and intra-region deposits will remain free of charge, however.

 

The following are the specific fees that BPI intends to implement for different kinds of transactions later this year:

 
bpi BPI Will Soon Charge Fees for Over the Counter Withdrawals and Inter Regional Deposits

Image Credit: Spot.ph

Cash deposits made over the counter

 
  • Branch of account – free
  • Metro Manila – free
  • Intra-region (transactions made at branches other than the branch of account, but within the same region, such as Metro Manila to Metro Manila) – free
  • Inter-region (transactions made at branches other than the branch of account, and in another region, such as Metro Manila to Ilocos) – Php50 per deposit
 

Cash withdrawals made over the counter through any branch

 

ATM card accounts – Php100 per withdrawal

 

Passbook accounts:

  • Branch of account– free
  • Metro Manila– free
  • Intra-region– free
  • Inter-region– Php100 per withdrawal
 

Check encashment

 
  • Branch of account – free
  • Metro Manila – Php100 per check
  • Intra-region – Php100 per check
  • Inter-region – Php100 per check
 

Foreign currency cash deposits

 
  • US dollars – Php0.10 per US$1 or a fraction thereof
  • Non-US dollar currencies (3rd currency)  – Php0.10 per US$1 equivalent or a fraction thereof
 

Checkbook

 
  • Personal – Php250
  • Corporate – Php500
 

Manager’s check – Php75

Demand draft – Php550

Bank certification  – Php200

Statement of account (SOA) printing – Php50 per page

Safety deposit box (SDB) rental – Php2,000 to Php6,000 per year, depending on the size of the box in question.

 

No further details on the upcoming change are currently available, but clients may refer to BPI’s frequently-asked questions (FAQ) page here for more information.

 

UPDATE: BPI has postponed the implementation of the new fees to January of next year. Clients are advised to use the additional time to familiarize themselves with alternatives like the company’s online banking facilities and electronic channels.

Serena Estrella

Serena joined iRemit back in 2016, and has tormented its Marketing Head constantly ever since. To get through the rigors of writing about grave concerns like exchange rates, citizenship requirements, and PH-AU news, she likes to blast Mozart, Vivaldi, ONE OK ROCK, and Shigeru Umebayashi in the background. She does a mean Merida voice in her spare time too.

Comments
SHOW 0 COMMENTS

Leave A Comment

Your email address will not be published. Required fields are marked *