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Tuesday, March 20, 2012

BANKO a Saving Bank

Every one wants to open an account no matter how big or small your money is. There are a lot of banks in our country ranging from rural bank to universal banks. One needs to find out what suites his need.

One consideration most of us use in opening a savings account is the proximity of the banks, its product and service etc. Most of us want to have a savings account that offers low initial and maintaining balance. There are banks who offer no maintaining balance and some offer high maintaining balance. It is hard to maintain your money especially this hard times. There are cases were in banks are very strict about the requirements that some of us are having a bad experience with banks.( i can relate to that) They demand to many ids,tin,land line and utility bills etc.

BPI and GLOBE telecoms partnered and lunch BANKO the first bank in the Philippines that embraces mobile technology. BANKO aims to cater to "unbank" sector of our population who have no access to any financial products and services because of so many factors. BANKO was inspired by the mobile revolution in KENYA where in it is the highest country that uses mobile technology to facilitate deposits, bills payment etc.

This morning i went to BANKO to inquire on how to open a savings account with them it so easy to open an account you just need 1 valid id, a globe or touch mobile simcard and 100php as initial cost. 50php goes to atm fee and 50php for your initial deposit. They will link your g-cash to your banko account. There is no maintaining balance so therea no need to worry that your account will be close or pay any service charge. Your globe mobile number acts as your account number you are given 4 cash in in a month after that youll pay a minimal fee for every deposit that you make ranging from 1.25 to 37.50. You can cash in to any BANKO outlets nationwide. Sending money through your loveonce is just so as text the transaction fee ranges from 5-110php and you can send as low as 50php to 15000php the fee will be deducted to sender right away.

You can also withdraw via atm to any atms nationwide the fee is 20php for every withdrawal and 3php for every balance inquiry.

When you reach 2000php average daily balance you ll get a life insurance times 5 of your savings and can use your savings as loan for your business. They pay 1% interest per annum.

To chck your balance or pay your bills dial *118*1# on your globe or touch mobile link to your banko account its free of charge

This can be ideal for students or people who wish to have a savings account. All saving account are insured by the PDIC
As of the moment BANKO atms cannot be use to purchase goods like we use to enjoy on an ordinary atms. It is limited to deposits, sending money, buying loads and bills payment. The BAnko is one of the fatest growing banks in the country who know there might be a banko branch near. I hope that all interest from its savings account will not be subject to a 20% with holding tax since they are a cooperative bank
* good news globe banko atms cAn nowbe use to pay for your groceries at all hypermarket and all sm super markets what wores you can use to at sm department store.