The philippines has to many banks ranging from rural bank, commercial banks, thrift bank and universal banks we so many branches dominated by the universal banks were ever you go you ll find banks every were even inside a village but with so many bank present in every corner both the small bank and the big bank this has not solve the unbanked segment of our society.
In the first ever financial consumer survey of the Bangko Sentral ng Pilipinas they found out the 8 out of 10 filipinos does not own a savings account in any bank or 78.5% of our population are still unbanked this is very high considering that we have over a thousand banks in the country. We also have one of the highest unbanked in asia or even in the world. Bank tends to be aggresive in expanding and reaching out to the public but it has failed to address or minimize the unbanked segments of our society. With so many banks around the corner you might think that the recent survey was all lies but then again its true that we have a huge unbanked segment of our population with that there is still room to tap the untapped segments of our society. There a lot of factors why most of us have no bank accounts most common is that some people have nothing to put on in a bank. Then theres the huge amount of opening and maintaining balance. While there are banks who lowered there initial and maintaining balance to entice public to open a savings account this has not be implemented by majority of the banks in our country.3rd factor is the charges and fees impose by the bank when its depositors fall below fhe daily average balance in a month. With high fees why should save if you dont have the capacity to maitain one. 4th is to many recquirement were in when you open an account you have to present goverment issued ids. There are two types of id primary and secondary.
If you use primary ids like passport and sss you can open an account by presenting 2 primary ids but if you tend to use secondary ids you need to present 4 secondary ids like voters id,postal id,nbi clearance and so on. Two primary ids is equivalent to one primary ids. There are banks who are recquiring to have a landline,TIN number and utility bill under your name. If the bill is not under your name you have to get a barangay clearance. If you have no landline or even TIN they wont allow you to open an account. I have experience that with some banks. As you can see securing ids entails cost how can you open an account without spending much for ids whats left on your money may not be enough. Then when you have the ids needed you wont be able to open again why you dont have a landline or even a TIN number. If your successful in opening an account using your secondary ids your allowed to depost cash only no check deposit.
If i recall before the BSP has instructed banks to loosen up on there recquirements on opening a savings account but still youll encounter banks who are strict.
There are moves by congress to stop charging fees by the banks but to no avail it didnt materialize but resisted the calls stating it might affect there operations just like in the credit card segment high rates. Some lawmaker propose to have savings account with no maitaining balance while some banks did this there are two banks who have this type majority of the banks has no product like this. The first bank is a universal bank for only 100php you can have this account 100php goes for the atm the only problem is that every time you withdraw they impose charge of 5php regardless if its on there own atm machine while over the counter is around 100php. The 2nd bank is a thrift bank the former manila bank same procedure pay 100php for atm youll get it instantly the atm whats good to this bank they dont charge any fees when your withdrawing with there own atms but whats bad to this bank they have limited braches but they tend to expand aggresively.
Wednesday, April 18, 2012
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.
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.
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