Philippines Banks

[lordna]

Anybody know of a Philippines bank account where they don't close it after a certain period without telling you, taking any balance remaining on closure?

My wife has a BDO account and if there is no activity on it they will close it. Anybody else experienced this?

We were planning on putting some money there "for a rainy day" but i am reluctant unless i know the money is 100% safe and maybe earning some interest.

[Moy]

Anybody know of a Philippines bank account where they don't close it after a certain period without telling you, taking any balance remaining on closure?

My wife has a BDO account and if there is no activity on it they will close it. Anybody else experienced this?

We were planning on putting some money there "for a rainy day" but i am reluctant unless i know the money is 100% safe and maybe earning some interest.

my bank is BDO ..had active since i left 3 years ago but i make sure i had transaction least ..and the maintaining balance remain or it will just be zero and eventually close it...at the moment i am using it juggling my cash so to speak etc:biggrin: and i can check online banking...with no probs everytime..i send cash through worldremit and after few days i can see my cash in there..no pros:biggrin:

for the interest yes it can earn not a lot which is typical but one time it earn a bit when thy see quite a bit of money too there ;) deposited

[Terpe]

This happened to us one time. Same bank BDO

I had a big argument about it but no positive outcome.

Don't know what the answer is and I think all banks operate the same

[sars_notd_virus]

Anybody know of a Philippines bank account where they don't close it after a certain period without telling you, taking any balance remaining on closure?

My wife has a BDO account and if there is no activity on it they will close it. Anybody else experienced this?

We were planning on putting some money there "for a rainy day" but i am reluctant unless i know the money is 100% safe and maybe earning some interest.

They don't close the account if its inactive and has maintained its ADB (average daily balance) but if it falls below the ADB the bank deduct service charges closing the account by itself.

with BDO:
https://www.bdo.com.ph/personal/accounts/peso-checking-account/checking-account

Account is tagged dormant if there is no client-initiated transaction within 12 months for checking accounts and within 24 months for savings accounts.

I left 2 personal bank accounts in the PH (BDO and BPI) and brought my ATM with me it was both tagged dormant as i never do any transactions abroad but i called them and my moneys are still intact and has gained interest ( for two years ) just that when I get back to PH I have to activate it again.

[Michael Parnham]

When I was about to leave Philippines to come home, I checked with PNB what to do to keep my a/c open, and they told me to keep it activated by transferring money within 12 months so we just keep topping the a/c up every three months ready for use when we visit again!:xxgrinning--00xx3:

[Terpe]

Good info, enough for me to start barking again next chance :ReadIt:

[stevewool]

there is a max you can put into a account in the phils that is safe , but what is it,:Erm::Erm::Erm::Erm:

[Terpe]

there is a max you can put into a account in the phils that is safe , but what is it,:Erm::Erm::Erm::Erm:

Well that is only for insurance purposes. Mind you I wouldn't advise going over. It's often a rocky road to secure an insured payout.

The number Steve is P500k per account.

If the bank goes belly-up then you've a reasonable chance to get that back. No more though.

I've been through that experience and it took me 2 years and plenty of visits to the Philippine Embassy for all sorts of 'red ribbon' documents.
Don't know if I was being delayed...but anyway got the money back.

[stevewool]

thats a figure to keep in mind , thats what i shall be having each year to live on i think