BPI, BDO, or Metrobank Fees — Why Keep Paying Them?
BDO Fees, BPI Fees, Metrobank Fees, Bank Fees in the Philippines
Bank fees of 10 pesos, 2 pesos, 1.50 pesos, 150 pesos — they add up.
Let’s avoid them.
Over the past months, my daughter accumulated a total deductions of 327.50 pesos
from her BPI Family savings account:
- two 150 pesos for allowing her maintaining balance to fall below 1,000 pesos for three consecutive months
- two 10 pesos for ATM withdrawal in other banks’ ATMs
- three 1.50 pesos for ATM inquiries in other banks’ ATMs
Same with me, I also accumulated a lot of 11-peso and 2-peso deductions
from my BDO savings account for ATM withdrawals in other banks’ ATMs. Obviously, we’re not good examples of what I’m writing about. But since I’ve seen the total deductions on printed paper, I’ve become more conscious about these fees.
My attention to bank fees was also heightened when an OFW in Italy wrote to ask about her BDO savings account which she left dormant. When she comes home this December, she will find that her more than 48K deposit, instead of increasing, has been reduced by about 1,600 pesos. A dormant BDO savings account is charged 200 pesos per month. (Update: BDO increased its dormancy fee to 300 pesos per month of dormancy in February 2011.)
Take note of the following common bank fees. All banks charge them. They just differ in amounts. Let’s avoid them.
1. ATM Fees for withdrawing in other banks’ ATMs
BPI withdrawal fee: 10 pesos
BPI inquiry fee: 1.50
BDO withdrawal fee: 11 pesos
BDO inquiry fee: 2 pesos
If you withdraw twice a week at another bank’s ATM, you would be
spending 80 pesos a month just for withdrawal.
2. Service Charge for Not Complying with the Maintaining Balance Requirement
BPI Family: 150 pesos
BPI: 200 pesos
BDO: 200 pesos (increased to 300 on Feb 1, 2011)
Metrobank passbook savings: 250 pesos
Metrobank ATM savings: 200 pesos
The maintaining balances are the following:
BPI Family ATM peso savings — 1,000 pesos
BPI Family passbook savings — 10,000 pesos
BPI ATM peso savings — 3,000 pesos
BPI passbook peso savings — 10,000 pesos
BDO ATM peso savings — 2,000 pesos
BDO Passbook peso savings — 5,000 pesos
Metrobank ATM peso savings — 2,000 pesos
Metrobank passbook savings — 10,000 pesos
Metrobank SSS pensioner — 200 pesos
These banks charge fees for two consecutive months of being below the maintaining balance.
3. Charges for Dormant Accounts
BPI and BDO: 200 pesos for every month of dormancy (BDO increased its dormancy fee to 300 on Feb 1, 2011)
4. Service charge for over-the-counter withdrawal for ATM-based Accounts
BPI — 100 pesos
No charge if ATM is off-line or if withdrawal amount exceeds the daily ATM withdrawal limit, which is 20,000 pesos
BDO – 100 pesos
The daily ATM withdrawal limit for BDO is higher — 50,000 pesos. If your account is ATM-based, you can’t withdraw over the counter unless you’ve already withdrawn 50K through the ATM or unless you pay the OTC withdrawal fee of 100 pesos.
5. Fees and Penalties for Returned Checks
Metrobank: 2,000 pesos plus 200 pesos per day for every 40,000 pesos and fraction
of check amount
BPI: 2,000 pesos plus 200 pesos per day for every 40,000 pesos and fraction of check amount