If you’re expecting to use checks in the near future — perhaps you’re eyeing a franchise business, you’re thinking of buying a property, or you’re starting a small business — start preparing for quick elibility for a checking account now.
Most banks in the Philippines don’t allow immediate opening of checking accounts, unless you are backed by someone with influence in the bank or backed by a recognized client or you have a good history of financial transactions with them, or perhaps a big long-term time deposit.
Banks want to reduce man-hours or problems related to unfunded checks and bouncing checks, and particularly the possibility of getting involved in check issuers’ legal cases, so they’re selective with regards to checking accounts.
So, start establishing a good track of financial handling in the bank where you want to open a checking account in the near future:
- Choose a reputable bank near your home or your place of work or business.
- Check if this bank has a checking account that has lower minimum maintaining balance requirements. The monthly fees for below-maintaining-balance status add up to huge amounts.
- Open a passbook savings account with this selected bank, and deposit regularly. One trick is to deposit all your salary and all other income as they come, even if you withdraw a big part of it the same day or the next day. This will show entries of bigger amounts of money.
- By the time you apply for a checking account, perhaps after 6 months or more, the bank officer would have some big figures to look at.
Three years ago, I applied for a checking account with this big blue bank, after my account with this big red bank was closed because of a transaction that nearly wiped out our finances.
I had a two-year savings account with this big blue bank, and I knew one of their tellers who vouched for me, but the bank officer still rejected my application. She said that my passbook showed few BIG transactions.
So, show them your big transactions, even if they’re just one- or two-day deposits, better if done regularly.
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