Metrobank's Loss is BDO's gain

**Hardright** · August 23rd, 2008 08:41 AM

Banks require that you personally see a bank officer in order to open accounts. It is a BSP regulation. Part of the KYC (know your customer). The officer will interview you to determine:

1. If you have a record (in BAP or negative files). You get on the BAP for bad credit (not paying loans or your credit cards), or issuing bouncing checks (mishandled account). If your name comes up, the bank will not open the account for you.

2. Determine the source of your funds (payroll, business, etc). This is part of AML (anti-money laundering) law. Just to make sure your money source is legit.

3. Get you to sign on their signature cards and to fill up their account opening forms.

Now the above procedure is for new clients. Existing clients need not have to fill in more details if say you want to open a checking account after having 2 savings accounts in the past. You will need to sign their signature card for the checking account. You ask, well you got my signature already for the savings accounts, why for the checking? Well, people may sign differently on checks vs other documents. I do. Better security doing that, but that's just me.

I guess, and I said I am guessing, Metrobank may have different terms and conditions for checking accounts vs savings, hence the need to fill up the new forms and to sign. In case you go to court, Metro will present your account opening forms with your signature in it as proof that you had agreed to the terms and conditions of having a checking account.

Assuming the terms and conditions are the same, then you need not show up in the branch and just wait for your checkbooks to be delivered. The bank will debit you for the checkbooks and depending on their procedures, may require your signature. Some banks have recorded phone conversations so instructions given over the phone are admissible in court in lieu of a signed document. I find this convenient as it saves me from having to make that trip to the branch.

As to online services, I applied for a BPI credit card using their online facility. Next business day, I got a text message asking me to call their customer service number and to mention the reference number in the sms message. Efficient and high tech! I called the number and 9 minutes later, someone picked up the call and told me to submit my ITR either through fax or email. Not good client experience having to wait 9 minutes on the phone. If I called via handphone, that would have been almost P100. I emailed my ITR with the reference number. It's now more than 11 days since I emailed my ITR and I still haven't seen the card. So much for BPI online service.

On depositing cash in a PSBank branch, to another account in another branch of PSBank, I was charged for it. What? I'm putting money in your bank and you're charging me a fee? P50 for deposit amounts below P100,000 and P100 for amounts greater than P100,000. I argued with the branch manager saying that you guys don't physically transport the money over to the other branch do you? Everything is electronic! She didn't budge. Clients who overheard the conversation said that this was common practice amongst banks. I guess this is a fee income generation activity of the bank and these other clients have resigned themselves to it. Pity. Fortunately, my bank doesn't charge me for that nor when I do online transfers to another account within my bank.

One other thing I learned about money transfers or funds transfers. Banks receive your money like within 24 hours after the other bank sends the money. Your bank holds on to the funds for a day or two more. Friend of mine said that this is what they call float income. Not only did the sender get charged for sending money, but the bank debits the recipient for the incoming transfer and holds your money for a day or two! Sobra! Kawawa naman yung mga OFW natin!

On ATM service, I am happy with my bank's ATM service. Always online. Lots of security guards, well lit and neat surroundings. They also don't charge fees for using other bank's ATMs. Terrible thing to be running around the mall, looking for an ATM that's online. If it is online, haba naman yung pila. By the time you get to use it, out of cash naman! Aaarggghh!!!! Worse, your account got debited but no cash comes out of the ATM! Aaaaarggghhh!!!! Buti na lang may credit card.

On BDO internet banking, my wife asked what she needed to do to get into that service. She was asked to fill up a form. What??? She asked how long before she will be able to get in. Answer: About 2 weeks. Huh? She said, forget it. Online service should be available through online application. Not stupid paper-based processes. I don't feel it is secure as along the way, someone could tap into my wife's account before we get the log-in process from BDO.

End of rant.

**bender** · August 23rd, 2008 10:01 AM

Well, BPI and Metrobank are both slow and inefficient when it comes to basic teller services. BDO is better although i did have problems with depositing a check with them. The only thing that preventing me from closing my accounts is that the branch manager is very friendly.

**paolorenzo** · August 23rd, 2008 10:05 AM

Kasalanan lahat yan ni Jose Velarde at Jose Pidal!

**ChevyChaser** · August 23rd, 2008 11:39 AM

Originally Posted by daimengrui

Again you along with shadow missed why I am ranting in the first place. OF COURSE it is still possible for me to go to the bank and OF COURSE I am willing to go there too! The point is WTH do they have this online banking thinggy if they will still have me go there in the first place? Sana mag sink in na sa inyo ha. Last na tong explanation ko why I believe my points are valid.

To MBTC dont put a feature in your online banking IF YOU CANNOT RENDER THE SERVICE AS ADVERTISED.

Thank you.

This comes from post # 12 which is your post and the very reason why they are asking you to personally apear.

"The manager does not know me personally as I do not visit the branch that much. Actually, I've lived offshore for several years and have just recently returned my account with them although is updated regularly by a relative is quiet and there was minimal interaction other than fund transfers from abroad."

As i recall in your first post, you said you wanted to open a checking account. Again this is from your post.

"I called up one branch and asked them if it would be possible to open an account without appearing as I have accounts with them since 2003 already. I'll just send the details and other requirements via company messenger as I am located in Ortigas and work there as well. "

"It is very inconvenient for me to drop by just to hear a lecture about being overdrawn and bouncing check laws when in fact I've had BPI and Equitable checking accounts before and not to mention my US checking accounts."

Now if you don't go there personally, How in the world will they VERIFY that is actually YOU they are dealing with. Yun lang yun. They just want to make sure that IT IS REALLY YOU who is opening an account and not some smuck who will be issuing bouncing checks.

As for on-line banking, once you have established your account, there's no need to go to the bank to transfer funds. Just go On-line!!

My wife and I have had our checking account with BPI SHAW since 1990 (I used to live in San Juan ) and have not transfered our account anywhere else. We live near FAIRVIEW now and I still have to go to SHAW just to pick-up my wife's cheque booklet. Of course, kasama na sidetrip sa mga barkada.
As for fund transfer, we still do it the old fashion way...go to the bank.

To the rest, please take note:

Never go to a bank on:
1. Monday mornings. This is the time when a lot of small business people do their weekly transactions. Do your transaction after 12 noon.
2. Every 15th and 30th of the month. This is the time when employees encash their salaries.
3. After 2 pm. the Guard will not let you in.
4. Never use the ATM at 9, 10, 11 am, 3, 4pm at sa gabi (especially pag isolated yung location). 100% sure naka off line ang ATM.

Experience and observation ko lang po.

I teynk you ...

**uls** · August 23rd, 2008 11:54 AM

Sa LBC Bank nalang...

Hari ka dun

**CoDer** · August 23rd, 2008 12:05 PM

^ Saan meron nyan?

**uls** · August 23rd, 2008 12:21 PM

aba, interesado

dito sa MM, 2 branches lang... Makati (Head) and Timog QC... the rest puro probinsya.

**Paolo123** · August 23rd, 2008 12:23 PM

Badtrip talaga dyan sa metrobank. Dati nagtry din ako magopen ng checking account sa kanila. Then nung nalaman nila na balak ko magopen ng home loan sa bpi and gagamitin ko yung checking account ko sa metrobank to issue checks aba hindi ako pinayagan. Sabay binigyan ako ng papers nung homeloan nila. Tignan ko raw, and dun na lang daw ako kumuha ng home loan sa kanila. In short, ayaw nila ko bigyan ng checking account kasi hindi ako sa kanila kukuha ng home loan. Jologs talaga yun. Kakabad trip.

**uls** · August 23rd, 2008 12:39 PM

never ako nag bangko sa Metrobank...

tingin ko kasi sa kanila pang top 5000 corporation lang clients nila...

di ako mapapansin jan...

dun nalang ako sa Rural Bank of Jolo.