BPI Depositors' Thread

[KuyaDanny]

BPI Family Savings Bank is a completely different bank from Bank of the Philippine Islands. They have different balance sheets and deposits made into BPI Family's accounts are not direct liabilities of the Bank of the Philippine Islands.

However, BPI owns BPI Family Savings Bank. In terms of business focus, BPI Family Savings is run as a "consumer banK" catering to "smaller" customers.

From my experience, BPI Family tends to pay more for deposits than the comparable products at BPI, and charges more for loans than the comparable products at BPI. The minimum balance requirements are also lower at BPI Family.

[KuyaDanny]

...and BPI Direct Savings is a third bank, different still from BPI and BPI-FSB. According to my BPI relationship manager, BPI Direct's target customers are OFWs who obviously will find transacting at branches in person very inconvenient. BPI Direct has no physical branches. Most transactions can be done on line. If face-to-face dealing is needed, the services are provided at BPI branches.

Minimum balance requirements here are even lower than BPI-FSB.

[deelaurente]

How does PDIC insurance coverage apply here?

[KuyaDanny]

Each of the three banks is a member of the PDIC, and deposits are insured up to P500,000 per depositor per bank.

[deelaurente]

@KuyaDanny That's awesome! Thanks for the reply

[BakingSoda]

KuyaDanny, thanks for the reply. I was looking for my post at the BPI CC thread only to find you've created a new one.

I have another question though. Can an ATM card issued by the main BPI be used in BPI Family's ATMs, and vice versa? I remember years ago when I needed to deposit money to a friend's BPI account and went to a BPI Family branch. I was told by the guard to find a main BPI branch instead. From then on, I've become unsure everytime I have to deposit to a BPI account. Nagtatanong pa talaga ako para sigurado.

[KuyaDanny]

Maybe not for deposits. Interbank deposits by ATM have always been subject to limitations. Even within BPI, fewer and fewer ATMs are accepting deposits.

As for withdrawals and balance inquiries, you should have no problems because both banks are members of ExpressNet.

[illumina]

They've stopped accepting ATM deposits through envelopes and are rolling out the direct cash deposit ATMs that often break down or are offline. I only use those to deposit to my own account, but I believe you can also make payments there. Not so sure about depositing to BPI accounts other than your own.

[fashionmum]

hi, not sure if i should ask this under this thread...kasi i heard that bpi was offering special deposits for 8% per annum for 5yrs. parang it was not offered to everyone..it was just offered to a friend of mine who just opened an account. would you know if this is still open and if regular clients can avail of this?

Bpi also offered something like this i think 5 yrs ago...

[john_pro]

KuyaDanny, thanks for the reply. I was looking for my post at the BPI CC thread only to find you've created a new one.

I have another question though. Can an ATM card issued by the main BPI be used in BPI Family's ATMs, and vice versa? I remember years ago when I needed to deposit money to a friend's BPI account and went to a BPI Family branch. I was told by the guard to find a main BPI branch instead. From then on, I've become unsure everytime I have to deposit to a BPI account. Nagtatanong pa talaga ako para sigurado.

1. Can an ATM card issued by the main BPI be used in BPI Family's ATMs, and vice versa? - YES

2. I remember years ago when I needed to deposit money to a friend's BPI account and went to a BPI Family branch. I was told by the guard to find a main BPI branch instead. From then on, I've become unsure everytime I have to deposit to a BPI account. Nagtatanong pa talaga ako para sigurado. -

Here's the best way to verify if you are depositing an account for BPI or BPI Family Savings Account:

-for BPI, the account number starts from: 0, 1, 2, 3, 4, '500', 8, and 9.

- for BPI Family Savings Account, the account number starts from: 501 (onwards), 6, and 7.

-you can transfer funds from BPI Account to BPI Family Account or to BPI Direct Savings Account and vice-versa via alternative channels such as Express Online, Express Phone, and Express Mobile.

-BPI selected machines (yellow-colored machines) located at selected malls, accepts immediate cash deposits (real time crediting to an account even on weekends or holidays) on both BPI, BPI Family Savings Accounts, and BPI Direct Savings Accounts.

Hope this helps :-).

[john_pro]

hi, not sure if i should ask this under this thread...kasi i heard that bpi was offering special deposits for 8% per annum for 5yrs. parang it was not offered to everyone..it was just offered to a friend of mine who just opened an account. would you know if this is still open and if regular clients can avail of this?

Bpi also offered something like this i think 5 yrs ago...

For a fixed rate placements booked under BPI (i.e. time deposits), BPI never offered 8% p.a. for five years interest rate five years ago, even to a select few. Even an initial placement reaching billions of pesos, the bank won't offer such kind of interest rate. For investments like trust funds, mutual funds, corporate bonds, 8% p.a. or more in return would be more possible.

[freelancer_babe]

hi, not sure if i should ask this under this thread...kasi i heard that bpi was offering special deposits for 8% per annum for 5yrs. parang it was not offered to everyone..it was just offered to a friend of mine who just opened an account. would you know if this is still open and if regular clients can avail of this?

Bpi also offered something like this i think 5 yrs ago...

You might have heard of those SDA's - special deposit accounts.

I've read quite a lot on this. So far I've seen those hovering at 4% to 6% rates which were offered years ago.

People are also complaining lately na pababa nang pababa ang rates na mga deposits na ito.

I made an inquiry weeks ago at our local BPI branch. The current deposit rate is at 3.2% interest which is net of taxes and trust fees. The rate is applicable whether you have approached a regular BPI branch or those BPI Family bank branch.

[freelancer_babe]

Each of the three banks is a member of the PDIC, and deposits are insured up to P500,000 per depositor per bank.

Clarifying question.

Does it mean, there's a separate coverage for BPI, BPI Family bank and BPI Direct?

So if I have deposit accounts at a regular BPI branch totaling P500,000; and another set of accounts at BPI Direct totaling P500,000... and one or both BPI branches collapse - do I get the entire P500,000 from both?

[KuyaDanny]

Yes. You understand correctly.

[johnplmc]

This is so cool. I appreciate all the responses!

Kuya Danny Kudos to you. I've learned a lot by reading this thread.

Now that I know that the three banks are different and all are covered! ang SAYA! Loyal BPI na ako hehehe

[jego207]

hi, not sure if i should ask this under this thread...kasi i heard that bpi was offering special deposits for 8% per annum for 5yrs.

8% was the anniversary rate for loans.
SDA [special deposit acct] remains at 3.2% as of Nov 2011, previously at 3.02% last quarter.

[freelancer_babe]

Hay.... ang hirap namang tawagan ang BPI hotline ngayong umagang-umaga. Umuusok na ang landline ko kanina pa.

Sana magdagdag sila ng mga tao na sasagot sa telepono nila.

[johnplmc]

we share the same sentiments freelancer!

madami lang siguro tumatawag... specially sa morning... try mo mga 7-8AM?

kasi ako palagi night tumatawag. ganun pa din naman... hehehe pero *** din nmn system nila pagdating ng 10PM...

Start na ng system maintenance nila and hindi na nila na-aaccess yung ibang tools...

[freelancer_babe]

hehehe, ugali ko ang tumawag ng mas maaga pa dyan. mga 6 -7AM. mahirap na rin ang 7-8AM. Minsan pa mga 5-6 AM pa kung gising na ako.

ang pinakamadali ay yung sa madaling-araw. yun nga lang, tulad ng karamihan, tulog pa ako.

[jego207]

haha, 24 hours naman hotline ng bpi. tawag nalang kayo during lean hours.