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Does withdrawing all cash from your ATM closes your savings account?

I have decided to withdraw all cash through atm from my Metrobank savings account and put it in my BPI account

After two or so months I decided to log in to my Metrobank Direct (counterpart of BPIexpressonline). To my suprise my atm account was still there and showing a balance of -300.

Does that mean my metrobank ATM savings was still active?
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Comments

  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Yes, but unless you want to pay the P300 to be able to use the account again, I suggest you forget about it.
  • deepseatsdeepseats Member PExer
    After reading this thread, I remembered that I had an inactive account with UCPB years ago. I checked my online account and it reflected a negative balance. I called them just now and they told me that I just ignore the negative balance. They forgot to close my account which is why I still incurred penalty fees.

    Kuyadanny, will this have implications in my credit history? I want to maintain a clean record...
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    This is not a credit transaction. Other banks won't even know about it.

    But it might not make people at UCPB too happy if you want to reopen your banking relationship.
  • cretinous00cretinous00 The sea! The sea! PExer
    if it's a checking account with ATM, the NFIS/CMAP will label it as "closed current account due improper handling." if your bank (the one you're applying to) sees that, just show them a new checking account and proof you have no balances on the old one.
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    I think you would rather have your account "closed by the depositor" rather than "closed by the bank". So to keep things clean, if you don't need the account anymore, take the extra time and effort to close it yourself. Don't just take all your money out. Close it and avoid all the potential hassle.
  • sentrysentry Zerg Lurker PExer
    Happened to my BPI account years ago.
    Based abroad kami and I manage the finance via internet banking.
    My wife withdrew some amount when she visited pinas, which unfortunately left nothing in the account.
    Next time i checked, wala na yung account ko hehehe.
    Naiwan na lang yung checking account.
  • starpreneur009starpreneur009 Member PExer
    KuyaDanny wrote: »
    I think you would rather have your account "closed by the depositor" rather than "closed by the bank". So to keep things clean, if you don't need the account anymore, take the extra time and effort to close it yourself. Don't just take all your money out. Close it and avoid all the potential hassle.

    So kung winithdraw ko lahat ng cash and nagclose yung atm it will mean "closed by the bank"? Magkakaproblems po ba ako nito if I will loan, say housing loan, from any bank other than Metrobank??
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    It might. Remember that the NFIS list mentioned above contains "current accounts", not savings. In your case with Metrobank, the account remained open after you removed the money, and the balance turned negative, presumably because of service charges for falling below the minimum balance. Eventually that Metrobank account will be closed by Metrobank. It will be "closed by the bank", but not a current account, so maybe it won't show up in the NFIS.

    My point is - there are too many ifs, which can be all prevented by going to the bank and signing some piece of paper saying that you are closing the account. People may tell you that "hindi na kailangan". Gawin mo na rin, para sigurado.
  • AgapitoAgapito Member ✭✭✭
    From my personal experience, i have emptied several of my bank accounts in the past via ATM with no issues or whatsoever. I reopened new bank accounts on the same banks multiple times with no issues. There was also no issue with me obtaining credit/loans from the bank (which should be).

    I did ask a bank officer in the past about what will happen to my bank account that remains empty, she simply said it will eventually be closed by the bank with no further notice to me. Right now, i have a savings account with BPI that has been empty since December of last year. Up to now, i can still open and view that account using BPI Online.

    I have a sibling working abroad who wanted her bank account here in the Philippines closed. The PNB bank officer simply told me to just withdraw all the money via ATM and that's it.
  • mxherr5mxherr5 Member PExer
    That has been my experience too. In fact 1 year nang empty ang
    isa kong savings account sa BPI. I emailed them to have it closed
    kasi I don't have time to swing by the bank during banking hours
    pero they said I really have to visit my branch so it just sits there
    all empty.
  • deepseatsdeepseats Member PExer
    KuyaDanny wrote: »
    It might. Remember that the NFIS list mentioned above contains "current accounts", not savings. In your case with Metrobank, the account remained open after you removed the money, and the balance turned negative, presumably because of service charges for falling below the minimum balance. Eventually that Metrobank account will be closed by Metrobank. It will be "closed by the bank", but not a current account, so maybe it won't show up in the NFIS.

    My point is - there are too many ifs, which can be all prevented by going to the bank and signing some piece of paper saying that you are closing the account. People may tell you that "hindi na kailangan". Gawin mo na rin, para sigurado.

    I got so scared reading about the NFIS so i called the UCPB bank manager today. You're right about it. Yung NFIS daw is only applicable to current accounts with persistent bouncing checks. Pwede rin daw isama sa NFIS yung may credit card problems na account holders na hindi nagbabayad. The bank manager will have to file reports about these "problematic" accounts to NFIS.

    For savings account, hindi daw siya applicable and nothing to worry daw. Waivable naman daw yung charges and attributed to system error na rin kasi dapat pagnagzero na daw yung balance dapat hindi na magnenegative. Better pa rin daw to have it closed personally or talk to someone sa bank para informed na rin sila to avoid unnnecessary problems.

    Woohoo! Makakatulog na ako ng maayos. :rotflmao:

    P.S. Ok pa naman kami ni UCPB. I told the bank manager upfront na okay naman service nila. It's just that kaunti lang branches nila and ang daming bank charges. Sabi ko from my current residence, walang UCPB branch and ang layo ng isang branch dito. I don't have time to actually go there because im very busy and hindi ko naabutan operating hours nila.
  • AgapitoAgapito Member ✭✭✭
    Pag savings account kasi, yung bangko ang gumagamit ng pera mo at ninenegosyo nila.
    Pag credit account naman, ikaw ang gumagamit ng pera ng bangko.

    Ang masaklap lang, kapag ang bangko ang na-bankrupt, PDIC insurance lang ang habol mo.

    Pero pag ikaw naman ang na-bankrupt at hindi makabayad sa bangko, ihahabla ka pa! Buhay nga naman. :D
  • deepseatsdeepseats Member PExer
    ^Tama kaya nakakatakot yung mga maliliit na banks. Hindi mo alam kung anytime magsasarado.
  • AgapitoAgapito Member ✭✭✭
    Well, if you don't have an emergency need for your cash, you can park it at any of these PDIC-member small banks and take advantage of their high interest rates as long as you keep your deposit within the insurance limit.
  • deepseatsdeepseats Member PExer
    ^For me... better to fund my UITFs and Mutual funds... long term nga lang...
  • starpreneur009starpreneur009 Member PExer
    thanks for the inputs guys! it has helped a lot
  • Agapito said:
    From my personal experience, i have emptied several of my bank accounts in the past via ATM with no issues or whatsoever. I reopened new bank accounts on the same banks multiple times with no issues. There was also no issue with me obtaining credit/loans from the bank (which should be).

    I did ask a bank officer in the past about what will happen to my bank account that remains empty, she simply said it will eventually be closed by the bank with no further notice to me. Right now, i have a savings account with BPI that has been empty since December of last year. Up to now, i can still open and view that account using BPI Online.

    I have a sibling working abroad who wanted her bank account here in the Philippines closed. The PNB bank officer simply told me to just withdraw all the money via ATM and that's it.

  • Kapag po ba nagpa open ulit ako ng account sa BPI after maclose nung account ko same accout number pa rin po ba?
  • katehkateh Member ✭✭✭
    edited July 2018
    Kapag po ba nagpa open ulit ako ng account sa BPI after maclose nung account ko same accout number pa rin po ba?
    No. The old account is closed permanently. Yung new account is just that... it's a completely new account. New account #, new date of opening, etc.
  • ehleesyanehleesyan PEx Moderator
    Just wanna share some story. My officemate accidentally withdrew all her money sa ATM. The account was opened just a week bago niya ma-withdraw lahat. The bank is BDO. After the withdraw, closed agad account niya. Instant. Per BDO (branch in our building), once na mag 0 daw, automatic na mag close agad account, and she's temporarily banned from that specific branch, she can't open any account there for 6 months
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