In this edition, we will take a
fresh new look at a staple of banking – we will examine how one
can go about opening a bank account – whether a savings account or
a current/checking account. We will do this by looking at the account opening
processes used by a few banks:
Account Opening – UnionBank
UnionBank has a simple account
opening process. This involves:
▪ Presenting at least one valid
ID – This could be a Passport, a Seaman's book, Driver's license,
NBI clearance etc. The ID should not have expired and must include
your photo. Sole Proprietorships, Resident Foreigners or Aliens need
to present other acceptable forms of ID.
▪ Visiting the branch to
complete the account opening form and signing on the signature cards.
Account Opening – Security
Bank
Security Bank offers customers a
couple of options when opening their accounts. The first option
involves filling out an easy online account opening form, collecting
the reference number sent via SMS to your mobile and presenting
yourself to the bank with one primary ID or two secondary IDs along
with the given reference number; the branch personnel will help you
complete the account opening process.
The second option, “Switch”
involves the bank visiting you! In this process, someone from your
preferred branch will visit you and help you with the account opening
process. The bank representative can be verified through the unique
reference number sent to you by the bank, by their ID or by calling
up and confirming with the branch.
▪ HSBC
and Citibank
follow similar account opening processes – you will need to fill
out an online form and someone from the bank will contact you to take
the process forward.
Requirements
and norms to be fulfilled
There are a plethora of savings
and current account products available. It is important to understand
that these products will have varying opening and maintenance
balances. Let's look at a couple of examples:
The UnionBank
Regular Savings Account
requires an initial deposit of P30,000, a minimum ADB (Annual Deposit
Balance) requirement of P30,000 and a minimum ADB of P50,000 to earn
interest. For the UnionBank
Dollar Access account,
the initial deposit is US$1,000, the minimum ADB requirement is
US$10,000 and the ADB to earn interest is US$25,000.
The Citi
Bonus Saver Account
requires a minimum opening balance of P50,000 subject to Total
Relationship Balance (TRB) of P100,000 per month. This account pays a
base bank interest rate of 0.70% p.a. and bonus interest if your account
grows month-on-month by at least P5,000; you can earn as much as
1.90% gross p.a. after 12 consecutive months of growing your average
balance.
