Reminders when start depositing in a bank (BDO)

This is an example of ignorance, I want to explain and share something I have never been told to anyone, and you will see in the picture that twice a month in 2014 and 2015 from 5,603.95 pesos they remove or cut each due 300 pesos until January 28, 2015, and everything in the account was gone 😨

So what's really happening here? first, the person who owns this account have never deposited for about 3 years 😭 as he said in her story from Facebook, so it means before else he doesn't know that his account has terms and condition, the situation during the time ends a penalty that applied is so-called "Dormancy fee" when you were forgotten or you really didn't deposit in 3 years is clearly understandable to everyone or he really didn't know anything, let's just say he doesn't know nothing, but come on! You’re entering the world of banking, right?😄💶 Just like what guru say's you must know and learn the instrument before you try to invest or try your luck in the stock market.

What is Dormancy fee or Inactive account? 🏦

A Dormancy/Inactive account fee of $16 is assessed to checking and money market savings accounts that are coded dormant/inactive AND have a balance of less than$250. An account is considered dormant/inactive if it has had no deposit or withdrawal activity (other than posting interest) for a period of one year.

There are options of saving account that has no maintaining balance and dormancy fee, you can check their websites listed all the information you can read.

This is the list of the most popular Banks in the Philippines

[Not ranked]

1. BPI - Bank of the Philippines Island

2. PNB - Philippine National Bank

3. BDO - Banco De Oro uni bank

4. Metrobank

5. Landbank

6. Psbank

7. Security Bank

8. China Bank

9. East West Bank

10. Allied Bank

You can try this savings account suggestion

1. Kabayan saving account (BDO) with 0.25% monthly interest rate (Income rate) and 20% tax. You can inquire and see more about KABAYAN SAVINGS on this link.

2. International - Express Teller savings account (BPI) with 0.25% monthly interest rate (Income rate) and 20% withholding tax. To know more about the features of these products click here.

List of banks offering double-your-money or high-interest accounts

1. Rural Bank of Paranaque – 5-years, 16% per annum (p.a.), interest paid monthly

2. G7 Bank – 8.25% p.a. gross for a P200, 000 30-day time deposit

3. Rural Bank of Makati – 5-years, 10.5% p.a., interest paid at the end of term; 5.0% if interest is paid monthly

4. Philippine Rural Banking Corp. in Jollibee, Ortigas – 5-years, 10% p.a., and interest paid monthly; double your money in 6 years, locked-in

5. People’s Bank Inc. along Alabang Zapote, near South Mall – double your money in 5 years, locked-in