BPI advisory draws reactions from clients

CEBU, Philippines - An advisory from the Bank of the Philippine Islands (BPI) posted on their website and official Facebook page, urging clients to update their account information or risk losing access to their accounts, drew various reactions from clients.

The Ayala-led bank first posted the advisory on August 26, Friday requiring depositors to update their respective accounts with the bank, or else their accounts will be deactivated and they can no longer transact through the bank’s electronic services including the Automated Teller Machines (ATMs).

To update their accounts, BPI clients were advised to submit an updated Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form at any BPI branch.

The deadline was first set on August 31 but was later changed to September 30 after bank clients aired their complaints on social media. However, despite the clarification made by BPI on the actual deadline, bank clients continued to raise questions regarding the advisory, prompting the bank to issue another statement clarifying that the advisory was not applicable to all BPI clients but rather only to a certain number of depositors, who were in fact already contacted by the bank directly either through a letter, email or official communication.A BPI insider, who requested for anonymity, said BPI depositors need not update their account information with the bank if they have not received an official advisory or email from the bank.

The final clarificatory advisory issued by the bank yesterday reads:

 "We wish to clarify that these recent announcements apply only to a limited number of individuals, with whom we have already communicated separately. Should you have any questions, please visit us at the branch where you maintain your account or e-mail us at [email protected]"

 BPI also issued an apology for the inconvenience the announcements might have caused its clients.

"We have subsequently received feedback from you and acknowledge that our announcements have raised concerns. We sincerely apologize for the inconvenience this has caused you," it said. (FREEMAN)