BSP reminds depositors of bank fees and charges

CEBU, Philippines — Did you know that your deposit accounts can actually incur banking fees?

In an advisory, the Bangko Sentral ng Pilipinas has advised the banking public on the different fees and charges that a deposit account might incur.

These are maintenance fees and dormancy fees.

Maintenance fees may be charged if the minimum monthly average daily balance (ADB) has not been met for at least two consecutive months. 

The depositor is normally notified 60 days prior to the imposition of the maintenance fees. The amount of the fees are disclosed in the deposit terms and conditions signed by the depositor.

On the other hand, dormancy fees may be charged if there is no account activity — withdrawal or deposit — for five years.

The account balance is below the minimum monthly ADB. The depositor is likewise notified 60 days before the account becomes dormant and the bank imposes the dormancy fee, which should not exceed P30 per month.

The BSP tells the public to save their savings from the bank fees and charges.

As of end 2016, there were around 2.385 million bank accounts in Cebu, up from 2.257 million in 2015, according to data from the Philippine Deposit Insurance Corp (PDIC).

In terms of amount, these accounts totaled P468.36 billion as of end 2016, rising 10 percent from the P425.78 billion recorded in 2015.

Cebu, the financial center in Central Visayas, accounted for the bulk of bank deposits in the region in 2016, which reached P552.05 billion, up by 11 percent from P499.33 billion in 2015.

Bank accounts held by banks all over Central Visayas stood at 3.333 million as of end 2016 from 3.138 million in 2015.

Savings and time deposits remained the main fund sources of local banks. Other deposits include demand deposits and foreign currency deposit units (FCDUs).  (BANATNEWS)