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PNB waives maintaining balance for accounts opened online

Lawrence Agcaoili - The Philippine Star
PNB waives maintaining balance for accounts opened online
Under the bank’s EZ Promo, all new-to-bank and existing individuals of PNB who opened a regular savings account or overseas Filipino worker savings account with or without a PNB PAL Mabuhay miles debit Mastercard are exempted from the maintaining balance fee.
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MANILA, Philippines — New customers who opened an account with Philippine National Bank (PNB) through the bank’s online service until Sept. 21 will not be required to keep a specific maintaining balance.

Under the bank’s EZ Promo, all new-to-bank and existing individuals of PNB who opened a regular savings account or overseas Filipino worker (OFW) savings account with or without a PNB PAL Mabuhay miles debit Mastercard are exempted from the maintaining balance fee.

PNB imposes a maintaining balance fee if a regular savings account falls below the P3,000 required average daily balance.

PNB president and chief executive officer Jose Arnulfo “Wick” Veloso said the bank has been encouraging more customers to use digital banking since the start of the COVID-19 pandemic last year.

The online account opening service makes it safer for customers to open accounts amid the global health crisis.

The bank is tapping Allied Integrated Holdings Inc. (formerly PNB Savings Bank) in its foray into the digital banking space.

PNB’s capital expenditures jumped by 28 percent to P3.2 billion this year from P2.5 billion last year. Of the total amount, about 30 percent was allocated for information technology (IT) initiatives including digital payments, electronic wallets, among others.

“We are investing in technology and changing a lot of our processes at PNB. More and more customers are now demanding non-stop banking services. They want it fast, safe, and easy. In the new normal, we need to rely on technology to interact with customers and our target market across all our channels,” Veloso said.

For over a century, accounts opened at PNB included a visit to one of its branches where the know-your-customer (KYC) process is conducted.

With the launch of the online account opening service, customers can go to the PNB website, submit the necessary identification and information required, and allow the PNB Branch of Account to facilitate KYC via video conferencing.

“At PNB, we believe in creating a harmonized business model that integrates the strengths of digital and traditional banking business models. Our thrust is to continuously serve the immediate needs of our customers while looking for innovative ways to enhance their experience,” Veloso said.

PHILIPPINE NATIONAL BANK

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