Question:
I have a BDO peso passbook savings account with 10k maintaining balance. Last April 2, the balance became 7k. This April 8, I'll deposit around 3,500. Will my account be charged 300 pesos for those days the account balance was below 10k? Thanks po for the help.
Answer:
If you have maintained your account in the month of March, you will not be charged this April even if you fell below the 10k maintaining-balance requirement the month of April. Why so? Because you are charged only if you fall below the maintaining balance requirement for two consecutive months.
This means if you fall below the 10k balance requirement for both March and April (these are 2 consecutive months), then you will be charged the 300-peso penalty this April 29 (last business day of the month). But if you fall below the required balance for only one month, you won't be charged.
You said you will deposit 3,500 on April 8. Will you be able to maintain your account this month of April? Let us see. Let's compute your Average Daily Balance (ADB for the month of April).
First, let us add all your daily balances from April 1 to 30.
This is how your account will appear for the month of April if you will not withdraw after depositing 3,500:
April 1: Balance is 10k
April 2 to 7; Balance is 7k
April 8 to 30: Balance is 10,500
Let us add your daily balances for the whole month of April:
April 1: 10,000 x 1 day = 10,000 pesos
April 2 to 7: 7,000 x 6 days = 60,000 pesos
April 8 to 30: 10,500 x 23 days = 241,500 pesos
Total daily balances for the month = 10,000 + 60,000 + 214,500 = 311,500
Your Average Daily Balance (ADB) for the month of April: 311,500 divided by 30 days = 10,383 pesos
This means your ADB for the month of April is 10,383 pesos.
10,383 is higher than 10,000,
so you did not fall below the maintaining-balance requirement in the month of April.
You were able to maintain your account in the month of April.
If you need something for money transfers, you can use Paymaya or Gcash.
If you're not yet able to maintain 10k, open an account with 500 to 1k maintaining balance, or open a digital account (no maintaining balance) like ING Bank or Komo or CIMB via GCash. Download on your phone then open an account. Prepare your ID and TIN. Digital banks in the Philippines
There's a fee for closing your account in less than 1 month from opening date, but this is another thing.
Meaning my account is automatically closed by the bank?? Even I didn't pay the whole 300 pesos charges??
Also, last November and December there were remittances from abroad which exceeded my average daily maintaining balance.
Is this a pension account? I asked because the maintaining balance is only $10.
If you've just started working, and this account is not connected to something important, I suggest you withdraw all your balance, and open another account with lower or no maintaining balance requirement. Or you can go to BDO and ask if you can convert your passbook account into an ATM account (2k maintaining).
You can also consider opening a digital account like Komo by Eastwest or GSave of CIMB via GCash. These have no maintaining balance requirement. Just download the app, then register. You upload a photo/scan of your ID and your selfie.
Another thing is if you like to maintain it as your own personal account, I think it's better that you go to your branch and ask it to be converted from a payroll account to your personal account, so the payroll tag will be removed. I'm not sure if it's still their policy today, but I had a BDO payroll account before, and it did not accept a check deposit because it was still tagged as a payroll account.
mag coclosed Na poba ung ACC. ko
po..last Feb 21 2021 ko lang po Na withdraw ung 1k..oh may penalty npo ako..?
Kung nag-start ka pa lang mag-work at nahirapan ka sa maintaining balance, meron na ngayon mga digital accounts na zero maintaining: Komo by Eastwest at GSave of CIMB and GCash. Just download the mobile apps, then register. You need your government ID.
Dapat mabuo mo ang 2k or more starting April 1 sa account mo, and everyday merong 2k or more sa account until April 30, para walang 300 na deduction sa April 30.
So if your balance is 8,045.00, for example, and you withdraw 8k, it won't close yet, as the balance will be 45.00. But if your balance is exactly 8k, withdraw only 7,900, so there'll be 100 pesos in the account.
Kung mahirap mag-maintain, mag-open ka ng digital account, like yong GSave ng CIMB (puede through GCash), o Komo by Eastwest, or yong newest, Tonik. No maintaining balance required, higher interest rates and insured by PDIC.