Are you looking for ways on how to apply for a checking account at Metrobank? A checking account works much like the same as savings account does. Both are deposit account that earns a fixed interest every year or month and both are insured by the government as mandated by Philippine law through Philippine Deposit Insurance Corporation (PDIC).
Maybe you don’t have any idea how important a checking account is. In this post, I would like to discuss the procedures on how to open a Metrobank checking account and how could you benefit from owning one.
What is a Checking Account?
A checking account is a type of bank deposit account which a customer can use for paying things, normally with the use of a check or post-dated check (PDC). It is very useful when paying mortgages of your house, rental payment, or anything that you want to pay without requiring you to bring a lot of cash.
In common practice, Metrobank usually requires a customer to open first a savings account before they allow a person to apply for a checking account. So it will be better to open a savings account now if you are planning to get a checking account in the future.
Features of Metrobank Checking Account
What are the benefits and features you want from a checking account? Are there any specific characteristics that you want so it can satisfy your needs. In this section, I would like to point out several features of Metrobank checking account that might be helpful to your banking needs. So I suggests to continue reading.
AccountOne is a checking account with passbook and ATM. This ATM card can be used to transact at more than 800 Metrobank ATM and 2,300 BancNet ATM around the Philippines. It can also be used to over a million Cirrus and Maestro POS terminals around the globe.
The initial deposit and the minimum maintaining balance for this type of account is P25,000. To be able to earn interest with this checking account, your balance must be P50,000 and above. It earns a fixed interest rate of 0.50% which is subject to withholding tax.
AccountOne can also be enrolled with Metrobank Internet banking (Metrobankdirect) and Metrophone so you can do other banking transactions anywhere you are at anytime you want. With this account, you can issue checks to make payment to your customers or suppliers or pay off your bills like the amortization of your house and lot.
2. Regular Checking Account
With Metrobank Regular checking account, you can pay your bills, debt, loans or amortization by issuing a check which is safe and convenient. Furthermore, you are allowed to make deposits in form of cash or check.
The initial deposit and maintaining balance for this kind of account is P10,000. It can also be enrolled to Metrobank’s mobile, phone and Internet banking facilities.
3. MetroChecking Extra
MetroChecking Extra is a combination of savings and checking account in one. The initial deposit, minimum average daily balance and maintaining balance to earn interest for this account is only P15,000. It earns a 0.50% per annum interest subject to withholding tax.
You can pay your bills and monitor your transactions with monthly statements. It can also be enrolled to phone, mobile and Internet banking so you can bank anytime and anywhere.
How to Open a Metrobank Checking Account
In general, opening a checking account is not difficult to do especially if you already have a Metrobank savings account. The normal method for application is by visiting your branch or just a walk-in application.
If you already have a savings account at Metrobank, you have to visit your branch and then apply for checking account. Some blogs mentioned that you need to have a minimum of 3 month-old savings account before you can open a checking account.
I think this may be changed or waived if you can persuade the bank that you really need the checking account. Tell them your reasons why you want to get a checking account and I believe, you have the chance to be approved.
You may need to fill out some forms when applying for a checking account. Make sure to furnish all the required information needed.
These days most banks are becoming strict when opening a checking account because there are many cases of bounced checks. Bounced checks are checking accounts with insufficient funds that were used by the account owner when paying for something.
Issuing a bounced checks can result to a criminal offense or imprisonment. Thus, you should be very careful when issuing a check. Make sure you have the sufficient fund when you issue a check. It will be better to apply your checking account to Metrobankdirect so you can easily know how much money you have in your account.
A checking account is almost the same as savings account in the way both are deposit accounts. It also earns a fixed interest rate per year and can be used as a payment method by issuing a check to the beneficiary. Metrobank checking account can be opened easily if you already have a savings account and sufficient money as initial deposit.
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