Are you looking for a savings account that you can open with very low initial deposit? A bank ATM account is one of the simplest form of bank account because you can open a new one for a low initial opening deposit. Most people don’t have a big amount of money when applying for a new savings account so they are looking for an account with minimal deposit.
BDO ATM account can be a solution to your problem if you want an account with low opening deposit. For example, BDO Kabayan savings account has an opening deposit of only P50. Actually, it is really intended for OFW as a remittance account and you can open it even if you are not OFW but as a relative who will receive the remittance.
In this post, you will know how to open a BDO ATM account. You will learn also what requirements you should bring to the bank and the ID that you need to present.
What are the Features of BDO ATM Account?
BDO ATM account comes with an ATM card without a passbook. This account has a minimum initial deposit when opening a new account of P2,000. It earns a fixed interest rate of 0.375% per year.
The minimum monthly average daily balance (MADB) that you need to maintain in your account should be P2,000 so that you will not be charged with a service fee from falling below minimum MADB. The fee costs P300 while dormancy fee is also P300. A dormant account is an account that is inactive for 2 years. It is an account that has no transactions like deposit or withdrawals.
Below you can see the details of a BDO ATM account. If your account falls below P2,000 for more than 1 month, your account will be charged with P300 until it becomes zero balance. If you didn’t put any money during that time and it is still zero balance, BDO will close that account automatically.
|Account Type||Minimum Initial Deposit||Minimum MADB Requirement||Minimum Balance to Earn Interest||Service Charge for Falling Below Minimum MADB Requirement|
|Peso ATM (without passbook)||Php 2,000.000||Php 2,000.00||Php 5,000.00||Php 300.00|
Don’t worry, it really happens because maybe you are lacking money. But you can still open a new ATM account when you already have the money. You cannot re-activate the closed bank account. It will be better to open a new one and it is not that hard. In the following section, you will learn the requirements and the steps you can take to open an account.
Requirements for Opening a BDO ATM Account
All banks require documents and ID when opening a new bank account because it is a mandatory for them to know their customers. Similarly, when opening a BDO ATM account, you will be required to submit some ID and documents.
If you are looking for these requirements, you can click here to know more about the ID, documents and other stuffs that you should present. It will give you the detail list of the requirements.
How About the Procedures?
OK, it is really easy to open a new ATM account. First of all, you have to prepare all the ID, documents and money that you need. When all are already complete, you can now go to the nearest BDO branch in your place to start the application.
In the bank, you need to go to the new account section where you will open a new account.If you cannot find this section, you may ask the guard, definitely he knows it and will direct you to the right desk.
There are several forms that you need to fill out. Make sure to furnish the right information and complete it with your personal details.
I also suggests that you apply for BDO Internet banking especially if you are an OFW and you will use this one as your bank account. In this way, you can monitor your account even if you are not in the Philippines through the Internet. You will just tell the bank employee that you want to add Internet banking to your new account.
After completing all forms, you should submit it to the bank employee together with other requirements like the valid ID, proof of billing and the initial deposit. Normally, your ATM account will be available after 3-5 working days. But to be sure, just ask this one to the lady in charge of new account.
If you have other questions and some information that you want to share with other people, you can leave your comment and questions below. Thanks!
BDO ATM account is the simplest bank account of BDO that comes with an ATM card without a passbook. The minimum initial deposit for this account is P2,000 with an interest rate of 0.375% per year.
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