Do you know how to open a BDO checking account? Perhaps, you have noticed during your ATM withdrawal that you are prompted to choose which account will you use. The ATM normally displays “Current Account” not the “Checking Account”. So both are the same and you must not be confused.
A checking account is a type of bank account that can be used as a payment method through issuing a check to the payee. Normally, it is used when paying for future bills, house amortization, loans and other forms of debt.
If you want to learn more about how checking account works, you can visit this post that I published few months ago. Keep reading on!
Why Choose BDO Checking Account
Maybe you already know that BDO is the largest bank in the Philippines. It has many branches located in different towns and cities of the country.
Therefore, looking for a branch will not be difficult and opening a checking account. In every SM mall, you can also find a branch. In my opinion, this is one advantage of BDO compared with other banks. It has longer banking hours and very accessible to clients.
In the table below, you can see the deposit and interest rates that you can receive from BDO checking account. It is the latest figure as of this writing.
|Account Type||Minimum Initial Deposit||Minimum MADB Requirement||Minimum Balance to Earn Interest||Penalty*|
|Regular Checking Account||Php 5,000.00||Php 5,000.00||N/A||Php 300.00|
|Smart Checking – Personal||Php 15,000.00||Php 15,000.00||Php 15,000.00||Php 300.00|
|Smart Checking – Commercial||Php 25,000.00||Php 25,000.00||Php 25,000.00||Php 300.00|
|Super Checking||Php 100,000.00||Php 100,000.00||Php 100,000.00||Php 300.00|
|Peso Checking Account Payroll||Php 100.00||Php 100.00||N/A||Php 300.00|
|Automatic Transfer – Savings Account ATF Personal||Php 25,000.00||Php 25,000.00||Php 25,000.00||Php 500.00|
|Checking Account ATF Personal||0.00||0.00||N/A||N/A|
|Automatic Transfer – Savings Account ATF Commercial||Php 50,000.00||Php 50,000.00||Php 50,000.00||Php 500.00|
|Checking Account ATF Commercial||0.00||0.00||N/A||N/A|
The *penalty will be charged to checking accounts that fall below maintaining balance for two (2) consecutive months. In addition, the dormancy fee for dormant account will be P300. Therefore, you should be aware of this so that your account will not be charged with any penalty or fee. You can use this checking account for the following purposes:
1. Pay bills such as MERALCO or water utility bill
2. You don’t need to carry large amount of cash
3. It can be served as a proof of payment when paying for the things that you have bought
4. You can use it to pay for your monthly amortization (house, car, or rental space)
5. It can give you instant record of where you spend the money.
How to Apply for a BDO Checking Account
Usually, opening or applying for BDO checking account may not be hard especially if you already have a savings account at Banco de Oro with a good balance. Due to many cases of bouncing checks in the past years, most banks now are becoming strict in dealing with checking account.
Almost all banks now require their clients to open first a savings account with sufficient balance before they could apply for a checking account. They have done this to minimize the cases of bouncing checks.
By the way, a bouncing check is a check issued to the beneficiary without sufficient fund or money. Some people do this intentionally while others don’t know that their checking account has no enough fund to cover the payment.
In either conditions, you can be charged with a criminal offense for issuing a bouncing check. Thus, you should be very careful if you will pay for something using a check. Always make sure that your checking account has the sufficient fund.
In case, you already have a savings account at BDO and you have the enough money for the initial deposit of checking account, you can visit your branch to start opening an account. You may need to fill out some forms and give your signature samples to the bank.
At the end, you will be given a check book which you will use when issuing a check as your payment. You must keep your check book safe from loss or theft.
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