What is BancNet

by Gily Tenorio on July 17, 2012

in Banking

In the Philippines, there are several banking networks or groups that probably you have encountered before. If you are an employee for a certain company, I assume you have heard or read the word “BancNet”, “Megalink”, and “ExpressNet”.

These stuffs are the popular banking networks in the Philippines that connects the ATM networks of one bank to other member banks. That’s why it is possible for you to withdraw money even if the ATM is not belongs to your bank.

Inter-bank network is very helpful not only to bank customers but for the bank itself as well. Bank customers can withdraw or make some certain transactions even the ATM is not directly the bank where she has an account. At the same way, banks can give convenience and access to their customers by allowing them to withdraw their money in different ATM of member banks of BancNet.

What is BancNet?

BancNet was established way back in 1990 as a consortium of 8 Philippine banks, namely: Chinabank, Security Bank, PCI Bank (now BDO), RCBC, Metrobank, Allied Bank, CityTrust Savings Bank (now part of BPI) and International Corporate Bank (now part of Union Bank of the Philippines). Currently, it has 52 member banks with more than 4,000 ATM link to each other and over 10,000 POS terminals nationwide.

If you’re bank is a BancNet member, you can transact with ATM, Internet, mobile phone and POS terminals anytime and anywhere. There are also other services that you can do through BancNet just like paying bills through Internet, interbank funds transfer, balance inquiry, prepaid and Internet reloading, remittance of taxes and SSS contributions and loan payments, checkbook re-order, statement request and many more.

Members of BancNet

BancNet has 52 member banks as of this writing. The banks are listed in the official website of BancNet at http://www.bancnetonline.com. Below you can see its member banks, its affiliate switch networks and subscribers.

Member Banks

1. Allied Bank

2. Bank of Commerce

3. CITI Bank

4. Enterprise Bank, Inc.

5. HSBC

6.PBCOM

7. Postal Bank

8. Real Bank

9. Tong Yang Bank

10. ChinaTrust Bank

11. CARD Bank, Inc.

12. City Savings Bank

13. Equicom Savings Bank

14. Malayan Bank

15. Philippine Business Bank

16. Premiere Development Bank

17. Robinsons Savings Bank

18. Philippine Veterans Bank

19. Security Bank

20. Asia United Bank

21. Chinabank

22. Citystate Savings Bank

23. Export Bank

24. MayBank

25. Philippine National Bank

26. QCRB Bank

27. Rural Bank of Cebu South

28. Wealth Bank

29. Banco San Juan

30. ChinaBank Savings

31. Deutsche Bank

32. GreenBank

33. Metrobank

34. PSBank

35. RCBC

36. Standard Chartered Bank

37. World Partners Bank

38. Mabuhay Bank

39. CITI Bank

40. East West Bank

41. HSBC

42. Opportunity Kauswagan Bank

43. Philtrust Bank

44. RCBC Savings Bank

45. Sterling Bank of Asia

46. Zambank

 

The below banks and financial institutions are the subscribers of BancNet.

 

1. AMA Bank

2. News Multi-Purpose Cooperative

3. Aurora Integrated Multi-Purpose Cooperative

4. Optimum Development Bank, Inc.

5. Cantillan Bank

6. Palompon Community Multi-Purpose Cooperative

7. Community Rural Bank of Dapitan

8. Perpetual Help Credit Cooperative, Inc.

9. Cooperative Bank of Nueva Vizcaya

10. Rural Bank of Dulag (Leyte) Inc

11. Cooperative Bank of Quezon Province

12. Rural Bank of Paracale, Inc.

13. Cooperative Bank of Tarlac

14. Rural Bank of San Mateo

15. Entrepreneur Bank

16. Saviour Rural Bank

17. Gubat Saint Anthony Cooperative

18. Sta. Cruz Savings and Development Cooperative

19. Holy Child Multi-Purpose Cooperative

20. Tayabas Multi-Purpose Cooperative

21. Loay Community Multi-Purpose Cooperative

22. Visayas Cooperative Central Fund Federation

 

Final Note

BancNet member banks are also members of PDIC so you are sure that your deposits are insured up to P500,000. You can withdraw or make other transactions with other member banks of BancNet.

Reference: Wikipedia

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About the Author:

GilGil Tenorio is a blogger, a husband, a father, and an active Christian. He likes playing guitar, C.S. Lewis, Plants and Zombies and NBA. Follow him at Facebook, Google+, YouTube and Twitter. Thanks!

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