Bank of the Philippine Islands (BPI) is one of the biggest banks in the Philippines. There are many people who wants to avail many of their services just like savings account, checking account, loans and credit cards.
If you want to know more about how to open a savings account in BPI, you may visit this post that I have published before. It is a detailed article on how to open a new SA. You can see the requirements and the procedure you may take when applying for an account.
What is BPI Checking Account?
So what is the difference between a checking and savings account? For most of us, we are familiar with savings account more than a checking account. Normally, a savings account is a bank account where you put your savings or saved money.
A checking account functions almost the same as savings account but has better features because you can use it as a form of payment through checks. It has also unlimited number of withdrawals and deposits that you can make which is unlike a savings account that has limited amount of money that you can withdraw per day.
Me and my wife has been using BPI checking account since 2009 as a payment tool for the mortgage of our house. Currently, we also use it for paying the monthly dues for our motorcycle.
Types of BPI Checking Account
BPI offers checking account services to its clients aside of course from other products they have. Currently, it has four (4) types of checking account that you can apply for depending on your needs. Let’s look at it below.
1. Express Teller Checking
This type of checking account comes with an ATM card. You can pay bills through issuing a check to your clients, monitor your account via BPI express online banking, and receive a regular statement of account.
2. Business Checking
This kind of account is the basic checking account from BPI for your business. It has simple features such as monthly statement and check writing. It provides good solution in managing your business efficiently.
3. Ka Negosyo Checking Account
Ka-Negosyo checking account is designed for business owners who want to make their business better and efficient. As a client, you can easily withdraw, deposit, re-order check books and make other financial transactions. It also earns interest.
There’s also a real-time check clearing for this kind of account, in other words, you can receive the payments from your customers faster and the payments to your suppliers. You can also encash your check not only in your branch but to other BPI branches as well without extra charges.
4. Maxi-One Checking Account
Maxi-One earns also interest which is computed on yearly basis. You can have this type of account on 2 choices: Maxi-One with Statement and Maxi-One with passbook. Below you can see other details about the different types of BPI checking account.
| BPI Peso Checking Account | |||||
| Type of Checking Account |
|||||
| Express Teller Checking | |||||
| Business Checking | |||||
| Ka-Negosyo CA with ATM and Statement | |||||
| Ka-Negosyo CA with Statement | |||||
| Ka-Negosyo CA with Passbook | |||||
| Maxi-One with Statement | |||||
| o Individual | Less than Php1,000,000 | ||||
| o Corporate | 1,000,000 and above | ||||
| Maxi-One with Passbook | |||||
| o Individual | Less than Php1,000,000 | ||||
| o Corporate | 1,000,000 and above | ||||
How to Apply a Checking Account?
The normal procedure of opening a new BPI checking account is by going to a BPI branch near your place. Similar with savings account opening, you must bring a valid ID and billing statement for purposes of identification and verification of your address.
Of course, you also need to bring money for the initial deposit of your new checking account. In our case, my wife and I have already savings account in BPI so we don’t need to open a new one.
However, BPI may require you to open also a new savings account aside from the checking account that you will apply for. The reason behind this is that the savings account will be a backup source of fund when the checking account becomes no sufficient in funds.
Final Advice
With the features and benefits listed above, carefully study whether BPI checking account is the one best suited for your needs. In my opinion, the fact that you can encash check payments from any BPI branches without extra charges is one great advantage of BPI from other banks.
Each bank has its own plus factor so you need to pinpoint which one could give you the most advantage. You may also need to know whether they are offering Internet banking so you could check the status of your checking account via the web.
Do you have any experience using BPI checking account? Please share it in the comment section below. Thanks!
Reference: BPI
{ 4 comments… read them below or add one }
After opening a BPI checking account how quickly will BPI issue you a checkbook? Do you have to wait months or can they issue you a temporary checkbook instantly upon opening the checking account?
Thanks so much if you know the answer.
Dalia
What are the additional requirements when opening a Ka Negosyo Checking Account under a business name?
how can i open posted dated checks for paying pagibig housing loan?please help me but my husband have savings account in bpi pwede na kaya yon?
Savings and checking account are two different types of bank account. Normally, mag o open ka muna ng savings account o pwede at the same time. Yung checking account ang gagamitin mo para maka pag issue ka ng PDC.