Photo courtesy of Endless Studio
This is a guest post from Karen Galarpe, who also writes for our entrepreneurship blog Open for Business:
I went out one morning to pay my Social Security System contribution. Since I am self-employed, I pay my contributions myself to the banks. BDO, the bank I have an account with, does not accept SSS and Philhealth payments, so I have to go to other banks.
I usually go to RCBC Savings Bank on Visayas Ave. (near front of Montessori) because there’s hardly any line there. I think the last time I paid there was July. As of then, it was still free to pay your SSS contributions over the counter. For the next months, I went to East West Bank and UCPB (depends on where I am that day). On this particular day, I went again to that RCBC Savings branch. And the male teller said they’re now charging P10 just so I can pay my SSS contribution over the counter!
Ten pesos is cheap, true, but I don’t like paying for something I can get for free somewhere else. So I made a U-turn to UCPB at the corner of Visayas Ave. and Congressional, and I didn’t have to pay a single centavo.
Why should a bank charge for a service that’s offered free elsewhere? Why should we pay for something we can get for free elsewhere with the same, if not better, quality of customer service?
This is the same reason why I only withdraw from my bank’s ATMs.
From MoneySmarts: the thing with bank fees is that unlike Karen, most of us would rather just pay and swallow the fees hook, link and sinker. It pays to keep an eye open on the fees that you are asked to pay and compare these with other banks.
I know comparing is not a walk in the park, either, because not a lot of banks disclose fees on their websites and the only way to know that someone is offering a service for free is to physically ask at the counter. And that takes a lot of time. But time is money and money is time. Convenience has always been expensive.
25 Responses to “Bank fees you don’t have to pay”
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Pages: « 5 4 [3] 2 1 » Show All
October 16th, 2008 at 3:15 pm
To those people out there who are using Bank’s facility for payment should be cautious. I worked in the bank for so many years both local and abroad. I would say that banks in the Philippines are more greedy. Most or if not all transactions you have engaged are being charged. Starting from balance inquiry on the ATM, statement request, inactive account etc.. Banks should given a chance, they will siphoned all your balance. I think the culture of every country count most. Here in Saudi Arabia, nothing have been charged for any transactions you made. Even if you left 10 Saudi Riyals for the past 10 years, it will remain the same amount. It is sad that in the Philippines most or if not all business companies have the culture of greediness. Presently, it is evidenced by the continuous high prices of gasoline inspite of continous lowering of its cost in the world market at about less than $80. Dapat mag-rally na ang lahat na mga tao against those oil companies.
October 16th, 2008 at 2:21 pm
Why do banks have different policies regarding deposits to their provincial branches? BPI previously charges P100 but not anymore. UCPB previously dont but now charges P100. Metrobank charges P50.. Is that how much it costs to type the account number and add the deposited amount? It doesn’t involve actual transfer of money because it’s done electronically. It should be FREE for all banks irregardless of branches.
October 16th, 2008 at 1:52 pm
@Web,
the three networks (Bancnet, megalink, and expressnet) are now interconnected, your transaction should not be routed to international networks of Cirrus or Plus. This happened also to a friend of mine when she showed me she can withdraw using Metrobank card at a BDO atm. Told her to check her statement later. Only then she believed me.
as for the charges, I have a post about atm fees that you may be interested in. I’m looking for other charges though particularly for over the counter, things your bank charges you if you need access to your OWN money
October 16th, 2008 at 1:26 pm
i also was charged P30 at UCPB Dumaguete branch for twice already that is why i went to SSS office personnaly to pay to escape from the bank fees. UCPB staff told me that, if you have an account with us then you are charged P30. That was I guess last year or the other year…I can’t remember anymore…. P30 is much for me… not only me who paid the amount i guess.
I guess they shouldn’t charged us….. i don’t know….
October 16th, 2008 at 1:24 pm
@ paetechie
so, ibig sabihin, kapag nag-withdraw na ko sa bdo using my metrobank card, di na sya 300 pesos, 10 pesos nalang?
hay, ayoko na i-try. ilang kilong bigas na rin yun noh. nyahaha
saka, tama ka g! they don’t give super duper laking interest tapos laki ng charges nila.
sana merong nagbabasa na taga-metrobank dito noh, pansinin nyo kapag oras na ng sweldo kung ano ang pinakamahabang pila, palagi sa metrobank,
baket?kasi kulang sila sa atm machines!
di ko alam kung sadya ba yun na konti para mapilitan yung iba na mag-withdraw sa ibang bank para me “charge” at me kita pa sila.
di ko rin alam kung coincidence lang rin,
baket tuwing sweldo season, i am not only talking about 15-30 ha, pati yung 5-20, 10-25 at kung anu-ano pa, madalas offline ung atm machine. ang saya.