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”
Pages: « 5 [4] 3 2 1 » Show All
Pages: « 5 [4] 3 2 1 » Show All
October 17th, 2008 at 7:12 am
but where do you place your emer funds or cash reserves epalnes?
October 17th, 2008 at 6:32 am
Just recently, I learned that HSBSC dont charge for remittances. They only charge when you transfer from HSBC, but receiving is free. Lipat ko nga yung account ko from BPI (charges $30+ per receipt) to HSBC. In my accounting, I can save around P18k in 6 months time or P36k in a year time. Woah! Ilang months namin na rent yun ah.
October 16th, 2008 at 4:59 pm
this is the same reason why i no longer keep my money on the bank.
banks are making business out of your business. and what do you get? exorbitant fees that we shouldn’t be paying in the first place.
it’s about time that consumers show their power over these greedy banks.
October 16th, 2008 at 4:58 pm
I agree with all the comments that our bank in the Philippines are very very greedy, imagine charging you for a hefty amount when you are remitting for your salary from abroad, why the hell you are being charged to put money in your account, shouldn’t they be happy that you deposited a certain amount in your account? The Bangko Central should take action against these greediness of our banks.
October 16th, 2008 at 3:30 pm
The same is true to credit card fees, specifically the renewal fees they collect between P1,200 to 1,500 to get your renewal for another year. Why do you have to pay this amount when all you have to do is terminate the expiring card and get another card from a card company that offers waived fees for the first year.
I think banks are not blind to this, however if one is not cautious to their card statements they end up paying these fees.