BPI Bank of the Philippine Islands signage

BPI Postpones Additional Banking Fees

In a statement issued Wednesday, the bank said that it will push the implementation of added charges to over-the-counter deposits and withdrawals to January 2019. According to Maria Ana Luna, the bank’s Customer Experience Management Office Head, it will give their clients enough time to be more familiar with their existing Bank Anywhere facilities via their online electronic channels.

These fees were originally set for September this year to comply with Republic Act 10963, or the Tax Reform Acceleration and Inclusion Act (TRAIN) Law. An amendment in the law states that there will be a documentary stamp tax (DST) on bank checks, drafts and certificate of deposits not bearing interest, among others.

In their latest statement, BPI said that it would continue to pursue digitization of its processes to be able to reach more Filipinos. Their online banking website and mobile app allow their clients to perform transactions such as funds transfer and bills payment with added security and greater convenience.

The bank plans to provide 2,600 more automated teller machines (ATMs) by the year-end.

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