Ardan_bank Inquiries And Data From Pse.docx

INA THERESE R. ARDAN

GEMATMW

BANK INQUIRIES AND DATA FROM PSE

At November 20, 2018, the proponent visited three banks, Bank of the Philippine Islands (BPI), Eastwest Bank and Banco de Oro (BDO). The proponent was able to talk to the branch manager of the first two banks and was allowed to ask them to sign a paper showing proof of visit and inquiry in the said bank. However, in the last bank, the personnel stated that they were not allowed to entertain some questions and sign a paper for proof of visit in the specific branch. For further information, the proponent was asked to visit their corresponding websites. Please refer to the Appendix for the proofs of visit in the said banks.

I.

Savings

A. Regular Savings 1. Bank of the Philippine Islands a. Types of Savings Account available in BPI Interest Rates (Bank of the Philippine Islands, 2018)

b. Required Documents (Bank of the Philippine Islands, 2018) 

Valid ID with photo and signature



1x1 ID picture



Utility Bill reflecting address

c. Terms and Conditions (Bank of the Philippine Islands, 2018) 

Account Opening and Maintenance – The Accounts may be opened and maintained at the sole discretion of the Bank, upon your compliance with

all the account opening/maintenance/documentary requirements as may be required/imposed by the Bank from time to time such as, but not limited to, "Know Your Customer" ("KYC") as required by the AMLC, the submission of duly completed and executed account opening forms, the appropriate corporate Board Resolutions and approvals, delivery of the initial deposit amount and such other supporting documents as may be prescribed by the Bank. You agree to nominate a branch of convenience, which may be any Bank branch which will: (a) identify, assist and orient you in your account opening; and (b) facilitate your over-the-counter transactions. 

Banking Days - “Banking Days” are from Monday through Friday, except for banking, legal and/or special holidays, whenever such term is used in reference to (i) banking days of regular branches; (ii) determining the period of time i.e. notices, performance of action etc., or (iii) days of the week when Bank transactions are posted into the Bank's system. The Bank may choose to open selected Express Banking Centers/regular Bank Branches on weekends to open Accounts and cross-sell specific identified Bank products.



Interest on Accounts - Interest on your Accounts will be calculated based on such Accounts' daily balance provided that your balance does not fall below the required balance to earn interest. Interest earned shall be credited according to the Bank-determined interest rate as are/will be reflected on the pricing and rates advisories and as the same may be amended, revised, updated and/or supplemented from time to time.

2. Eastwest Bank a. Interest Rates (EastWest Bank, 2018) Types of Savings Account available in Eastwest Bank

b. Required Documents (EastWest Bank, 2018) 

Accomplished customer information sheet



at least one (1) un-expired, photo bearing with signature identification document(ID)



Proof of billing (under your name & home address)



Proof of income (ITR, Payslip, Certificate of Employment)



Photo ID(1X1 or 2X2)



Presentation of additional documents for o Minors -

Original and clear copy of NSO Birth Certificate

-

for Guardian or Administrator, or original and clear copy of the Court Order appointing them

o Tax-Exempt individual -

Notarized Tax Exemption Affidavit executed by the applicant/depositor

-

Certification of Tax Exemption issued by Revenue District Office (RDO)

o Non-Resident individual and OFW: -

Passport

-

Alien Certificate of Registration (ACR), Immigrant Certificate of Registration (ICR) for non-citizen of the Philippines

-

Contract of Employment for Philippine citizens

c. Terms and Conditions (EastWest Bank, 2018) Please note that only headings relevant to the proponent were used. 

Payment of Interest - Where the account type requires the payment of interest, we will compute the interest based on the collected daily balance at the prevailing and applicable rates that we prescribe. Interest earned will be credited at the end of the product-defined payment period. We reserve the right to change the interest rate and the basis of the computation and mode of payment at any time. The prevailing interest rate basis of computation and mode of payment and any amendments thereto will always be posted in a conspicuous place in our branches or in our website. No interest will be paid to an account closed prior to our set interest payment dates.



Minimum Balance - You shall maintain (a) the required minimum average daily balance as may be prescribed by us and which may increase or decrease from time to time upon due notice to you. We reserve the right to close any account with zero balance for over a period prescribed by us, which may change from time to time.

3. Banco de Oro a. Interest Rates (Banco de Oro, 2018) Types of Savings Accounts

Features of Passbook Savings Account

Features of ATM Savings Account

b. Required Documents (Banco de Oro, 2017) 

Two valid IDs

c. Terms and Conditions (Banco de Oro, 2017) Please note that only terminologies relevant to the proponent were used. 

Opening and closure of accounts - Deposit accounts, hereinafter referred to as the “Account”, may be opened subject to the approval of BDO, after taking into consideration the presentation of references acceptable to BDO and after verification of applicant's identity and/or authority to open the account. The Depositor warrants that he is not suffering from any legal disability upon opening of the account. The Depositor shall maintain the required Average Daily Balance (ADB) as the Depositor may be notified by BDO from time to time. A service fee shall be charged if the account falls below the required ADB.



Banking Days - “Banking Days” are from Monday through Friday, except for banking, legal and/or special holidays. Selected branches are also open on weekends.



Interest on accounts - Interest bearing accounts shall earn interest at a rate determined by BDO on a per annum basis and in accordance with pertinent laws, rules and regulations. Interest shall be computed based on daily available balance and credited to the account at the end of the month, less

of applicable withholding tax. However, no interest shall be paid on dormant accounts or those closed prior to crediting of interest at the end of any month.

B. Time Deposit 1. Bank of the Philippine Islands a. Interest Rates (Bank of the Philippine Islands, 2018) Rates for Regular Time Deposit Accounts

b. Required Documents (Bank of the Philippine Islands, 2018) 

Valid ID with photo and signature



1x1 ID picture



Utility Bill reflecting address

c. Terms and Conditions (Bank of the Philippine Islands, 2018) Time deposits (TD) are deemed automatically paid/terminated at maturity date with proceeds credited to a settlement account you designated upon your TD account opening pursuant to your instruction appearing on your TD certificate. Presentation of the certificate will no longer be necessary to effect

auto-payment on maturity date/last maturity date. If terminated prior to maturity date/last maturity date, the original certificate shall be endorsed and surrendered for payment, proceeds of which will be credited to your designated settlement Account.

2. EastWest Bank a. Interest rates (EastWest Bank, 2018) Time Deposit Interest Rates

b. Required Documents (EastWest Bank, 2018) 

Accomplished customer information sheet



at least one (1) un-expired, photo bearing with signature identification document(ID)



Proof of billing (under your name & home address)



Proof of income (ITR, Payslip, Certificate of Employment)



Photo ID(1X1 or 2X2)



Presentation of additional documents for o Minors -

Original and clear copy of NSO Birth Certificate

-

for Guardian or Administrator, or original and clear copy of the Court Order appointing them

o Tax-Exempt individual -

Notarized Tax Exemption Affidavit executed by the applicant/depositor

-

Certification of Tax Exemption issued by Revenue District Office (RDO)

o Non-Resident individual and OFW: -

Passport

-

Alien Certificate of Registration (ACR), Immigrant Certificate of Registration (ICR) for non-citizen of the Philippines

-

Contract of Employment for Philippine citizens

c. Terms and Conditions (EastWest Bank, 2018) Time deposits cannot be assigned or transferred by endorsement of the Certificates of Time Deposit (CTD). The time deposit certificate is nonnegotiable and will be payable only to the person/s named therein (account name) or to his/her/their heirs, in case of death, subject to the rules and policies on deceased depositors. Time deposit proceeds are deemed automatically renewed at maturity date. Presentation of the certificate will no longer be necessary to effect auto-renewal. However, pursuant to your instructions, time deposit may be paid/terminated or credited to a deposit account at maturity date. If the deposit is withdrawn before maturity date, the applicable pre-termination rates shall be used as basis for computation. Certificates presented to the Bank

on or after time deposit account closure will be cancelled and forfeited by the Bank. We reserve the right to charge you with the payment of the Documentary Stamp Tax (DST) and other applicable taxes imposed on your time deposits with us.

3. Banco de Oro a. Interest Rates (Banco de Oro, 2012) Time Deposit Interest Rates

b. Required Documents (Banco de Oro, 2017) 

Two valid IDs

c. Terms and Conditions (Banco de Oro, 2017)  The Certificates covering any and all time deposits ( the “Certificates”) are not negotiable instruments and may not be negotiated by endorsement and/or delivery but may be assigned with BDO's prior consent in writing. The assignment of the Time Deposit (TD) Certificate shall not be binding on BDO unless made with its prior consent in writing. Check Deposit to open a Time Account is subject to final collection from the drawee bank. In case check is dishonored by the drawee bank, the Certificate shall automatically be canceled.  The initial interest rate and principal amount are reflected on the face of the Certificate. Upon renegotiation on maturity, the new principal, new rate, new value and maturity date will be updated and documented in a TD Renewal Advice.  Time Deposit Renewal Advice TD Renewal Advice is non-negotiable and not an evidence that the account is still outstanding with BDO. In case of conflict in the TD Renewal Advice and the records of BDO regarding the account, the records of BDO shall be valid and binding. The Depositor shall carefully check and monitor all entries in the Time Deposit Renewal Advice and report to BDO any error within five (5) days from receipt hereof. If BDO receives no communication regarding the entries in the Time Deposit Renewal Advice within the said period, it shall be considered complete, correct and a waiver on the part of the Depositor to claim against BDO any matter contained therein.  Early Redemption Any early redemption of, or partial withdrawal from, time deposits will result in the closure of the account in which case the provisions of VI (F) will apply. BDO reserves the right to require at least one (1) day advance notice for redemptions to be made before maturity. Time Deposit Accounts redeemed before the stipulated maturity date shall be subject to BDO's early redemption policy. For Peso Time Deposit accounts, the documentary stamp tax value based on the current principal shall be automatically deducted by BDO from the proceeds of redemption.  Non-Renewal Time Deposit Accounts not redeemed, renewed or rolled over on its stipulated maturity date shall automatically earn interest equivalent to BDO's prevailing savings rate from the date of said maturity to the date of actual redemption or written instruction to renew or roll-over. Interest earned from a Time Deposit Account shall be taxed based on the ceilings prescribed by law and corresponding revenue regulations from time to time.



Closure of Account The Certificate shall be surrendered to BDO upon termination of the time deposit account. In case the original copy of the Certificate is lost, the Depositor shall immediately notify BDO in writing by executing an Adavit of Loss duly not C. Money Market 1. Bank of the Philippine Islands a. Interest Rates (Bank of the Philippine Islands, 2018)

b. Required Documents (Bank of the Philippine Islands, 2018) 

Valid ID with photo and signature



1x1 ID picture



Utility Bill reflecting address

c. Terms and Conditions (Bank of the Philippine Islands, 2018) Account Balance Inquiry – You can access the Available Balance or the withdrawable balance of each of your Accounts as of the date and time of your inquiry exclusive of uncleared check deposits, and any amount on hold and transactions under process and the Total Balance as of the date specified inclusive of check deposits. Likewise, you can also access the balance of your investment accounts as of the date and time indicated upon inquiry exclusive of transactions and requests under process. Auto and housing loan information are also available as of the date and time indicated upon inquiry exclusive of transactions and requests under process. 2. EastWest Bank a. Interest rates (EastWest Bank, 2018)

b. Required Documents (EastWest Bank, 2018) 

Duly accomplished Account Opening Form



One (1) valid identification document to establish the investor's identity



Two (2) duly accomplished signature cards containing the specimen signature of the investor



Investor Risk Profiling Questionnaire



Investment Declaration form



Risk Disclosure Statement



Duly Signed Participating Trust Agreement

c. Terms and Conditions (EastWest Bank, 2018) Withholding Tax - Subject to regular withholding tax of 20% on interest income Regulatory - Subject to Bangko Sentral ng Pilipinas regulations governing the creation, administration and investments of Unit Investment Trust Funds as outlined in BSP Circular 593 Series of 2008 and Section UX410 of the Manual of Regulations for Banks Acceptance and Withdrawal Procedure - Investments into the fund may be accepted on any banking day, at the prevailing NAV per unit. All investments and withdrawals should be processed before 12 noon. Withdrawals will be funded one (1) banking day after the date of transaction.

3. Banco de Oro a. Interest Rates (Banco de Oro, 2012)

b. Required Documents (Banco de Oro, 2013) 

One (1) set of Customer Account Record



One (1) set of Signature Card



Account Opening Kit:



Investor Profile Questionnaire (IPQ)



Client Investment Suitability (CIS)



Risk Disclosure Statement (RDS)



Declaration of Investor/s



Omnibus Participating Trust Agreement

 Photocopy of two (2) valid IDs c. Terms and Conditions (Banco de Oro, 2012) Investment Policy - The Fund may invest in deposits in the Trustee’s bank or in other banks, securities issued or guaranteed by the Philippine Government or the BSP, tradable securities issued by any supranational entity and exchangelisted fixed income securities. Subject to BSP guidelines and the Trustee's Trust Committee approval, the Fund may also avail itself of financial derivative instruments solely for the purpose of hedging risk exposures, as well as invest in other tradable outlets/categories as may be deemed suitable for the Fund.

II.

Investments

Stocks When choosing which company/ies to invest in, one must be familiar with the company and the nature of their products or services. The proponent is looking into investing in EEI Corporation, incorporated in 1931, currently a member of the Yuchengco Group of Companies. EEI is primarily involved in construction, installation and erection of different types of facilities, plants and infrastructures. They own one of the country’s modern steel fabrication plants. Also, they are not limited to local projects but also have established themselves overseas. According to the Philippine Stock Exchange, here is the historical data of EEI Corporation as of November 20, 2018.

From November 12-16, the corporation has been in the top 30 price gainers in the stock market. Although, we know that these values ay drastically change from time to time. Still, based on the rising economy of the Philippines and the increase in construction projects all over the nation, the future looks bright for the corporation and its stockholders. Philippine Stock Exchange Weekly Top Price Gainers (Nov. 12-16, 2018)

III.

Bank Loans 1. Bank of the Philippine Islands a. Interest Rates (Bank of the Philippine Islands, 2018) Interest Rate for Personal Loans

b. Required Documents (Bank of the Philippine Islands, 2018) 

Employee/Professional -

Government-issued photo-bearing ID (Passport, Driver's License, SSS, PRC, etc.)

-

3 months original pay slip and/or Latest Income Tax Return with BIR or Bank stamp (BIR Form 2316)



Self-Employed -

Government-issued photo-bearing ID (Passport, Driver's License, SSS, PRC, etc.)



-

Audited Financial Statements for the last 3 years

-

Latest Income Tax Return (BIR Form 1700 / 1701)

-

DTI Business Permit or SEC Registration

Overseas Worker -

Government-issued photo-bearing ID (Passport, Driver's License, SSS, PRC, etc.)

-

Agency based: POEA contract OR Employment contract with boarding date

Direct hire OFW: Latest & Unexpired POEA Validated OR Latest POEA Overseas Employment Certificate (OEC) and Latest Employment Contract (in Lieu of OEC print-out: OEC Exemption Screenshot with OEC BM Online Profile) OR Consularized COE (if

remitter is permanent resident in the country), Latest 3 months proof of remittance. Direct-hire Allottee: Latest & Unexpired POEA Validated Information

Sheet

OR

Latest

Employment

Contract

OR

Consularized COE (if remitter is permanent resident in the country), Latest 3 months proof of remittance c. Terms and Conditions (Bank of the Philippine Islands, 2018) Account Balance Inquiry – You can access the Available Balance or the withdrawable balance of each of your Accounts as of the date and time of your inquiry exclusive of uncleared check deposits, and any amount on hold and transactions under process and the Total Balance as of the date specified inclusive of check deposits. Likewise, you can also access the balance of your investment accounts as of the date and time indicated upon inquiry exclusive of transactions and requests under process. Auto and housing loan information are also available as of the date and time indicated upon inquiry exclusive of transactions and requests under process. 2. EastWest Bank a. Interest rates (EastWest Bank, 2018) Interest Rates for Loans

b. Required Documents (EastWest Bank, 2018) 

Completely filled-out EastWest Online Personal Loan Application Form



Photocopy of at least one (1) valid digitized photo-bearing and signature-bearing I.D.'s issued in the Philippines (i.e. Driver's License, Philippine Passport, Professional Regulation Commission (PRC) I.D., SSS I.D., BIR ID, Voter's I.D., Integrated Bar of the Philippines I.D., and Unified SSS/GSIS and TIN I.D.). Company I.D.'s issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC may also be submitted.



(For Foreign Nationals Only) ANY of the following Proof of Residence: Alien Certificate of Registration, Immigrant Certificate of Registration or Photocopy of Resident Visa stamp on Passport



Proof of Income as follows: o If employed, submit ANY of the following: -

Photocopy of latest ITR/BIR Form 2316; or

-

Photocopy of latest three months pay slips; or

-

Valid Credit Card reference or its latest Credit Card Statement of Account

-

Other documents that may be required for further verification

o If self-employed, submit ALL of the following: -

Photocopy of latest ITR/BIR Form 1701 and Audited Financial Statements

-

DTI Registration Certificate (for Sole Proprietorship) or SEC Registration Certificate with page stating shares owned by the applicant (for Partnerships or Corporations)

-

Valid Credit Card reference or its latest Credit Card Statement of Account

-

Other documents that may be required for further verification such as Business Permit or Mayor's Permit

c. Terms and Conditions (EastWest Bank, 2018) 

Use of Loan Proceeds - The proceeds of his/her Personal Loan will not be used for any purpose or in any endeavor which is against Philippine laws, rules or regulations. Furthermore, the proceeds of his/her Personal Loan will be used for the purpose stated on his/her application.



Other Deeds - The Borrower shall execute and deliver such further instruments and perform such other acts as the Bank may deem necessary or proper to more effectively carry out the intention of this PN; and



Fees - The Borrower shall pay any and all taxes, fees, and expenses in connection with the execution of this PN, including any extension, renewal, amendment, or cancellation of this PN. Fees and charges which are deducted from the loan proceeds shall be nonrefundable in any case.



Performance of Agreement - The Borrower shall pay the Obligation and perform all covenants and agreements set forth in this PN.

3. Banco de Oro a. Interest Rates (Banco de Oro, 2012) Interest Rate of Personal Loans

b. Required Documents (Banco de Oro, 2012) 

Proof of Income for Salaried Employees o Photocopy of the latest BIR Form 2316 or W2 signed by employer's authorized representative (MANDATORY) and submit any of the following: o Original Certificate of Employment and Income (COEI) issued in the last three (3) months indicating status, length of service and breakdown of compensation o Photocopy of last full month pay slip



Proof of Income for Self-Employed/Professionals o Photocopy of Registration of Business Name o For Single Proprietorship issued by the DTI (Department of Trade and Industry) o For Partnerships issued by the SEC (Securities and Exchange Commission)

o Photocopy of latest ITR and W4 with BIR/Bank Stamp (MANDATORY) o Photocopy of latest Audited Financial Statements for the last two (2) years o Photocopy of Bank Statements for the last six (6) months (OPTIONAL) 

Proof of Identification - Photocopy of at least two (2) valid photobearing identification documents, front and back, issued and signed by an official authority such as:

c. Terms and Conditions Basic Requirements 

Filipino citizen or foreigner residing in the Philippines for more than two (2) years



Must be 21 years old at time of application but no more than 70 years old upon maturity



Minimum Gross Annual income



P120,000 for Salaried Employees



P400,000 for Self-Employed / Professionals



Must have a mobile phone and at least 1 landline phone at either residence or office



Residence or office must be within BDO serviceable area



Additional application requirement for Salaried Employees



Must be at least one (1) year tenure with the company



Additional application requirement for Self-Employed



Must be a sole proprietor or majority part-owner of a company operating for at least two (2) years.



Additional application requirement for Professionals



Must be in private practice for at least one (1) year

References: BDO Peso Money Market Fund. (2012, March 27). Retrieved November 21, 2018, from https://www.bdo.com.ph/personal/trust-and-investments/peso-denominated-uitfs/bdopeso-money-market-fund Banco de Oro. (2012, March 14). Peso Time Deposit. Retrieved November 21, 2018, from https://www.bdo.com.ph/personal/accounts/peso-time-deposit/time-deposit Banco de Oro. (2012, March 28). Personal Loan. Retrieved November 21, 2018, from https://www.bdo.com.ph/personal/loans/personal-loan Banco de Oro. (2012, March 28). Personal Loan. Retrieved November 21, 2018, from https://www.bdo.com.ph/personal/loans/personal-loan Banco de Oro. (2013, November 27). Unit Investment Trust Funds - Documentary Requirements. Retrieved November 21, 2018, from https://www.bdo.com.ph/trust-andinvestments/unit-investment-trust-funds-documentary-requirements Banco de Oro. (2017, September 07). How to Open an Account. Retrieved November 21, 2018, from https://www.bdo.com.ph/personal/accounts/how-to-open-an-account Banco de Oro. (2017, July 28). BBG-Terms-and-Conditions[.pdf]. Banco de Oro. (2018, October 12). Peso Savings Accounts. Retrieved November 21, 2018, from https://www.bdo.com.ph/personal/accounts/peso-savings-account Bank of the Philippine Islands. (2018). Personal Loans Features. Retrieved November 21, 2018, from https://www.bpiexpressonline.com/p/1/125/personal-loan-features Bank of the Philippine Islands. (2018). Deposit Rates. Retrieved November 21, 2018, from https://www.bpiexpressonline.com/p/1/326/deposit-rates-savings-and-checking Bank of the Philippine Islands. (2018). BPI Money Market Fund. Retrieved November 21, 2018, from https://www.bpiassetmanagement.com/pages/bpi-money-market-fund

Bank of the Philippine Islands. (2018). Time Deposit Rates. Retrieved November 21, 2018, from https://www.bpiexpressonline.com/p/0/87/time-deposit-rates EastWest Bank. (2018). Apply Deposit. Retrieved November 21, 2018, from https://www.eastwestbanker.com/info/ew_Apply_Deposit.asp EastWest Bank. (2018). Deposit Terms. Retrieved November 21, 2018, from https://www.eastwestbanker.com/info/DepositTerms.asp EastWest Bank. (2018). Eastwest Peso Money Market Fund UITF. Retrieved November 21, 2018, from https://www.eastwestbanker.com/info/pi_ipesomoney.asp EastWest Bank. (2018). Interest Rates. Retrieved from https://www.eastwestbanker.com/info/pb_irates09.asp EastWest Bank. (2018). TERMS AND CONDITIONS GOVERNING EASTWEST PERSONAL LOAN. Retrieved November 21, 2018, from https://www.eastwestbanker.com/info/pl_tac.asp Philippine Stock Exchange. (2018, November 20). EEI Corporation. Retrieved November 20, 2018, from https://www.pse.com.ph/stockMarket/companyInfo.html?id=71&security=148&tab=0 Philippine Stock Exchange. (2018, November). PSE Weekly Watch[.pdf].