Three years ago, I opened a Save-Up Automatic Savings + Insurance account at BPI Direct Savings Bank. I was mainly enticed by the free life insurance coverage from BPI-Philam Life Assurance that comes with it. Just recently, I closed the account for the following reasons:
- Downsizing. I have one too many BPI Direct accounts already. I’m fine with just the Express Teller and Maxi-One accounts.
- No dependents. W. and I aren’t married and don’t plan to have children anytime soon.
- Investment more attractive. With no direct heirs, I’m better off investing my money rather than have it gather cobwebs in the bank, waiting for me to bite the dust.
It was quite easy to close my Save-Up account with BPI Direct. Unlike with regular BPI accounts, where you actually have to visit your brick-and-mortar bank branch to close it, all I had to do was the following:
- Zero out the Save-Up account. This is easily done by logging on to BPI Express Online and transferring all the funds to another account, leaving the Save-Up with zero balance.
- Call BPI’s toll-free number at 1-800-188-89100. The phone banker will ask the usual security questions and supply a reference number.
And that’s it. After a few days, the Save-Up account will automatically disappear from your BPI Express Online portfolio, indicating its permanent closure.