bpi direct savings bank

How to close your savings and checking accounts at BPI Direct Savings Bank

26 July 2017 3 Comments

Bank of the Philippine Islands (BPI) Four years ago, I opened accounts with BPI Direct Savings Bank, the “Philippines’ first internet bank”. Fed up with poor customer service, I recently closed these two accounts — an Express Teller Savings Account and a Maxi-One Checking Account — and switched to Security Bank. It didn’t help matters that BPI Direct merged with another BPI subsidiary last year and never informed their clients beforehand; I only got an email after the fact (geez). As a depositor, I would definitely be concerned and want to be made aware if the institution I was banking with would be involved in something as major as a corporate merger. Instead, we were an afterthought (“oh hey girl, btw, BPI Direct is no more coz we’ve merged with BPI Globe BanKO to become a totally new and different entity, BPI Direct BanKo!”). Talk about poor corporate governance…

So goodbye to you, BPI Direct. Here’s how I closed my accounts:

Express Teller Savings Account

Zero out the account. You can do this by withdrawing the money from their ATMs (the daily withdrawal limit for BPI Direct accounts is PHP 50,000). As for the remaining amount (small bills and centavos) that I couldn’t get through ATM, I simply used it to pay bills through their online banking channel, BPI Express Online.
Call their hotline, BPI Express Phone. The first agent I talked to said it was enough to zero out the account and that it will automatically close after two years of inactivity. BUT, the second agent was fortunately more knowledgeable — she said she will personally put in a request with BPI Direct to close the account. So if you get someone like the first agent when you ring their call center, explicitly instruct him/her to send a request.

Maxi-One Checking Account

Zero out the account
Send a request letter via email. Below is a sample of the letter I sent requesting BPI Direct to close the account. I printed, signed, and scanned the letter, then sent it to bpidirect@bpi.com.ph and expressonline@bpi.com.ph. Keep the file size below 3 MB and attach it as either a JPEG or PDF.

You can verify account closure by logging on to BPI Express Online. If the accounts no longer appear in your portfolio, it means they’re closed already.

Easily close your Save-Up account at BPI Direct Savings Bank

7 March 2015 Leave a Comment

Save-Up savings account from BPI Direct Savings Bank 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.

Update July 2017: I recently closed the abovementioned accounts and said goodbye to BPI Direct for good. Click here to learn why and how to request for account closure.

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.

One of BPI Direct’s selling points for Save-Up is that it doesn’t come with an ATM card, and having no easy access to your money means you save more. This is rendered moot if you signed up for online banking at BPI Express Online, where you can freely transfer funds to and from your Save-Up account with no restrictions.

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.

Easily open a Philippine checking account online at BPI Direct Savings Bank

2 February 2013 14 Comments

Maxi-One checking account from BPI Direct Savings Bank

Update July 2017: I recently closed this account and said goodbye to BPI Direct for good. Click here to learn why and how to request for account closure.

In this modern age of electronic connectivity, procuring a checking or current account seems like a step backward. In Europe, checks are nearly obsolete, and there was even a plan in the UK to abolish paper checks by 2018.

In the Philippines, the ability to issue old-fashioned paper checks remains very useful. According to a recent survey by the Bangko Sentral ng Pilipinas (BSP), majority of the Filipino population don’t even have bank accounts. Electronic, paperless systems like Singapore’s GIRO are definitely a long time coming here.

One can easily apply, even from overseas, for a checking account online at BPI Direct Savings Bank, the “virtual” subsidiary of Bank of the Philippine Islands (BPI). Their Maxi-One product is an all-purpose ATM savings and checking account. Simply visit their website, fill out the application form, click “Submit”, and wait for further instructions via email (usually within three weeks).

That’s it. The only time one needs to visit a BPI branch is to claim the checkbook and ATM card, and to comply with the following requirements:

PHP 25, 000 initial deposit
PHP 175 checkbook fee
At least one (1) valid photo ID
Recent 1 x 1 color photo
Utility or credit card bill for address verification

One can even order new sets of checkbooks online through BPI Express Online.

I may be sounding like a shill for BPI Direct, but I’m simply a depositor who appreciates the convenience they provide. (No more waiting for ages to be served by a new accounts teller in a crowded branch.) They have one downside though: slow email support. Better off calling their toll-free number.

Now, having a checking account is good and all, but maintaining it properly is a responsibility that should not be taken lightly. After all, one can get heavily penalized, or worse, go to jail for issuing an insufficiently funded check under Batas Pambansa Bilang 22. Go easy on the check writing, and don’t let them bounce.