Can’t decide? Want to get more information about opening a passbook account in BPI? Requirements? Perks? If yes, read on.
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I only have a payroll account in BPI [Bank of the Philippine Islands] until recently. I decided to open a passbook account with them and to transfer all my savings from UnionBank because I’m already fed up of UB’s lame service.
The application went just fine. Hence, I published this guide or review to share my experience and to help those who want to learn more about BPI passbook.
I’ll start this post by comparing the passbook account that is offered by BPI and one of its subsidiaries.
BPI vs BPI FAMILY SAVINGS BANK
What’s the difference? Where to open an account?
BPI, and its subsidiary, BPI Family Savings Bank, offer the same service or product with a difference in interest rate and monthly service fee which is charged on accounts with below the required minimum Average Daily Balance [ADB].
BPI offers 0.250% interest rate per annum, while BPI Family Savings Bank offers 0.500%.
The required minimum ADB [Average Daily Balance] of the said two banks is just the same which is PHP10,000.00.
An account’s ADB is equivalent to the sum of its daily balance in a month divided by the total number of days in that specific month.
If an account is below the required minimum ADB in two consecutive months, BPI deducts PHP300.00 monthly service fee, while BPI Family Savings Bank charges PHP250.00.
They both charge PHP200.00 monthly if an account is dormant [defined by BPI as no client-initiated transaction] within two years.
Earned interest is being credited to an account quarterly as long as the required end-of-day balance of PHP25,000.00 and above is being maintained.
Note: BPI and BPI Family Savings Bank offer different passbook accounts, but in this post, I’ll just focus on Peso Savings/Deposit.
DOES A PASSBOOK ACCOUNT COME WITH AN ATM CARD?
Nope. For me, it’s an advantage because I can avoid withdrawing fund easily compared to an ATM card. Also, I can focus on saving money.
The only way to withdraw money from a passbook account is to go to a BPI branch directly [over-the-counter transaction]. It is recommended to bring a passbook for updating.
I am not sure if it is possible to withdraw money in a BPI branch if an account was opened in a BPI Family Savings Bank or vice versa. I haven’t tried it yet. Usually, I just transact with any BPI branch near my place or office.
LINKING PASSBOOK ACCOUNT TO A BPI EXPRESS ONLINE ACCOUNT
It is possible to enroll or add a passbook account as a third-party to an existing Express Online [EOL] account with an active ATM-based account linked to it. Just like what I did!
I requested during my application to have my passbook account enrolled to my EOL account where my active payroll is linked to. With that, I can conveniently transfer money from my payroll account going to my passbook account with just a few clicks.
How to request it? I’ll discuss that later.
Note: A passbook account will not be included in the accounts list if enrolled as a third-party. Its transaction history will not be viewable online as well. It will be included only in the list of third-party accounts under Fund Transfer.
It is not yet possible to transfer fund from a passbook account to another savings account online.
Proceed to the next page.
36 replies on “Passbook Account Opening Guide | BPI”
Hi. Can I close my BPI PASSBOOK ACOUBT ACCOUNT AT ANY BRANF OF BPI?
Nope. Branch of account only.
Can i widraw my fiance money? He give me authorise with power of attoney to get his money…
Hi! My father is a senior citizen and because a community quarantine has been imposed since March, he has not been able to withdraw his monthly SSS Pension from BPI in 3 months. Now, my father is requesting me to withdraw his monthly SSS pension, because under the GCQ, seniors like him are still prohibited from going out to public places.
My question is… Aside from Valid IDs and Letter of Authorization, are there any other documents needed by the Bank, before I can make a withdrawal?
Hi! I currently have a BPI Family Savings Bank account and the only thing I have is a passbook, no atm card. I have opened my Family savings account at Baguio City, Malcolm Square branch a few years ago.
I usually withdraw money at my main branch (Baguio) but am I able to withdraw money at a different branch (example: Manila BPI Family Savings Bank)? Also, can I get my passbook updated with them?
And lastly, what is the maximum withdrawal?
This is because I am out of the country and currently living abroad. I wish to visit the Philippines this year, and Baguio will be my last place to visit.
Thanks in advance!
Yes for the first two. I’ll get back to you.
No limit for over-the-counter withdrawals
Hello. What requirements should i bring when opening a passbook account?
Requirements
-Valid ID
-1×1 picture
-proof of billing (electric/water bill)
-Tin Number
Hello just wanna ask i have passbook account i wanted to withdraw all money in it is it possible ? there will be no charged ?
Yap. Just make sure it’s a month old.
So which one is better, BPI or BPI Family Savings?
No other issues with BPI except random downtimes.
Btw, my father is just using a passbook. Thanks.
Update: I think I get the question. I’ll get back to you.
“Hi, If withdrawal in account will be done by a representative, normally, a duly signed withdrawal slip signed by the account holder authorizing the slip bearer, transaction regardless of amount, shall be presented to the branch officer, subject for approval. Thank you.” – BPI
Can I ask a question? If I will not deposit monthly, there is no penalty for 9 months?
None
Can I withdraw money from any BPI branch here in the Philippines using my PASSBOOK or not? Please answer me.
You can. If your passbook is from BPI, not the BPI Family, you can withdraw funds using your passbook at any BPI branch.
Hi jerry its posible to withdraw over the counter with out my passbook? Please answer..
Thanks
That would be convenient, but not possible yet. Apologies for the late reply.
Hello! I have an ATM Payroll account and recently opened a passbook savings account. I also have an account on express online. I want to enroll my passbook as an additional account so I could monitor my savings and enroll it under Fund Transfer. My question refers to the number of digits of account number. It has only 10 digits while the express online system requires you to input 14. How to get around this?
good day!
is fund transfer still possible for BPI EO to BPI Family Savings Passbook Account?
Is it possible that my company can deposit money to passbook savings account without my passbook? Please answer. Thank you.
Yep. They just need your complete name and account number. Anyone can deposit money to your passbook account as long as they have those details.
Hi Jerry!
When using a BPI passbook to withdraw over the counter on BPI, does the teller ask for other requirements before I can withdraw like valid government ID, etc?
Yap :)
You mean it is possible to transfer funds to passbook saving, but it is not possible to transfer funds from passbook saving to other BPI account?
Yes, online.
Are you still able to transfer from a BPI ATM account to a BPI passbook account right now if the passbook account is enrolled as a 3rd party account? If that’s a yes, how did you know this? No one in 89-100 seems to be backing up this statement so that’s why I had to ask you.
I was informed when I opened an account with BPI. I signed an enrollment form. I can transfer funds real-time up until now.
Hi Jerry. Is it possible to add your passbook account to EOL using Other Account option instead of Third Party account? I am tired of going to the bank. Hahaha… Thanks!
Hi Jerry: What if my payroll account is Union Bank and I want to apply for passbook savings account of BPI? What could be the other means so I can transfer fund to the latter aside from over-the-counter deposit? :)
No idea. I’m sorry. T_T
Hi Jerry,
Are they allowing their clients to deposit using cardless express deposit machine?
I think that’s for cardholders only. Not really sure though.