Last Updated: July 24, 2021
Did you suddenly decide to get a BDO Checking Account (also known as a Current Account)? Not so fast. Before you go to the nearest BDO branch, here are the things that you should know whether you can actually open a checking account. This guide will orient you about BDO’s checking account.
There are several kinds of checking accounts with BDO.
If you would like to keep your existing savings account number, there is an account for that. If you would like to earn interest from your checking account, there is an account for that. There’s the (Basic) Peso Checking Account and Smart Peso Checking Account.
Basic Checking Account is a zero-percent interest bearing account. You need to have (or will be lending) PHP 5,000 to the bank in order to open this account, while Smart Checking Account is an interest-bearing account. The Smart Checking account offers interest of 0.125%, similar to an ATM Savings account.
It’s not worth it to put aside PHP 15,000 or PHP 25,000 just to earn interest from a checking account.
As of writing, the interest rates for BDO’s Smart Checking are really low, or not existent at all.
If you would like to have an ATM card, you can always request for an ATM debit card from your branch of account. There is even no sense in setting aside PHP 25,000 just to have a passbook. There’s internet banking or you can always ask your branch to print an official statement of account.
The Simple Convincer recommends you only open a basic checking account. Checking accounts are also called transactional accounts or demand accounts. Checking accounts are supposed to be used for daily transactions such as payments, fund transfers, not for savings.
Opening a basic checking account will not cost you PHP 5,000.
Based on experience, you cannot open a checking account by referring to BDO’s Personal Banking page alone.
According to BDO’s Peso Checking Account page, you only need PHP 5,000 as opening balance and you have to maintain the same amount to avoid banking fees. But in reality, that’s not true.
WHAT THEY DIDN’T TELL YOU: BDO is very strict when it comes to opening a bank account in general. It’s even harder to open a BDO Checking Account. Depending on the branch you will be transacting with, you may need to have an average monthly balance of PHP 20,000 in your savings account for the past six consecutive months. After that, the BDO branch whom you will be dealing with will allow you to open a Philippine Peso Checking Account.
UPDATE (August 31, 2019): Again, this PHP 20,000 average monthly balance ALL DEPENDS on which branch you will be creating an account at. Some branches, such as NAIA Terminal 3 will ask you to have an average monthly balance of PHP 50,000.
You can still open even if you don’t have six months balance history.
Opening a checking account under exceptional cases is under the bank branch manager’s discretion. If you would like to issue post-dated checks for payment (monthly amortization payment for real properties, transaction payments), make sure that you bring your proof that you need them. Proof of necessity of opening a checking account includes, but is not limited to, real property payment agreements.
If you really need to open a checking account, you need to justify your reason for opening a checking account with the branch manager. Talk to the branch manager to negotiate or to waive the six months average monthly balance requirement.
You can order checks online.
One thing good about BDO is that if you think you are going to run out of paper checks to endorse, you can order checkbooks online.
…but you can’t get have them delivered even in this pandemic era.
You can order checkbooks online but you can not have them delivered to you. You have to get out of work or allot time to visit the bank because checkbooks are for pickup only.
Don’t even expect picking up your checkbook in other branches.
Philippine banks love the concept of home branch. Thus, if there is a BDO branch near your company and you wish to pickup your checkbook there, you have no chance of getting your checkbook because in the eyes of a BDO branch, you’re not their customer.
Don’t expect Statement of Accounts to be generated on time.
According to BDO’s Customer Contact Center, Checking Accounts’ Statement of Accounts are usually generated 10 banking days after the cut off date. But in reality, it takes one full month before you see your statement of account. Sometimes even more.
You can transfer your checking account to another branch if you decide to move, but your account number will change.
Did you move to a new home? Isn’t it a bit more hassle to visit your home branch located somewhere in Cebu City while you are living the grand life in the heart of Metro Manila? Fear not. You can ask your home branch that allowed you to open your checking account to make an endorsement letter to the nearest BDO branch that you would like to bank with. That endorsement letter is the only thing that you need to bypass the requirements that were mentioned in this article.
You can always choose to link an ATM card to your checking account.
Again, checking accounts are mean for transactional banking–for everyday transactions and payments. How will you pay your favorite store if they don’t accept checks yet they have a card machine? Of course, with the use of a debit card! You can always ask your branch of account to issue an ATM card for your checking account.
Never ever issue unfunded or bouncing checks.
This is very important. In the old days, people with checking accounts should always balance this checkbooks as often as needed. This is so old style. With today’s technology, before you endorse any kind of check, open the BDO mobile app, transfer funds from any of your accounts to your checking account before endorsing a check.
Make sure that there are funds in your demand deposit (checking) account anytime on the endorsement date on the check (or the date that you write on the check). Remember that issuing bouncing (or unfunded) checks is a criminal offense. The bank will have to pay a minimal amount to the Philippine Clearing House Corporation for rejected transactions, while the bank account holder will be charged PHP 2,000. If you decide to pull out your check before the endorsee deposits your check (called stop payment order), the endorser (or the bank account holder) will be charged PHP 200.
Issuing bouncing checks will affect your credibility in all the banks in the Philippines. Banks have this so-called negative list.
DISCLAIMER: All information here are based on the experience of opening a checking account with BDO by the Simple Convincer back in 2017 and recent changes in 2020 have been added. Things may have changed. The Simple Convincer only provides this information as a quick reference only. For the official guide and information, PLEASE VISIT YOUR DESIRED BDO BRANCH OR CALL THEIR CALL CENTER HOTLINE.
If you are senior officer at BDO, why not tell the marketing people at BDO or someone who manages BDO’s web site to put self-help articles, like what BANK OF AMERICA does? There are lots of questions the average Juan Dela Cruz would like to ask BUT YOU ARE MAKING US ALL QUEUE AT YOUR ANNOYING BRANCHES FULL OF PEOPLE.
49 thoughts on “Things You Need to Know About BDO’s Checking Account”
Anti-bouncing check law or Batas Pambansa 22 is only a civil case. Not a criminal case.
Hello, after reading this Manila Times article about bouncing checks, issuing a bouncing check is a criminal offense called estafa.
Estafa is different from BP22.. A person can be charged on BP22 or estafa or can be both
How much is the total charge if the amount of the bounce check p535,600?
i have existing account from BDO, (ATM) pwede ko ba magamit yun para makapag issue ng PDC?
You have to open a checking account kasi ATM accounts, per se are not checking/transactional accounts.
So if you will issue 12 pdc 20k each dapat 240k laman ng account mo? Thanks
not necessarily. basta kelangan lang may laman na 20k + maintaining balance yung checking account mo bago dumating yung checking date na yon for a particular month.
kasi what’s the sense of issuing post dated checks na monthly mo babayaran kung may 240k ka na sa bank to pay it full?
yan ung sabi sakin ng branch manager ko. iwasan lang na out of balance kapag encashment date na nung isang check na yon na nakadate for that month para hindi magbounce.
No. You just need to make sure you have 20k on each date the check is issued
The correct word is “endorsed” not “issued”
Is it possible to convert a personal checking to business checking account?
You can always call 631-8000 (or 8631-8000 from October 6, 2019) or go to the nearest branch
Hi can I open pdc cheque for payment if I’m abroad thanks for the answer
No. You need to be present at a BDO branch.
What if a check was deposited before the date indicated on the check by mistake and it was returned does the bank account holder still need to be charged?
Ask your home branch 🙂
Ayaw nila tanggapin sa bank…dpat daw on the date indicated sa check dpat ideposit. Ksi tulad ko kun ano ko date nailagay dun nya rin i deposit ksi pinaghahandaan ko rin yun date n yun at pinoponfohan para di tumalbog.
What if my checking account falls below the minimum balance of 5k for a week?
You can always ask 631-8000 to ask how they compute the average daily balance for the entire month. 😀
If it fails below the minimum balance, you will be deducted.. it its zero balance it wlll display as -300.00 and will be deducted on your next deposit.
can I convert my saving account to checking account?
You can always call +63-2-631-8000 (before October 6, 2019) or +63-2-9631-8000 (from October 6, 2019 onwards)
you cannot convert your savings account to a checking account. you really need to open a separate checking account, especially kung peso checking lang yan na hindi nagea-earn ng interest.
based on my experience, mas madali makapag-open ng checking account kung matagal tagal ka na nilang customer na may savings account sa kanila, especially pag malaki laki ung pera mo for 6 months sa savings mo.
Mine, nakapagmaintain ako 80k for 6 months sa savings ko. Although, they still asked me the purpose kung bat ako nagbubukas ng checking account. Dahil lang naman sa pagbayad ng condo kaya ako nagopen. Pero kahit wala pa akong pirmadong contract sa landlord ko (dahil di naman pipirmahan ng contract without PDCs), nagopen na sila ng checking account for me.
Di rin necessary ang job documents like COE. Nakapagopen ako kahit out of contract ako sa work noon.
Depende sa teller, minsan ang dami nilang tanong na medyo out of topic na sa pagopen mo ng checking account. Mostly mga questions na nakafocus sa savings account mo kahit matagal ka ng may savings account with them.
the BDO rep says average deposit is 50k for 6mos for me to change my savings account to checking.. sobrang hassle.. need ko p naman PDC for payment
You can read again on what I have mentioned in the post. For your convenience, let me reiterate and state it in layman’s terms: “it all depends on the branch and branch manager”
And I think you didn’t read the post. You can still convince the branch and branch manager to have them approve your account opening for use in issuing PDCs for payment IF YOU SHOW THEM PROOF.
My branch manager never asked me this. Maybe because may 80k ako for 6 months na sa account ko. But I dont think it was because of that. Nakapagbigay kasi ako ng dummy na contract ng condo ko with them (kahit di pa pirmado ung contrata dahil wala pa akong PDC so ayaw pang pirmahan ng landlord). Pero at least kahit un pa lang, proof na yon na kekelanganin ko ang checking account.
They released the checkbook the same day na nagopen ako. And they just asked me na before getting the ATM for that checking account, bigyan ko muna sila ng pirmado na contract ng condo lease ko.
Just try to give them proof of documents kung san mo gagamitin ung PDCs mo kahit hindi pa pirmado.
magkano ang bayad kapag nag widraw ng bdo check sa ibang branch?
Hindi ko rin alam eh. Baka nasa http://www.bdo.com.ph or baka pwede niyo po tawagan call center hotline. Hindi po ako employee ng BDO eh…
Wala nmn cguro…kc meron akong bpi check na nawidthdraw sa bpi d2 sa me amin… gud as cash na xa…may name ko un check…
Kapag nag open ka po ba ng chrcking account makukuha mo na ung check book?
You will get a temporary check book. One booklet lang..without your name on it. You can request on the spot for a new one but you have to wait for at least one week.
Update ngayong 2020,
Depende sa branch, you can get the actual checkbook the same day na nagopen ka ng account.
Depende na lang talaga yan sa availability ng branch.
250 pesos yon pero 50 leaves naman. So kung 12 PDCs ka lang naman a year, good for 4 years na yan.
What if my personal check which has a maintaining balance of 25k falls below it? Will my checking account be closed automatically?
May i know the proofs that can be shown to them para maconvince ung branch manager po when availing pdc??
Agreements? Signed paper agreements? Like in my case, an agreement to purchase house and lot.
Sa akin, contract from the landlord ng condo, pero hindi pa signed yon. I just told them na in order for my contract to be signed, I need to give them 12 PDCs first (for one year contract of lease).
Ayon, pinagbuksan naman nila ako ng checking account. Binigay din nila yung checkbook ko the same day. Sabi na lang nila, bago ko kunin ATM card ko para sa checking account na yon (which was one week after), bigyan ko sila ng signed and notarized contract nung condo lease ko
Can I authorize somebody to pick up my checkbook on my behalf when I order it online?
Have you tried asking the hotline or calling your branch?
Anong requirements ba Ang pwede sa online business
How about calling or visiting your home branch?
I’m an American considering opening a local account. Firstly though you need to standardize your rules across the board. You are a nationwide Banking chain not a group of individual businesses with the same name and need to conduct yourselves as such. I can assure we set the standard in America for correct business practices and you would only benefit by following our example. Granted you may continue to lose business at your leisure but the sooner the 1st world recognizes that you are competent the sooner we invest. And let’s be honest your clients money is needed to trade on the forex. So I suggest universal BDO standards so that everyone knows the rules regardless of branch. Otherwise.. why are you a nationwide chain?
Hello, this isn’t the official site of the bank. You can send them a message by emailing them at email@example.com
Hi, paano kung need ng bank (example: citibank) kung san ako nagloan ng post dated check and plano ko kumuha nun sa BDO? Pwede bang wala muna laman ung checking acct na un?
I’ve never been on this situation before. My advise for you is to call or visit a BDO branch and explain your situation. I know, my advice sucks.
Thank you for this article! This is indeed very helpful.
In my experience, I was able to open a checking account in BDO without an existing account on their bank. Initially, I filled up the form online (https://www.bdo.com.ph/anywhere/content/terms-and-conditions) wherein you can also select your home branch and time of visit. Then you have to go visit your selected branch on a specific time that you chose on your application. Finally, not less than an hour and you will have your checking account with you.
You just have to make sure you bring with you your 2 valid IDs. 5,000 pesos cash as your initial deposit. 250 pesos for processing fee(?)
-hope this helps-
I hope that will be the same with all of the banks. Did they ask you questions or the reason why would you like to open up a checking account?
Hi, regarding charges for insufficient fund, sept.9 may fund namn, the folowing day sept 10 nag isufficient na, I was notified by my BDO branch (Sept.11) and I immediately transfer fund kaso Sept. 10 pa daw napasok, di ba dapat 1 check lng amg macharge (sept. 10), tama ba? ang laki ksi 2200 per check. And dapat tumawag muna sila bago nagcharge ks s panahon ngayon pandemic. Pede ko ba i pawaive yun?
I just opened a checking account with them recently.
I have a savings account for them for 2 years na din.
I opened one because I need it for my condo lease. Ang binigay ko lang na documents ay ung contract ko sa condo, pero hindi pa sya signed (kasi hindi naman yon pipirmahan without PDCs).
Pero tinanggap pa rin nila. They also asked if I have a job (I don’t know why but they mentioned something sa pag-uupdate ng personal records ko sa branch nila). Out of contract ako sa work nung nagopen ako pero since sinabi ko naman na marerenew din ako agad, tinanggap nila kahit yung luma kong COE nung last renewal ko.
On the same day, binigay na rin nila yung checkbooks ko, 50 leaves for 250 pesos. Then kung may 5k ung savings account mo sa BDO, you can just ask them to transfer it from your savings to your new checking account instead of withdrawing cash from ATM.
Nagrequest ako ng separate ATM for my checking account. Then they told me na before I claim my ATM for that checking account, need ko na magprovide ng signed and notarized contract of lease ng condo sa kanila.
Hello. In my case naman, nag inquire lang talaga ako on how to open a basic checking account with them which is P5,000 to open. Chineck lang nila yung average daily maintaining balance ko sa existing savings account ko sa kanila. Then, ayun, I was able to open naman a Peso Checking Account with them, same day ko nakuha yung checking booklet at ATM. So talagang depende nalang talaga sa BDO branch ang magiging experience. In my case seamless naman. Sa ibang mga kakilala ko, kung ano ano pa talagang documents ang ni-require sa kanila.