I mentioned in a post before that I was canvassing around for the bank with highest interest for safekeeping Francine’s money. Since she’s only two and doesn’t write yet, Kiddie bank accounts were out of the question for the meantime. I was leaning towards going with BPI Family Bank since it offer higher interest rates than BPI or BDO, but ended up opening an account with BPI Direct Savings Bank (another subsidiary bank of BPI). 😛
It offers higher interest rates than other banks, that’s why I got swayed. I mean, if your money’s gonna stay somewhere in a bank, might as well put it where it works hardest, right? For reference, let me put in the table I cobbled together before, followed by BPI Direct’s Deposit Rates for Savings and Checking accounts.
Though it offered the highest interest rates I was kinda wary about the bank at first, since it was a virtual bank. There is literally no brick-and-mortar branch, or hollow block-and-cement one as may be the case here, but you choose your servicing branch (preferably the one nearest or most accessible to you) where you’ll do your usual bank transactions like depositing and withdrawing over-the-counter. I read a blog post or two that said opening an account there was something of a nightmare. Just the same, I had to try for myself. Thankfully, it wasn’t as hard as I thought.
I opted to open a Maxi-Saver Savings Account to get higher returns since Francine had enough money (mostly from her Daddy) for it anyway. I filed an application online HERE last October 3, 2013. Filled up all the required fields until the end and submitted the form. The (probably) system-generated confirmation email came shortly after. It looked like this:
I really have no idea what to reply. Haha. I mean, come on.. 😛 So I just replied with a question/clarification the same day. Like so:
As you can see, there was no immediate reply to my query and I had to follow up a few days after. Yes, because I’m impatient like that. 😛 But it did the trick I guess, since I got a reply a coupla hours later. I was given a unique Account Opening code (the distorted part in the email subject). The instructions were there, you can read them for yourself here:
I had a couple more clarifications so there were some more email exchanges, then on October 16 I got the go signal for the branch visit. Meaning, I can already open my account. Yey! 😀 I was given the same code as before as reference (again distorted in the email subject). Here’s the email:
So on the morning of October 25, I went to my servicing branch to get the Account Opening Kit. I brought my Driver’s License and SSS UMID and photocopies of each (front and back). I must mention that the teller I transacted with did not ask for my utility bill (for the address verification), not that I was complaining. Oh well.
The kit contained the ATM card, welcome letter with temporary PIN and a couple of instruction leaflets for activating the ATM card and enrolling in BPI Express Online. After filling up the Information Sheet, I was asked to activate the ATM and change its temporary PIN. That, however, took some time because a bank officer had to authorize it first. It was a busy morning at the bank and there were queues at every counter, but at least the bank staff were courteous to each customer (including me) so no hard feelings there. 🙂 While waiting for the PIN change authorization, I made the initial deposit as well. So yeah, the account was already active even before activation of the ATM card. Not bad. After the PIN change and activation, I was good to go. 😀
So. I hope you were able to follow my kinda scatterbrained step-by-step process flow. 😛 if not, feel free to
cuss comment below and I’d be happy to help you out if I could. 🙂