For first-time customers in applying bank account, it sometimes difficult to get information on what documents should bring and submit to the bank. Commonly, most people resort to the Internet to know and learn which documents they should bring and what are the procedures to follow.
In order to address this issue, I created this article to help you prepare when you want to apply for a bank account, particularly savings account. In general, it is not complicated to open a new account; it is only our lack of knowledge that makes thing difficult.
Requirements to Submit when Opening a Bank Account
As I said earlier, there are some documents you should pass to the bank when you are applying for a new bank account. It is mandatory for all the banks to get information about their customers as required by Anti-Money Laundering Law. So if you don’t have still these requirements, you must get it first before going to the bank where you want to apply.
1. First of all, you should have at least two valid ID. When I say valid, it should be current and you are still using it. It must not be expired or damaged. As much as possible, your name and picture is indicated on the ID. The most common examples of ID you can use for opening an account are SSS ID, school ID, Driver’s license, Postal ID, Company ID, NBI Clearance, Passport, Senior Citizen card and any government-issued ID.
2. Make sure to bring at least one proof of billing such as Meralco bill, water utility bill, credit card bill, telephone or cell phone bill or any kind of billing statement you have. Even though you do not own the bill, you can still use it as long as you are living in that house.
3. Make at least two photocopies for each ID and billing statement. Only photocopies will be get from you not the original copy but you still need to bring it for verification.
4. For foreigners living in the Philippines which are not a Filipino citizen, you should have your Alien Certificate of Registration, passport and proof of billing as requirements for bank account application.
5. Prepare the initial deposit of your account. Usually, you can open a new savings account for as low as P500 for ATM account without passbook. If you want to have a passbook and an ATM card, the normal initial deposit for that is P10, 000.
Other Tips that can be Helpful
One important tip that I can give to you when applying for a new bank account is to apply also that account to online or Internet banking at the same time. Most banks allow that scenario and it is easier and more convenient for them to do that.
One example I want to give is my experience when I open an ATM savings account at Metrobank which provides options to their customers on the added services they are offering. Actually, when you fill out their application forms, you can see the suggestion to apply your account to online banking, phone and mobile banking.
Finally, you should choose a bank nearest your location. It may be near your house or place of work so when the time comes there’s some problems about your account, you can easily go to the bank to fix it.