The Philippines has various types of banks and one of this types is the commercial bank. It has a total of 19 commercial banks and one of the less popular banks is the Philtrust Bank that gives 95 years of banking service in the Philippines.
Introduction to PhilTrust Bank
Philtrust Bank (PT) , also known as the Philippine Trust Company, was established on October 16, 1916 and started its operation on October 21, 1916 . It is one of the oldest private commercial banks and the third bank that founded in the Philippines. Philtrust Company is the first institution to engage in the trust business under Philippine law. It has 36 branches in Metro Manila, 14 Provincial branches and 1 extension office with main office.
Philtrust Bank has three types of services: domestic, international and trust services. Checking accounts, savings accounts, time deposits, money market placements, business loans, transfer of funds and collections, remittances, securities investments and safety deposit boxes are listed under the domestic services.
Commercial letters of credit, collections and remittances, foreign exchange, traveler’s checks and FCDU transactions are included in international transactions. Trust services involve trust placement, investment management, estate administration/trustee of bond issues, savings and pension plan administration, insurance trust, and acting as escrow agent and stock registrar and transfer agent.
Features of PhilTrust Peso Savings and Checking Account
The below table shows the features of peso savings account and checking account of Philtrust Bank. The table for savings account contains the minimum initial deposit, monthly maintenance charge, closing of accounts, penalty for accounts with automatic transfer arrangements and the charge for lost passbook. For peso checking account, the table includes the minimum maintenance, monthly maintenance charge and the service charge for rejected charge issued.
PESO SAVINGS ACCOUNT
|1. Minimum Initial Deposit||Php1,000.00|
|2. Monthly Maintenance Charge|
|a. Active Accounts||No interest shall be paid if balance falls below the monthly average daily balance of Php1,000.00|
|Php100.00 per month if balance falls below the monthly average daily balance of Php1,000.00 for two (2) consecutive months|
|b. Dormant Accounts||Php100.00 per month if the account is inactive for two (2) years and Php100.00 per month if balance falls below the monthly average daily balance of Php1,000.00|
|3. Closing of Accounts||Php100.00 if account is closed within 60 days from date of opening|
|4. Accounts with Automatic Transfer Arrangements||Php100.00 penalty charge per month if balance falls below the required balance of Php10,000.00 for individual and Php20,000.00 for corporation|
|5. Lost Passbook||Php100.00 charge for the issuance of a new passbook|
PESO CHECKING ACCOUNTS
|1. Minimum – Initial Deposit|
|a. Individual, Partnership, and Sole Proprietorship Accounts||Php5,000.00|
|b. Corporate Accounts||Php10,000.00|
|2. Monthly Maintenance Charge|
|a. For Active Individual, Partnership, and Sole Proprietorship Accounts||Php100.00 per month if daily balance falls below Php5,000.00 at any time during the month|
|b. For Active Corporate Accounts||Php100.00 per month if daily balance falls below Php10,000.00 at any time during the month|
|c. For Dormant Accounts||Php100.00 per month if inactive for 1 yr. irrespective of the balance|
|3. Rejected Checks Issued|
| a. Rejected due to uncollected or insufficient funds
(CHHR Sec. 27.1 & 27.5), (RRICO Sec. 20.1 & 20.5), (CHOM No. 380)
|Php2,000.00 service charge plus penalty charge of Php200.00 per day for every Php40,000.00 or a fraction thereof based on amount of check, to be imposed on both working and non-working days|
| b. Returned Checks with the reason of Post-Dated or Stale-Dated
(CHOM No. 96)
|1/8 of 1% of amount of check or Php100.00 whichever is higher per day|
|c. Returned Checks covered by cash deposit on the next clearing day||Php1,000.00 service charge per check plus penalty charge of Php200.00 per day for every Php40,000.00 or a fraction thereof|
|d. Returned Checks for reason “Payment Stopped”||Service charge of Php2,000.00 (Memo dated 01/16/07 BD-16/07)|
|CHECKBOOK REQUISITION||At prevailing rate set by the Bangko Sentral ng Pilipinas (BSP)|
Please take note that the facts above came from PT bank website and it may change anytime so for the latest information, just visit PhilTrust bank’s website at https://www.philtrustbank.com/. If you are confuse on choosing a bank or if you are looking for requirements for opening an account just visit this website to help you choose the best bank for you and know the requirements you need: