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New Bank Requirement?


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SkyMan

I just got a call from my bank that a check I deposited was on hold until I provided them with proof of pension.  I consider that nunya and can see no reason for them to need that.  Anyone else run into this BS?  They claimed it was a new requirement for all banks.

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Monsoon

Sounds like a KYC (know your customer) query. It is not uncommon for banks to ask information about source of funds these days. Just give them some BS and they will go away. It's the Philippines after all. 

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SkyMan

They are holding up the cashing of a check until I comply so I emailed them requesting documentation on this nuisance.

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aussiekangaroo

I also had this issue a few months ago a person went to cash a cheque at 4 different BDO branches and was told the same thing that it can't be cashed without proof of where the funds came from before contacting me.  I called BDO main number and was told there was no issue with my account. I then called my bank manager who knows me very well and she told me there is no issue and to ask the person to bring the cheque directly to that branch which they did and no issues at all.

Edited by aussiekangaroo
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aussiekangaroo

I also have also been a customer of BDO since 2011 so my old account is not subject to the new policy however my account that was opened last year at same branch is subject to where proof of funds came from when depositing unless using the cash deposit machine.  My cheque account is linked to old account so no issues with that.  So I guess it will depend on when you opened that particular account.

Edited by aussiekangaroo
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Davaoeno

I have 6 BDO accounts.   2 of them are corporate accounts. I have never had anyone inquire re source of funds of a check  

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aussiekangaroo

And did you open all of those prior to July last year?  That was the first time I had any issues whilst other cheques were being cashed by others at the same time without any issues so possibly it was there account which had an issue.. It was an ofw in Australia who I bought a Condo unit from.

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Davaoeno
1 minute ago, aussiekangaroo said:

And did you open all of those prior to July last year?  That was the first time I had any issues whilst other cheques were being cashed by others at the same time without any issues so possibly it was there account which had an issue.. It was an ofw in Australia who I bought a Condo unit from.

yes- they are all several years old

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aussiekangaroo
2 minutes ago, Davaoeno said:

yes- they are all several years old

So you are not subject to the new policy however if you open any new account despite being an old customer you will be subject to the new proof of funds requirements on that particular new account when depositing funds.

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So if i send money example one million pesos from my overseas bank into my newly opened metro bank account  its ok or not? This is a normal procedure worldwide.

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aussiekangaroo
41 minutes ago, Flakes said:

So if i send money example one million pesos from my overseas bank into my newly opened metro bank account  its ok or not? This is a normal procedure worldwide.

They will probably be asking for proof of where the funds came from.

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26 minutes ago, aussiekangaroo said:

They will probably be asking for proof of where the funds came from.

Okay..

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SkyMan
2 hours ago, aussiekangaroo said:

I also had this issue a few months ago a person went to cash a cheque at 4 different BDO branches and was told the same thing that it can't be cashed without proof of where the funds came from before contacting me.  I called BDO main number and was told there was no issue with my account. I then called my bank manager who knows me very well and she told me there is no issue and to ask the person to bring the cheque directly to that branch which they did and no issues at all.

It sounds to me like your situation was that "someone you wrote a check to was having trouble cashing it."  Is that right?  In my case, I wrote a dollar check from my US account and deposited it in my RCBC dollar account as I have many times before.  Now suddenly I'm being asked to provide proof of my pension.

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I have banked at Metrobank for many years.  A couple of years ago I got a call in the evening from a bank manager at my branch.  They were having an audit and realized I had an allotment from a pension account but they had no "award" document.  They would not have an "award" document since it was simply an allotment.  I just grabbed some old award document for an account I didn’t even have with them and brought it in.  That solved the problem....their problem.  They just needed something in the file and no one really looked closely.

 

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