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How to close my BPI account in CEBU from USA?


danroberts119

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danroberts119

Hello everyone.  When I visited Cebu in 2011 I opened BPI Certificate of Deposit.  I am back in USA and trying to close my account.  Made several contacts with BPI but they informed me that my account is dormant and I have to travel to Cebu to close it in person!!

Any advise on how to avoid costly trip from USA to Cebu to close my account and wire funds to my USA bank?

Thanks in advance.   

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Dafey

Wow...You may be SOL! The banks here are very strict about "dormant" accounts. I would weigh the benefits of how much is in the account against the price of a ticket and expenses coming here. On the other hand it's an excuse to come and visit!

I've seen some super cheap RT tickets lately...$600 US if you shop.

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Just a thought?  - Will banks accept a Power-of-Attorney?

If so, maybe the poster could get a Cebu resident to do the job (in person) for him?

Probably only cost a couple of beers?

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I have no experience with this process.  However, I do recall reading about the process of using a special power of attorney to conduct various banking activities.  This means you’d have to have a trusted person to serve as your agent with the SPOA innhand.

As well, the SPOA may need to be authenticated at a Philippine consulate.  Only a guess on my part about that.

Of course, the SPOA would need to cover all transactions, since once the person has closed the account, the funds need to be sent to you.  Again, a trusted person who will serve your interests.

Be aware that your contact may have been with a lower level employee and they may not fully know the rules that apply. I’ve experienced many times that the way a problem is solved (you’re the problem) is to have the problem go away.  Problem solved.  

I had thought that an option that was often exercised with CDs was to have an automatic roll over to a new CD at maturity.  You are certain it is considered dormant?  That may not make any difference, except dormant accounts usually incur fees that will eventually, over time, deplete the account.

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shadow

We once helped a client retrieve inherited money from a Philippine bank using a POA. A very convoluted process, but we did accomplish it without the need of the US based client travelling to the Philippines. So I am quite sure this also could be accomplished using PAO.

 

www.pointmancebu.com

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Dafey

Is there a BPI office in the States you can deal with?

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Davaoeno
1 hour ago, Oz Jon said:

- Will banks accept a Power-of-Attorney?

My wife just bought herself a condo . BDO insisted that I sign a POA so she could do certain things during the process . So obviously they are no stranger to POAs.  I do some real estate transactions using a POA . Neither the BIR nor the LTO has a problem with them - so if even they accept them there is some hope for the bank to do so .

What bank is it ? I know very senior people in 2 banks  [ not branches ]  who might be able to help if you get really stuck.

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Headshot
5 hours ago, Davaoeno said:

What bank is it ?

 

15 hours ago, danroberts119 said:

When I visited Cebu in 2011 I opened BPI Certificate of Deposit.

 

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Davaoeno
12 minutes ago, Headshot said:

 

 

thanks i missed that . While i have accounts with both BPI and BPI family i do not have any heavy hitter friends with BPI

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RogerDuMond

I believe that unless you already have a power of attorney registered at the bank, it will take the Special Power Of Attorney which can only be obtained by you in a Philippine Consulate or Embassy in the U.S.

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musicman666

Makes me laugh ...I lost my pass book recently on my bdo account so they said I couldn’t withdraw unless I had a letter from the lawyer saying it was really me ....so I asked what all that nonsense was about when they took my photo for their records earlier ...her blank look said it all...

ps ..good news I found it again ..in my daughters doll house ....how it got there god only knows.

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danroberts119
21 hours ago, Davaoeno said:

My wife just bought herself a condo . BDO insisted that I sign a POA so she could do certain things during the process . So obviously they are no stranger to POAs.  I do some real estate transactions using a POA . Neither the BIR nor the LTO has a problem with them - so if even they accept them there is some hope for the bank to do so .

What bank is it ? I know very senior people in 2 banks  [ not branches ]  who might be able to help if you get really stuck.

Thanks much.  It is BPI (BANK OF THE PHILIPPINE ISLANDS) in Cebu Ayala.   It is a CD was created in 2011 to mature every 30 days.  However, for some reason it was classified as Dormant.  The branch manager would not provide assistance unless I am in her branch!!!!

 

If you have any contacts, it would be of great help.  Of course POA is risky option being in the USA.  Thanks in advance.

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danroberts119
23 hours ago, shadow said:

We once helped a client retrieve inherited money from a Philippine bank using a POA. A very convoluted process, but we did accomplish it without the need of the US based client travelling to the Philippines. So I am quite sure this also could be accomplished using PAO.

 

www.pointmancebu.com

Thanks for the URL.  what are the fees for POA and what guarantees that the funds will be coming to me in USA?  Thanks 

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shadow
8 minutes ago, danroberts119 said:

Thanks for the URL.  what are the fees for POA and what guarantees that the funds will be coming to me in USA?  Thanks 

We had nothing to do with getting the POA, but I believe the cost is about $50. The POA must be gotten by you in the USA, and from the Philippine consulate or Embassy that serves your area. 

There are no guarantees accompanying the POA, choose your representative wisely. 

www.pointmancebu.com

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Davaoeno
36 minutes ago, danroberts119 said:

Of course POA is risky option being in the USA.

Is there not one person in the Philippines that you trust ? Perhaps a friend you met on Linc ?  

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