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BPI Joint account question

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It may be of interest for you to read the details of the BPI document here....https://www.mybpimag.com/eol/bpiterms&conditions.html#II14


The person(s) agreeing to these terms agreed to inform the bank of the death of any joint account holder. So, silence is a crime of omission imho.



That still don't make it perjury ...

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That still don't make it perjury ...

Most countries I've lived in had similar banking conditions and also government agencies would consider this sort of failure (to inform the bank or agency of a death of a co-owner) perjury and a violation of the terms of the contract. I think North Korea has an exception.


I'm really just trying to assist the op. He was surprised by the statement on his ATM receipt. To be clear, it is not twisted logic and he'd better stay alive.

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That still don't make it perjury ...



Perjury, no, but you are breaking the law if you sign the withdrawal slip that has that statement on it. I have never noticed that on an HSBC withdrawal slip, but then I never paid much attention to them.

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You're not dead are you?


No, not yet, but if I was would I want someone to go through a world of hell just so they could spend money they had full access to before I died?


I don't have a BPI account. The query was for someone who showed me their ATM receipt and was concerned. I thought others here might also be concerned.

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Inheritance laws in Philippines and Joint Account concerns


Below are just a few old excerpts from years ago when the FDIC amount was lower, that I bunched together on one page that came from a group forum discussion and the comments below were from a member from the forum group discussion. 


Yes, well the banks will never tell you nothing about accounts here, not like

U.S. where they give you a handout on your accounts that explain everything

regarding various types of accounts. No real estate involved anymore with us,

we liquidated 2 houses in California and one in Manila already, so that money is

in the states in Joint Accounts (with survivor-ship), treasury bonds in both our

names, so with our life insurance. So going to Attorney tomorrow to have Last

Will done, I suggested a joint will, which I have the form for, but only problem

with those, is once one dies, they can never be changed. So will get two wills

done, mainly for Philippines. None of our things in Nevada require a will, as

all held jointly, but as you know here in Philippines does not really mean

jointly. Will also retain my attorney here to speed my friends sister in states

account along, whose brother passed away one year ago, Metro dragging their feet

on that. The sister has forwarded everything to Metro, his will, her power of

attorney, IDs, but her being in states, they keep saying the case is pending and

now they are saying she must have a Surety Bond in force before they release his Dollar Account to her


That is exactly what my attorney told me when my wife and I did our wills.

Thanks for the information on this. It appears that there is a lot of confusion

on how bank accounts are handled if one account holder dies. Another thing to

think about is that your wife or partner could die before you. The ex-pat could

also run into problems getting funds from the bank. Also if the Filipino partner

owns property the ex-pat could end up with nothing. Something to think about and plan for.


The best answer I have received with my ongoing investigation into bank

accounts here came from BIR, and not the banks, banks know absolutely nothing about what happens generally to your accounts when one spouse dies. Consumer protection in Philippines far as banks go, is non-existent. The BIR told me that to avoid putting a hold on any bank account is to keep the amount at P200,000 or below either type of account singular, joint, dollar, peso, etc. This makes sense to me also and I was thinking the same thing when I talked to the BIR, the chart plainly shows no tax on P200,000 and below. So if you want your spouse to avoid getting a hold on accounts, keep them below P200,000, I guess, that could change next week.


Same with BDO


At the bottom of a BPI ATM receipt: 




Not when it is done electronically over the internet as BPI allows.


True but on the withdrawal form ay BDO (I did not check other banks) you

are required to state or affirm  on joint accounts the other person is still



True, however with an or account the survivor can withdraw funds before the bank is notified of the death.


In regards to Sec. 97 of the National Internal Revenue Code (or Republic

Act No. 8424


In case of death of one of the parties of a joint account, the surviving

party cannot legally withdraw funds from the joint account until

authorization from the Commissioner of Internal Revenue. In connection

with this law as it pertains to death of one of the joint account holders,

there is no distinction between and/or joint accounts.

By way of consolation though, the law allows the administrator of the

estate or any one of the heirs to withdraw from the account not more than

P20,000 even without such certification on condition that the Commissioner

authorizes him to do so. The article below indicates that some bank

manager will look the other way, and allow more funds to be withdrawn, but don't count on it. Here's a pretty good article explaining joint accounts can be found here: http://business.inquirer.net/45999/joint-bank-accounts


Just a note on joint accounts.

Make sure it is John or Jane Doe NOT John and Jane Doe on the account.

This way either of you can withdraw money without needing the others signature....And if you don't trust your wife enough to list the account this way then you should not be married at all.


Do not know if everyone has knowledge of this or not, I did not until I got to researching a case for a High School Friend;s sister who is claiming his dollar account here recently. General Johnny passed away in Cebu last year and his sister in states is having one hell of a time getting his proceeds from his dollar account here, even though she has his will and power of attorney. They evidently even tax a Joint Account for married couple and also insurance proceeds here. Limited funds here is the answer far as I am concerned until I find more about this matter.

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I'm quoting this from a newspaper article.


"Unknown to many, Sec. 97 of the National Internal Revenue Code (or Republic Act No. 8424) provides that “if a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall not allow any withdrawal from the said deposit account, unless the Commissioner [of Internal Revenue] has certified that the taxes imposed thereon … have been paid.”


The article goes on to describe the bureaucratic hassles that come after reporting the death.


For myself, the OP has caused me to rethink the joint dollar account I retain here. I'm probably going to close the account as I rarely use it anyway.

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