Switching Banks

Our company finally made the decision to switch our payroll to another bank. They even invited some bankers from BPI to give a talk about the services and benefits of their bank.

They gave us five or six sheets of application forms to fill out. I was on my third form when I realized that half of the forms were actually credit card applications and applications to other financial services that the bank was offering.

I think it was a good idea to have employees sit down and talk with people from their payroll banks. It shows that the bank is actually concerned about its clients (even though they are employees) and want to help them achieve their financial goals.

The bankers were able to highlight several unique services that BPI can offer in their financial products. Some of the products that caught my attention were:

1. The BPI Maxi-Saver Savings - Where you are able to get higher interest rates (like the rates in a typical time deposit account) with your savings account. The rate depends on the amount in your saving account (the more money, the higher the rate). You must have a minimum of 50k to earn the base interest of 1.375%. If you don't make any withdrawals within a month, BPI adds a 1% bonus interest.

This product is somewhat similar to BDO's Optimum Savings Account, but the customer gets to withdraw money a maximum of three times a month.

2. Savings with Insurance - I've heard about this BPI product before and I consider it a good service for those who would want to save money and have some kind of insurance package tied up to their savings. The BPI Save-Up is an automatic savings account that automatically insures the client, based on his or her saving amounts. The client gets basic life, accidental death, and accidental dismemberment coverage.

3. Auto and Housing Loans - The bankers mentioned something important about loans which I never considered before. They advise customers who want to apply for a housing/auto loan to first talk to their banks before consulting the car/real estate dealer. They said that banks can offer lower rates and even customize loans based on the client's needs. This is important because car/real estate dealers do not offer these leeways or lower rates. They would only offer the standardized package for their clients.

4. Company/Bank Tie Up - The bankers kept emphasizing the fact that the bank is there to help the company and their employees. Thanks to the payroll account and the special arrangements made by BPI and our company, we get to have additional benefits and special rates whenever they deal with the bank. I guess these means we have an easier time to apply for credit cards and loans.