If we are to list down the most famous and most accessible banks here in our country, what names would you say? Banco De Oro (BDO)? Bank of the Philippine Islands (BPI)? Those two, right? A few days ago, BDO made an announcement that sort of shocked the whole nation. It’s not about big money, but in comparison with what they’ve had before, it is kind of a big deal.
BDO sent a notification to all its members and subscribers earlier last month that they are now going to collect “transfer fees” even on BDO to BDO transactions. Right now, as you know, BDO to BDO transactions do not have any charges, right? But this shift will incur a P10. 00 charge to BDO to BDO transactions which will start at March 15, 2017. BDO will also be increasing its daily limits to P50, 000.00.
Most people who are in the banking system are aware of the benefit of same bank-to-bank transactions – and this benefit is that you are not obliged to pay for extra fees since it is under the same bank (intra-charge) – as compared to a different bank (inter-bank).
From BDO “We are pleased to announce that effective March 15, 2017, BDO Online and Mobile Banking customers will enjoy higher limits for Send Money to Any BDO Account and Send Money to a Paycode transactions. The new daily limit will be increased to Php 50,000.00.
Starting March 15, 2017, a fee of Php10.00 will be charged on all Send Money to Any BDO Account and Send Money to a Paycode transactions. You may still enjoy these transactions free of charge until March 14, 2017.”
What do you think about this new change? Would having this fee be effective enough to sustain banking needs? Would this fund be enough to innovate new deals and promises that BDO can give to its banking subscribers?
AN UPDATE FROM 1/31/2017; 6:13 PM PST
BDO has issued this advisory on Facebook: “Fund transfer to enrolled BDO accounts will remain free of charge. The new transaction fee shall only apply to Send Money to Any BDO Account and Send Money to a Paycode transactions. You may continue to enjoy free of charge fund transfer transactions by enrolling the destination account in your Online Banking account.”
With this update, it is now clear to us that it is not the raw BDO-to-BDO transactions but Send Money to Any BDO Account and Send Money to Paycode Transactions would be affected.