Ss Direct Deposit Phil Banks

[simplymikee]

Was told by one Phil bank that if I transfer my SS DD account to them I can only withdraw the money at that particular branch location (dollar account)

Then told by another bank this is not true can withdraw at any bank location

Which is true (problem with this page not saving longins)?

[Jollygoodfellow]

Was told by one Phil bank that if I transfer my SS DD account to them I can only withdraw the money at that particular branch location (dollar account)

Then told by another bank this is not true can withdraw at any bank location

Which is true (problem with this page not saving longins)?

(problem with this page not saving longins)

I think as you were a new member your posts had to be approved first. :thumbsup:

[Mike S]

Was told by one Phil bank that if I transfer my SS DD account to them I can only withdraw the money at that particular branch location (dollar account)

Then told by another bank this is not true can withdraw at any bank location

Which is true (problem with this page not saving longins)?

Not sure about withdrawing at only one particular branch but I've been told that you must do it in person and they will not issue a debit card for that account .... US SS rulings not theirs ..... even your wife can't withdraw funds on that account (or not supposed to .... but I'm sure someone has found ways around it) ..... so if you get laid up no one but you in person can obtain funds ..... or so I've been told .... this is US SS only ... not sure about other countries ..... they want to be sure that they don't continue to pay after you kick the bucket ..... now if you are in the US it is a different story and there are many cases of someone dying and their relatives .... caregivers etc. have managed to get the deceases SS if they have access to the bank account ..... but I guess that's OK as they will spend the money there and help the booming economy ...... :hystery: :hystery:

[simplymikee]

Was told by one Phil bank that if I transfer my SS DD account to them I can only withdraw the money at that particular branch location (dollar account)

Then told by another bank this is not true can withdraw at any bank location

Which is true (problem with this page not saving longins)?

Not sure about withdrawing at only one particular branch but I've been told that you must do it in person and they will not issue a debit card for that account .... US SS rulings not theirs ..... even your wife can't withdraw funds on that account (or not supposed to .... but I'm sure someone has found ways around it) ..... so if you get laid up no one but you in person can obtain funds ..... or so I've been told .... this is US SS only ... not sure about other countries ..... they want to be sure that they don't continue to pay after you kick the bucket ..... now if you are in the US it is a different story and there are many cases of someone dying and their relatives .... caregivers etc. have managed to get the deceases SS if they have access to the bank account ..... but I guess that's OK as they will spend the money there and help the booming economy ...... :hystery: :hystery:

yeah thanks already knew that but never was told u could not withdraw at other branches before, so I think maybe it's just an ignorant bank employee-there are so many here.

[retired]

Probably depends on the bank but BDO does not have that policy unless it's been changed . Policy in the Philippines tends to be up to the individual branch manager but seriously doubt since it's an electronic transfer held in Manila in the first place . As for the reason you are not allowed to have an ATM card through the years there were too many horror stories from expats themselves about having their money removed without their permission . As for bank tellers not knowing what they are talking about had the very example you mention happen to me and my wife . Teller kept telling my wife that my wife could withdraw my funds without me as long as i had signed the withdrawal slip . Don't know whatever happened to that teller . :-)

[MikeeW]

The banking rules are pretty tightly spelled out by the Bangko Sentral Philippines (BSP). In effect, commercial banks here need to comply with these rules. As well, the banks have a general distrust of foreigners with regard to consumer-level banking. In effect, the consumer can depart and leave debts unpaid. Thus, there are restrictions placed on accounts where foreigners are involved.

One of the concepts the BSP uses for banking practices is "KYC" or know your customer. In effect, this explains why banks are reluctant to let you make withdrawals from a branch other than your own (for passbook accounts). It can be done, but the manager of the original bank may need to be contacted by phone if an emergency develops when funds are needed from the account at a distant branch.

As far as what tellers will do, it is very common for a spouse to use a signed withdrawal slip in order to obtain cash from a US-citizen pensioner account. Pretty common, if the bank knows the spouse.

I have been banking with Metrobank for at least a dozen years. I find they are a satisfactory bank for conducting this sort of transaction (direct deposit). Just be aware, the local managers may not be as up to speed as they should be. Years ago, I filled out a direct deposit form (the same one I had used when paid by the US). The form went thru all of the standard processing which even included a routing thru the US Embassy.

Money didn't arrive and weeks became months. I called the embassy, went in to the bank and did what little I could. Finally I noticed that the form had been pre-printed by Metrobank and was out of date. The bank had pre-printed the stateside account incorrectly. The bank the money was to go to did not exist any more. Whoops. Metrobank hadn't noticed. The embassy staff hadn't noticed.

I got the money eventually (the US Treasurer had noticed)

[Mike S]

MikeeW the reference I made to banks not being allowed to issue a debit card on a SS direct deposit account is not a bank thing but is rules set up by the US SS department .... and all bank and bank managers know of this ruling ..... if how ever they choose to ignore the ruling is up to them but that would be up to the individual manager and I would not hesitate to say that 90% of the banks will not issue a debit card OR let anyone but you have access to your SS direct deposit account ...... all other accounts I agree with you on your asawa can have access to .....

As well, the banks have a general distrust of foreigners with regard to consumer-level banking. In effect, the consumer can depart and leave debts unpaid. Thus, there are restrictions placed on accounts where foreigners are involved.

Absolutely correct ...... that is why a a bank issued CC has some incredibly high requirements ....... in my bank I have to put up 1 1/2 times the face value of the card ..... for a card with a limit of p50,000 I must put up p75,000 security deposit ...... which can't be touched until I turn in my card ..... and that is for only p50,000 or a little over $1000 US ...... not worth it for me ..... IMHO

[simplymikee]

The banking rules are pretty tightly spelled out by the Bangko Sentral Philippines (BSP). In effect, commercial banks here need to comply with these rules. As well, the banks have a general distrust of foreigners with regard to consumer-level banking. In effect, the consumer can depart and leave debts unpaid. Thus, there are restrictions placed on accounts where foreigners are involved.

One of the concepts the BSP uses for banking practices is "KYC" or know your customer. In effect, this explains why banks are reluctant to let you make withdrawals from a branch other than your own (for passbook accounts). It can be done, but the manager of the original bank may need to be contacted by phone if an emergency develops when funds are needed from the account at a distant branch.

As far as what tellers will do, it is very common for a spouse to use a signed withdrawal slip in order to obtain cash from a US-citizen pensioner account. Pretty common, if the bank knows the spouse.

I have been banking with Metrobank for at least a dozen years. I find they are a satisfactory bank for conducting this sort of transaction (direct deposit). Just be aware, the local managers may not be as up to speed as they should be. Years ago, I filled out a direct deposit form (the same one I had used when paid by the US). The form went thru all of the standard processing which even included a routing thru the US Embassy.

Money didn't arrive and weeks became months. I called the embassy, went in to the bank and did what little I could. Finally I noticed that the form had been pre-printed by Metrobank and was out of date. The bank had pre-printed the stateside account incorrectly. The bank the money was to go to did not exist any more. Whoops. Metrobank hadn't noticed. The embassy staff hadn't noticed.

I got the money eventually (the US Treasurer had noticed)

Thanks for the good reply. I have concluded that the P.I. banks are not run professionally, nor according to reasonable banking standards, imo. In fact all banks, even U.S. banks are going down that route. It is surpising to me how many people are putting up with these bad practices. But many are transferring their accounts to credit unions (at least in the USA) that have a much better reputation for providing service consistent with customer expectations. This is of course disadvantageous to not just the consumers, but to the banks. To me it is bordering on fraud for a customer to need to get special permission to withdraw his funds at a different branch other than the one he opened the account.