RMC No. 49-2009: Publishes the full text of letter from the Land Bank of the Philippines regarding the features and charges in deposit accounts which will be implemented effective October 1, 2009

Key points

1. Regular Passbook Savings requirements. For individual accounts, the minimum initial deposit, the required minimum average daily balance (ADB) and the required daily balance to earn interest are each P 10,000. Affected accounts may raise their ADB to avoid service charges, and existing Regular Peso Savings Passbook Accounts can be converted to an ATM account on or before October 1, 2009.
2. Fees and charges. For peso accounts and the US dollar savings account: below-ADB fee P200 and $5, closing fee within 30 days of opening P200 for both, dormancy fee P200 and $5, and interbank ATM withdrawal fee P 10 for peso accounts. Printing or reprinting of statements costs P20/page, and the holding fee for unclaimed statements is P100.
3. Bank statements for ATM savings. Effective October 2009, LBP no longer issues bank statements for ATM savings accounts. Holders may use iAccess internet banking or Phone Access, or request a copy from the depository branch for P20/page plus a P100 holding fee, debited from the account, if not claimed within a month.

Who is affected

• Land Bank of the Philippines depositors

Deadlines and effectivity

• Circular issued September 16, 2009
• LBP changes effective October 1, 2009
• Statement change effective October 2009