Reminders To All Kabayan Savings Account Holder

Reminders to all Kabayan Savings Account Holder to always monitor your account especially if that account is not receiving any remittances.

Just today, I updated my mom's Kabayan Savings Account to the BDO branch that is near our office. Assuming that Kabayan Savings Account don't have any minimum balance, we just let it sit there as we only use this account for my mom's Generali Insurance. Her premium is annual every September so every time she will have a vacation here in the Philippines, she will deposit an amount before getting deducted by BDO.

We also registered her account via online so she can monitor it but unfortunately she got locked out so I can't call Customer Service for her.

As far as I remember, we only have an amount of 1,000 pesos on her account last September 2017 and deposited an amount last June to avoid dormancy.  As soon as I got her updated passbook today, I was actually surprised with all the 300 pesos service charge deducted from the account since March 31 2018. Up to this writing, a total of 1,200 pesos was deducted from my mom's Kabayan Savings Account. 

I called BDO Customer Service because I was not able to check the passbook right away when I updated it at the bank. 

So here are a few reminders:

• Kabayan Savings Account maintaining balance is ZERO but needs to have atleast 1 remittance a year.
• If the account is not receiving remittance in a year, it will be converted to a normal savings account.
• As per the CS rep that I've talked to, the account should have atleast 2,000 pesos minimum balance in 2 months so the account will not be deducted with 300 pesos anymore (but regular savings account with passbook with BDO is about 5,000 and atm only is 2,000) so I am not really sure with this.
• Regular deposits should be made on the account.

My mom's account only have a total of 4,000 pesos. As I've mentioned above, we only use this for her Generali Insurance. I'll update this post once everything is ok if in case BDO will not deduct on my mom's account anymore.