Friday, April 01, 2016

Opening a PNB Deposit Account

Now that I have a Philippine National Bank (PNB) Essentials Mastercard, it's inevitable that I would have to pay for the things that  I swiped. I just received my first statement and the hours it took for me to withdraw my funds from my BDO account to paying via PNB bank deposit had me decided to open one so I could enroll it on their online banking system so I could pay my bills online. With it, instead of my funds coming from BDO, I would directly deposit my payments to PNB.

Like any other banks, one cannot open  a PNB bank account without bringing the necessary requirements. With that, one must secure them first before going to any PNB branch, so that your bank account application will be approved. It is also important to select first what PNB branch will you going to open an account. For me it is important that a branch is near my residence or place of work. Luckily, there are two PNB branches near where I lived and I chose to open one that is near a shopping mall.

Requirements in Opening a PNB deposit account

1.) At least two (2) valid id's.

A combination of 1 photo-bearing ID and 1 non photo-bearing ID or a combination of 2 photo-bearing ID's. Bringing both 2 non photo-bearing ID's might not be accepted.

2.) Initial deposit.

It ranges from Php3,000 to Php10,000 depending on the type of account you want to open. However,  I opted  for the TAP Mastercard which requires no initial deposit or maintaining balance but still offers an interest rate. You just have to pay a minimal amount of Php15 every month as an account fee. This is okay for me as I would only use the account for paying my PNB Essentials Mastercard bills.

3.)  2 pcs 1" x 1" or 2" x 2" personal picture. Luckily I had a recent one tucked under the innards of my bag at that time.

4.) Billing statement. I didn't know about this one until I was asked by the bank representative. I told them that all of my utility bills are enrolled under electronic statements of account and have managed to provide a screenshot of some. This is a bit weird for me because as most are encouraged to apply for an online SOA, PNB are still asking for a hard copy. Good thing the bank representative accepted my situation and allowed my application to push through.

I was then asked to complete and sign several forms, which I submit along with photocopy of my IDs and billing statement. The process took 45 minutes to an hour (including the waiting time) and I was told to be back after 10 business days to pick up my card.

It's waiting game again :)

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