Wednesday, March 08, 2017

Applying for an Eastwest Bank Basic Savings Account

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First, let me admit that the main reason why I opened an Eastwest Bank basic savings account is because of the hopes that I would be asked to apply for their credit card. I've tried applying for an Eastwest credit since last year both via online, direct to bank, or though an agent, and was declined four times already. This time, armed with some knowledge I gathered from the PinoyExchange community, I tried my luck. True enough, during the mandatory Know-Your-Customer (KYC) phase and while filling up their application form, I was asked if I wanted to apply for a credit card. Mission accomplished. Getting approved or not would be in another blog post.

At the same time, I had the need to open a savings account solely for the purpose of maintaining money I make for a small money-making business I am in with an officemate. I would need a savings account with no or minimum maintaining balance, zero ATM withdrawal fee, zero annual fee and easy accessibility within my home and workplace. With these reasons, the choices I have came down to Eastwest and Unionbank. Since I already have the GetGo Debit Card with an annual fee of Php500 and Php10 ATM withdrawal fee, plus the fact that a lime colored debit card is nice to look at, Eastwest took the cake.

Here's a rundown of its features:

Though I have no use of this information at the moment, one would be delighted to know that Eastwest Bank is affiliated with PayPal, and you can have your PayPal earnings be withdrawn to your account with no additional charge.

My Experience

1. 2 Valid IDs
2. Billing Statement
3. Initial deposit of Php100
4. Recent photo

I initially opted to open an account on a branch that's nearby my workplace.  However, they were kind of strict when it comes to having complete requirements. I only have one valid ID with me at that time and have no recent ID photo. Good thing the branch that's near my residence address allowed me try apply without a recent photo. It's also a plus factor that the branch in P. Tuazon is more accomodating than the one in Eastwood. That's one important aspect of banking I am looking on a bank. Application only took about 30-40 minutes depending on how fast you fill up the application form. I was then told to wait 5-7 banking days for the card to be claimed.

Fastforward. After only 4 banking days, a representative from the P.Tuazon branch called up my home landline and informed that my card is ready for pick up. That was fast indeed. I just hope that they also approve my credit card application, but for now, it does not matter. I'll just wait for a no annual fee for life promo should I get declined. I'm more excited in using the lime colored card at the moment. Hehe.


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