Banks - Who Are The Lousiest

[nalalambutan]

well said bro

[abiakak]

Bro, believe me when I say that once a bank receives the remittance it is immediately credited to the beneficiary account. There is no truth to the saying na ginagamit pa ng bank ang pera bago i-credit. Banks has lots of resources like overnight lending to BSP, existing deposit base etc.

...

 

Now i know.

 

 

...

The reason why it would take 3-5 days before the account is credit is due to the correspondent bank used by the sending bank. First, what is a correspondent bank? A correspondent bank is a third party bank used by the sending bank to remit its outgoing remmitances to the beneficiary bank. A correspondent bank is required specially if the sending bank is not a member of SWIFT. Let me give you an example. This is an example of how funds travel from the sending bank to the benficiary bank.

 

Bank to Bank remittance:

 

Bank of Jeddah -----> Bank of New York -----> SWIFT -----> Bank of the Philippine Island

Remmitance Center to Philippine Bank:

 

Remitance Agency in Jeddah ----> Metrobank Remittance Center ----> Bank of New York -----> Swift -----> Metrobank Branch

Correspondent banks and SWIFTs are required to validate authenticity of remittances. Plus ofcourse it monitors Anti Money Laundering.

 

There is a whole lot of process on how a remittance is sent. Thus, I advice you have your family send the money to huge bank in the country where they are so that there won't be any correspondent banks. Example, a remittance sent thru HSBC to an EPCIB account would be sent by HSBC to its HSBC office in Manila and HSBC Manila will wire it to the HO of EPCIB for crediting to the account.

 

Hope this helps.

 

Still, it won't take 3-5 days.

 

currently, SWIFT uses Bilateral Key Exchange (BKE) system for the Sender or Corresponding Bank to connect and send to. SWIFT, then, has to send it to the Recipient Bank which has the BKE system client. finally, the Recipient Bank can now credit the wired money to the Receiving Account Holder. that process doesn't even take 1 hour to complete.

 

come to think of it... may be the problem is in the Non-SWIFT Member Bank and the SWIFT Member Bank (Corresponding Bank). wachathink?

[boserokid]

Now i know.

Still, it won't take 3-5 days.

 

currently, SWIFT uses Bilateral Key Exchange (BKE) system for the Sender or Corresponding Bank to connect and send to. SWIFT, then, has to send it to the Recipient Bank which has the BKE system client. finally, the Recipient Bank can now credit the wired money to the Receiving Account Holder. that process doesn't even take 1 hour to complete.

 

come to think of it... may be the problem is in the Non-SWIFT Member Bank and the SWIFT Member Bank (Corresponding Bank). wachathink?

 

If both Sending Bank and Receiving Bank are SWIFT members, remittance will be received only within 1 day.

 

But if sent through non-SWIFT member banks and coming from remittance centers, remiitance will take longer.

 

Other cause of delays would be errors committed by the sending bank in filling out its MT103. Example, if there are mispelled beneficiary names, incorrect account numbers and other technicalities.

 

Remittance process in the Philippines follow the international procedure, due to SWIFT. Remittance is perfect and its quik provided beneficiary information is correctly relayed to the beneficiary banks. Countries having problems with datas are countries having difficulties with the english language. Thus, banks advice clients to send their remittance to international banks.

 

HTH.

[jawwell]

Here is my take on Metrobank, the West Triangle Branch. I was so upset that I wrote a blog about it.

 

21’30”95. That’s what my stopwatch displayed when I pressed the stop button after the number written on my reusable ticket got called at Metrobank. Just a little short of 21 minutes and 31 seconds. Not too long of a wait. But my stopwatch resets to 00’00”00 after 60 minutes and this was the case. I waited a little more than 81 minutes for my number to be called. This happened on May 29, 2006.

 

To be fair to Metrobank, the security guard that handed me the ticket (#72) told me that it was a long wait because they only had one teller and they were only serving people with ticket number of 60 or below. If I had something better to do that day, I would have chosen not to wait. But it was the week before school started and one of the reasons for coming to the Philippines to pursue a masters degree is to get a taste of what the “average Pilipino” is being served. I walked away from Metrobank that day feeling bad for the “average Pilipino” who banks at Metrobank.

 

I had expected to wait 20 minutes at the bank so I brought a book that could help me pass time. Reading, 10 minutes after I had received my number, I saw a guy come in and saw the guard give him a lower number (in the 60s). Although it is possible that the guy gave that number back to the guard when he went outside, I don’t see why he should get it back. As far as I’m concerned, when he gave his number back, he lost his place in line. He should have taken his number with him and come back with it. It is more likely that the security guard knew this guy, thus, the lower number.

 

I like the purpose but the implementation leaves much to be desired. I wonder if they’ve looked into a “disposable number” system. I know it’s not environmentally friendly but it takes away the guard from the equation.

 

Which leads to the next question. Why doesn’t Metrobank have an information person? With the abundance of labor available in the Philippines, as many witness when they walk through any Shoemart or Landmark, you would think that Metrobank could hire and train a person to greet and direct customers who just entered the bank door. It is a bank and it needs security personnel but if you want the inside security guard to serve as your information person, train him well.

 

Around the 50th minute, I started a conversation with another guy who also had been waiting for a while. He shared his observations and mentioned that part of the reason he and I have been waiting so long is that V.I.P.s are cutting in front of us. I’m pragmatic so I understand that Metrobank has to provide their V.I.P.s better service. Again, there is enough qualified labor on this island available for Metrobank to train, someone whom they can dedicate to serve V.I.P.s.

 

So why did I go to the bank in the first place. 3 weeks beforehand, I opened 2 accounts - an ATM account and a checking account. The bank employee who opened my account also signed me up for telephone banking. When I tried to transfer money from my checking account to my ATM account over the phone, the system informed me to go to the bank.

 

81 minutes later, my number gets called and I walk up to the counter. I informed the teller of my issue and he casually informs me that I didn’t have to wait in line and that I should have just gone straight to the new accounts people. After being, in essence, told that I was stupid to wait in line, I walked to the new accounts desk. The new accounts person informed me that I should have signed up for the transfer when I opened the account. Of course, at the time I opened the account, the new account person with whom I dealt didn’t mention any of this.

 

I suppose I could have avoided all of this had I asked the person who opened my account to allow me to transfer money between my accounts. Furthermore, I should have just asked around (and in the process, act like an ugly American) 81 minutes beforehand and I could have done away with the marathon like wait.

 

After this experience, I went to another Metrobank branch and had a better experience. I wasn’t going to write about the 81 minutes but yesterday’s phone conversation with one of the “81 minutes” branch’s employees broke the camel’s back. The employee called me to verify if I had written a check.

 

I appreciate their verifying information and hence, protecting my interest. I guess there is an abundance of fraud here in the Philippines. He called me because my signature did not look like what he had on file. I admit that I have poor handwriting but I’ve used the same signature for at least 12 years; the institution in the states where I bank has never called me to verify my signature. I guess Metrobank’s handwriting “experts” have higher standards.

 

After I verified if I had written a check, he asked me if I had a land line. I have a cell phone and I use the schools wi-fi set up to access the internet. I do not need a land line. Evidently, I need a land line to open a bank account. When I opened the account, I used my cousin’s land line number because I had been living there. A week after I opened the account, I moved into my apartment.

 

So I told him I was going to give him the land line number for my condominium building so that the bank can call the condominium’s front desk and leave messages for me. But he implied that I should have my own land line. So I told him that I am a student and that I’m at school from 8 a.m. – 5 p.m. (banking hours). How would they get a hold of me via land line if I’m not home at those hours. He then suggested that every time a signature discrepancy arises, they could just bounce the check.

 

With his tone and his suggestion, I felt that he wanted me to close my account. After the checks I’ve written clears, I will do as he wishes, and take my business elsewhere.

[nayr]

I read the entire thread from first to last page and can't help but wonder....NO Philippine bank has good service since all banks here were mentioned to have bad service.

 

Siguro, a few insights:

 

1. When a bank is big, definetly people place their hard earned money on them for reason of security. Bank's selling point is their huge network and financial power. If banks has these, it attracts people. Therefore, with lots of depositors, there would be lots of transactions, thus the many people you see queing over the counter.

 

2. Banks are strict in opening accounts because they are mandated to "IDENTIFY" the would be depositor. Bangko Sentral ng Pilipinas mandates banks to require various identification documents of clients for purpose of AMLA or the Anti-Money Laundering.

 

3. Systems are not perfect, so are leased lines thus the occassional OFF-LINE.

 

4. Banks develop their own Electronic Banking facilities to lessen transactions over the counter. So, if you don't wanna wait just to pay your credit card, apply on your bank's internet or phone banking facilities, so you can pay your bills at the convenience of your office or home and avoid the long lines.

 

At the end of the day, no bank is perfect. Big or small, the thoughest job of bank personnel is pleaseing their customers.

 

 

well said!!! :thumbsupsmiley: swak na swak hahaha :upside:

[airwaves]

there are good banks and lousy banks, true! likewise there are good employees and lousy employees din naman like you and me. my garbage might be your gold, and your trash might also be my trash din naman, huh? who knows?

[airwaves]

sorry, ot ztaako, but i bank with abc, bdo, bpi, mbtc ok naman sila

[ngobry]

its the quality of service the matters.

[gyobags]

All BPI Branches.... they are the masters of descrimination.

Go to any BPI branch and you will see a line for regular account

holders and PREFFERRED ACCOUNT HOLDERS. They descriminate clients...

if you have nit that much money in BPI you fall in a long line, but if you have millions

with BPI then you don't have to fall in line.

Shouldn't every account holder of that bank be treated as preffered account holders?

Afterall, every account holder contributes to making BPI one of

the biggest banks in the phil.

[id6230]

All BPI Branches.... they are the masters of descrimination.

Go to any BPI branch and you will see a line for regular account

holders and PREFFERRED ACCOUNT HOLDERS. They descriminate clients...

if you have nit that much money in BPI you fall in a long line, but if you have millions

with BPI then you don't have to fall in line.

Shouldn't every account holder of that bank be treated as preffered account holders?

Afterall, every account holder contributes to making BPI one of

the biggest banks in the phil.

 

Unfortunately, our banking system mirrors our politics when it comes to service. lots of promises at the beginning then you get treated like a s@%t if you are a nobody.

[batnball2005]

bpi depending on the branch.

pnb takes the cake. ang mga teller parang ayaw magbilang ng pera at patay patay. sorry to all pnb people in mtc.

[Petronus]

Worst service UCPB

Edited July 13, 2007 by Petronus

[Petronus]

Metrobank used to be ok.... but they're predatory when it comes to lending. Low rates at first, then if you don't pay agad, they boost the rates.

[Petronus]

Trying out BPI for my business needs. Let's see how it goes.

[boserokid]

Metrobank used to be ok.... but they're predatory when it comes to lending. Low rates at first, then if you don't pay agad, they boost the rates.

 

 

If your borrowing is a long term loan, then you'll have a fix rate for a particular term. But if its short term, most likely rates are repriced periodically. However, I believe Metrobank has rates which has not changed since last year.

 

When a loan becomes unpaid or if you lappsed a periodic payment. The outstanding balance earns a past due interest and a fix 18% penalty charge. That could be reason why you find yourself paying more.