REVENUE MEMORANDUM CIRCULAR NO. 49-2009 issued on September 16, 2009 publishes the full text of letter from the Land Bank of the Philippines (LBP) regarding the features and charges in deposit accounts which will be implemented effective October 1, 2009.
The following are the features and charges in the deposit accounts of LBP effective October 1, 2009:
a. New Deposit Requirements of Regular Passbook (Peso) Savings Deposit Account:
INDIVIDUAL ACCOUNT
| Deposit Requirement | Amount |
|---|---|
| Minimum Initial Deposit | P 10,000 |
| Required Minimum Average Daily Balance (ADB) | P 10,000 |
| Required Daily Balance to Earn Interest | P 10,000 |
Accounts affected by the new deposit requirements have an option to increase their ADB to avoid service charges. Existing Regular Peso Savings Passbook Accounts can also be converted to an ATM account on or before October 1, 2009.
b. LBP Fees and Charges:
- Peso – Savings Account, Current Account, Easy Savings Plus
- (ESP)US Dollar – Savings Account
| Features/Fees | Peso Accounts | US$ Savings Account |
|---|---|---|
| Fee For Falling Below the Required Average Daily Balance (ADB) | P200 | $5 |
| Closing Fee (within 30 days from opening of account) | P200 | P200 |
| Dormancy Fee | P200 | $5 |
| Interbank ATM Withdrawal Fee (including Cash Card) | P 10 | - |
| Fee For Printing And Reprinting SOA/Bank Statement | P20/page | P20/page |
| Holding Fee For Requested Statement of Account (SOA)/Bank Statements Not Claimed/Picked- up Within a Month | P100 | P100 |
c. Issuance of Bank Statement:
Effective October 2009, LBP shall no longer issue bank statements for ATM savings accounts. Account holders are advised to enroll their ATM accounts in LBP’s internet banking facility (iAccess) where customers can view, monitor and print their transaction history or enroll in their phone banking facility (Phone Access) to inquire their deposit balances, transactions and request their bank statement. Moreover, account holders may request their depository branch for a copy of their bank statement but with a fee of P20/page and holding fee of P100, to be debited from their account, if not claimed/picked-up within a month.