Bank Fees When Transferring Funds to COL Financial Account
I logged in to my COL Financial Account today and a Company Advisory showed up on my screen. Not sure when it was actually sent because I hadn’t checked my account in the past few weeks.
Based on the advisory, “Starting January 15, 2016, COL will no longer subsidize the fees being charged by the banks for the use of their deposit facilities when transferring funds to COL.”
The amount that will be credited to our account will be net of the corresponding bank charges.
Below are the rates that each partner bank implements per transaction:
|RATE PER TRANSACTION|
|Internet Banking||Php 10.00||Php5.00||Php4.00||Php10.00|
I usually transfer funds to my COL account through Online Banking with either BDO or BPI without any transaction fees. Now with this new advisory, I have to take into account the fees included when making transactions.
Based on the Rate per Transaction Table above, Internet Banking with BPI will cost me Php 5.00 per transaction, while it’s Php 10.00 with BDO.
Metrobank offers the lowest fee of Php 4.00, but I don’t have a Savings Account with MBT, so it’s not an option for me right now.
For Over-the-counter transaction, it’s surprising that BPI charges the highest fee, which is Php 110.00. Maybe it’s one way of encouraging people to utilize online or internet banking, which is the easiest and most convenient way to transfer funds.
According to COL Financial, they will try to negotiate with their partner banks for better rates or look for other cost efficient ways of making deposits to our COL accounts.
I hope they could do it the soonest so that we wouldn’t have to worry about the transaction fees when transferring funds from our bank accounts to our COL accounts.