BDO has issued a notice to all OFWs with Kabayan Savings accounts.
According to the bank, OFWs should remit to their Kabayan accounts at least once a year to preserve the zero sustaining balance. Otherwise, the account would be converted to a standard savings account, requiring a minimum monthly value of P10,000 to maintain.
The Kabayan savings account cannot be turned back to Kabayan savings account once it has been changed into a standard savings account.
Also, suppose the account does become a standard savings account. In that case, the zero monthly penalties are no longer available since P300 would be removed from the account every month if it falls below the monthly maintenance amount (P10,000).
All OFWs should keep this in mind. Please be guided accordingly.
“Upang mapanatili ang zero maintaining balance feature ng iyong BDO Kabayan Savings at hindi magkaroon ng kaltas na P300 kada buwan, nais namin kayong paalalahanan ng mga sumusunod:
– Mag-remit ng isang (1) beses sa loob ng isang (1) taon
– Kung walang remittance sa loob ng isang (1) taon, magiging Regular Savings Account ito na may P10,000 maintaining balance. Ito ay hindi na maibabalik sa Kabayan Savings.
Nais naming ipaalala na may kaltas na P300 kada buwan kung hindi ma-maintain ang P10,000 na Minimum Average Balance sa Regular Savings Account.” according to BDO Kabayan Facebook Page
Are you an OFW and you need to open an account? Check this link and follow the instructions