EditorialsTrending ReviewsYoda Advice

BPI To Cut Online, ATM Banking Access To Non-compliant Clients [Updated: Deadline Now Set To End Of September]

blog_12_bpi

If you’re a Bank of the Philippine Islands account holder, you’ll want to read this important announcement from the local bank. In accordance with the Bangko Sentral ng Pilipinas Circular 706 that required financial institutions to update its customer information records, BPI is now asking all of its clients to update their financial information or risk losing access to ATM, online and mobile transactions.

BPI Bank

Yup, the bank is saying that if you do not fill out and sign the Customer Information Sheet (CIS) and Foreign Account Tax ComplianceAct (FATCA) Form that’s in their website and hand it over to a BPI branch that’s nearest to you along with a photocopy of a photobearing ID, you WILL LOSE access to your account via the bank’s electronic channels, namely through ATM, online and mobile. You will still be able to access your account via over-the-counter transactions.

[UPDATE] BPI has clarified the issue, stating in a phone interview with Rappler that they have extended the deadline to September 30, not August 31 that was on their website when the story first broke. BPI corporate communications head Tricia Quiambao said that they would “issue an advisory clarifying the matter,”.

 

John Nieves

John is a veteran technology and gadget journalist with more than 10 years of experience both in print and online. When not writing about technology, he frequently gets lost in the boonies playing soldier.

Related Articles

11 Comments

  1. I can’t access their site. It seems many are rushing because of the Aug 31 deadline previously announced.

    1. You have to acquire a Special Power of Authorney from the foreign lawer to authorize someone in the Philippines to work it in your part. Be sure you have secured original or certified true copies of your IDs.

  2. this is applicable to all financial institutions including P2P money transfers like GCash and Smart Money. I recently got a text from SmartPadala to update my personal info in their website..

  3. How about if you’re not working and can’t fill in the SSS/TIN/Employment/etc., but have a BPI savings account? All those services will be cut away from you just because you can’t give all those information?

  4. This became trending in Twitter here because people panicked due to the Aug 31 deadline and many knew during the long holiday weekend.

  5. Last Friday and over the weekend, BPI made two announcements requiring all our clients to update their information with us. We have subsequently received feedback from you and acknowledge that our announcements have raised concerns. We sincerely apologize for the inconvenience this has caused you.

    We wish to clarify that these recent announcements ONLY APPLY TO A LIMITED NUMBER OF INDIVIDUALS, with whom we have already communicated separately. Should you have questions, please visit us at the branch where you maintain your account or e-mail us at expressonline@bpi.com.ph

    Thank you for your understanding and patience.

    https://www.bpiexpressonline.com/cms/page/8289/updates-of-client-information

    Update as of Aug 30, 2016.

    Tsk, BPI. Nagkumahog na yung marami.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
%d bloggers like this: