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.
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,”.