PNB ATM Accounts - Where's the money going?

[Michael and Milahjean 0]

Thought we'd post this to the group for comment. There's oft-repeated discussions regarding what's the best way to send money to the Phils, so we don't need to rehash this again. My question is to those who have availed of the various methods to direct deposit funds into an ATM peso account at a Philippine bank via any means (we use PNB Rapid Remit).

After my asawa arrived in the USA in April 2007, we had her father travel to the nearest big city with a PNB branch office (her family lives in the remote provinces) to open a peso ATM account. He needed to provide substantial documentataion to open this account. We think it is an ATM only account, but really are not sure. We make regular deposits to this account taking note of PNB's exchange rate vs the actual international exchange rate, which is usually a bit less. We also are assessed a small transaction fee on the front end, which is much less than the typical fees charged by WU. The money usually is available for use in Phils within 2-4 days.

Here's the problem. A family member travels to the ATM at the branch office to withdraw funds. They've been told not to withdraw the entire amount sent since that would result in account closure due to a low balance, so usually the amount withdrawn is around 200 pesos less than the deposit. They had expected that over time (nearly 3 years), there would be a growing balance. Recently we learned from them that it had not been growing at all. I've asked my asawa to inquire of her family if they had been saving any of the ATM receipts (not usually, I'm told), so we really don't have any basis for complaining when we go back to visit her place in March.

Does anyone know the following:

- Is there a monthly account maintenance fee for a PNB ATM account?

- Is there a minimum account balance required to avoid a low balance fee?

- Is there a transaction fee for the ATM withdrawal if a PNB ATM is used?

- Does the ATM withdrawal receipt have the account balance shown?

- Is it possible to get an account balance report at the ATM before the withdrawal?

I know they need to be lots more diligent about where the cash is going. I had been feeling pretty good about the experience, and now am wondering if it actually does make more sense to use another means of sending money. The hidden fees and costs seem to be negating any possible advantage. I can't call PNB to discuss the situation since it's not my account.

Thoughts anyone?

Thanks,

M&M

[happywifeymom 4]

Thought we'd post this to the group for comment. There's oft-repeated discussions regarding what's the best way to send money to the Phils, so we don't need to rehash this again. My question is to those who have availed of the various methods to direct deposit funds into an ATM peso account at a Philippine bank via any means (we use PNB Rapid Remit).

After my asawa arrived in the USA in April 2007, we had her father travel to the nearest big city with a PNB branch office (her family lives in the remote provinces) to open a peso ATM account. He needed to provide substantial documentataion to open this account. We think it is an ATM only account, but really are not sure. We make regular deposits to this account taking note of PNB's exchange rate vs the actual international exchange rate, which is usually a bit less. We also are assessed a small transaction fee on the front end, which is much less than the typical fees charged by WU. The money usually is available for use in Phils within 2-4 days.

Here's the problem. A family member travels to the ATM at the branch office to withdraw funds. They've been told not to withdraw the entire amount sent since that would result in account closure due to a low balance, so usually the amount withdrawn is around 200 pesos less than the deposit. They had expected that over time (nearly 3 years), there would be a growing balance. Recently we learned from them that it had not been growing at all. I've asked my asawa to inquire of her family if they had been saving any of the ATM receipts (not usually, I'm told), so we really don't have any basis for complaining when we go back to visit her place in March.

Does anyone know the following:

- Is there a monthly account maintenance fee for a PNB ATM account?

- Is there a minimum account balance required to avoid a low balance fee?

- Is there a transaction fee for the ATM withdrawal if a PNB ATM is used?

- Does the ATM withdrawal receipt have the account balance shown?

- Is it possible to get an account balance report at the ATM before the withdrawal?

I know they need to be lots more diligent about where the cash is going. I had been feeling pretty good about the experience, and now am wondering if it actually does make more sense to use another means of sending money. The hidden fees and costs seem to be negating any possible advantage. I can't call PNB to discuss the situation since it's not my account.

Thoughts anyone?

Thanks,

M&M

-I am sure when the account was opened the account holder was informed of the transaction fees, maintaining balance, minimum balance etc., etc.

- Yes there is account maintennance fee in some banks.

_ Yes

-NO- if the transaction is within the same bank (PNB Banks) no matter what branch.

Yes the ATM receipts shows the balance you have in your account.

- YEs the account balance shows in the atm receipts.

-Not sure about this but i think You can get the report from the PNB branch where the account was opened.

I am using Moneygram for 7 yrs. now and they get the money in just minutes not days. It's just like WU only lower charges.

[Zen Den 18]

Thought we'd post this to the group for comment. There's oft-repeated discussions regarding what's the best way to send money to the Phils, so we don't need to rehash this again. My question is to those who have availed of the various methods to direct deposit funds into an ATM peso account at a Philippine bank via any means (we use PNB Rapid Remit).

After my asawa arrived in the USA in April 2007, we had her father travel to the nearest big city with a PNB branch office (her family lives in the remote provinces) to open a peso ATM account. He needed to provide substantial documentataion to open this account. We think it is an ATM only account, but really are not sure. We make regular deposits to this account taking note of PNB's exchange rate vs the actual international exchange rate, which is usually a bit less. We also are assessed a small transaction fee on the front end, which is much less than the typical fees charged by WU. The money usually is available for use in Phils within 2-4 days.

Here's the problem. A family member travels to the ATM at the branch office to withdraw funds. They've been told not to withdraw the entire amount sent since that would result in account closure due to a low balance, so usually the amount withdrawn is around 200 pesos less than the deposit. They had expected that over time (nearly 3 years), there would be a growing balance. Recently we learned from them that it had not been growing at all. I've asked my asawa to inquire of her family if they had been saving any of the ATM receipts (not usually, I'm told), so we really don't have any basis for complaining when we go back to visit her place in March.

Does anyone know the following:

- Is there a monthly account maintenance fee for a PNB ATM account?

- Is there a minimum account balance required to avoid a low balance fee?

- Is there a transaction fee for the ATM withdrawal if a PNB ATM is used?

- Does the ATM withdrawal receipt have the account balance shown?

- Is it possible to get an account balance report at the ATM before the withdrawal?

I know they need to be lots more diligent about where the cash is going. I had been feeling pretty good about the experience, and now am wondering if it actually does make more sense to use another means of sending money. The hidden fees and costs seem to be negating any possible advantage. I can't call PNB to discuss the situation since it's not my account.

Thoughts anyone?

Thanks,

M&M

NO, there is no monthly acct maintenance FEE but minimum monthly balance must be maintained

if not, a monthly below-minimum balance fee is deducted

(and can actually deplete whatever is left in an account)

the last time i checked there is No fee for ATM withdrawal if same bank ATM is used

Depends on the ATM, some do some don't that's why a balance inquiry is best before every transaction

yes balance inquiry is the best receipt before any transaction, just in case a problem occurs

[betsay 0]

Hi, I used to work in one of the philippine banks before (not PNB), so I'm hoping I can help answer your questions.

Does anyone know the following:

- Is there a monthly account maintenance fee for a PNB ATM account? - since you said you use Rapid remit, I'm assuming that the account opened was a "remittance acct, and normally banks don't require any maintaining balance. I dont understand why PNB would tell them to to leave a balance everytime, when in fact they can leave like a very minimal balance (a hundred will do). since ther is no maint. balance required, no fees should be charged

- Is there a minimum account balance required to avoid a low balance fee? see above answer

- Is there a transaction fee for the ATM withdrawal if a PNB ATM is used? normally no

- Does the ATM withdrawal receipt have the account balance shown? yes, it does

- Is it possible to get an account balance report at the ATM before the withdrawal? yes, all they have to do is make a balance inquiry first, and get a receipt

One thing I would suggest also is for your folks to go to the PNB branch of account and request for a copy of the bank statement. they might charge you a minimal fee for that, but that way you could check the transactions - deposit, withdrawal, and the daily/monthly balance.

[chinese_mutt 11]

is it possible that they withdrew everything? sounds like they did. not judging really.

but what is the purpose of the account? for their sustenance of for your savings?

[Michael and Milahjean 0]

Thanks to all for the responses. We'll visit the bank branch in March and attempt to determine what's going on. I'd suspect that it's misinformation or misunderstanding with my asawa's family. Really hard to say how much is being left in the account when the withdrawals occur. For example if 5000 php is sent, we're told that typically 4800 will be withdrawn in one transaction, not the entire amount, but who knows? We'll attempt to explain to them that a balance check should always preceed any withdrawal, and that ALL receipt slips should be kept in case there is a problem. I'm hoping the balance check figure before withdrawal will match the balance shown after the previous withdrawal.

We're generally pleased with the PNB Rapid Remit service since in most cases the need for funds is not urgent and the fees are low in comparison to other methods to send cash. The exchange rate is better than most services also. We don't have a lot of options to send money since my asawa's place is far from everywhere.

M&M