Mark Berkowitz Posted June 24, 2019 Posted June 24, 2019 (edited) Passbook Accounts I was shocked to see Passbook Accounts in the Philippines, since they’re virtually obsolete in the USA. When I first saw one, I felt like I was taking a trip down 'memory lane' to some bygone era… and it was almost like watching the 1998 movie Pleasantville* where you suddenly leave a world of color and enter a world of B&W. * https://youtu.be/aoxwpA-4wbc To each their own, they say... but the banks (in the Philippines) give you a choice between online banking (with a Debit/ATM Card) or having a Passbook Account... and you cannot have both unless you make a 10,000 peso deposit (that's untouchable, unless you want to pay 300 pesos each month for going below your 10,000 peso deposit). Actually, my mother-n-law refuses to do either of these, since she doesn't trust any of the banks, and just uses her pillowcase for making all of her deposits and withdrawals. The problem is that I still owe my OFW brother-in-law money for loans (including money to help me pay for my wife's US visa and plane ticket to the USA), and I have no problem making regular payments to him. The trouble is that he refuses to use an ATM/Debit Card and his Philippine bank will not allow me to send money directly to him (though my wife's Philippine bank account), which I fund with transfers from Transferwise. No big problem, but it would be easier and less expensive to send him money from a one Philippine bank (my wife's) to another Philippine bank (his) instead of using Western Union. Now that he's back working in a Middle Eastern country, he's unable to change from using a Passbook Account to an ATM/Debit card account with his bank in the Philippines, since his bank has no branches where he is. Sorry for the rant, but it's just one of those cultural things that irks me. Edited June 24, 2019 by Mark Berkowitz Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted June 25, 2019 Posted June 25, 2019 12 hours ago, Mark Berkowitz said: I was shocked to see Passbook Accounts in the Philippines, since they’re virtually obsolete in the USA. When I first saw one, I felt like I was taking a trip down 'memory lane' to some bygone era And the first time you live through a major earthquake or typhoon you will be SOOOOO glad you have a passbook account. It is the only way the banks will give you your money if their communication lines are down. Typhoon Yolanda 2013: "I deposit my money in this account in this bank and I NEED some NOW." (Manager) "But Sir, you have an account that is linked to online and our lines are down." (Me) "I know the lines are down and the ATMs are down and that is why I come into the bank to get some cash. Please give me my cash." (Manager), "But Sir, we cannot. Our lines are down so we do not know if someone in another city used your card to take money from your account. We cannot withdraw from your account unless we are online. However, next time open a Passbook Account. It is the only way we can give you your money because it is not online." 3 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted June 25, 2019 Posted June 25, 2019 My kids have passbook accounts for their U.S. SS deposit here because SS requires it. 1 Link to comment Share on other sites More sharing options...
hk blues Posted June 25, 2019 Posted June 25, 2019 14 hours ago, Mark Berkowitz said: Passbook Accounts I was shocked to see Passbook Accounts in the Philippines, since they’re virtually obsolete in the USA. When I first saw one, I felt like I was taking a trip down 'memory lane' to some bygone era… and it was almost like watching the 1998 movie Pleasantville* where you suddenly leave a world of color and enter a world of B&W. * https://youtu.be/aoxwpA-4wbc To each their own, they say... but the banks (in the Philippines) give you a choice between online banking (with a Debit/ATM Card) or having a Passbook Account... and you cannot have both unless you make a 10,000 peso deposit (that's untouchable, unless you want to pay 300 pesos each month for going below your 10,000 peso deposit). Actually, my mother-n-law refuses to do either of these, since she doesn't trust any of the banks, and just uses her pillowcase for making all of her deposits and withdrawals. The problem is that I still owe my OFW brother-in-law money for loans (including money to help me pay for my wife's US visa and plane ticket to the USA), and I have no problem making regular payments to him. The trouble is that he refuses to use an ATM/Debit Card and his Philippine bank will not allow me to send money directly to him (though my wife's Philippine bank account), which I fund with transfers from Transferwise. No big problem, but it would be easier and less expensive to send him money from a one Philippine bank (my wife's) to another Philippine bank (his) instead of using Western Union. Now that he's back working in a Middle Eastern country, he's unable to change from using a Passbook Account to an ATM/Debit card account with his bank in the Philippines, since his bank has no branches where he is. Sorry for the rant, but it's just one of those cultural things that irks me. Kinda related, but slightly off-topic - the amount of time it takes to queue in banks here is beyond belief at times, 30-45 minutes is a minimum in my experience. I've now discovered the best way is to have the brass neck to circumvent the system and get a supervisor to deal with things. One of the few advantages we Westerners have here is getting away with that kind of thing - I hate myself for doing it but hey ho, if locals are happy to sit it out, and they seem to be, then who am I to curtail their fun! 1 2 Link to comment Share on other sites More sharing options...
expatuk2014 Posted June 25, 2019 Posted June 25, 2019 Both my wife and I have BDO accts with ATM cards and a passbook. And my wife has a seperate savings acct with BPI. Which is where we make our car finance payments. And i can send money to other banks online. With BDO you just enter the branch stand in line. With BPI you enter the branch and you then have to use a special machine to enter your transaction details and you get a printed no ! Which confuses many people ! Worst day to use the banks in our area is mondays ! Luckily both myself and my wife are senior Citizens ! So no long lines ! Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted June 25, 2019 Posted June 25, 2019 16 hours ago, Mark Berkowitz said: Now that he's back working in a Middle Eastern country, he's unable to change from using a Passbook Account to an ATM/Debit card account with his bank in the Philippines, since his bank has no branches where he is. Surely it could be done with online banking when logged in or not? 1 Link to comment Share on other sites More sharing options...
Mark Berkowitz Posted June 25, 2019 Author Posted June 25, 2019 5 hours ago, Jollygoodfellow said: Surely it could be done with online banking when logged in or not? Only if he had 'online banking,' which he doesn't have, since he just has a Passbook account (without an ATM/Debit Card). It's impossible for him to log into his account online to send or receive money without an ATM/Debit Card. Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted June 25, 2019 Posted June 25, 2019 18 minutes ago, Mark Berkowitz said: Only if he had 'online banking,' which he doesn't have, since he just has a Passbook account (without an ATM/Debit Card). It's impossible for him to log into his account online to send or receive money without an ATM/Debit Card. I guess it's up to him to look around at what is available. One example is passbook with ATM and internet banking and P5000 deposit and maintaining . One thing I have noticed is maintaning is not as bad as it sounds. https://www.psbank.com.ph/content/personal-banking/savings/psbank-passbook-with-atm 1 Link to comment Share on other sites More sharing options...
Mark Berkowitz Posted June 25, 2019 Author Posted June 25, 2019 Just now, Jollygoodfellow said: I guess it's up to him to look around at what is available. One example is passbook with ATM and internet banking and P5000 deposit and maintaining . One thing I have noticed is maintaning is not as bad as it sounds. https://www.psbank.com.ph/content/personal-banking/savings/psbank-passbook-with-atm Thanks! I will share this info. with him. My family wasn't aware of the P5000 deposit option. Link to comment Share on other sites More sharing options...
Mark Berkowitz Posted June 25, 2019 Author Posted June 25, 2019 7 hours ago, hk blues said: Kinda related, but slightly off-topic - the amount of time it takes to queue in banks here is beyond belief at times, 30-45 minutes is a minimum in my experience. I've now discovered the best way is to have the brass neck to circumvent the system and get a supervisor to deal with things. One of the few advantages we Westerners have here is getting away with that kind of thing - I hate myself for doing it but hey ho, if locals are happy to sit it out, and they seem to be, then who am I to curtail their fun! I hear ya, and I do this sort of thing too, and and not just in the Philippines. Maybe I'm getting away with it in the States because I tend to look like a grumpy old man whenever they expect me to wait in an type of queue (long, short, or in-between). Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now