Unfortunate banking experience

[Chaplain]

I had an unfortunate banking experience February 2023 with the Commerce Bank here in the Philippines and feel people should be warned.

I opened 3 accounts a few years ago when my permanent residence was cleared; a joint account with my wife, a USD account for business, and a regular account for myself, and I deposited the required balance of 10,000 PHP into each account ($200.00 USD for the USD account).

I used the USD account regularly, and after about a year or more when my business MO and dealings changed, I no longer needed the USD account. I closed the account, however kept the other 2 accounts. Although we did not use those 2 accounts much (due to using other banks), we always maintained more than the minimum balance of the 10,000 PHP per account to avoid any issues. 

Without warning or notice, both accounts were closed and the monies taken. No paper work or explanation was given, and we did not find out for a few months.

I reported the issue to the The Bangko Sentral ng Pilipinas (BSP), which passed it into a system of never ending circles with dead ends. When I asked for assistance, I was told I was incompetent for not going through their 'Facebook and social media processes. I requested further assistance without success.

I explained I am an old man, recovering from a stroke, and was sorry I had no idea how Facebook and the social media works; and I just wanted some assistance, or even a simple explanation. They doubled down on my incompetency, so, as a guest in this country, I decided to let it go.    

[OzeMike]

1 hour ago, Chaplain said:

I had an unfortunate banking experience February 2023 with the Commerce Bank here in the Philippines and feel people should be warned.

I opened 3 accounts a few years ago when my permanent residence was cleared; a joint account with my wife, a USD account for business, and a regular account for myself, and I deposited the required balance of 10,000 PHP into each account ($200.00 USD for the USD account).

I used the USD account regularly, and after about a year or more when my business MO and dealings changed, I no longer needed the USD account. I closed the account, however kept the other 2 accounts. Although we did not use those 2 accounts much (due to using other banks), we always maintained more than the minimum balance of the 10,000 PHP per account to avoid any issues. 

Without warning or notice, both accounts were closed and the monies taken. No paper work or explanation was given, and we did not find out for a few months.

I reported the issue to the The Bangko Sentral ng Pilipinas (BSP), which passed it into a system of never ending circles with dead ends. When I asked for assistance, I was told I was incompetent for not going through their 'Facebook and social media processes. I requested further assistance without success.

I explained I am an old man, recovering from a stroke, and was sorry I had no idea how Facebook and the social media works; and I just wanted some assistance, or even a simple explanation. They doubled down on my incompetency, so, as a guest in this country, I decided to let it go.    

Many years ago I had a BPI account in Cebu City and maintained morec than the required minimum deposit. Due to my mum's health we spent a year in Australia looking after her. Renting our house in Mactan out whilst away. On our return I went into the BPI branch to ask why the ATM wouldn't accept my bank card...and found they had closed the account and taken the money. Apparently they explained due to inactivity in our account over  12months their rules are the account is automatically closed and the funds confiscated. I remember saying to them why didn't you email us to allow us to deposit money in it from Australia so there was activity..it was like talking to a wall.

Needless to say we were not impressed with this practice. 

Not sure if this is a general bank policy here.

 

Edited March 10, 2023 by OzeMike

[Kingpin]

2 hours ago, Chaplain said:

Without warning or notice, both accounts were closed and the monies taken.

And that is why I will always keep a US bank account.

[Viking]

2 hours ago, Chaplain said:

I had an unfortunate banking experience February 2023 with the Commerce Bank here in the Philippines and feel people should be warned.

I opened 3 accounts a few years ago when my permanent residence was cleared; a joint account with my wife, a USD account for business, and a regular account for myself, and I deposited the required balance of 10,000 PHP into each account ($200.00 USD for the USD account).

I used the USD account regularly, and after about a year or more when my business MO and dealings changed, I no longer needed the USD account. I closed the account, however kept the other 2 accounts. Although we did not use those 2 accounts much (due to using other banks), we always maintained more than the minimum balance of the 10,000 PHP per account to avoid any issues. 

Without warning or notice, both accounts were closed and the monies taken. No paper work or explanation was given, and we did not find out for a few months.

I reported the issue to the The Bangko Sentral ng Pilipinas (BSP), which passed it into a system of never ending circles with dead ends. When I asked for assistance, I was told I was incompetent for not going through their 'Facebook and social media processes. I requested further assistance without success.

I explained I am an old man, recovering from a stroke, and was sorry I had no idea how Facebook and the social media works; and I just wanted some assistance, or even a simple explanation. They doubled down on my incompetency, so, as a guest in this country, I decided to let it go.    

Like OzeMike said, it was probably closed because of inactivity.

I hate that so much information is only available from Facebook in this country. I much prefer to visit a company website or call and talk to a real person instead!

[mountainside]

5 hours ago, Viking said:

I hate that so much information is only available from Facebook in this country.

I've browsed a few FB sites of Philippine Consulates here in the US.  It appears that the most frequent posts are from Pinoys, stating that their FB inquiries are never answered.

[Clermont]

My wife’s account stood idle for a couple of years and when she came back home she only had to identify herself and within two days her account was activated and updated with interest added. Might be a long nose thing.

[OzeMike]

Or different policies by different banks perhaps?

[Possum]

4 hours ago, Clermont said:

My wife’s account stood idle for a couple of years and when she came back home she only had to identify herself and within two days her account was activated and updated with interest added. Might be a long nose thing.

Could you tell us the name of that bank?

[hk blues]

19 hours ago, Chaplain said:

I had an unfortunate banking experience February 2023 with the Commerce Bank here in the Philippines and feel people should be warned.

I opened 3 accounts a few years ago when my permanent residence was cleared; a joint account with my wife, a USD account for business, and a regular account for myself, and I deposited the required balance of 10,000 PHP into each account ($200.00 USD for the USD account).

I used the USD account regularly, and after about a year or more when my business MO and dealings changed, I no longer needed the USD account. I closed the account, however kept the other 2 accounts. Although we did not use those 2 accounts much (due to using other banks), we always maintained more than the minimum balance of the 10,000 PHP per account to avoid any issues. 

Without warning or notice, both accounts were closed and the monies taken. No paper work or explanation was given, and we did not find out for a few months.

I reported the issue to the The Bangko Sentral ng Pilipinas (BSP), which passed it into a system of never ending circles with dead ends. When I asked for assistance, I was told I was incompetent for not going through their 'Facebook and social media processes. I requested further assistance without success.

I explained I am an old man, recovering from a stroke, and was sorry I had no idea how Facebook and the social media works; and I just wanted some assistance, or even a simple explanation. They doubled down on my incompetency, so, as a guest in this country, I decided to let it go.    

I guess they must have tried to notify you the accounts would be deactivated, or should have.  It depends on the bank but BPI, for example, will deactivate an account after 1 year (savings) or 2 years (current) but will only pass the balance onto the treasury after 10 years i.e. you can get your money back within 10 years.  I know each bank has its own rules but I'd imagine the 10-year part is part of Law as it's so draconian. 

Unless the amount is small I wouldn't let it go, personally.

As an aside, HSBC Hong Kong hounded me for weeks as I had a small (<$20) balance in my account which they wanted cleared - they had a system where such small amounts could be donated to a charity so I went with that as I was already living here.  

[Chaplain]

1 hour ago, hk blues said:

I guess they must have tried to notify you the accounts would be deactivated, or should have.  It depends on the bank but BPI, for example, will deactivate an account after 1 year (savings) or 2 years (current) but will only pass the balance onto the treasury after 10 years i.e. you can get your money back within 10 years.  I know each bank has its own rules but I'd imagine the 10-year part is part of Law as it's so draconian. 

Unless the amount is small I wouldn't let it go, personally.

As an aside, HSBC Hong Kong hounded me for weeks as I had a small (<$20) balance in my account which they wanted cleared - they had a system where such small amounts could be donated to a charity so I went with that as I was already living here.  

No, we were not notified at all, and it was less than a year since we last used the account, that is the disappointing part of it all.

They had our home number, email, and our address - and in past my wife had been notified by text on her phone of other transactions.  My wife actually went into the branch for details; to our shock and disappointment, she was treated in a very condescending manner when she asked what had become of the monies.
The bank staff were collectively unprofessional, and they would not provided any business answers or provide any supporting documentation.
I contacted the Sentral Bank Administration to ask;

''Should I assume the accounts were closed at a convenient opportunity, and the funds divided up amongst the staff? As I mentioned, no professional explanation or any documentation has been offered or provided. 

The act of embezzling; 
Specifically, the act by which a clerk, servant, or other person occupying a position of trust fraudulently appropriates to his own use the money or goods entrusted to his care.

We were given these options;

Option 1: Click the BOB robot icon on the BSP website at www.bsp.gov.ph  
Option 2: Click the Message button on the BSP Official Facebook Page at https://www.facebook.com/BangkoSentralngPilipinas/  
Option 3: Text “Complaint” to 21582277 (for Globe subscribers only, subject to standard charges) 

I could not figure out any of these;

Option 1: What is a BOB Robot? I could not find it on the site.

Option 2: I have never visited Facebook, or any other social media

Option 3: I do not use Globe, in fact, I do not even have a mobile telephone.

I figure;

I am not wealthy, and it appears it amounts to 20,000 PHP - Split between a few tellers and Manager in a small branch - a nice little bonus for a days work.

I am a guest here in the Philippines, so I figure let it go - it is not really worth another stroke or heart attack over.