Do NOT bank with BDO! They find ways… to CHARGE you MORE!

BDO is growing rapidly. They started growing when they purchase of Equitable PCI. They seem to be quite promising as they are open during weekends and even at night for those branches inside the SM Malls. But I’ve never had a good experience with them every time I transact with them.

Before my trip to Singapore in 2011, I visited a BDO branch in SM San Lazaro to get my peso changed to US dollars because I didn’t want to just go to a money changer for fear of the modus operandi of the small money changers. I was so surprised to find out that they will only allow change your money if you have an account with BDO.

Years after, I only opened an account in June 2012, I open an passbook ATM account within them where a friend  can remit money to because he was going to assist me with my condo closing fees. At the same time, I also opened another ATM account to house the cash fund from contributions of batchmates which we will use to pay for paperwork for our case against FEU. I withrew from the ATM 2 or 3 weeks after I opened it. I believe it fell before the month end. Probably it was on June 27-28. I went to BDO to put back the money I withdrew. I was so surprised to find out that BDO already closed that ATM account because I fell below the maintaining balance. It was just 2-3 weeks old!

I just found out recently that if you encash a personal check in BDO and the account of the issuer is a a different branch, you’d have to pay PhP 100. This is ridiculous!

I recently received a BDO Manager’s Check from our lawyer as part of our winnings in the case against FEU. Our lawyer commented that it’s supposed to be good as cash and he said that he already paid the fees for it. That’s probably why I wasn’t asked to pay for PhP 100. Nevertheless, BDO still gave me a hard time encashing the check. It took them more than an hour to verify if the account has funds. Their excuse was because Nueva Ecija branch just opened and they’re not yet ready. What kind of service is that?

I applied for a loan for my  condo. The other banks gave me the rate 7.5% fixed for 5 years and BDO gave me 6.88% fixed for 5 years. Naturally, I went with BDO. However, their bank charge is exorbitant! They charge 85k for a 2.1M loan while EastWest Bank only charges 54K,

I signed the loan contract last August 2013 and paid the bank charge of 85k. And on October 11, 2013 , Friday, at 2PM, BDO called me and said the promo rate that was given to me was only valid until September 30, 2013 and that right now the rate fixed for 5 years is 8%! THEY TELL ME THIS 4 DAYS before or ONE BUSINESS DAY before my loan is due (since October 15, 2013 falls on a holiday). If I go to another bank, they will not be able to process my request right away and my developer will have to bill me 64K worth of penalties!

It was such a horrible experience and a nightmare banking with BDO. I closed my peso savings account because of this. BDO eventually retained the agreed upon rate. But if I wasn’t pinned to the wall, I wouldn’t have gone with them. I was even contemplating to pay the penalty of 64K just to spite them. If only I could afford to pay the penalty fees, I would have gone to EastWest who was offering at that time 6.75% fixed for 5 years.

I’ve only had horrific experience with BDO. DO NOT BANK WITH THEM. They’re TOO GREEDY!

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About aiya

an eternal student of life View all posts by aiya

One response to “Do NOT bank with BDO! They find ways… to CHARGE you MORE!

  • wassmerm

    Hi Aiya. Sorry to hear that you had so much of a hassle with BDO.
    If you say, they would be greedy, then I would answer that all corporations are (and need to be) greedy by definition. The counter weight for that would be the market (if a company is too greedy, customers would choose to trade with a competitor instead). But the problem here in the Philippines is, that none of the competitors is really better. Customers are enslaved. Let’s hope that this will become better with the ASEAN opening of the Philippines to foreign banks, which will allow foreign banks to enter the Philippine market.

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