BDO debit cards, are they secure?

While debit cards offer some convenience, some debit cards, like BDO's, doesn't feel secure. Debit cards from other banks, specifically Metrobank, requires a PIN code before any transaction can be processed. BDO does not require PIN codes.

If somebody was able to pick-up a BDO debit card that was accidentally dropped, he/she can use it instantly to make purchases. He/she will not be required to present any valid ID nor to key in any PIN. Although one can block a lost card from making any transactions, it might be too late. The card may already be used even before the owner realized it was lost.

Debit cards also doesn't have the perks of cash purchase discounts especially if you're buying expensive appliances. That is why I rarely use my BDO debit card.

Online Banking Comparison (BDO, BPI and Metrobank)

Online banking allows the customer to conveniently transact anywhere an internet connection is available. While I enjoy this convenience from three of the major banks in the Philippines, namely Banco De Oro, Bank of the Philippine Islands and Metrobank, some are more convenient than others.

One of the differences in the online processing of the three banks involves the OTP or one-time password. The one-time password is sent via SMS to the customer's registered mobile number. Some online transactions cannot proceed without the OTP.

For BPI, the OTP is only used for online purchases. The OTP is not required for balance inquiry, online payments and fund transfer.

For Metrobank, the OTP is used for online purchases and fund transfers for over PhP20,000 even if you are moving funds between your accounts. Their system should only require the OTP if funds will be transferred to a third party's account. The OTP is not required for balance inquiry and online payments.

For BDO, all online transactions will require an OTP, including balance inquiry. The OTP is required immediately upon logging in BDO online. You either key in the OTP or answer security questions.

While the OTP adds another layer of security, it may also introduce unnecessary inconvenience. Telco services is very unreliable in certain areas of the Philippines. This will prevent the customer from receiving the OTP via SMS on time. The same is true for Filipinos abroad who would rather not avail of the roaming services.

There are also a lot of Filipinos who are not post-paid subscribers. Losing a phone may add to the inconvenience of having to update the bank in case the customer has to change her prepaid number.

Of the three banks mentioned, only BPI does not require an OTP for most online transactions. They only require the OTP for online purchases. BDO, on the other hand, requires the OTP for all online transactions making their transactions not really online, but mobile-online. I think it's silly to always have a mobile phone in hand while doing online bank transaction.

Metrobank Fund Transfer Fees

How come transfers within the region is free while there is a transfer fee charged after the 4th inter-region transfer?

Only banks with poor technology and do the transfers manually can justify the extra charge because of the extra work. With money being easily wired with the help of technology, the distance should have no effect on the amount of work.

Does Metrobank do these transactions manually? Is their system outdated? Who would trust a bank with an outdated system when a newer and more convenient one is available? Is that what they meant by being in good hands?

Or are they just being arbitrary?

BPI E.P.S. 1% Rebate Doesn't Work

The steps are fairly simple to follow. You just have to text the transaction details using a specific format and you will get your rebate within 5 banking days. Well, that didn't happen. It didn't even have a confirmation or rejection notice. You just spent extra by texting the 2256 number.


If you have the same experience, please let everyone know.

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08Nov2014 update

The numbers were rechecked. The required format was followed. There was no mistake on my part. (re: comment)

Timeline

In an effort to make money online I have done the following at the given dates.

10Aug2010 -- Open an EON account at a UnionBank branch

19Aug2010 -- Received a notification via mail about my new account in UnionBank
20Aug2010 -- Claimed my EON card, paid annual dues and deposited PhP1000 at a UnionBank branch
(I was asked to wait for 24 hrs (for the activation process) before I could change my PIN.)

22Aug2010 -- Changed the PIN for my ATM.
22Aug2010 -- Registered for a Cyber account using my EON account (online)
(I was asked to wait for 2-3 business days prior activation.)

22Aug2010 -- My first attempt to verify my PayPal account using my EON account
24Aug2010 -- (Today) I have note received any notice (approval or rejection) yet.

(Random Thought #1: All the waiting for activation and verification is a major deterrent.)

25Aug2010 -- Successfully activated my EON Cyber account and linked it to my PayPal account. Since I want to purchase something from eBay and pay via PayPal, I tried to add fund to my PayPal account. I got the disappointing message below.

(Random Thought #2: Is my attempt to be able to shop online using PayPal going down the drain?)

This post will be updated on further developments in my account.

How To "Withdraw" From Your Paypal Account Free of Charge in the Philippines

Take note of the quotation in"withdraw". By that, I mean covert your Paypal money to cash without going through the hassle of going to the bank and paying transaction fees of around $5 or PhP250.

First things first. I don't have an active Paypal account yet. So why the hell am I posting this? I don't know if anybody has thought of it but it would sure help people with and without Paypal.

I wanted to buy from an international seller. Of the payment options given by the seller, Paypal was the only option available for me. Since I don't have a Paypal account, I have to look for somebody trustworthy enough (trustworthiness: one important factor) who I can pay to make the payments on my behalf. Luckily I have a friend who has enough funds on his account. He made the payment and I paid him in peso using the current conversion rate. I sat beside him as he transferred the funds just to be sure.

It's a win-win situation. I get to buy stuff via Paypal without the hassle of having my own account and verifying it. My friend gets to convert his Paypal funds to cash without any fees!

I wonder why people haven't thought of this as a business. This could be an added service to internet shops, don't you think?

Banco De Oro Interbranch Charge

Banco De Oro banks in Metro Manila charges PhP50 when depositing to provincial account. I found out about this when I deposit to my brother's account in Sta. Rosa Laguna. The deposit was made in a Quezon City branch. Upon withdrawal, my brother will have to "pay" at least PhP10 since the nearest BDO atm is a long drive away, he opts to use another bank's atm. The PhP10 charge can be reasonable but I don't know about the PhP50 charge.

There was no charge in depositing on a BDO Mandaluyong account (his wife's) even if the transaction was made in a QC branch. A regular consumer like me would see this as senseless. Why charge for one transaction and not for the other? Are they not supposed to be centralized?

Apparently there are other banks having the same practice. I have no first-hand info on these banks but one can check this forum (even though there are a lot of digression in the forum).

This should be one criteria in which bank we choose to save our money. I'm lucky I don't have a BDO account! Unfortunately, my relative do. It makes me think that I should let them open an account in another bank.