Friday, February 10, 2017

Security Bank Releases Advisory on Intrabank / Interbranch Transaction Fees

Recently, one bank's announcement that it will soon charge fees for online fund transfers to unenrolled accounts met with protests from its depositors. I am one of those who will be affected because I sometimes send and receive payments for one-time transactions with clients. Thus, I am sharing this advisory from Security Bank to inform fellow bank depositors about another option ...

Press Release:

Manila, Philippines. February 2, 2017 -- ADVISORY on Security Bank Intrabank / Interbranch Transaction Fees

We have recently received many questions and inquiries regarding Intrabank / Interbranch fees and charges at Security Bank.

To clarify: Intrabank/Interbranch transactions do not have a charge.

Security Bank does not charge fees for transfers between Security Bank accounts—whether the transfer is done through the mobile app, online (SBOL), or over the counter. This will not change in the foreseeable future.

As a Security Bank customer, please note the following:
• You can transfer up to P1MM per day to any Security Bank account—regardless of whether the receiving account is enrolled in online banking—with no transfer charges.
• If you are transferring between accounts that you own, there is no transfer limit.
• Any transfer to an external account where the transferred amount is over P40K will require a one-time-password (OTP).
• If you are transferring funds to an account for the first time, the transaction will require a one-time-password (OTP).

If you have any additional questions, please leave a comment on their Facebook page, here:

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