An avoidable waste of money prompted me to search high and low for the PNB Debit Savings Account fees and charges.
Before we delve into that and embarrassing mistake, here’s a little bit of information on how to save on Philippine National Bank.
The Philippine National Bank (PNB) has three types of deposit accounts:
- Peso Savings
- Peso Checking
- Foreign Currency
Each type has more accounts that you can choose from. Under the Peso Savings Account, I chose the PNB Debit Savings Account that I opened in Canada. (If you are in Calgary, Alberta, here is how to open an account.)
For an OFW like me, it makes sense to opted for a PNB Debit Savings Mastercard instead of a passbook. With a savings account I was able to open a PNB online account.
Where Did My Money Go?
That’s how I figure out the fee that was deducted to my account without any notice.
And one more thing, the online account doesn’t issue any paperless statement of account (SOA). Why is that? Can somebody explain to me why I have to request for it?
Before I rant aimlessly, I’ll give you the details of the unfortunate event.
I was using my online account to transfer to another PNB account which is free for several months. Then one day Php 350 was deducted from my PNB Debit Savings Account.
But why? I frantically sent an email and a message on Facebook.
A few days later I’ve been told to reach out in other means because as they say: “We cannot answer account-specific questions through Facebook.”
Customer Care Team Hotline: (+632) 573 8888
Email: customercare@pnb.com.ph
Hello. Is there a toll-free number for Filipinos overseas?
Nada. Zilch. Zero. But I was lucky to get the link of PNB account fees and charges which I read thoroughly.
What was I charged for?
My account fall under the maintaining balance of Php 3,000 for two consecutive months. Aha!
My bad. Blame it on my constant transferring to other account for the house repair. I wasn’t paying attention to the fees and charges but I do now. I’m guilty as charge but customers deserve to get a notice even after the deduction was made.
Did it also happen to you?
I learned my lesson from another money mistakes. To redeem myself, I created a reference below for PNB customers and for my future reference.
PNB Debit Savings Account Fees and Charges
While I have a PNB Debit Savings Account there’s also the PNB-PAL Mabuhay Debit Mastercard.
If you have a different PNB deposit account, you can find the fees online. Which you should have a look at to avoid the same mistake I did. Let’s say NO to wasted money.
1. Balance Requirements
Initial Deposit – Php 3,000.00
Minimum maintaining balance – Php 3,000.00
Minimum ADB (average daily balance) to earn interest – Php 10,000.00
Interest rate – 0.100% p.a.
Dormancy Fee – Php 30.00
Non-usage fee – none
Debit Mastercard expiry date – 10 years
Record of transactions – electronic SOA (by request)
Dormancy Fee
- 5 years after non-activity
- If the balance falls below the required minimum balance
2. Card Transactions
Maximum ATM withdrawal limit per transaction – Php 10,000.00
Maximum POS and ATM transaction limit per day – Php 50,000.00
3. Local Transaction Charges
Withdrawal on PNB ATM – none
Inquiry on PNB ATM – none
Withdrawal on other bank’s ATM – Php 11.00
Inquiry on other bank’s ATM – Php 2.00
BancNet POS – none
ATM fund transfer to other BancNet member banks – Php 25.00
4. International Transaction Charges
Withdrawal – Php 150.00
Inquiry – Php 75.00
Mastercard POS – none
A fee for balance inquiry, seriously? Log in online or use the PNB app.
You should avoid using the PNB debit card abroad because aside from the international charges, a foreign conversion fee will be added.
All transactions made in foreign currencies will be automatically converted to Philippine Peso on the transaction
dates at the prevailing exchange rate applied by Mastercard. A fee of up to three percent (3%) will be imposed by
the Bank on the converted amount which represents our service fee and other charges related to the transaction.
This is why I use a no-fee foreign transaction credit card (eg. Home Trust Preferred Visa) than using a Canadian debit Visa or Mastercard.
5. Other Charges
Card replacement – Php 150.00
Closure within 30 days upon opening – Php 500.00
Average Daily Balance (ADB) of the account falls below the required minimum monthly ADB for at least two (2) consecutive months – Php 350.00
Requests for issuance of certification of deposit account balances – Php 100.00
Interbranch/interoffice Peso deposit transactions on select PNB branches – free (with fee in selected inter-island branches)
Interbranch/interoffice Peso withdrawal transactions on select PNB branches – free (with fee in selected inter-island branches)
6. Fee for Selected Inter-Island Branches Transactions
Interbranch deposit – Php 100.00
Interbranch withdrawal, check encashment, and fund transfer – Php 200.00
The fees are charged in the following branches:
- PNB Batanes-Basco
- PNB Romblon-Odiongan
- PNB Romblon-Republika
- PNB Cebu-Bantayan
- PNB Tawi Tawi-Bongao
- PNB Jolo-Arolas
- PNB Basilan-Isabela-Strong Blvd.
- PNB Basilan-Isabela-Roxas
- PNB Mambajao-Camiguin
- PNB Siquijor-Larena
- PNB Boracay Station 1
- PNB Boracay Station 2
- PNB Marawi City MSU Campus
Did I miss any fees? I hope not.
I wished there will be more free services. Or could they add email money transfer for free. That would be a long shot for Philippine banks.
Final Thoughts
After knowing the fees of a PNB Debit Savings Account, I thought of looking for other account. Even though, I have an online account, the biggest downside is not having a downloadable SOA.
Having a Philippine bank account is a huge advantage especially if you are investing in Philippine stocks through an online discount brokerage (eg. COL Financial).
But it will require your attention just like any other account.
This will take up mental space in my head. To avoid future unnecessary fee, I’ll save on my account that is higher than the maintaining balance and deposit in it at least once a year to avoid dormancy fee.
Do you have a PNB account? What do you wish you shouldn’t pay for if only you knew the fees and charges?
Will the bank stop deducting 350 pesos once your maintaining balance is within the required amount? When will the deduction stop?
It did in my case. I’m not sure when but it will most likely depends on the statement cycle every month.
Thank you for sharing! I was already panicking when I saw my account was deducted with a transaction I’m sure I didn’t make. At first I thought my account was hacked and used in SM.🤣 Luckily I saw this post first before going to the bank.🙂 Now I know cause I thought as long as you return the maintaining balance it’s all good I didn’t know that there’s a fee for that good to know now.😁
I was also in a panic mode when I saw the deduction fee that I wasn’t aware of. I now have a schedule of remitting to my PNB account using Remitly so as to keep it from becoming dormant while also keeping a maintaining balance. My next goal is to add small amount regularly. It’s somewhat my other emergency fund but in pesos. 🙂
Hi. I just wanted to ask if you open a PNB account here in Canada in peso account and if somebody will deposit some money in the Philippines to your account, can you withdraw from that account here?
They can definitely deposit money in a PNB account whether it is opened in Canada or in somewhere else. I am not sure though if it can be withdrawn here because I haven’t tried it. If it’s possible there could be a fee. Why not try a money transfer from Philippines to Canada instead. https://www.finder.com/ph/international-money-transfers/send-money-to-canada
Thank you for your reply. I have a cheque coming from 1 of my insurance at home. I dont have any bank account in the Philippines. That is my problem for now I cant deposit it or claim it. Do you have any advice on this. Thank you very much.
Can I still have access on my account if it falls to zero balance for almost a year?
That’s a good question Mhey and I also like to know the answer. If you have online account, try logging in. I hope you can update us with positive result.
Would PNB deduct 350php service charge monthly? Even though my balance didn’t fall below from maintaining balance?
No. You’ll only be charged after 5 years of non-activity or balance falls below the required minimum balance.