BPI asks clients to update account info or risk losing access

ABS-CBN News

Posted at Aug 29 2016 05:50 PM | Updated as of Aug 30 2016 12:03 PM

BPI moves deadline to September 30

MANILA (3rd UPDATE) - The Bank of the Philippine Islands (BPI) is urging its clients to update their account information or risk losing access to its electronic services, including automated teller machines.

BPI clients should submit an updated Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form at any BPI branch on or before September 30, 2016, the bank said in a statement Monday night.

It moved the deadline amid complaints on social media by the bank's clients.

BPIs' earlier deadline was August 31, 2016, according to an advisory posted on its website.  

An original copy of the forms should be presented along with a photocopy of one valid, recent, and photo-bearing ID, BPI said.

The documents can be submitted to any BPI branch or sent via mail.

The bank said if its clients are not able to update their account information on or before the deadline, their transactions "can only be serviced over-the-counter of our branches. You will not be able to access your account via any of BPI’s 24/7 electronic channels (i.e. ATM , Online and Mobile) until you have submitted your CIS and ID." 

The request is pursuant to a circular issued by the Bangko Sentral ng Pilipinas (BSP), it added.

BPI added that clients who have updated their personal information within the year may disregard their latest advisory.

DEACTIVATION OF ACCOUNTS

The deactivation of accounts, which include ATMs, mobile banking and express online transactions, will be done on a staggered basis, said Maria Dina Soriano, vice president and head of the customer care department at BPI's Retail Banking Group.

"It's being done because it is part of BSP regulatory. We've been doing this for a year in the branches," Soriano told ABS-CBN News in a phone interview Monday.

Deactivation means a customer has to go to their branch to update their information. 

"It has to be emphasized that it is regulatory being done because its mandatory by BSP," Soriano said.

The advisory drew various reactions from BPI clients. On Twitter, some clients lamented how sudden BPI's order was, considering that Monday was a holiday. 

"You give us only 2 days to do this sh*t otherwise we lose access to our accounts?" Emman Hizon said in his account.