Most couples often plan to open a joint account at the start of their marriage. Why? Probably because they want to be transparent with their finances and they want to save up as they start their family.
When I and my husband got married, that’s also one of the first few things we did. We opened a BDO joint account under our names. I felt excited during that time because that was the first time I saw my married name on our passbook and ATM card.
Just to clarify, Joint accounts are not only for married couples. Organizations, families, or friends can also open a joint account. In fact, I and my friend also opened a Joint Account for our High School Batch Fund.
What are the Requirements when opening a Joint Account?
- Tax Identification Number or TIN
- 2 valid IDs (present the original and submit the photocopy)
- 1×1 or 2×2 picture
- Landline Number
- Initial Deposit
List of Valid IDs:
- UMID / Unified Multipurpose ID Card
- Philippine Passport
- Driver’s License with validated O.R. from LTO\
- Philippine POSTAL ID Card
- Voter’s ID
- Senior Citizen ID Card
- Philippine National Police (PNP)
- Armed Forces of the Philippines (AFP)
- Integrated Bard of the Philippines (IBP) ID
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- of Social Welfare and Development (DSWD) Certification
- OFW Card with picture issued by POEA
- Overseas Worker’s Welfare Administration (OWWA) ID Card
- Seaman’s Book
How to Open BDO Joint Account
1. Go to the nearest BDO branch in your area. BDO may not accept your application if your residence address is too far from the branch.
2. Ask for the BDO Joint Account Opening Form from the bank officer and fill it out with the required information. When you write your signatures, make sure they all match.
3. The bank officer may have to call your landline number to verify your home or work address.
4. The bank officer will capture your photo using their computer’s webcam.
5. The bank officer will ask whether you want your BDO Joint Account AND or OR. Take note of the following premises for Joint Account Opening:
- If it’s OR, both of you will receive an ATM card
- If it’s OR, either one of you can withdraw from that account without the other’s signature.
- If it’s AND, only the Passbook will be given. NO ATM Card.
- If it’s AND, neither of you can withdraw without the other person’s signature.
- If it’s AND, both of you need to go to the bank together to withdraw money.
Now, it’s for you to decide if you want it AND or OR. Whatever is convenient for the both of you, go for it.
For my BDO Joint Account with my husband, we chose OR. For my friend and I, we chose AND. Therefore, we always have to see each other when we need to withdraw money from our batch fund.
6. Deposit the Initial Fund of your BDO Joint Account
Features of BDO Joint Account
- Php 10,000 is the Initial Deposit for BDO Joint Account
- Php 10,000 is the Maintaining Balance of BDO Joint Account
- Withdrawal Fees
- No withdrawal fee if done at the branch of account.
- Php 100 withdrawal fee if done with other branches within Metro Manila
- Php 200 withdrawal fee if done outside Metro Manila
- Deposits Fees
- No fee if within Metro Manila
- Php 50 if outside Metro Manila
- Only cash deposits are allowed for BDO Joint Account (In order to deposit check payments to a BDO Joint Account, you will have to submit additional requirements. Ask the bank officer for more details).
BDO Hotline
You may call their BDO Hotline 631-8000 or visit www.bdo.com.ph for more details about BDO products and services.
Click here if you want to open personal BDO Savings Account or BDO Kabayan Savings.
Click here if you want to open BDO Cash Card for only P150 with no maintaining balance.
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