The Bank of the Philippine Islands (BPI) is advising its clients to update their bank account information or risk forfeiting access to its electronic services, including automated teller machines (ATM).
According to advisory published on its official website, its clients should submit an updated Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form at any BPI branch on or prior to Wednesday, August 31, deadline.
An original copy of the aforementioned forms should be submitted along with a photocopy of one valid, recent, and photo-bearing identification, BPI has added.
“If you are unable to update your account information on or before August 31, 2016, your 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 compliant to a circular issued by the Bangko Sentral ng Pilipinas (BSP), the advisory transcribed.
The deactivation of the electronic channels including ATMs, mobile banking and online banking, will begin on September 15, 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. We will start deactivating, starting September 15, on staggered basis.”
Soriano added that the deactivation includes BPI mobile banking, BPI Express Online, and ATM accounts. With that being said, when a client’s account was deactivated, a customer should to go to their nearest BPI branch to update their account information.
“It has to be emphasized that it is regulatory being done because its mandatory by BSP,” Soriano said. After the August 31 deadline, the BPI’s clients can still go to a bank branch to update their account information.