Catanduanes Rep. Joseph Santiago has prodded the Bangko Sentral ng Pilipinas (BSP) to require all commercial banks to build up their Internet banking facilities "within a given deadline" in order to provide Filipinos access to "online only" services that are absolutely free of unwanted monthly charges.
"Online only banking will afford consumers, including small businesses, access to more efficient (banking) services that are free from burdensome miscellaneous charges," said Santiago, former chief of the National Telecommunications Commission and vice chairman of the House committee on transportation and communications.
Santiago said all commercial banks should be compelled to provide "Internet only" accounts within the next 12 to 18 months.
"This way, consumers that want the cost-efficiency of an online only account will have another option on top of the traditional (over-the-counter) passbook account or an automated teller machine (ATM) account," Santiago said.
Santiago also said online only accounts offer a new level of service that is fast and convenient. He noted that "online only accounts" in the United States:
Are totally free from any monthly charges whatsoever;
Have no minimum or maintaining balance requirements;
May be opened with an initial deposit of only and may be maintained with only ;
Have no dormancy or inactivity fees;
Have no charges on online fund transfers; and,
May be linked to a traditional checking account with the same bank or another bank, thus allowing online fund transfers or withdrawals via checking.
Santiago also pointed out that "online only accounts" in the US tend to pay higher interest rates.
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