Unionbank of the Philippines just announced that they will charge a transaction fee amounting to P10.00 for every withdrawals made at their own ATM machines. It gained a lot a violent reactions from people who are using EON to transfer funds from their Paypal account.
Here is my personal reaction about this:
I like Unionbank EON account because they are the first in the market that I know who introduced FREE transfer from Paypal to your Unionbank account. It attracted us because for more than a year, we were using our savings account from other banks to transfer our funds from Paypal and every transaction, we were charged a whooping P200.00. If for instance, we withdraw our Paypal funds every month, that is equivalent to P2,400 per year.
I also like Unionbank EON because I can transfer funds from my account to another EON account for FREE and I can pay my bills online for FREE.
I understand that because Unionbank doesn’t have a maintaining amount, they have to charged a P350.00 service fee per year. That is a lot smaller than the P200 per withdrawal of other banks who are not connected to Paypal.
There are only few Unionbank ATM’s around the Metro, and usually we were charged P10 by other ATM machines. But, what make this announcement get lots of negative reactions was that Unionbank will charge P10.00 in EVERY withdrawal made on THEIR OWN ATM Machines.
I know that BDO Cash card also made this kind of announcement months ago, but it was only P2 per withdrawal on their OWN ATM Machines. And, it is also because BDO Cash Card doesn’t require their card holders to have a maintaining balance and as far as I know, compared to EON, they don’t have a service charge yearly.
If you have to withdraw from Unionbank EON ATM, twice a month that would be P20/month and is equivalent to P240 per year plus yearly service charge of P350 that means Unionbank will earn P590 from you. Okay, that is still smaller than the P2,400/year of the other banks that are not connected to Paypal.
I heard that BPI, RCBC and EastWest Bank also offer accounts that are FREE of charge if you will transfer funds from your Paypal account. If you think that Unionbank is unreasonable to their charges, then maybe you can check out these banks.
Then go back here and tell me your experience about it.
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