Security Bank: No Charge For Intrabank and Interbranch Transactions

Friday, February 3, 2017 Philippines


Since the year 2017 started, there are a lot of changes and issues that arise from the Philippines' banks. I got messages that I need to update my bank accounts and have my ATM cards replaced. I have different kinds of banks and its a hassle that I go to each one for an update specially when it takes so long for an update. Anyway, it is mandated by the government so we have no choice but to comply in order to prevent further problems with our account. 

One of the issues that was encountered though is that there are banks that issued a notice that they will now have a charge for Intrabank and Interbranch Fees. For me, I do not understand why the banks have to do this specially when its within the same bank because where will the money go to? Transferring and depositing money into one's account are supposed to be a part of the regular program of a bank, right? So why put additional fees for just doing the usual transactions. 

Its a good thing though that one of my bank accounts is Security Bank because they just clarified that their INTRABANK OR INTERBRANCH TRANSACTIONS DO NOT HAVE A CHARGE. Thank goodness! Security Bank does not charge their clients for transfers between Security Bank accounts whether the transaction is through the Mobile App, Online or even over the counter. So far, they announced that this will not change in the foreseeable future. 

I will quote some of the reminders of Security Bank for their customers from their announcement: 

As a Security Bank customer, please note the following: 

• You can transfer up to P1MM per day to any Security Bank account—regardless of whether the receiving account is enrolled in online banking—with no transfer charges. 

• If you are transferring between accounts that you own, there is no transfer limit. 

• Any transfer to an external account where the transferred amount is over P40K will require a one-time-password (OTP). 

• If you are transferring funds to an account for the first time, the transaction will require a one-time-password (OTP). 

I am so thankful that I have a bank account that does not charge their clients for regular transactions. I have my account at Security Bank for at least 5 years now and I am happy with their services. Opening bank accounts at Security Bank is easy and they have a lot of options. 

I hope you will find this post informative. Have a great day everyone!

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