The Bank of the Philippine Islands (BPI) is encouraging its high-net-worth clients to take advantage of the Mobile Check Deposit feature on its mobile app.
In a statement, the Ayala-led bank said that the service, currently available only to BPI Preferred, BPI Gold, and BPI Private Wealth clients, allows for check deposits in just five minutes.
BPI said that the Mobile Check Deposit feature is free of charge. Clients can deposit local checks up to P500,000 through the app and track their deposit status easily.
“As part of BPI's customer obsession culture, we have developed the Mobile Check deposit feature on the BPI app, allowing customers to conveniently transact anytime, anywhere," Fitzgerald Chee, BPI Head of Consumer Platforms said.
“While the channel to transact is new, the same rules on clearing remain the same, thus customer need not worry about any delays in crediting the deposits to their accounts,” he added.
Before depositing a check using the BPI app, clients need to write the following on the back: "Bank of the Philippine Islands" or "BPI," the deposit date (MM/DD/YYYY), their BPI account number, and their signature.
BPI also stated that customers should keep the physical copy of the check for 12 months in case of disputes.
Clients can deposit checks anytime. However, checks submitted after 3 PM (Philippine time), as well as those deposited on weekends and holidays, will be processed on the next banking day.
“As everyday transactions are migrated onto its digital platforms, branches can now take on a more advisory role — helping our clients do more and maximize opportunities to grow their funds,” Chee said.