Banking without the fees: Philippines.

A take-home sheet for people at the session. Other countries: United States · United Kingdom · Canada · Australia · New Zealand · India.

Moraph for Good · Fluent

Banking without the fees: Philippines

Handout · moraph.org/commons/sessions/fluent/banking-without-the-fees

This sheet goes with the Banking without the fees session. It is general information, not advice, and it doesn’t recommend any bank, credit union or app.

Choosing an account

Ask for a basic or low-cost account by name.
Ask about monthly fees and how to avoid them, overdraft rules and free cash machines.
Compare banks and credit unions with the same questions.

Avoiding overdraft fees

Ask whether payments can be declined instead of overdrawing.
Turn on low-balance and transaction alerts.
Know the date of every automatic payment, and ask to move bills to after payday.

Checks and payment apps

Depositing checks into an account usually costs less than cashing them at a store.
Move money out of a payment app balance into your account promptly.
Treat a payment sent through an app like cash: it may not come back.

If something goes wrong

Report missing money to your bank straight away, using the number on your card.
Complain to the bank first, in writing, and keep copies.
If that fails, use the free complaint service below.

In the Philippines

Basic deposit accounts. The Bangko Sentral ng Pilipinas describes the Basic Deposit Account as a product for unbanked and low-income people who need an affordable, easy-to-open account. The BSP publishes a directory of banks that offer one.
Only banks take deposits. Only banks are allowed by law to accept deposits from the public. Be wary of unrealistically high interest rates or gifts offered for your deposit, and keep proof of deposits, such as passbooks and deposit slips, in a safe place.
Insured deposits. Since 15 March 2025, the Philippine Deposit Insurance Corporation insures deposits up to ₱1 million per depositor, per bank. Depositors don’t pay for deposit insurance.
If something goes wrong. The BSP’s Consumer Assistance Management System lets you escalate a concern against a BSP-supervised financial institution. You can file a complaint through the BSP Online Buddy (BOB), the BSP’s chatbot.

Official places to check:

Bangko Sentral ng Pilipinas: www.bsp.gov.ph/SitePages/ConsumerCorner/ConsumerCorner.aspx
Philippine Deposit Insurance Corporation: www.pdic.gov.ph/depositors-corner
Financial Sector Forum (BSP, Insurance Commission, PDIC and SEC): www.bsp.gov.ph/Consumer%20Corner/1-FSF%20Advisory%20on%20Bank%20Deposits.pdf
Philippine Deposit Insurance Corporation: www.pdic.gov.ph/mdic
Bangko Sentral ng Pilipinas: www.bsp.gov.ph/Pages/InclusiveFinance/ConsumerAssistanceChannelsChatbot.aspx

More free official help in the Philippines: moraph.org/commons/help/financial-literacy/ph

General information, not advice about your own situation. Checked 20 October 2026. If an official source says something different, it is right. Free to copy and adapt. moraph.org/commons/sessions/fluent/banking-without-the-fees