Last updated on April 12th, 2017 at 08:15 am
The Bank of the Philippine Islands (BPI) were stormed by netizen earlier today as they discovered an announcement by the bank a very short notice to update customer information sheet.
The original announcement posted by BPI on their website reads:
Aug. 26, 2016: Branch Advisory
Previously, pursuant to the Bangko Sentral ng Pilipinas Circular 706 which required financial institutions to regularly update its customer information records, BPI requested all clients to update their account information.
In this connection, please update your account information with BPI on or before August 31, 2016 by doing the following:
STEP 1: Fill out and sign the Customer Information Sheet (CIS) and Foreign Account Tax ComplianceAct (FATCA) Form.
STEP 2: Present the original copy and submit a photocopy of one (1) valid, recent, and photo-bearing ID.
STEP 3: Submit these documents to any branch nearest you. You may also send original filled out and signed forms via courier or mail to your branch of account.
NOTE: If you are unable to update your account information on or before August 31, 2016, your transactions can only be serviced over-the-counter of our branches. You will not be able to access your account via any of BPI’s 24/7 electronic channels (i.e. ATM , Online and Mobile) until you have submitted your CIS and ID.
Please update your client information NOW.
This became viral immediately in social media network, being shared numerously with their negative comments.
But after the prime time news, an updated Facebook page was posted by BPI that reads:
Pursuant to BSP Circular 706, clients are requested to update their information on or before September 30, 2016.
- Fill out and sign the Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) Form. You can visit your branches or download the forms via BPI Express Online.
- Present the accomplished form and submit a photocopy of one valid, recent and photo-bearing ID.
- Submit to your nearest branch or send via mail.
If you have updated your client information this year, you may disregard this advisory.
So the advisory is now made clear by the bank.
If you have an existing account with them and you have not updated your customer information sheet, you have to visit the bank and fill up the CIS form and submit an updated government-issued ID.
What forms do you need to fill out?
Customer information sheet (CIS) and a foreign account tax compliance act (FATCA) form.
Also, client should present an original and copy of an updated government-issued ID such as Driver’s Licence, Passport, PRC License and other that applies.
What happens if you don’t comply to this requirement by the bank?
Customers will no longer be able to access their account via the following channels: 24/7 electronic channels, ATM, and Mobile App.
They can, however, do over-the-counter transaction until they complied with the said requirement.