BPI Direct Savings Bank

My first ever atm card was with BPI Direct Savings Bank. I remember applying for a savings account with BPI Direct way back in 2011. At that time, I needed to have a bank account where my parents can deposit my allowance since I decided to study college far from home.

• 

BPI Direct Savings Bank is actually a wholly-owned subsidiary of BPI (Bank of the Philippine Islands). It is an internet bank which means it does not have a brick and mortar branch. Its services are mainly offered through the internet. Being a BPI subsidiary however, BPI Direct Savings Bank clients may transact in BPI branches nationwide, for instance, updating one’s mobile number.

Please take note that there exists another subsidiary called BPI Family Savings Bank. Clients of BPI Direct may not transact in BPI Family Savings Bank branches.

The product I applied in BPI Direct Savings Bank is called BPI Direct Express Teller Savings. It was perfect for me since the initial deposit is only 500 Php and the Required Minimum ADB (Average Daily Balance) is only 500 Php as well – perfect for college students.

For 8 years it was my atm card and even became my payroll card when I entered the workforce. Its services are perfect, its mobile app was easy to use. I load my mobile phone via the app, I check my balance online or through the app. It was so convenient that I became an avid BPI customer until BPI decided to ‘upgrade’.

The first major upgrade BPI undertook was to replace their mobile app. BPI stated that the new app is more secure and easier to use. The beta phase came and an overwhelming number of customers complained. The new app was nowhere near the old app in terms of user-friendliness or features or as what was promised. What’s worse, BPI forced their customers to switch to their new app by closing down the old app entirely.

I complied since we had no choice as their customers and since the new app was more secure and safe, at least, that is what they claim. Then on April 5 to 7, BPI undergone a major system maintenance. Clients were informed via social media platforms as well as in mainstream media. After the said maintenance, services were back, up and running.

But in the following days after the maintenance, BPI suddenly had a system downtime. This time it was unannounced and customers were caught by surprise. The downtime extended to hours, then into days. April 15th, payday, BPI was still down. Tons of angry netizens flooded their official facebook page demanding an explanation. Then came holy week and BPI had a reprieve and legitimate excuse to temporarily halt their services due to the holidays. But the damage has been done.

It was the deal breaker for me. I wasn’t the only one thinking about it. But it is the time to look for another bank. BPI’s handling of the crisis was a huge disappointment. It’s as if they were hiding something from their clients. Their updates were very brief and lacked information, their response to queries were canned and repetitive.

So did I close my BPI bank account? No. Simply because it is my payroll bank account. That doesn’t stop me though from applying in other banks. Yes, I learned my lesson the hard way. I applied for two more bank accounts so in total I currently have three bank accounts.