Why We Opened a BDO Joint Account

Earlier today, I and my high school batchmate opened a BDO Joint Account for our batch fund.

In our efforts to raise funds for our Grand Alumni 10 years from now, our batch in high school agreed to contribute at least Php 500 each as annual membership fee and we all agreed to keep it in a savings account, where everyone can deposit their contributions and/or donations directly.

We originally planned to open an account as an organization, but there are just so many requirements, so we decided to open a joint account instead.

How to Apply for BDO Joint Account

First, we prepared all the requirements before we went to the bank.

BDO Joint Account Requirements:

1. 2 Valid IDs

• Philippine Passport
• Driver’s License with validated O.R. from LTO
• R.C. ID / License
• New Social Security System (SSS) ID with picture
• Senior Citizen ID Card
• Government Service and Insurance System (GSIS) UMID / Unified Multipurpose ID Card
• Philippine POSTAL ID Card
• Home Development Mutual Fund (HDMF)
• Voter’s ID
• OFW Card with picture issued by POEA
• Overseas Worker’s Welfare Administration (OWWA) ID Card
• Seaman’s Book
• Armed Forces of the Philippines (AFP)
• Philippine National Police (PNP)
• Integrated Bard of the Philippines (IBP) ID
• Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
• of Social Welfare and Development (DSWD) Certification

2. Telephone (landline number)
3. Tax Identification Number (TIN)

Second, each of us filled out the BDO Joint Account Opening Form (and a few other forms) with our personal information and signatures.

Third, the bank officer called our landline number to confirm if we live in that residence or if we are actually employed in that company that we wrote on the form.

Fourth, they took a photo of us from their computer’s camera/webcam.

Fifth, the bank officer asked us if we want it AND or OR for the joint account, with the premise that:

If it’s OR, either one of us can withdraw from that account without the other’s signature.

If it’s AND, neither of us can withdraw without the other person’s signature.

In other words, if it’s AND, both of us need to go to the bank together to withdraw money.

And since this our batch fund, we decided to go with the AND to maintain transparency.

Sixth, we deposited our starting batch fund to our newly opened BDO Joint Account.

Our New BDO Joint Account Passbook

And finally, the bank officer handed us our new BDO Joint Account Passbook. No ATM since we have this joint account under AND.

Here are some other details that were explained to us by the bank officer:

1. For WITHDRAWALS,
   • Both of us need to show up and affix our signatures.
   • No withdrawal fee if done at the branch of account.
   • Php 100 withdrawal fee if done with other branches within Metro Manila
   • Php 200 withdrawal fee if done outside Metro Manila

2. For DEPOSITS,
   • No fee if within Metro Manila
   • Php 50 if outside Metro Manila
   • Only cash deposits are allowed for our BDO Joint Account (we need to submit additional requirements to be able to deposit check payments)

3. Initial deposit and maintaining balance is Php 10,000.

Disclaimer: This is only based on what I remembered from our conversation with the bank officer when we opened our BDO Joint Account.

BDO Contact

For more accurate information, you may inquire directly at the BDO branch or call their customer service at 631-8000.