Pursuant to PhilPaSS Advisory No. BPU-2020-109, Equicom Savings Bank (EqB) will implement on December 1, 2020, 3PM cut-off time for nationwide clearing.
For inquiries, please reach us via the following channels:
Equicom 24/7 Customer Service
(632) 8241-5952, (632) 8241-6711, DTF 1-800-10-EQUICOM (3784266)
Email: customerservice@equicomsavings.com.ph
Thank you and stay safe.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
On November 3, 2020, Equicom Savings Bank (EqB) will adjust its credit card monthly interest rate and cash advance fee. This is in compliance with the Bangko Sentral ng Pilipinas Circular No. 1098. All other terms and conditions remain unchanged.
Monthly Interest Rate*
*Will be applied on all unpaid retail and cash advance transactions beginning November 3, 2020. For existing installment availments, the interest rates for the monthly installments due shall remain the same.
Cash Advance Fee
To know more, please call the Equicom 24/7 Customer Service at (632) 8241-5952, (632) 8241-6711, or DTF 1-800-10-EQUICOM (3784266).
We are glad to serve your banking needs and thank you for your continuous patronage.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
1. What is the interest rate ceiling on credit card loans?
A: Credit card companies may charge interest or finance charge up to a maximum of 24 percent annually or a monthly interest rate of up to 2 percent on all credit card transactions. This means that the interest or finance charge which shall be imposed by a bank/credit card issuer on the unpaid outstanding credit card balance of a cardholder as of 03 November 2020 and periods thereafter should not exceed 2 percent per month, unless otherwise revised by the BSP. A separate ceiling is also imposed on the interest that is charged for credit card installment loans. The monthly add-on rate which is used to derive interest on credit card installment loans should not exceed 1 percent per month.
2. What are credit card installment loans?
A: Credit card installment loans are credit card availments that are payable under an installment arrangement.
3. What is the monthly add-on rate?
A: The monthly add-on rate is the interest rate that is charged to cardholders who avail of credit card installment loans. The monthly amortizations that cardholders commit to paying over the term of the installment loan include a principal and an interest component. The interest component of the monthly amortization is derived based on the monthly add-on rate. It is this monthly add-on rate which should not exceed 1 percent per month. The monthly add-on rate only applies to credit card installment loans and is different from the monthly interest rate or finance charge which is imposed on unpaid outstanding credit card balance.
4. What are finance charges?
A: Finance charges refer to the interest charged to the cardholder on all credit card transactions in accordance with the terms and conditions specified in the contract/agreement on the use of the credit card.
5. What comprises a cardholder's unpaid outstanding credit card balance?
A: The unpaid outstanding credit card balance of a cardholder refers to amounts of the following transactions that remain unpaid on the payment due date:
a. Purchases made during the previous credit card statement cycle,
b. Credit card cash advances or monthly installment of credit card cash advances in case the same is payable in installments,
c. Monthly installment payments that are due as of the statement cut-off date, and
d. Interest, finance charges or other fees and charges.
6. When does a cardholder incur an unpaid outstanding credit card balance?
A: An unpaid outstanding credit card balance occurs if a cardholder pays less than or does not pay on or before the payment due date, the outstanding credit card balance as of the statement date stated in his/her statement of account.
7. Will a credit cardholder who pays the minimum amount due still be subject to interest or finance charges?
A: Yes. Interest or finance charges will be imposed on the unpaid outstanding credit card balance of the cardholder.
Banks/Credit card issuers require a cardholder to pay a minimum amount on each statement date to avoid the imposition of late payment charges and keep the account from being considered as in default.
The minimum amount due is normally the sum of the following:
a. outstanding balance multiplied by the required payment percentage, or a fixed amount, whichever is higher,
b. any amount which is part of any fixed monthly installment that is charged to the credit card,
c. any amount in excess of the cardholder's credit line, and
d. all past due amounts, if any.
8. Are other credit card fees and charges subject to a cap, too?
A: Only the upfront processing fees charged upon availment of credit card cash advances is subject to a cap of P200 per transaction. No other upfront fees may be imposed or collected upon the availment of credit card cash advances apart from this processing fee.
9. Does the interest rate ceiling and cap on the processing fees for credit card cash advances cover domestic and foreign transactions on locally issued credit cards?
A: Yes. The interest rate ceiling and the cap on the processing fees that are charged upon availment of credit card cash advances provided under Circular No. 1098 apply to both domestic and foreign transactions charged on credit cards issued by banks/credit card issuers.
10. Why did the BSP impose an interest rate ceiling on credit card transactions?
A: The imposition of a ceiling on interest or finance charges on all credit card transactions is pursuant to the BSP's supervisory authority over banks/credit card issuers under the Philippine Credit Card Industry Regulation Law. The provisions of the Philippine Credit Card Industry Regulation Law explicitly provide that the BSP's supervisory authority includes the determination of the reasonableness of fees and charges for credit card transactions and the issuance of regulations on the same.
Based on the BSP's assessment, the credit card interest or finance charges in the Philippines are relatively high compared with our ASEAN neighbors. Similar to the Philippines, two ASEAN countries, Malaysia and Thailand, have an existing interest rate ceiling on credit card loans. Banks/Credit card issuers in the Philippines, however, have been noted to adjust the interest rates or finance charges imposed on credit card transactions during the onset of the pandemic in the first half of 2020.
The setting of the ceiling on interest or finance charges also promotes responsible credit card lending in the country. It is in accordance with the core principle of fair treatment which all BSP-supervised financial institutions are expected to observe in dealing with financial consumers, especially under current exceptional circumstances.
The ceiling on interest or finance charges aims to ease the financial burden of consumers, including micro-, small- and medium business enterprises amid a challenging operating environment caused by the COVID-19 pandemic.
The policy forms part of the BSP's regulatory framework governing credit card transactions. Under the BSP's guidelines, banks/credit card issuers are subject to standards of good governance, adequate risk management, and strong consumer protection mechanisms.
11. How did the BSP arrive at an interest rate ceiling of 24 percent?
A: The determination of an interest rate ceiling is based on a study which examined the presence of risk-based pricing in credit card receivables. The results of the study were complemented by an analysis of the behavior of bank lending rates, including interest rates on credit card receivables, review of practices in other jurisdictions as well as consultations with the banking and credit card industry.
The maximum annual interest rate or finance charge of 24 percent or monthly interest rate of 2 percent for credit card transactions as well as the maximum monthly add-on rate of 1 percent for credit card installment loans generally approximate the interest or finance charges currently imposed by the industry. As of 30 June 2020, the average annual interest rate or finance charge imposed by banks on credit card transactions ranged between 18.9 percent and 32.8 percent, based on information obtained from the Credit Card Business Activity Report of banks/credit card issuers.
The ceiling on interest rate is also in keeping with the country's current low interest rate environment. The interest rate on the BSP's overnight reverse repurchase (RRP) facility, which is a benchmark for cost of borrowing for banks, has declined since 2019 and settled at 2.25 percent in October 2020.
In view of the foregoing, the BSP has determined that there is room to adjust credit card interest rates or finance charges to keep this in line with current operating developments. Going forward, this interest rate ceiling of 24 percent will be reviewed regularly by the BSP.
APPLICATION OF THE CEILING ON INTEREST RATES, FINANCE CHARGES AND FEES
12. When is the ceiling on interest rates, finance charges and fees effective?
A: The ceiling on interest rates, finance charges and fees will take effect on 03 November 2020.
This means that unpaid outstanding credit card balance of cardholders as of 3 November 2020 and, periods thereafter, shall be charged an interest rate of up to 2 percent per month, unless otherwise revised by the BSP.
Meanwhile, the ceiling on the monthly add-on rate for credit card installment loans of up to 1 percent shall only apply to credit card installment loans that are availed on or after 3 November 2020, unless otherwise revised by the BSP.
The cap on the processing fees that are imposed on the grant of credit card cash advances of up to P200 shall only apply to credit card cash advances that are availed on or after 3 November 2020, unless otherwise revised by the BSP.
13. Are my existing credit card installment loans covered by the ceiling on the monthly add-on rate of 1 percent?
A: No. Only credit card installment loans that are availed on or after 03 November 2020 shall be subject to the 1 percent ceiling on the monthly add-on rate unless otherwise revised by the BSP.
14. What is the basis for the computation of interest or finance charges?
A: Interest or finance charges may be imposed on the unpaid outstanding credit card balance as of statement cut-off date excluding:
a. the current billing cycle's purchase transactions reckoned from the previous cycle's statement cut-off date; and
b. deferred payments under zero-interest installment arrangements which are not yet due.
For credit card cash advances, a cardholder may be charged cash advance processing fees and interest/finance charge on the date that the cash is obtained, subject to terms and conditions under the credit card contract/agreement.
For a loan where the principal is payable in installments, interest per installment period shall be calculated based on the outstanding balance of the loan at the beginning of each installment period.
15. For how long will the ceiling on credit card interest rates, finance charges and fees be in effect?
A: The ceiling on credit card interest rates, finance charges and fees are subject to review by the BSP every six (6) months. Adjustments or changes, if any, to this ceiling will be made as a result of the six-month review.
16. Do I need to request for repricing of my outstanding loans with my credit card company to be entitled to the ceiling on interest rate or finance charge?
A: No. The ceiling on credit card interest rate or finance charges and processing fees will automatically take effect on 3 November 2020.
17. How will the interest rate or finance charge ceiling and processing fee cap work with the Bayanihan to Recover as One Act (Bayanihan II)?
A: The interest rate or finance charge ceiling and processing fee cap introduced under BSP Circular No. 1098 dated 24 September 2020 are imposed independently and in addition to relief measures granted to borrowers under the Bayanihan II and Bayanihan to Heal as One Act. Credit cardholders who availed of the grace period under the Bayanihan II may also benefit from the ceiling provided under BSP Circular No. 1098.
ILLUSTRATIVE EXAMPLES
18. How will the 24 percent ceiling on interest rates or finance charges be implemented upon the effectivity of the Circular in the example provided below?
Basic credit card information:
Statement Date: 6 November 2020
Payment Due Date: 24 November 2020
Interest or Finance Charge prior to ceiling: 3.5% per month
Interest or Finance Charge effective 3 November 2020: 2% per month Daily interest is determined by dividing monthly interest rate by 30 days
Credit card obligations:
Outstanding credit card obligation of P10,000 as of 31 October 2020. Minimum amount due on 24 November 2020 is P1,000.
Total amount due on 24 November is P10,000.
Credit card transactions:
Retail purchase made on 20 November 2020 amounting to P5,000. Cardholder paid P2,000 on 24 November 2020.
a. How much is the unpaid outstanding credit card balance that will be subject to interest or finance charges?
The unpaid outstanding credit card balance that will be subject to interest or finance charges is as follows:
From 1 to 23 November 2020, the unpaid outstanding credit card balance that will be charged daily interest or finance charge is P10,000.
From 24 to 30 November, the unpaid outstanding credit card balance that will be charged daily interest or finance charge is P8,000 (P10,000 less P2,000 payment).
The retail purchase made after the statement date should not be charged interest or finance charge during the month of November 2020 since this is a purchase that is made during the cardholder's current billing cycle.
b. How much is the maximum interest or finance charge that can be charged on the transaction?
In computing for the interest or finance charge, the daily interest rate is multiplied by the unpaid outstanding credit card balance at the end of the day. The new monthly interest or finance charge upon effectivity of the Circular will be applied on the unpaid outstanding credit card balance as of 3 November 2020, and periods thereafter, unless otherwise revised by the BSP.
In the example, the interest or finance charge on the credit card transaction will be as follows:
Interest or finance charge for 1 to 2 November
= .035/30 x 2 days x p10,000
= P23.33
Interest or finance charge for 3 to 23 November
= .02/30 x 21 days x P10,000
= P140.00
Interest or finance charge for 24 to 30 November
= .02/30 x 7 days x P8,000
= P37.33
Total Interest or Finance Charge from 1-30 November 2020 = P200.66
c. What if the cardholder chooses to pay the total amount due of P10,000 on payment due date? Will interest or finance charge still be charged on the credit card transaction?
Interest or finance charge should not be charged in this instance since the borrower paid his/her total outstanding balance as of statement date on or before the payment due date.
19. How will the 24 percent ceiling on interest rates or finance charges be implemented upon effectivity of the Circular in the example provided below?
Basic credit card information:
Statement Date: 6 November 2020
Payment Due Date: 24 November 2020
Interest or Finance Charge prior to ceiling: 3.5% per month
Interest or Finance Charge effective 3 November 2020: 2% per month Daily interest is determined by dividing monthly interest rate by 30 days Processing Fee on the Grant of Cash Advances: P150/availment
Credit card obligations:
Outstanding credit card obligation of P10,000 as of 31 October 2020. Minimum amount due on 24 November 2020 is P5,000.
Total amount due on 24 November is P25,150.
Credit card transactions:
Credit card cash advance made on 1 November 2020 amounting to P15,000. Cardholder paid P10,000 on 24 November 2020.
a. How much is the unpaid outstanding credit card balance that will be subject to interest or finance charges?
The unpaid outstanding credit card balance that will be subject to interest or finance charges is as follows:
From 1 to 23 November 2020, the unpaid outstanding credit card balance that will be charged daily interest or finance charge is P25,150 (P10,000 + P15,000 + P150).
From 24 to 30 November, the unpaid outstanding credit card balance that will be charged daily interest or finance charge is P15,150 (P25,150 less P10,000 payment).
The amount of the credit card cash advance and the processing fee will form part of the cardholder's total outstanding credit card balance as of statement due date.
b. How much is the maximum interest or finance charge that can be charged on the transaction?
In computing for the interest or finance charge, the daily interest rate is multiplied by the unpaid outstanding credit card balance at the end of the day. The new monthly interest or finance charge upon effectivity of the Circular will be applied on the unpaid outstanding credit card balance as of 3 November 2020, and periods thereafter, unless otherwise revised by the BSP.
In the example, the interest or finance charge on the credit card transaction will be as follows:
Interest or finance charge for L to 2 November
= .035/30 x 2 days x p25,150
= P58.58
lnterest or finance charge for 3 to 23 November
= .02/30 x 21 days x p25,150
= P352.10
fnterest orfinance charge for24to 30 November
= .02/30 x 7 days x p15,150
= P70.70
Total lnterest or Finance Charge from 1-30 November 2020 = P481.48
20. How will the ceiling on the monthly add-on rate for credit card installment loans be implemented upon effectivity of the Circular in the example provided below?
A: A cardholder purchases an appliance costing P50,000 on 3 November 2020 payable on installment over a 12-month period. The monthly add-on rate charged by the bank/credit card issuer on the transaction is 1 percent per month.
The bank/credit card issuer requires cardholders to pay a minimum amount equivalent to 5 percent of the total amount due (excluding fixed monthly installments) plus fixed monthly amortization due on credit card installment loans, if any.
a. How much will the cardholder pay every month on his credit card installment loan?
The monthly add-on rate of 1 percent is the interest that is charged on the credit card installment loan.
In the example, the cardholder will be required to make monthly payments amounting to P4,667.67 which is derived by applying a factor rate of 0.0933* to the financing amount of P50,000. The monthly payment of P4,667.00 includes interest component.
Monthly interest is computed by multiplying the monthly effective interest rate** to the outstanding balance of the loan at the beginning of the installment period.
Note: Figures may vary due to rounding off.
*The factor rate is computed as (Rate x Term +1) / Term = (0.01 x 12) +1 / 12
**The monthly effective interest rate is the rate of interest that exactly discounts estimated future monthly cash flows through the life of the loan to the net amount of loan proceeds. Upfront fees (processing and disbursement fees) that are deducted from loan proceeds are considered in the determination of the monthly effective interest rate.
21. A cardholder has an outstanding credit card installment loan as of 3 November 2020 which was availed on 3 September 2020 with remaining installment term of 4 months and fixed monthly amortization of P5,000. The said outstanding credit card installment loan was charged a monthly add-on rate of 1.5 percent at the time of availment. The bank/credit card issuer requires cardholders to pay a minimum amount equivalent to 5 percent of total amount due (excluding fixed monthly installments) plus fixed monthly amortization due on credit card installment loans, if any.
a. Should the monthly add-on rate of such outstanding credit card installment loan be adjusted to comply with the 1 percent ceiling which will take effect on 3 November 2020?
A. No. The bank/credit card issuer is not obliged to adjust the monthly add-on rate as well as the monthly installment payments on a credit card installment loan which was availed prior to 3 November 2020 in order to comply with the interest rate ceiling prescribed by the BSP.
b. Assuming the credit card borrower has no other credit card transaction apart from the credit card installment loan, what would happen if the credit card borrower fails to pay the fixed monthly amortization of P5,000 in December 2020?
A. Failure by the cardholder to pay the monthly installment of P5,000 in December 2020 would subject the unpaid monthly installment amount to interest or finance charges which should not exceed the monthly interest rate of 2 percent per month.
The credit card account may also be considered as delinquent and subject to additional late payment charges, and other charges, as specified in the Terms and Conditions on the use of the credit card.
c. Would the credit cardholder still be able to request for repricing or restructuring of his credit card installment loan?
A. Yes. The credit cardholder may coordinate with his/her bank/credit card issuer and request for the adoption of a modified payment plan on his outstanding credit card installment loan that would match his/her payment capacity, if necessary.
d. Assuming the credit card borrower wishes to pay his/her loan in full after paying 3 of 12 amortizations payments. Should he/she be obliged to pay the monthly add-on rate for the 9 remaining amortizations?
A. The credit cardholder will have to coordinate with his/her bank/credit card issuer in this situation since this will depend on the terms and conditions of the credit card installment loan.
22. What will happen if the cardholder is unable to pay the monthly installment due on a credit card installment loan or before the statement due date?
A. Unpaid monthly installment amortizations billed from prior statement cut-off date are included in the computation of the cardholder's outstanding credit balance. If this balance is unpaid as of due date, additional interest or finance charges, which should not exceed an annual interest rate of 24 percent or monthly interest rate of 2 percent, will be imposed on the unpaid monthly installment.
23. What do I do if I need clarification on the computation of fees and charges on my credit card statement?
A. The cardholder should communicate with his/her bank/credit card issuer on the computation of interest or finance charges as well as fees. Should the cardholder's concerns remain unaddressed, he/she may escalate his/her concerns to the BSP via e-mail to consumeraffairs@bsp.gov.ph or to the BSP Online Buddy (BOB).
BOB may be accessed through the following:
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
1. Which types of financial institutions are covered by Section 4(uu) of the "Bayanihan to Recover As One Act" (BARO Act)?
A: For purposes of BSP implementation of Section 4(uu) of the BARO Act, it shall cover all BSP-Supervised Financial Institutions (BSFIs) with lending operations. These shall include banks, quasi-banks, non-stock savings and loan associations, credit card issuers, trust departments/corporations, pawnshops, and other credit granting entities under the supervision of the BSP.
2. How will the mandatory one-time 60-day grace period under Section 4(uu) of the BARO Act be applied?
A: BSFIs shall implement a non-extendible, mandatory one-time 60-day grace period for all existing, current, and outstanding loans with principal and/or interest, including amortizations, falling due from the effectivity of the BARO Act or from 15 September 2020 until 31 December 2020 without incurring interest on interests, penalties, fees, or other charges. The parties are, however, not precluded from mutually agreeing to a grace period longer than 60 days.
Section 4(uu) of the BARO Act shall not apply to interbank loans and borrowings.
3. When will the 60-day grace period commence?
A: The 60-day grace period shall commence from the payment due date of loans with principal and/or interest, including amortizations, falling due from the effectivity of the BARO Act or from 15 September 2020 until 31 December 2020.
For example, the due date of a loan with monthly amortization falling due on 20 September shall be moved to 19 November. Following this example, if the last payment due date of said loan before the application of the mandatory grace period is on 20 September 2024, said last payment due date shall be moved to 19 November 2024.
The application of the mandatory 60-day grace period under the Act effectively moves the payment due dates of the entire loan.
4. When will the borrower pay the principal and interest falling due from 15 September 2020 until 31 December 2020?
A: The principal and accrued interest falling due from the effectivity of the Act until 31 December 2020 may be paid by the borrower in full after the application of the 60-day grace period. The borrower may also pay on a staggered basis until 31 December 2020. Likewise, the parties may agree to pay the principal and interest on staggered basis beyond 31 December 2020. For this purpose, accrued interest shall refer to interest that is due on the outstanding principal obligation but has not been paid yet by the borrower since the last loan payment made.
5. Can the borrower opt to apply the 60-day mandatory grace period to any of his amortizations falling due on or before 31 December 2020?
A: Yes. Borrowers may opt to apply the mandatory one-time grace period to any of his amortizations falling due on or before 31 December 2020.
6. Can the borrower opt not to apply the 60-day mandatory grace period to any of his amortizations falling due on or before 31 December 2020?
A: Yes. Borrowers may choose not to avail of the mandatory grace period and pay their obligations as they fall due should they so desire.
7. Will amortizations be rescheduled in line with the 60-day grace period? Do BSFIs need to issue new Promissory Notes (PN)/Disclosure statements (DS) for the new amortization schedule?
A: Yes. The amortizations for the payments falling due from 15 September 2020 will be rescheduled. The application of the mandatory 60-day grace period under the BARO Act effectively moves the payment due dates of the entire loan. The BSFI shall document the movement of the payment due dates as it deems proper.
8. Does Section 4(uu) of the BARO Act apply to loans extended by BSFIs abroad to Filipino residents?
A: No. Section 4(uu) of the BARO Act applies only to loans extended by BSFIs established in the Philippines.
9. Will Section 4(uu) of the BARO Act cover loans of borrowers who have been previously required by lending institutions to execute a waiver of their right to avail of the benefits of the grace period granted under Section 4(uu) of the BARO Act prior to the effectivity of said Act?
A: Yes, the loans will still be covered by the mandatory grace period under the BARO Act notwithstanding the execution by the borrower of a waiver prior to the issuance of Section 4(uu) of the said Act. Any waiver previously executed by borrowers covering loan payments falling due on or before 31 December 2020 shall be considered void. Nonetheless, borrowers may still choose to pay their obligations as they fall due on or before 31 December 2020.
10. Does Section 4(uu) of the BARO Act apply to all loan accounts whether current or past due?
A: No. Section 4(uu) of the BARO Act only covers loan accounts that are existing, current and outstanding as of 15 September 2020. Past due accounts are not covered under Section 4(uu) of the said Act. For this purpose, "existing" loans shall refer to loans granted, or transactions (e.g. purchases, cash advances, balance transfers) made using credit cards, prior to 15 September 2020.
11. If one of the loans of a borrower with multiple loans is past due, will Section 4(uu) of the BARO Act still apply to the other loans of said borrower?
A: Yes. Section 4(uu) of the BARO Act shall apply to the existing, current and outstanding loans of the said borrower as of 15 September 2020. The past due account will not be covered by the mandatory grace period.
12. Does Section 4(uu) of the BARO Act apply to loan accounts that benefitted from the mandatory grace period under Republic Act No. 11469 or the "Bayanihan to Heal As One Act" (Bayanihan I)?
A: Yes, if the loan accounts that benefitted from the mandatory grace period under Bayanihan I are existing, current, and outstanding as of 15 September 2020. Section 4(uu) of the BARO Act shall be treated independent of the Bayanihan I provisions.
13. Does Section 4(uu) of the BARO Act apply to restructured loans?
A: Loan accounts that were restructured before 15 September 2020 shall be covered by Section 4(uu) of the BARO Act if such accounts are considered as current and performing as of 15 September 2020.
14. If a BSFI granted an account that is classified as current before 15 September 2020 with grace period extending beyond said date, will the payments falling due on or before 31 December 2020 of said account still be covered by the mandatory grace period under Section 4(uu) of the BARO Act?
A: Yes. Loans classified as current before 15 September 2020 with grace period that extends beyond said date shall be covered by Section 4(uu) of the BARO Act.
15. If the BSFI granted the borrower a grace period prior to 15 September 2020, will this be considered as compliance with the mandatory grace period provided under the BARO Act?
A: No. The mandatory one-time 60-day grace period under Section 4(uu) of the BARO Act will only reckon from the time the loan with principal and/or interest, including amortization, payment falls due from 15 September 2020 until 31 December 2020.
16. Does the mandatory grace period provided under Section 4(uu) of the BARO Act apply to letters of credits, bills purchase, guarantees and other contingent facilities that were funded by the covered financial institution?
A: Yes, the mandatory grace period shall apply to payments for said facilities that will fall due from 15 September 2020 until 31 December 2020.
17. Does Section 4(uu) of the BARO Act apply to employees' benefit loans extended by financial institutions to their own workforce (e.g. appliance loan, emergency loan, provident fund loan)?
A: Yes. Section 4(uu) of the BARO Act covers all types of loans that are existing, current and outstanding as of 15 September 2020.
18. How will the grace period be applied to DOSRI transactions under Section 342 of the Manual of Regulations for Banks?
A: The mandatory grace period shall apply to DOSRI transactions with payments falling due from 15 September until 31 December 2020. No penalty/sanction shall be imposed on such DOSRI transactions when payment is made on the new due date following the application of the mandatory grace period.
19. Are loan accounts covered by post-dated checks, auto-debit or auto deduct arrangements with lending BSFIs covered by Section 4(uu) of the BARO Act?
A: Yes. Section 4(uu) of the BARO Act covers loan accounts with issued post-dated checks and those with auto-debit or auto deduct arrangements. In this case, for loan accounts with issued post-dated checks, and those with auto-debit or auto deduct arrangements, the BSFIs shall communicate with their clients and secure their consent to proceed with the transaction or arrangement. BSFIs shall give their clients ample time to respond to the request for consent with a disclosure that they will proceed with the transaction or arrangement if no feedback is received within the given period. This shall, however, not preclude the borrower from applying the mandatory one-time grace period to succeeding payments falling due on or before 31 December 2020.
20. What will the BSFIs do if payments were received beginning 15 September 2020 but they have not yet notified their clients nor adjusted their systems for the implementation of the mandatory grace period under Section 4(uu) of the BARO Act?
A: BSFIs shall communicate with their clients and secure their consent to apply the mandatory one-time grace period on the next installment due date. BSFIs shall give their clients ample time to respond to the request for consent with a disclosure that they will proceed with the proposed arrangement if no feedback has been received within the given period. In cases where the borrowers would signify the implementation of the mandatory one-time grace period for the payment received by the BSFI, the BSFI shall return the payment received to the borrower without charging interest on interest, penalties, fees and charges.
21. Are fees/charges related to loans extended or credit lines granted (e.g. credit card renewal fees) scheduled to be paid on or before 31 December 2020 covered by the mandatory grace period under Section 4(uu) of the BARO Act?
A: Yes. Fees and charges related to loans extended or credit lines granted are covered by the mandatory grace period under Section 4(uu) of the BARO Act.
22. Are BSFIs required to include in their letters of request for regulatory relief the application of the grace period even if this is already mandated under the BARO Act?
A: No. Banks are not required to request for application of the mandatory one-time 60-day grace period under the Act.
23. What interest rate should financial institutions apply in computing for interest accruing during the mandatory grace period?
A: Covered financial institutions should use the interest rate stipulated in the loan agreement.
24. How will Section 4(uu) of the BARO Act provisions apply to loans other than those amortized monthly (i.e. quarterly, semestral)?
A: The mandatory one-time 60-day grace period will apply to all loans regardless of payment terms, as long as the due date falls on or before 31 December 2020. BSFIs will add 60 days to the due date falling from 15 September 2020 until 31 December 2020 to determine the new due date.
25. Will the accounts applying the mandatory one-time 60-day grace period be included in the past due loan (PDL) ratio computation and do BSFIs need to apply for exclusion of the accounts as PDL?
A: No. The accounts applying the mandatory one-time 60-day grace period will not be included in the PDL ratio computation. Likewise, BSFIs no longer need to apply for exclusion of the accounts in the computation of the PDL ratio.
26. Do borrowers need to apply or request for approval from BSFIs for the application of the mandatory one-time 60-day grace period?
A: No. The mandatory one-time 60-day grace period will automatically be applied by all BSFIs.
27. How will the 60-day grace period be applied for credit card transactions?
A: Credit card transactions made, including fees/charges incurred, prior to 15 September 2020 shall be covered by Section 4(uu) of the BARO Act. Any unpaid balance of such transactions and fees/charges shall not incur interest or finance charges during the mandatory grace period. After the end of the applicable grace period, the said unpaid balance shall incur interest or finance charges if not paid in full on new due date.
Meanwhile, credit card transactions made on and after 15 September 2020 shall no longer be covered by Section 4(uu) of the said Act and shall continue to incur interest or finance charges if not fully paid on or before its original due date.
28. For credit card transactors, will interest accrue on the outstanding balance during the 60-day grace period?
A: Credit card transactors will not be charged any interest during the 60-day grace period if they pay the total outstanding balance on or before the new due date.
29. In case a cardholder has no outstanding balance as of 15 September 2020, are transactions made after the said date covered by Section 4(uu) of the BARO Act?
A: No. Credit card transactions made on and after 15 September 2020 are not covered by the provisions of Section 4(uu) of the BARO Act.
Equicom Savings Bank (EqB) adheres to the Bayanihan Act 2 (Republic Act No. 11494) provisions mandated by the national government.
Important updates will be posted in our website at www.equicomsavings.com regarding the implementation of the 60-day grace period for qualified credit card and loan accounts.
Thank you and stay safe.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.Effective August 1, 2020, Equicom Savings Bank (EqB) would like to advise its customers that the Peso Current and Savings Accounts' interest rates will be adjusted from 0.50% p.a. to 0.25% p.a.
All other terms and conditions remain unchanged.
Thank you for banking with us.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
Effective October 1, 2020, Equicom Savings Bank (EqB) would like to advise its customers that the U.S. Dollar Savings Account interest rate will be adjusted from 0.25% p.a. to 0.05% p.a.
All other terms and conditions remain unchanged.
Thank you for banking with us.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
1. How will the classification of the National Capital Region (NCR) under General Community Quarantine (GCQ) and certain parts of the country under Enhanced Community Quarantine (ECQ)/ Modified ECQ effective 1 June 2020 affect the application of the mandatory grace period provided under the Bayanihan Act?
A: The 30-day mandatory grace period under Bayanihan Act shall no longer apply effective 01 June 2020, pursuant to the declaration of the Inter-Agency Task Force for the Management of Emerging Infectious Disease (IATF) under its Resolution No. 40, dated 27 May 2020, which already places majority of provinces and cities under GCQ or Modified GCQ (MGCQ). Therefore, all loan payments with principal and interest falling due from 01 June 2020 onwards shall be due and demandable.
2. Will the 30-day mandatory grace period under the Bayanihan Act shall continue to apply to loan and/or interest payments falling due until 31 May 2020 even if the new due dates will fall on or after 1 June 2020?
A: Yes. The 30-day mandatory grace period under the Bayanihan Act shall continue to apply to loan and/or interest payments falling due until 31 May 2020.
3. Pursuant to IATF Resolution No. 40 dated 27 May 2020, ECQ/MECQ is lifted in majority of provinces and cities effective 1 June 2020. Are the borrowers required to pay in June 2020 all loan payments that were granted 30-day grace period in March, April and May 2020?
A: No, stated in item 10 of the FAQs contained in Memorandum No. M-2020-018, the 30-day mandatory grace period under the law has the effect of moving the payment due date by 30 days. Item 11 of the same memorandum also clarifies that the amortization will be effectively rescheduled in accordance with the 30-day grace period. Thus, effective 1 June 2020, the borrower shall only pay the amount of the loan principal and/or interest that is effectively due in June 2020 or for one month following the application of the 30-day grace period. The last payment due date of the loan is effectively extended by a period equivalent to the grace period granted for the duration of the ECQ. For accrued interest in March, April and May 2020, the borrower may pay it in lumpsum in June 2020 or on a staggered basis over the remaining term of the loan.
4. Can covered institutions set a deadline for a payment of interest accrued during the mandatory grace period?
A: Under the IRR of the Bayanihan Act, borrowers have the option to pay the interest accrued during the mandatory grace period in lumpsum on the next payment due date or one staggered basis over the remaining life of the loan. Covered institutions may offer less onerous payment terms, with the consent of the borrower, that include setting new payment due dates for interest accrued during the mandatory grace period.
5. Can covered institution impose additional Documentary Stamp Tax (DST) for credit extensions/restructuring during the ECQ/MECQ period?
A: No. Section 5.01 of the IRR of the Bayanihan Act IRR provides that “no DST shall be imposed on credit extension and credit restructuring, micro-lending including those obtained from pawnshops and extensions thereof during the ECQ period.” The Bureau of Internal Revenue has issued Revenue Regulations No. 8-2020 dated 01 April 2020 and Revenue Memorandum Circular Nos. 31-2020 dated 02 April 2020 and 36-2020 dated 03 April 2020 to this effect.
1. How will the implementation of Modified Enhanced Community Quarantine (MECQ) in selected parts of the country affect the application of the mandatory grace period for the payment of all loans provided under the "Bayanihan Act To Heal As One Act" (Bayanihan Act)?
A: The MECQ shall have the same effect as the Enhanced Community Quarantine (ECQ) with respect to the application of the mandatory grace period for the payment of all loans falling due within the period of MECQ. Hence, the mandatory grace period shall still apply to all loans extended by all covered financial institutions irrespective of their place of operation. In this respect, lending institutions shall implement a 30-day grace period for all loan payments with principal and interest falling due within the period of MECQ without incurring interest on interest, penalties, fees, and other charges. Lending institutions shall also implement an additional 30-day grace period for loan accounts that qualified for an initial 30-day grace period with new due date falling within the MECQ period without incurring interest on interest, penalties, fees, and other charges.
2. Will the mandatory grace period under the Bayanihan Act apply if the entire country is placed under General Community Quarantine (GCQ)?
A: No. The mandatory grace period under the Bayanihan Act shall only apply if there are still areas in the country under ECQ or MECQ. The application of the mandatory grace period shall only cease once the ECQ and MECQ are lifted in the entire country.
1. How will the extension of the Enhanced Community Quarantine (ECQ) period affect the 30-day mandatory grace period provided under the “Bayanihan to Heal As One Act” (Bayanihan Act)?
A: The IRR that initial 30-day period shall automatically be extended if the ECQ period is extended by the President of the Republic of the Philippines. The ECQ period is extended until 30 April 2020. This means that all covered institutions shall implement a 30-day grace period for all loan payments with principal and interest falling due within the extended ECQ period (or from April 13 to 30, 2020) without incurring interest on interest, penalties, fees and other charges. Lending institutions shall also implement an additional 30-day grace period for loan accounts that qualified for an initial 30-day grace period and the new due date falling within the extended ECQ period without incurring interest on interest, penalties, fees and other charges.
2. Does the mandatory grace period provided under the Bayanihan Act and its IRR apply only to loans extended by covered financial institutions operating in Luzon since the IRR refers to the ECQ imposed in Luzon pursuant to Proclamation N. 929 (s. 2020)?
A: The Bayanihan Act and its RR cover all lenders without distinction. Thus, the mandatory grace period shall apply to loans extended by all covered financial institutions irrespective of their place of operation. The ECQ period under Proclamation No. 929 (s. 2020) serves as reference date for determining the loan accounts that qualify for the mandatory application of the 30-day grace period based on the loan payment due dates.
3. Does the mandatory grace period provided under the Bayanihan Act and its IRR apply to letters of credit, bill purchase, guarantees and other contingent facilities that were funded by the covered financial institution?
A: Yes, the mandatory grace period shall apply to payments for said facilities that will fall dues within the ECQ period.
4. Does the IRR apply to employees’ benefit loans extended by the financial institutions to their own workforce (e.g. appliance loan, emergency loan, provident fund loan)?
A: Yes, the IRR covers all types of loans.
5. How will the mandatory grace period be applied to past due accounts?
A: Accounts that became past due prior to the ECQ period shall not be charged interest on interest, charges and other fees during the mandatory grace period.
6. Are insurance premium payments covered by the mandatory grace period? Will the mandatory grace period be applied to insurance products bundled with bank loans (e.g. mortgage redemption insurance, fire insurance)?
A: Insurance premium payments are not covered by the mandatory grace period since they do not represent payments for loan obligations/borrowings. However, insurance companies are not precluded from providing grace period for the payment of the insurance premiums. Insurance products that are bundled with bank loans are covered by the 30-day grace period.
7. How will the relief for loans particularly on the non-imposition of Documentary Stamp Tax (DST) be applied if the DST has already been paid by the borrower during the ECQ period but prior to the issuance of the IRR?
A: Borrowers who paid DSTs during the ECQ period but before the issuance of the IRR may apply for a tax refund. The law provides that all loans with payment due dates falling within the ECQ period shall qualify for the mandatory application of the 30-day grace period.
8. Can financial institutions allow the payment of the lump sum amount of the accrued interest during the mandatory grace period on the last payment date of the loan?
A: The IRR provides that borrowers have the option to pay the interest accrued during the mandatory grace period either in lump sum on the new due date or on staggered basis over the life of the loan. Nonetheless, covered financial institutions are not precluded from offering less onerous payment schemes with the consent of the borrower, such as allowing lump sum payment of accrued interest on the last payment date of the loan, provided that the interest accrued during the mandatory grace period will not be charged with interest on interest, fees and other charges.
9. How will the grace period be applied to DORSI transactions under Section 342 of the Manual of Regulations for Banks (MORB)?
A: The mandatory grace period shall apply to DORSI transactions with payments falling due within the ECQ period. No penalty/ sanction shall be imposed on such DORSI transactions when payment is made on the new due date following the application of the mandatory grace period. DORSI credit card holders may pay the amount falling due within the ECQ period on or before the new due date following the application of the mandatory grace period. Banks/Credit card companies may offer other payments schemes to DORSI credit card holders for purchases made during the ECQ period, subject to prior BSP approval.
10. Will covered financial institutions be given a transitory period to complete any needed reversals and/or adjustments considering the likely limitations of the existing banking systems and processes in complying with the IRR of the Act?
A: The mandatory grace period shall apply to DORSI transactions with payments falling due within the ECQ period. No penalty/ sanction shall be imposed on such DORSI transactions when payment is made on the new due date following the application of the mandatory grace period. DORSI credit card holders may pay the amount falling due within the ECQ period on or before the new due date following the application of the mandatory grace period. Banks/Credit card companies may offer other payments schemes to DORSI credit cardholders for purchases made during the ECQ period, subject to prior BSP approval.
11. What interest rate should covered financial institutions apply in computing for interest accruing during the mandatory grace period?
A: Covered financial institutions should use the interest rate stipulated in the loan agreement.
1. Which types of financial institutions (FIs) are covered by the IRR of Section 4(aa) of the “Bayanihan to Heal As One Act?”
A: For purposes of BSP implementation of the IRR, it shall cover all BSP-Supervised Financial Institutions (BSFIs) with lending operations. These include banks, quasi-banks, non-stock savings and loan associations, credit card issuers, trust departments/corporations, pawnshops, and other credit-granting entities under the supervision of BSP.
2. Does the IRR apply to loans extended by banks abroad to Filipino residents?
A: No, the IRR applies only to loans extended by FIs established in the Philippines.
3. Will the IRR cover loans of borrowers who have been previously required by lending institutions to execute a waiver of their right to avail of the benefits of the grace period granted under Section 4(aa) of the “Bayanihan to Heal as One Act” prior to the effectivity of the IRR?
A: Yes, the loans will still be covered by the mandatory 30-day grace period notwithstanding the execution by the borrower of a waiver prior to the issuance of the IRR. Section 3.03 of the IRR states that “no waiver previously executed by borrowers covering payments falling due during the ECQ period shall be valid.” Effectively, any waiver previously executed by borrowers covering loan payments falling due during the Enhanced Community Quarantine (ECQ) period shall be considered void. Nonetheless, borrowers may still choose to pay their obligations as they fall due during the ECQ period.
4. Does the IRR apply to all loan accounts whether current or past due?
A: Yes, the IRR covers all accounts regardless of whether these are current or past due.
5. Are loan accounts covered by post-dated checks, auto-debit or auto deduct arrangements with lending FIs covered by the IRR?
A: Yes, the IRR covers loan accounts with issued post-dated checks and those with auto-debit or auto deduct arrangements. In this case, FIs are advised to coordinate with their clients if they wish to proceed with the arrangement despite the mandatory 30-day grace period granted by law. FIs shall also coordinate with their clients if they wish to reverse checks cleared or payments debited/deducted prior to the enactment of the Bayanihan Act and its IRR, during the mandatory 30-day grace period. The reversal shall be done without corresponding fees and charges.
6. Are fees/charges related to loans extended or credit lines granted (e.g. credit card renewal fees) scheduled to be paid to during the ECQ period covered by the IRR?
A: Yes, fees and charges related to loans extended or credit lines granted are covered by the IRR.
7. How will the curing period of banks provided under Section 304 on Past Due Accounts and Non-Performing Loans of the New Manual of Regulations for Banks (MORB) be relevant in the application of the IRR? Can the 30-day curing period provided by banks to past due accounts be considered as a form of compliance with Section 4(aa) of the “Bayanihan to Heal as One Act” and its IRR? Or would it be added to the 30-day grace period provided by the subject law?
A: The 30-day mandatory grace period under the law effectively moves the payment due date. The curing period provided under Section 304 of the MORB will be applied based on the new due date of the account.
8. Are banks required to include in their letters of request for regulatory relief the application of the grace period even if this is already mandated under the “Bayanihan to Heal As One Act” and its IRR?
A: No. Banks are not required to request for application of 30-day grace period under the Act.
9. When will the 30-day grace period commence? Will it be from payment due date or from end of the ECQ?
A: The 30-day grace period shall commence from the payment due date falling within the ECQ period.
10. Will the principal amount payable during the grace period be added to the principal amount due in the next payment due date or will the final due date of the entire loan move by 30 days?
A: The last payment due date will move by 30 days. Interest accrued during the 30 day mandatory grace period may be paid in lump sum on the new date or on a staggered basis over the remaining term of the loan. Please refer to the example provided.
Example: A 5-year loan, with remaining maturity life of 4 years. If the monthly amortization of the loan due on 2 April 2020 is P10,500.00 with a portion applied to payment of the principal (e.g., P10,000) and monthly interest (e.g., P500):
a. What will the new due date be applying the 30-day grace period?
A: 2 May 2020
b. How much will the borrower pay on the next due date?
A: Principal for 1 month plus interest for 2 months (10,000 + 500 + 500 = 11,000) OR
Principal for 1 month plus interest for 1 month plus interest for 1month/(4 yrs x 12 months) (10,000 + 500 + (500/(4x12) = 10,510.42)
(Assuming that the principal and interest are constant at P10,000 and P500, respectively.)
This will move the due date of the last payment due by 30 days, e.g if the last payment is due on 2 April 2024 before the application of the 30 day grace period, it will now be 2 May 2024.
11. Will amortizations be rescheduled in line with the 30-day grace period (i.e., plus one period for monthly amortizations)? Do BSFIs need to issue new Promissory Notes/Disclosure statements for the new amortization schedule?
A: Yes. The amortizations will be effectively rescheduled in accordance with the 30-day grace period. Please refer to the example provided in Item no. 10. There is no need to issue new Promissory Notes/Disclosure statements.
12. How will the IRR provisions apply to loans other than those amortized monthly (i.e., quarterly, semestral)?
A: The 30-day grace period will apply to all loans regardless of its amortization schedule, as long as the due date falls within the ECQ. FIs will add 30 days to the due date falling within the ECQ period to determine the new due date.
13. With respect to Section 5.02 of the IRR, how will the accrued interest be amortized over the remaining life of the loan? Do loan schedules need to be revised?
A: Please refer to Item nos. 10 and 11.
14.Will the accounts applying the 30-day mandatory grace period be included in the past due loan (PDL) ratio computation and do banks need to apply for exclusion of the accounts as PDL?
A: No. The accounts applying the 30-day grace period will not be included in the PDL ratio computation. Likewise, banks no longer need to apply for exclusion of the accounts in the computation of the PDL ratio.
15. Do borrowers need to apply or request for approval from the lending FI for the application of the 30-day grace period?
A: No. The 30-day grace period will automatically be applied by all lending FIs.
16. For credit card revolvers (i.e., borrowers that do not pay in full every payment period), will interest on their outstanding balances continue to accrue during the 30-day grace period?
A: Under the IRR, interest will continue to accrue and this will be payable on the next due date, following the application of the 30-day grace period, either in lump sum or on staggered basis.
17. For credit card transactors, will interest accrue on the outstanding balance during the 30-day grace period?
A: Credit card transactors will not be charged any interest during the 30-day grace period if they pay the total outstanding balance on or before the new due date.
There is a surge of COVID-19 phishing emails and SMS which include malicious messages purportedly sent on behalf by Equicom Savings Bank (EqB).
EqB will never ask you for your personal identification number (PIN), one-time password (OTP), online banking password, or request you to move money from your accounts. Do not click on links or attachments in suspicious emails and never respond to unsolicited messages and calls that ask for your personal or financial details.
Report phishing attempts immediately to your branch of account or through the Equicom 24/7 Customer Service at (632) 8241-5952, (632) 8241-6711, and DTF 1-800-10-EQUICOM (3784266).
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
Equicom Savings Bank (EqB) is closely monitoring developments related to COVID-19. The safety and health of our customers, employees, and the community we serve is our priority.
During this uncertain period, EqB encourages its customers to access their accounts through other platforms.
1. Online Banking - View your accounts and cards' real-time balances and statements online. Transfer funds securely between bank accounts via instaPay and PESONet.
2. Phone Banking - Receive your latest account and card information through your mobile phone via SMS. Standard SMS charges apply.
3. Automated Teller Machine (ATM) - Available nationwide, 24/7 to access your funds.
4. Point-of-Sale (POS) Machine - Make contactless payments with your credit, debit, or prepaid card with Visa payWave technology.
5. BancNet Online - Register your ATM/debit card at www.bancnetonline.com to perform various banking transactions.
EqB branches, operated by a skeletal workforce, will remain open at shortened banking hours, until further notice. To know more, please call the Equicom 24/7 Customer Service at (632) 8241-5952, (632) 241-6711, or DTF 1-800-10-EQUICOM (3784266) or visit www.equicomsavings.com.
Thank you for your usual support and cooperation.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
Effective December 6, 2018, if you pay less than or fail to pay the minimum amount due (MAD), a Late Payment Interest of 6.0% of the MAD or Five Hundred Pesos (PhP500.00) fixed amount, whichever is lower, will be imposed on the credit card account and will be reflected in the next cycle’s SOA.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
Frequently Asked Questions (FAQs)
instaPay is an Electronic Fund Transfer (EFT) service that enables a customer of a participating BSP-supervised financial institution (BSFI) to transfer Philippine Peso funds from his account to an account in another participating BSFI. The transferred funds are made available to the recipient in real-time. BSFIs may be banks or electronic money issuers (EMIs) such as PayMaya or Omnipay.
instaPay is part of the National Retail Payments System (NRPS) initiative of the Bangko Sentral ng Pilipinas (BSP) that seeks to promote electronic payments.
Meanwhile, the batch electronic fund transfer or PESONet facilitates fund transfer from one (1) account (payor) to one or several accounts (payee/s). The fund transfer and/or payment instructions are processed in bulk and cleared at batch intervals with each payee receiving the full value in their account. This facility supports payments that are recurring and are not time-critical, thus serving as a channel for government collections and disbursements and an alternative to the overwhelming use of checks by businesses.
Customers can transfer funds through instaPay and PESONet by using electronic channels provided by their banks or EMIs, such as internet banking and mobile applications. In the case of EqB, customers must do the following steps:
Only existing EqB customers may be able to perform funds transfer through instaPay and PESONet. The source account must be maintained at any EqB branch, active, and well-funded.
Customers don't need to enroll their accounts whenever they want to do funds transfer via instaPay or PESONet. For as long as the source/originating account is active and well-funded.
The maximum that can be transferred for instaPay is fifty thousand pesos (P50,000.00) per transaction. While PESONet does not have any transaction limit. No daily sending limit. No limit to the number of transfers that can be made in a day.
Customer may validate from the receiver if the fund was successfully credited to the destination account.
Yes.
If the beneficiary bank rejects the fund transfer because of an invalid account number, the amount will be returned to the customer’s account on the next banking day.
Inform EqB branch personnel immediately of the incident. Provide the following information:
Note: EqB will do on a best effort basis to retrieve the funds which were transferred to the wrong account.
Yes, instaPay and PESONet are secure and have the same level of security standards as the inter-bank funds transfer service currently provided by BSFIs.
The sender’s financial institution will debit his account and instantly transfer the fund to the recipient’s financial institution which will then make this instantly available to the latter’s account specified by the sender. The recipient may use the transferred fund for electronic payments or withdraw it either over the counter or from any ATM.
PESONet also also observes a real-time push credit to the beneficiary banks. However, unlike instaPay, PESONet carries the “settle before clear” process. It guarantees funds are available at certain period after settlement.
instaPay | PESONet | |
---|---|---|
Availability | Banking days only | Banking days only |
Availability of Funds at Beneficiary Bank* | ||
Monday to Friday Before 2:00 PM |
Immediate | Funds are available to the recipient’s account within the same banking day or after clearing cycle at batch intervals (10:00 AM and 4:00PM). Transactions processed after 4:00 PM will be credited the next banking day |
Monday to Friday After 2:00 PM |
Immediate | Next banking day |
Weekends and Holidays |
Next banking day | Next banking day |
*The processing time depends on the time the transaction was requested and how long the beneficiary bank processes the transaction. | ||
Eligible EqB Source Account | Peso Savings Account Peso Checking Account |
Peso Savings Account Peso Checking Account |
Payment Transmission to Clearing Switch Operator (CSO) | Sent electronically individually to the CSO | Sent electronically, batch or individually, to the CSO |
Crediting of Beneficiary Account | Real-time credit, will not wait for settlement or “clear before settle”
Payment is credited in full |
Credit is done only after successful settlement or “settle before clear”
Payment is credited in full |
Transaction Limit | P50,000.00 per transaction | No limit |
Transaction Fee | P15.00 per transaction | P15.00 per transaction |
Clearing Switch Operator (CSO) | BancNet | Philippine Clearing House Corporation (PCHC) |
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
Effective July 1, 2018, all domestic Point-of-Sale (POS) transactions using your Equicom Savings Bank (EqB) debit and prepaid cards will require Personal Identification Number (PIN) as the primary cardholder verification method (CVM).
Signature will remain as the secondary CVM in cases when the POS terminal is not yet capable of online PIN verification.
This is in compliance with BSP Memorandum No. M-2016-011 dated 31 August 2016.
We are glad to serve your banking needs and thank you for your continuous patronage.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
A simple text from Equicom Savings Bank (EqB) can protect you from online fraudulent transactions. Here’s how to turn on/off your Equicom Savings Bank Card online transaction feature:
Via Phone Call | Via SMS |
---|---|
Step 1 Call the Equicom 24/7 Customer Service at (632) 8241~5952, (632) 8241-6711, or DTF 1-800-10-EQUICOM (3784266) |
Step 1 Text* ECOM 0N <Card Last Six Digits> to 09178803784 |
Step 2 Undergo positive identification (PID) |
Step 2 Wait for EqB’s text confirmation. |
Step 3 Update mobile number, whenever applicable. Wait for EqB’s confirmation. |
Step 3 Perform online transaction.** |
Step 4 Perform online transaction.** |
Step 4 To turn off your card online transaction feature, text* ECOM OFF to 09178803784 |
*Note: Mobile charges may apply.
** Online transaction feature will automatically turn off once online transaction is approved. Should the customer need to preform another online transaction repeat Step 1.
To take advantage of this facility, please ensure that your mobile number is updated. To update, please call the Equicom 24/7 Customer Service at (632) 8241-5952, (632) 8241-6711, or DTF 1-800-10-EQUICOM (3784266).
While overseas, please ensure your roaming service is active to receive important text alerts from EqB.
This change is essential for us to continuously provide you with the best service possible. We are glad to serve your banking needs and thank you for your continuous patronage.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
You can now pick up your new and improved Equicom Savings Bank ATM/Debit card equipped with EMV and Visa payWave features from your branch of account.
Please approach any of our branch personnel to get your new Equicom Savings Bank ATM/Debit card.
We are glad to serve your banking needs and thank you for your continuous patronage.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.
We would like to inform you that effective October 30, 2017, Equicom Savings Bank (EqB) will be consolidating the following branches:
Branch Name | To Be Consolidated With |
---|---|
Cainta | Diliman |
Caloocan | Legarda |
Las Piñas | Alabang |
Sta. Rosa | Calamba |
We welcome all our customers to call or visit us at our existing branch locations prior to the last banking day so we can make the transition seamless for all of our customers.
If you have any questions regarding the transition of your account/s, please approach any of our branch personnel to assist you or call us through the Equicom 24/7 Customer Service at (632) 8241-5952, (632) 8241-6711, or DTF 1-800-10-EQUICOM (3784266).
As always, thank you for banking with EqB through the years. We appreciate your business and we remain committed to meeting your financial needs.
Equicom Savings Bank is regulated by the Bangko Sentral ng Pilipinas (BSP) with contact number (632) 8708-7087 and email address consumeraffairs@bsp.gov.ph.