What is the suitable account for my children?

There are lots of accounts that are available for your children depending on their age. There are accounts for children 12 years old and below. There are also an account that is suitable for teens. The bank requires different ID's that are not normally being required for an ordinary account since our child still lack in the basic requirements of ID's. Just make sure to accompany your children during their account opening. The presence of the guardian is needed during the account opening of a junior saver.

Requirements for Corporate Accounts

Here are the list of Requirements for the account opening of Corporate Accounts:

• Articles of Incorporation
• By-laws
• Certificate of Incorporation (issued by SEC)
• Certificate of filing of officers of list of elected officers for current year
• List of Directors
• List of stockholders owning at least 2% of the capital stock
• Notarized board resolution authorizing the opening of account and its authorized signatories
• Valid personal ID's of the signatories
  

Requirements for Single Proprietorship Accounts

Here are the list of Requirements for the account opening of Single Proprietorship accounts:

• Registration Certificate issued by DTI
• Mayor's Permit for the current year
• Application for Trade Name
• 2 Valid ID's of the proprietor/tress
• 1 picture (1x1)
  

Why is it so important to have an ID for an Account Opening?

Identification (ID) are the most basic yet the most important requirements upon account opening. Maybe at first you may not understand the importance of this but for banking purposes, this is a very serious matter. Why? We all know that banking benefits us all, this may also be used by the bad elements in our society. Who are these bad elements in our society and how can they make use of the Banks services for their operations. In the United States, one of the primary source of information of the Federal government there are by investigating bank accounts of suspected terrorists. You may don't want to believe it but this is one of the most delicate matter the U.S. government is very sensitive. Should a terrorist manage to open an account, they can now fund their operatives abroad. See what I mean? Here in the Philippines, law enforcement agencies are looking out not only for terrorist but also to those with illegal business transactions. It maybe about gambling, drugs, smuggling or even some of the most heinous crimes that may occur. So try to understand why banks are very strict during an account opening.

What are the list of ID's I can present upon account opening?

Before, there were only few specific ID's that can be accepted by the banks and it is being classified into two categories, the Primary and the Secondary ID. But today, the Central Bank of the Philippines has issued a memorandum citing what are the list of Identification cards that can be accepted by the bank for their transactions.

All government issued Identification cards will be now accepted by the banks for the account opening. But....you will need to present atleast two (2) government issued ID to be able to open an account.

What are the list of ID's I can use upon account Opening?

• Philippines Passport
• Driver's License with validated O.R. from LTO
• PRC ID License
• New Social Security System (SSS) card with picture
• Senior Citizen ID
• Alien Certificate of Registration identity card (ACR I-card)
• Foreign Passport with english characters translation and the holder must have a residence address in the Philippines
• Green card (issued by the US immigrant and naturalization service)
• Company/Emplyment/Student ID (current) with school registration form
• Philippine Postal ID card
• GSIS ecard
• Firearms license with picture
• NBI clearance with picture
• Voters ID card
• Barangay certificate with picture and dry seal from barangay where it was issued
• Police clearance with picture and dry seal of PNP
• POEA card with picture
• OFW card issued by POEA with picture

How to open a bank account?

It's actually very easy to open a savings account in any Bank. You will only need to present 2 valid ID's ( Identification Card), 1 1x1 ID picture and the amount of the initial deposit. Be sure to bring valid ID and not questionable ID's because bankers are very well trained in identifying which ID are not valid. Although they will not arrest you, instead they might decline you in a good way, but you will have a negative record in all branches of that particular bank. So be sure to present your true ID.