MANILA, Philippines (3rd UPDATE) – The Bank of the Philippine Islands (BPI) will give its clients until September 30, a Friday, to update their information so as not to lose their access to automated teller machines (ATMs) and online and mobile services.
In an advisory on Friday, August 26, BPI told its clients to update their information by August 31 or risk losing their online, mobile, and ATM access.
However, in a phone interview with Rappler, BPI Strategic Brand and Communications Management Head Tricia Quiambao clarified that the “deadline should be by the end of September, not August.”
“We will issue an advisory clarifying the matter,” Quiambao said of the outdated information that is still reflected on the bank’s official website as of posting.
On Tuesday, August 30, BPI issued another clarification: that not all its clients need to update their account information. (READ: BPI: Not all clients required to update info)
“We wish to clarify that these recent announcements apply only to a limited number of individuals, with whom we have already communicated separately,” BPI said Tuesday.
At 8:55 pm on Monday, August 29, BPI posted a clarification on its official Facebook page.
This clarification was posted a few hours after several clients expressed their outrage on their social media accounts for the short notice, which could have triggered their decision to adjust the deadline.
This move by BPI is in connection with Bangko Sentral ng Pilipinas Circular 706 signed in 2011, requiring financial institutions to regularly update their customer information records.
Although the advisory was just posted on its website last Friday, August 26, some BPI clients had already received a notice a month ago.
According to the BPI, clients have to fill out and sign a customer information sheet (CIS) and a foreign account tax compliance act (FATCA) form, which are both available on its website.
BPI customers will then have to present an original copy of the accomplished CIS and FATCA form as well as a photocopy of a valid, recent, and photo-bearing ID.
BPI said all account holders should submit these documents to any of their branches.
“You may also send original filled out and signed forms via courier or mail to your branch of account,” BPI said in its advisory.
By September 30, BPI said, customers will not be able to access their account via any of its 24/7 electronic channels until they have submitted these requirements. – Rappler.com