Nowadays, a lot of landladies/landlords requires their tenants to issue post-dated checks (PDC) for their monthly rentals (i.e. 12 PDC’s for a one-year lease or rental contract) and one of the requirements when you avail a housing loan either thru bank, HDMF (Pag-Ibig) or in-house financing is issuing checks as well. Either for equity and/or for the monthly amortization itself, or for any other reason you need to issue checks, there are two (2) top things to consider in looking for a bank: first, one that requires the smallest amount possible upon opening the account or the lowest initial balance and next, a bank that will need the lowest maintaining balance to avoid future problem–lack of funds or worst, a bounced check!
Here are a few other things to consider:
This is actually a major consideration if funds availability or budget is not or will never be an issue. Though not all banks offer interest in a current account, and some other banks let you choose whether you want your account to earn some interest or not, there are some banks that offer interest in 3-in-1 account (ATM, passbook, and checking account in one), others require a higher maintaining balance in exchange of a higher yield as well.
Bank location & branches
Accessibility is the key–nearest to your home (or future home for home loans) or nearest to your work for your convenience where you can at least rush during a lunch break.
Check for a bank that has lots of branches to avoid long waits and/or short travel. This way you may be more secure, especially if you’re trying to deposit a huge amount of cash. You may also get less hassle for mall branches and can do some multitasking by going to the grocery or pay some bills, etc. while waiting for your turn.
For mid shift employees, the earlier they are open for the transaction, the better and for the early morning shifters, the later they close, of course, the better. For account holders who are only free and available during weekends, those banks that are open during Saturdays would be a great pick.
Almost all banks now require a savings account kept or well-maintained for at least six (6) months before opening the account. Some bank officers give a little consideration by conducting a brief interview and approval depending on the purpose, and/or source of funds, employment history, etc. This requirement can be waived if you have a guarantor with you (usually an account holder there) or carrying an endorsement letter from a developer (for home loan purposes) that made special arrangement with them being their accredited banks. Still, there are few banks that do not have this pre-requisite and you just have to search for them or call their customer service hotline one-by-one before going there directly.
As a general rule, it would be a nice idea to watch closely the checks you are issuing by keeping track of the amount and the date it will be due but it will be more convenient and helpful to you if the account can be accessed online where you can also transfer funds and do other transactions remotely.
Credibility and status
It’s also important to check the status of the bank you’re eyeing to transact with. Check for some news circulating around the industry to know the number one (1) in ranking based on your preference and once you have an account with them already, make sure to have a regular update(s) about them.
As much as you need an excellent customer support from any product or services you availed, more so when it involves your finances. They should have a lot and easy access customer hotline numbers and dedicated lines for specific concerns.
If they cannot provide an account officer directly assigned to your account, make sure to have the direct numbers of those account officers if not for the manager handling the branch.