Unionbank of the Philippines (UBP), commonly known as Unionbank, is one of the largest banks in the Philippines. Owned with the partnership of the three largest financial groups in the country: Aboitiz Group, Insular Life Assurance, and Social Security System (SSS); Unionbank marked the peak success on banking services with their continuous growth offering electronic and Internet banking system, personal and business accounts, corporate, and remittance, with ATM and passbooks. As a Universal Philippine bank that is competitive and innovative, they also host the Electronic Cards (E-Cards) for the Government Service Insurance System (GSIS).
One of the many advantages of Unionbank is their Cyber Accounts, EON, which provides convenience to Paypal integration.
The EON Cyber Accounts started in 2001. These account do not require depositors maintaining balance, unlike other bank accounts where banks charge customers with a maintenance fee if remaining amount is below the specific value. The ATM card that can be connected to a Paypal account for withdrawal transaction, it is considered to be one of the most convenient and most reliable online banking tool for online jobs and shopping. In contrary to this, Unionbank demands a P/350 annual fee for maintenance. The amount is automatically deducted to the remaining balance.
On May 27, 2013, Unionbank posted on their Official Facebook account on the changes of their fees. They are now requiring depositors with EON accounts to a fee of P/10 per withdrawal transaction.
Please be informed that effective June 1, 2013, all EON ATM withdrawals made at UnionBank ATMs will be charged a transaction fee of P10.
This information drive was also posted on the Unionbank Twitter account.
Twelve hours later it’s initial posting, Unionbank got almost more than a hundred comments from depositors and customers. Questions were being raised asking for reasons for the sudden change of transaction fees.
Here are some of the comments:
“Kindly inform us the rationale abt this sudden charging of withdrawal fees. We have the rights to know where our money goes to. Thanks!” – Hazel Joyce Perez (original post)
“so this is just for the Maintenance of the service? Does this go with any “law” regarding finance and banking? What legal approach did UnionBank considered? I hope this will be answered. Thanks! By the way another question, it only apply on “withdrawals” right not on online transfers and debit purchase right?” – Christopher Ryan L. Abary (original post)
On the bright side, there are those who are still expressing their positive response to this change:
“Everyone, please understand that the company still needs to earn. The company wont earn if your money wont stay that long in your account because of just quick transfers or using your accounts for paypal then you would immediately withdraw them. Please give credit to the bank that give you ease of funds transfers and access to paypal.” – Enan Teves (original post)
Comments from depositors and customers are mixed. Others were emphasizing the convenience of using EON accounts for Paypal transactions. There were also who agreed to this change to improve future services. For some, especially those who are against the announcement wish to transfer to another bank that offers the same service.
The primary reply of the handler of the Unionbank Facebook Page account answered almost all of the questions with the statement below:
UnionBank wants to reassure all EON cardholders that we will always keep EON as affordable as possible. We have maintained the same no minimum balance requirement and the same low annual fee of P350 since EON was first launched back in 2001. However, the costs of delivering the service, particularly the costs of maintaining the ATM facilities, have risen significantly over the years. We are charging the withdrawal fee only to help offset these ever-increasing costs. We hope we can count on your continued support for EON.
What are your thoughts about this? We would appreciate you leaving a message on our comment box.
For more details about this, join the Official Unionbank Facebook Page. You can also follow them on Twitter (@unionbankph).
Logon to the Unionbank of the Philippines EON Cyber Account Page.