Depositors and ATM cardholders panicked on a Monday afternoon – the last day of the long weekend and celebration of National Heroes Day, when an official news advisory from the Bank of the Philippine Islands came out asking their account holders to fill up and submit Customer Information Sheet (CIS) and (Foreign Account Tax Compliance Act (FACTA) Form to the nearest branch or else lose their access to automated teller machines (ATMs), online and mobile banking.
This advisory was in accordance to Bangko Sentral ng Pilipinas Circular 706 provision where all banks are required to update their customer information records and request all their clients to submit their clients’ account information. The advisory was released last August 26, 2016 at BPI website.
The news advisory broke out this late afternoon and BPI asked their clients to submit the forms with photocopy of valid ID, on or before August 31. Netizens and BPI account holders felt it was a too short of a notice considering it was a holiday and they only have two days left to complete the said requirements.
We’ve spoken with a credible and reliable bank source for comments and he personally apologized for the short notice that the bank issued. He explained that they really need to comply with the BSP circular. “BPI have reminded its clients to update. They sent notice via email, SMS, among others. But I guess only few submitted their CIS,” he told us.
He mentioned that the bank was already in the process of issuing a statement that they will extend the deadline until September 30, 2016.
*As of 9 PM this Monday evening, BPI Corporate Communications Head Tricia Quiambao already clarified that the “deadline should be by the end of September, not August.”
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