Ulog-busy#2 Banks Are Hostile Towards Customers Like Me

in #cryptocurrency6 years ago (edited)


image source

Hello fellow steemians and steemgigers! Today I was supposed to share with you my experience in applying for a Bank Account however I was not able to get one since I was lacking one vital requirement: a proper government I.D.(so they say) I almost got one but when I said something about how I earn my income they become stricter with their requirements. Do you want to know what is it? Read on and I will share with you my experience.

Yesterday I tried applying for a bank account. A fellow Steemian and friend @fycee told me that if I want to be a legitimate freelancer or business owner someday he advised me to get goverment I.D.s and a bank account so that I would be able to build my financial reputation. That is exactly what I did. Actually I was already planning of getting my valid I.D. since last year. I have scheduled to go to the department of foreign affairs (DFA) to get my Passport last July but I was unable too because I missed the scheduled appointment date. The reason being I have forgotten all about it because the DFA automated scheduling system scheduled me 4 months later and I did not notice that I have already missed my scheduled date. I will be rescheduling soon maybe the 4th quarter of this year.

Good thing I have already have a National Statatistics Office (NSO) Certificate which I got last Feb which is a valid requirement to get a National Bureau of Investigation (NBI) Clearance which can be used as a sort of I.D. I just got last week and I have written about my experience here. Upon getting my NBI clearace I tried to get a bank account as I was given the impression that the NBI clearance and and my NSO certificate was a good enough requirements to make one. The first time I went I ask the assistance of my boyfriend who was kind enough to accompany me in East West Bank near Pavillion Mall in Binan. There was a bank near my place what it was Bank of the Philippine Islands which they say was super strict about making accounts so I opted to go the East West bank which is supposedly more accommodating to patrons like me.

Once I was there the security guard pointed me to the bank employee in charge who was handling new accounts. Since I was very shy in person I just ask my boyfriend to inquire about the procedure and select for me what proper account I should have. I just wanted to get a prepaid card that I can use online which also serves as an ATM card where I can withdraw money from. The bank attendant said that I can use my NBI clearance form as an ID but I needed another one a Tax Identification Number (TIN) and showed me their system that the TIN number field was required in their system. So I guess opening an account nowadays requires a TIN number. I just wander how other people who are not working yet or unemployed would be able to get a bank account. There is nothing really we can do but comply with their requirements. Besides I was already thinking of getting a TIN for myself and they were kind enough to give me an endorsement letter. It was around 3 pm in the afternoon already and due to my experience in dealing with government agencies it is a bad idea if you go there at such time; there will be very long lines already. So my boyfriend and I decided to get my TIN some other time which was today.

I was able to arrive in the regional office of the Bureau of Internal Revenue around 1 pm, my boyfriend was not able to accompany me due to work so I went by myself. The process was not that complicated I just asked around and people there were more than willing to help. The only hard part about the process is the waiting time. It took me around 2 hours to get my TIN. I was super bored and so I decided to do some facebook while waiting for my TIN. I just got my TIN application/certificate but no ID yet they say that it will take around two week before I can request my ID from them. Since the Bank only needed the number I guess I can just present the number to them.

At the bank I looked for the same person that assisted me in my first attempt yesterday. Everything was running smoothly as I have already given him the requirements he asked yesterday. NBI clearance and TIN. I thought I would be able to get a bank account at last, my first one actually. Unfortunately during an interview the bank attendant ask me how I receive my freelance work payment. I have declared that I was doing blogging and earning from it. I did not tell them about my trading activities as they might require me for additional information or supporting documents for such activities.

I told him that I receive my payments via bitcoins remittance using coins.ph. All of the sudden the behavior of the attendant changed and asked me to give additional I.D.s which he know well that I don't have. I got confused and ask the help of my boyfriend and asked him to explain to them where I earn my income. I think my boyfriend gave the attendant a little lecturing because the next thing I saw was the attendant going to his superior they had a long conversation over the phone. She was using my mobile phone so when they stopped talking she returned me my phone and I called up my boyfriend to ask instructions of what to do next. My boyfriend just told me to just stop my application and go home as they insisted that I was lacking requirements.

I was really disappointed because the very first time I wanted to get a bank account I was denied. Just because I was dealing with bitcoins as one of my source of income. My boyfriend explained to me that the person that was assisting me accidentally told him that there was an advisory about bitcoins but the supervisor suddenly change their reason why I was not qualified when my boyfriend began asking them if they consider bitcoins illegal. He also revealed to them that I am writing about my experience as a first time bank account applicant in my blog. He said that the lady who seems to be the superior of the man that was initially assisting me insisted that the reason I cannot be given an account is due to the lack of ID which I found odd because I am pretty sure the person that was assisting me before has confirmed that I can apply for a prepaid card with only an NBI and TIN.

I find it funny that the person that they chose to endorse their brand, Senator and boxing legend Manny Pacquiao is launching an ICO in which he partnered with some Singaporean-based blockchain company and not a bank partner here in the Philippines. Three things I realize in this incident that I wanted to share with you guys. First, I now experienced first hand why there are so many people in the world are unbanked. The amount of time, effort, money to just get an account is costly and inconvenient where as I can just get a wallet with a click of a mouse. Second, banks here in the Philippines are hostile to cryptocurrencies although there are not considered illegal and I think I know why. Cryptocurrencies will make intermediaries like banks irrelevant in the future because we ourselves will become or own banks. Third the importance of having a proper I.D. If I have a proper I.D. they will not have any more reason to deny me service. Oh well I will just have to get the I.D. that they required of me. I just hope banks will wisen up and instead of of being hostile to customers that deals with bitcoin and cryptocurrencies find ways to accept and leverage its technological underpinning Blockchain.

That is it for now friends I hope you learned something valuable in what I have shared. If you have something to add or point out please do so in the comments section. You may also recommend me to bank that accepts NBI and TIN as requirements only. Geez maybe the bank employees think that I am a money launderer or a Scam artist for dealing with cryptocurrencies LOL.

Sort:  

Try to open an account at BDO. And here is their list of valid IDs that they accept:

https://www.bdo.com.ph/anywhere/content/what-can-be-considered-valid-id

Thanks of the recommendation I will check it out later :)

You're welcome. But don't mention anything about cryptocurrency when dealing with banks, at least for now.

And if you're asked what you do for a living, just say that you're just starting out as a "freelance IT solutions provider". :)

Yes that is what people are telling me. I will try to do that.

Haha as I always said, fuck the banks! When you try to get a Checkings Account, you must have a savings account from them for 6 months, and an average deposit of 10k as a requirement.

But when you try to get a Credit Card, it is far more easy, as there are les requirements.

The point is: even if you have enough savings, you can't get easily approved by the banks. But when you want to have credit (utang), in this case, an application for credit card, then they will get you easily approved. Approved ka'gad! What the f***?!

Hahaha I wanted to go all crypto all the way of being a cryptonaire but we still need fiat and a stable currency. I also want to build my financial reputation that is why i wanted to get an account. I hope coins.ph builds a online bank or a cash card or something like that.

The easiest way Ani to go is you need to have a barangay clearance and then get a postal ID.

TIN is also something that you can get.

Next get a SSS ID. passport would be your best bet and in the next election get a voters ID.

Yes sir mav. I have also advised her about that.

I agree with sir Mav, you really need to have those IDs in order for you to open an account.

  • Postal ID
  • Barangay Clearance with Dry Seal
  • Police Clearance with Dry Seal
  • Passport

I actually opened an account last November and they would constantly ask for "source of income", I asked them about cryptocurrency and was shocked because they don't have any idea about it.

Next time I will just tell them that I buy and sell used goods online.. no more cryptocurrencies

They will ask then any supporting documents for that either! Grrr maarte talaga samin dear! They will look for income tax return. Or business permit. With buy and sell things you must have even a small space for storage, and should be declared a mini warehouse.

Thank you kuya mav, kuya fycee also told me about getting those.

That sucks. Try mo nalang sa BDO. They need two valid IDs though.

Yeah I guess I have to get the valid ID first then I will apply for a bank.

Uhmmm, I kinda feel sad about that since I even recommended EastWest Bank to you. Well we cannot blame them since that's what they call conflict of interest.

Yeah I understand but I was really shocked that employees of a banking institution not knowing about cryptocurrencies like bitcoin.. I find it funny really.

Sister as always your articles are very informative :)

Happy for your decision baby! You're just too good to be true at your age.

The second photo from left, Looks like Manny Pacquiao?? 😃😃

Coin Marketplace

STEEM 0.36
TRX 0.12
JST 0.039
BTC 69965.85
ETH 3540.49
USDT 1.00
SBD 4.71