The Bank of the Philippine Islands (BPI) surprised clients when the company released a short-noticed advisory to its clients urging to update their account information on or before August 31, 2016.
BPI’s advisory was released on Friday, August 26 and became viral today due to the urgency. Today is a national holiday which only makes it even worse for the bank’s clients as they’re only left with two days to update their bank records.
“If you are unable to update your account information on or before August 31, 2016, your transactions can only be serviced over-the-counter of our branches,” the bank stated on its advisory.
“You will not be able to access your account via any of BPI’s 24/7 electronic channels (i.e. ATM, Online and Mobile) until you have submitted your CIS (Customer Information Sheet) and ID,” it added.
BPI said that their customers have to fill out and sign the CIS and the Foreign Account Tax Compliance Act (FATCA) Form, both available at the bank’s official website. They must then present the original copy and a photocopy of one valid, recent, and photo-bearing ID.
The move, according to the bank, is in connection to the Bangko Sentral ng Pilipinas Circular 706 which required financial institutions to regularly update its customer information records.
While netizens subscribe to the importance of updating customers’ bank information, some just can’t accept the short time provided.
UPDATE 8/29/2016 8:53PM:
In a phone interview with Rappler, BPI Corporate Communications Head Tricia Quiambao clarified that the deadline set to their clients should be September 30, 2016, Friday.