Homebuying 101

Fund your checking account thru ONLINE FUND TRANSFER at least 5 banking days before the check due date.

For your convenience and safety, we encourage you to Enrol in Mobile banking applications or download GCASH Application to Transfer Fund to your checking account online.

Be aware of bank penalties

Penalty for a Returned or Bounced Check
PHP 2,000 for every PHP 40,000

Additional Penalty for a Returned Check
PHP 200 for each day that passes until you fund your check.

Keep in mind laws against bouncing checks.

• Imprisonment or fine for issuing a returned or bounced check, if your payee sues you under the Anti-Bouncing Checks Law (BP 22 or Batas Pambansa Bilang 22) and you are found guilty.

• Law on Estafa or Swindling (Presidential Decree No. 818, an amendment to Article 315 of the Revised Penal Code)

Know the meanings of these acronyms: DAIF and DAUD

DAIF = Drawn Against Insufficient Funds means your account balance is not enough to pay your check payee.

DAUD = Drawn Against Uncleared Deposits means your account balance is enough, but part or all of the amount is not yet available due to not-yet-cleared funds.

Do not Fall below your Average Daily Balance (ADB)

Monthly Average Daily Balance (MADB) requirement, usually 5,000 or 10,000 pesos. Falling below your maintaining balance will be charged P300-500 per month. This is automatically deducted to your balance.

Handle your checking account carefully

• Three (3) bounced check will result to Automatic Closure of your account.

• This will affect your credit worthiness if you will apply for a bank loan