A Kiddie Savings Account: The BPI Jumpstart ATM cards (Part 2)

July 19, 2013 | Posted by: Moneymax | Personal Finance

July 19, 2013

Being anxious over the details of your accounts and any issues related to money transactions especially the annual fees and other hidden fees is normal and sometimes, it’s very helpful. However, the overdose of anxiety is detrimental to our health as well as our financial management.
Read more: BPI Direct Save-Up: Insurance & Other Perks

What is the BPI Express Payment System (EPS)?

The BPI Express Payment System (EPS) is a debit facility which offers cashless shopping services to the BPI Express Teller cardholders on a free basis. The EPS is no longer limited to shopping. You can also use it to pay your haircut and facial treatments.
When you are going to pay for your purchases at the counter, all you need to do is just showing your BPI Express Teller ATM cards such as the BPI Jumpstart ATM cards. The ATM cards will be swiped in the Point-of-Sale (POS) terminal and you will be requested to enter your Personal Identification Number (PIN) which is the same PIN you used to access the ATMs. The payments will be deducted from your BPI settlement accounts.
The EPS is a built-in feature of the BPI Express Teller Cards. Therefore, there is no enrollment needed for you to utilize this facility. Every transaction is recorded in your bank statements which allow you to track every expense.

Why Tracking Your Expenses Is Important

By tracking every spend, you can always have full awareness of where your money went. When you see the explicit lists of your expenses, you may be able to identify which spending should be cut-off. It could prevent you from indulging in high living and luxury spending.
It is never a good idea to expose one to the bad habits of overspending, and tracking your expenses daily is a good practice that prevents us from committing harmful actions that can be harmful to our financial portfolio.

Don’t Forget That It Is Still A Savings Account

After discussing the debit facility and cashless shopping, let us direct our attention back to saving up. After all, the BPI Jumpstart Savings Account is serving the main purpose of money-saving. Thus, only the first four withdrawals in a month are free of charge! This will encourage the account holders to manage their money and schedule their withdrawal frequencies in a smart and careful way.
When you find out that your children are reviewing their account statements and planning their monthly financial budget in order to benefit from the limited number of free withdrawal, congratulations! Your main purpose of fostering the saving and money-managing habits in the mind of your children has been achieved!
At the same time, account holders can also set a “Guaranteed Savings” amount. This amount of money will be kept intact in the accounts and can be used only when the account holders are in dire need.

How to Apply for the BPI Jumpstart Savings Accounts?

That is a good question and, and we happily provide you with the answer. So, let us proceed to the third part of the article to get the answer.

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