UnionBank Power Checking Account
Published: September 5, 2013 | Updated: July 21, 2020 | Posted by: Moneymax | Personal Finance
Have you ever wanted to have an account that lets your money earn interest and at the same time allows you to deal with daily transactions with ease?
The UnionBank Power Checking Account aims to unify both needs.
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Know More about the Power Checking Account
With a UnionBank Power Checking account, you can issue checks and carry out unlimited transactions at UnionBank branches nationwide. For business and personal checking accounts, P350 and P180 will be charged respectively upon the checkbook requisition.
With the Power Checking account, we can earn higher interest than with a regular savings account. The interest rate varies according to the of funds in the account. The minimum ADB to earn interest is P1,000,000. The following is the tiered rate of power checking account:
- PhP 1 Million – PhP 4,9 Million: 0.125%
- PhP 5 Million – PhP 9.9 Million: 0.150%
- PhP 10 Million and above: 0.25%
An extra feature for this account is the UnionBank Transaction Diary, which allows the account holder to monitor their account activity. The replacement fee of the transaction diary will cost the account holder P200.
The Benefits of the Stop Payment Service
Many Power Checking Account holders have to deal with heavy money transactions every day. For these users, check-issuing is already a daily routine. The advantage of the Power Checking Account is that if they accidentally sent a check for the wrong amount to a wrong account, they can request the bank to cancel the check. This can be with the stipulation that the check or payment has not been processed yet. The fee for stop payment service is P500 per check upon the request from the account holder.
Service Charges of Power Checking Account
The initial deposit required is P25,000. Account-holders are required to maintain the account balance at P25,000. Otherwise, they will have to pay the monthly maintenance fee of P1,000.
In addition, account holders will receive their account statements on a monthly basis. Account-holders are advised to claim their account statement within the first three months from the date of issuance, as P200.00 will be charged for an unclaimed account statement per month after this duration.
If your power checking account is left unattended, the account will become dormant and a service charge of P1,000.00 will be charged starting from the 13th month of inactivity.
The account holder of a UnionBank Power Checking Account will automatically be issued the UnionBank E-Wallet, which plays the role as a Visa debit card as well as an ATM card with no annual fee.
Being an ATM card, you can use it to withdraw our money at Bancnet, Megalink and Expressenet ATMs nationwide, as well as Visa or Plus ATMs globally.
Being a Visa debit card, it can be used to make purchases at any Visa-accredited merchants all around the world, as well as on the web. The amount of purchase will be automatically debited from the Power Checking Account.
For the UnionTeller or iDeal ATM cardholder, you can exchange their card at any UnionBank branch where your account will be maintained for free. In the event of card loss, the cardholder will have to pay P150 for card replacement.
Online Banking Convenience
By enrolling the Power Checking Account in UnionBank Online Banking, direct access can be gained to the account balances, transaction history, and account statements. This saves time from paying a visit to the bank or using the ATMs by conducting money transaction online at home anytime we wish to.
The Transaction Password is an additional protective feature that is launched to protect the account from unauthorized use. It is different from the ATM PIN, and account holders are required to select a password during the first login session in the online banking facility. Account holders are advised to reset the transaction password every 180 days.
In the event that the transaction password is forgotten, the customer service at (02)841-8600 can be contacted for a reset, which will take two banking days to process.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.