UnionBank Power Checking Account: Features, Registration, and More

Princess Anaviso

Princess Anaviso

Last updated December 27, 2022

Opening a bank account is one of the first steps you can take to upgrade your financial life. With a bank account, you’re empowered to not only secure and grow your money but to also keep track of your cash flow, make mobile payments, and settle your bills online.

A bank account also opens new doors for you. It can be your ticket to getting a credit card, a home mortgage, or even a car loan. If you maximize its use, a bank account can be a useful tool to help you reach your financial goals.

There are different types of bank accounts you can choose from to start your journey. If you’re interested to see if a UnionBank checking account matches your needs, this guide is for you.

Savings vs. Checking Account: What’s the Difference?

unionbank checking account - savings vs checking

Savings and checking accounts both allow you to send and receive money through wire transfers, bill payments, and other electronic transactions. You can also check your balance online when you log into your account. But they’re also fundamentally different.[1]

Get a savings account if you plan to let the bank hold on to your funds longer. Savings accounts typically accrue higher interest rates, growing your money over time. Savings accounts are perfect if you want to grow your emergency fund, set aside a travel budget, and save for bigger purchases like a home or a vehicle.

Get a checking account if you intend to make frequent transactions. Most checking accounts typically offer lower interest rates as money is expected to come and go by the day. Checking accounts are perfect for paying bills (either electronically or through checks) and transferring money to accounts at different banks.

Related reading: Savings Account vs. Current Account: What are the Pros and Cons?

What is the UnionBank Power Checking Account? 

Simply put, the Unionbank Power Checking Account[2] brings you the best of both worlds as it allows you to deal with daily transactions easily while letting your money earn interest.

Features of the UnionBank Power Checking Account

unionbank checking account - unionbank power checking account features

Enjoy the following features when you open a UnionBank checking account:

  • Transact anywhere: Use your UnionBank checking account to make a transaction at any UnionBank and Bancnet ATM nationwide. You can also use Visa ATMs outside the country.
  • Access your funds 24/7: Monitor your funds via the UnionBank online app. Check your balance or move your money around using only your smartphone.
  • Purchase at any Visa establishment worldwide: Pay for goods and services from any merchant that accepts Visa.
  • Issue checks: Conveniently write checks to transfer your money and make unlimited secure payments.
  • Earn higher interest than a regular savings account: Your interest rate will depend on the amount sitting in your account. The more funds you have, the higher your interest rate.

Considering getting a credit card from Unionbank as well? Check out these options:

Unionbank Classic Visa

UB Classic Visa

Unionbank Gold Mastercard

UB Gold MastercardUnionbank Platinum Mastercard

UB Platinum

Unionbank PlayEverydayUB PlayEveryday-1

Unionbank Lazada

UnionBank Lazada

How to Open a UnionBank Power Checking Account

Check out this guide to learn more about the process of opening a UnionBank Power Checking Account and the requirements you need to complete.

Process of Opening a UnionBank Power Checking Account

Here’s how to open a checking account with UnionBank:

  1. Go to any UnionBank branch.
  2. Accomplish the required account opening form/s.
  3. Present any valid government ID.
  4. Present the accomplished forms and documents.
  5. Wait for the bank personnel to finish processing your requirements. You’ll be informed once you’ve successfully opened a checking account.

Requirements for Opening a UnionBank Power Checking Account

unionbank checking account - requirements

Make sure to prepare the following UnionBank Philippines checking account requirements:

✔️ Valid ID

Identification documents are always a must-have when opening any bank account. For your ID to be considered valid, it must be active (i.e., not expired) and include your photo. Bank personnel will authenticate your ID documents, which means they may require you to present additional proof of identity.

The bank accepts either one valid primary government ID or two valid secondary IDs. Below is a list of IDs you can present to open an account.[3]

Primary IDs

  • Passport
  • Professional Regulatory Commission (PRC) ID
  • NBI clearance – validity must be one year from the date of issuance
  • GSIS e-card or GSIS ID (membership ID)
  • SSS ID or Unified Multipurpose ID (UMID)
  • Integrated Bar of the Philippines (IBP ID)
  • School ID
  • Philippine Identification (PhilID)

Secondary IDs

  • ID issued by the National Council on Disability Affairs
  • Driver’s license
  • Senior citizen card
  • Government office and GOCC ID
  • Company ID issued by private entities or institutions registered with, supervised, or regulated by the BSP, SEC, or IC
  • Philhealth Insurance Card ng Bayan
  • Overseas Workers Welfare Administration ID
  • OFW ID
  • Seaman’s Book
  • Alien Certificate of Registration (ACR) or Immigrant Certificate of Registration (ICR) – for foreign residents only
  • Postal ID
  • Voter’s ID
  • TIN

✔️ Additional Requirements for Special Cases

  • For sole proprietors
    • Original and photocopy of the Business Name Certificate of Affirmative Business Name Certification with the Department of Trade and Industry (DTI)
  • For resident foreigners or aliens
    • Visa stamp by Bureau of Immigration (BI) indicating the alien's point of entry
    • Original passport and ACR I-card (for permanent residents or tourists of more than 180 days)

✔️ Checking Account Application Form

Go to any UnionBank branch to accomplish the checking account application document/s.

✔️ Minimum Initial Deposit

The UnionBank checking account initial deposit is at least ₱100,000.

Regular Bank Fees and Charges for a UnionBank Power Checking Account

Below are the fees and charges you must prepare for when opening and/or using your checking account from the UnionBank of the Philippines (UBP).

Checkbook Requisition Fees

Type Fee
Personal ₱270
Commercial ₱520
Business (with voucher) ₱750
Business (without voucher) ₱550

Transaction Fees

Transaction Type Fee
ATM Withdrawals or Fast Cash
Non-UBP ATM within the Philippines Fee to be charged by other bank
Non-UBP ATM outside the Philippines US$3
Interbank Fund Transfer
As issuer ₱25
As transferee None
Balance Inquiry
Non-UBP ATM within the Philippines Fee to be charged by other bank
Non-UBP ATM outside the Philippines US$1
Stop Payment Orders
Peso checks ₱500 per check upon filing of SPO
USD demand drafts notarial fee ₱200 if notarized at UBP

Returned or Dishonored Checks

Unfunded Return Checks
Service charge (for presenting bank) ₱1,000 per check
Penalty charge (for UBP as drawee bank) ₱1,000 per check plus ₱200 per day (working and non-working) for every ₱40,000 amount of check or fraction thereof
Funded Return Checks
Service charge (for presenting bank) ₱1,000 per check
Penalty charge (for UBP as drawee bank) ₱1,000 per check
Late Funding Fee ₱1,000 per check regardless of check amount
Technically Defective Checks ₱200 per check for reasons signature requirements not met such as signature differs from file, wrong signature combination, and deficient signature combination

UnionBank Checking Account FAQs

unionbank checking account - faqs

Check out the answers to frequently asked questions about the UnionBank Power Checking Account.

1. How do I apply for a UnionBank checking account?

Opening a UnionBank checking account in the Philippines is a straightforward process. Just prepare the minimum deposit amount, present a valid ID, accomplish the account opening form/s at your preferred UnionBank branch, and you’re all set. Bank personnel will assist you if there are extra steps you need to take.

2. How much is the maintaining balance in a UnionBank checking account?

Your UnionBank checking account maintaining balance or average daily balance (ADB) must be at least ₱100,000.

3. What is the interest rate for a UnionBank checking account?

The UnionBank checking account interest rate follows a tiered format. You need an average daily balance (ADB) of at least ₱1,000,000 to earn interest. You can inquire directly at any branch[4] to learn more about the interest rate you’re entitled to depending on the funds in your account.

4. Can I open a UnionBank checking account via the online app?

No, you have to go to a UnionBank branch to open a checking account. The digital account opening option through the UnionBank online app is currently only available for savings accounts, credit cards, and payroll accounts.

Final Thoughts

Opening a UnionBank checking account is a fairly simple process with few eligibility requirements. After activating your account, you can enjoy the promised perks right away. Experience the convenience of a checking account while letting your money grow.

Take a step closer to your financial goals by using your checking account wisely.

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Princess is a seasoned writer with over seven years of experience in digital marketing and corporate communications. She took master's degree units in Creative Writing at the University of the Philippines Diliman and graduated with a bachelor's degree in English Language and Literature from Saint Louis University. Beyond writing, she enjoys reading novels, watching series, and crocheting. Follow Princess on LinkedIn.


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