Friday, 26 April 2024
Overseas Filipino Bank to become first branchless, digital-only bank in Philippines
Overseas Filipino Bank (OFBank) announces plans of becoming the first branchless, digital only bank in the Philippines
Overseas Filipino Bank (OFBank) has announced that it will soon become a digital-only bank, making it the first branchless bank in the Philippines. Clients will be able to access various remote channels and conduct transactions wherever and whenever.
Land Bank of the Philippines (LANDBANK), OFBank’s parent bank, will power its systems. In preparation for its conversion to digital banking, some activities will require clients’ immediate attention and action.
Migration of regular individual savings accounts (ATM savings/passbook account)
Clients will be issued an upgraded automated teller machine (ATM) card account, which will allow banking transactions online and via an extensive number of ATMs. Clients can visit their branch of account and claim their new cards based on the card distribution schedule.
When claiming the OFBank ATM card, clients will need to bring a valid identification card and one ID picture. If unable to do so before the deadline, clients may proceed to their assigned LANDBANK branch to collect their cards.
With the new OFBank ATM card, clients will be able to:
- Shop online
- Make cashless purchases
- Gain access to the bank’s online banking platforms
The bank’s online banking platforms, namely, iAccess and mobile banking application will enable clients to check their account balance, transfer funds between banks via Instapay and pay bills anytime.
Transfer of current/premium savings plan/time deposits and corporate accounts to LANDBANK
Due to OFBank’s conversion to a branchless bank, by virtue of Executive Order number 44, series of 2017, which approves the acquisition of Philippine Postal Bank by the Land Bank of the Philippines, the bank’s current and premium savings plan as well as time deposit and corporate or institutional accounts will be transferred to the clients’ assigned LANDBANK branch.
Re-disseminated by The Asian Banker
