Why BDO Deduct 300 Pesos? Unexpected Bank Charges and How to Avoid Them

Have you ever checked your BDO bank account statement only to find a mysterious 300 peso deduction? You're not alone. Many BDO customers have reported experiencing this charge, leaving them confused and frustrated. In this article, we'll explore the reasons behind this deduction and provide tips on how to avoid it.

What is the 300 Peso Deduction?

BDO explains that the 300 peso deduction is a service fee for maintaining a checking account with an average daily balance below Php 3,000. This fee is automatically deducted from the account on a monthly basis. The bank claims that the fee is necessary to cover the costs of providing basic banking services, such as check processing, account maintenance, and online banking.

Reasons for the Unexpected Deduction

There are a few reasons why you might have been hit with this unexpected deduction.

• Low Account Balance: If you consistently maintain an average daily balance below Php 3,000 in your checking account, BDO will charge you the 300 peso service fee.
• Dormant Account: If your account has been inactive for an extended period, BDO may charge you a dormancy fee.
• Overdraft: If you overdraw your account, BDO may charge you an overdraft fee.
• Returned Checks: If you write a check that bounces, BDO may charge you a returned check fee.
• Unauthorized Transactions: If you authorize a transaction that violates BDO's terms and conditions, the bank may charge you a fee.

How to Avoid the 300 Peso Deduction

There are steps you can take to avoid the 300 peso deduction:

• Maintain a Minimum Balance: Keep an average daily balance of at least Php 3,000 in your checking account to avoid the service fee.
• Activate Your Account: Regularly use your BDO account to avoid it becoming dormant.
• Be Careful With Overdraft: Avoid overdrawing your account to prevent overdraft fees.
• Don't Write Bad Checks: Ensure that you have sufficient funds in your account before writing a check.
• Review Your Statements: Regularly check your bank statements for unauthorized transactions.

What to Do If You've Been Charged the Fee

If you've been charged the 300 peso deduction and believe it was an error, you can contact BDO customer service to dispute the charge. You may be able to get the fee reversed if it was a mistake.

Conclusion

The 300 peso deduction from BDO checking accounts can be a frustrating surprise especially if you are unaware of the bank's fee structure. By understanding the reasons for the deduction and taking steps to avoid it, you can save money and keep your bank account in good standing.

Frequently Asked Questions (FAQs)

1. Why does BDO charge the 300 peso deduction?

   • BDO charges the 300 peso deduction as a service fee for maintaining a checking account with an average daily balance below Php 3,000.

2. Can I avoid the 300 peso deduction?

   • Yes, you can avoid the 300 peso deduction by maintaining a minimum balance of Php 3,000 in your checking account.

3. What if I've been charged the fee and believe it was an error?

   • If you believe that the 300 peso deduction was an error, you can contact BDO customer service to dispute the charge.

4. Are there any other fees I should be aware of?

   • BDO may charge additional fees for overdrafts, returned checks, and unauthorized transactions.

5. How can I keep track of my account activity and avoid unexpected fees?

   • Regularly check your bank statements and online banking to monitor your account activity and identify any unauthorized transactions or potential fees.