Tuesday, October 30, 2007

Bouncing Checks...Almost!

I have been paying my condominium unit for more than a year already and I admit, it's really been draining my finances. I got the condo unit, somewhere in Pasig and still under construction, for zero interest payable in three years that's why I have such a high monthly payment. I issued three years of checks to pay for it using my Chinabank current/checking account, my salary account actually.

Yesterday, I withdrew P2000 pesos to pay for an unexpected expense with my mommy but this morning when i went to the office, I, again, withdrew P900 but when I looked at the available balance, the amount fell short of my required funds for the check to be deposited tomorrow so I immediately accessed my Chinabank Online to verify and requested my officemate to transfer P820 to my account as I handed him the cash.

Just one of the wonders of Internet banking here in the Philippines that there's no transaction fee for intra-bank funds transfer and also I didn't have to pay P1200 service charge to China Bank for a bouncing check.

I experienced a bouncing check last May when I wasn't able to clear a manager's check i requested from BPI to transfer funds to my China Bank account.

Not that I'm afraid of estafa here since the real estate company can just forfeit my unit in case I can't pay it anymore, but the P1200 is P1200, plus the hassle of looking for additional funds since I can't access my BPI account easily to transfer. There's still no way I can transfer funds from BPI to China Bank except over the counter.

For more information on the Philippines' Bouncing Checks Law, click here

No comments:

Post a Comment