OFBank Regular Current Account

A non-interest bearing peso account, also known as Checking or Demand Deposit Account wherein deposits are made over-the-counter, while withdrawals are made through the issuance of a check.
 
Qualifications
 
Individuals
  • Existing depositors of good standing
  • New depositors with referral from LANDBANK officers or from known and valued clients of the bank

Institutional

  • Government Line Agencies, Government-Owned and -Controlled Corporations (GOCCs), and Local Government Units (LGUs)
  • Reputable private corporations, cooperatives, partnerships and associations
 
Product and Features
 IndividualInstitutional
 Minimum Initial Deposit₱5,000.00₱10,000.00
 Required Minimum Monthly ADB₱5,000.00₱10,000.00
 Account Closure¹₱300.00 
 Service Charge for Falling Below Minimum ADB²₱200.00₱200.00
 Account Dormancy³₱30.00 per month 
 PDIC Insurance₱500,000.00 (Maximum deposit insurance per depositor) 
 Evidence of Deposit Checkbook – Upon closure, all unused checks must be returned to the branch where the account is maintained. 
¹Account Closure Fee will be collected if account is closed within 30 days from account opening.
²Coverage – Accounts falling below ADB requirement for two (2) consecutive month-end and every month-end thereafter, Collection – Monthly to start at the end of the 2nd month.
³Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB.
  • Coverage: A savings account is dormant if it has no client-initiated activity for two (2) years.
  • Collection: Monthly to start (5) years after the last client-initiated activity date
 
Fees and Charges
 Amount/ Rate
Personal Checkbook (Booklet of 50 pcs.)₱300.00
Commercial Checkbook (Booklet of 100 pcs.)₱600.00
MDS Checkbook (Booklet of 100 pcs.)₱850.00
Continuous Form Check / Other Customized ChecksTo be based on the approved arrangements and design per Memorandum of Agreement
Stop Payment Order (SPO) per Check Requested₱100.00
Returned Check₱2,000.00/ check
Penalty Charge for RCOCI for every P40,000 amount of check or a fraction thereof₱200.00/ day

Reprinting of Bank Statement*

  • Private – transactions beyond two (2) months
  • Government – transactions beyond one (1) year

*reckoned from date of request

₱20.00/ page

Bank Statement’s Holding Fee

– requested bank statement not claimed/picked-up withing one month

₱100.00

 

 
Basic Requirements
 
Individuals

1. At least two (2) valid IDs such as:
  • New SSS/GSIS ID
  • Driver’s License
  • Company ID
  • School ID
  • Passport
  • PRC ID
  • Postal ID
  • Marriage contract (original copy)
  • Credit Card of a Reputable Company
  • License to Carry Firearms
2. Two (2) copies of most recent 1 x 1 ID Picture
3. Tax Identification Number
 
Single Proprietorship
  • Registration of Business Name with the Department of Trade
  • Original Application for Registration
  • Two (2) valid identification cards of signatory

Partnership

  • Articles of Partnership
  • Certificate of Registration with the Securities and Exchange Commission
  • Agreement on the extent of authority of each partner
  • Two (2) valid identification cards of signatories

Corporation

  • Article of Incorporation
  • Certificate of Registration with the Securities and Exchange Commission
  • Corporate By-Laws
  • Board Resolution duly notarized incorporating the following:
    • Authority to open bank account with LANDBANK
    • List of officers authorized to sign and the nature and extent of such authority
    • Notarized List of Officers, Board of Directors, Stockholders
    • Two (2) valid identification cards of signatorie

Association or Organization

  • Constitution
  • Association Agreement

Government entities of Incorporation

  • Charter and/or Law creating the government corporation/agency/office
  • Executive Order or Department Order creating the government agency
  • Board Resolution duly notarized incorporating the following:
    • Authority to open a bank account with LANDBANK
    • Officers authorized to sign and the nature and extent of such authority

Cooperatives

1. Certificate of Registration with the Cooperative Development Authority

2. Articles of Cooperation and By-Laws

  • Authority to open a bank account with LANDBANK
  • Designated Officers authorized to sign and the nature and extent of such authority

3. Duly notarized Board resolution incorporating the following:

  • Authority to open bank account with LANDBANK
  • Designated Officers authorized to sign and the nature and extent of such authority

 

Contact Information
 

For more information, please feel free to call or visit your nearest or preferred OF Bank Branch.