Picture of a LandBank ATM Card
The new LandBank ATM Card
The old LandBank ATM Card
LandBank ATM Card
How is Maintaining Balance Computed in LandBank?
Minimum maintaining balance of Landbank is the average daily balance (ADB) per month. You can compute the average daily balance in one (1) month through:
- Add the daily balance in 1 month.
- Day 1 balance + Day 2 balance + Day 3 balance...until Day 30 or 31 balance
- Divide its total balance by 30 or 31 (total number of days in a month).
- Total Balance in 1 Month ÷ 30 or 31 days = Average Daily Balance (ADB) in a month
Let's give an example. Let's assumed, you open an ATM account on day 1 in which you deposit Php 500. And on day 2, you deposit again Php 500. So, you have Php 1,000 balance on day 2. Then, on day 3, you withdraw Php 400 and your balance is now Php 600 on day 3. The deposit and withdrawal transactions continue on the succeeding days. See table below.
|Day||Daily Balance in Pesos (Php)|
50,300 = Total Balance in a Month
50,300 = total daily balance in a month
÷ 30 = total days in a month
1,676.67 = average daily balance (ADB) in a month
In this case, you cannot pay for a service fee since your ADB is Php 1,676.67 which is above the required maintaining balance.
Take note on day 15, you've withdrawed all your money and the remaining balance went to zero (0). Even if you withdrawed all the money in your ATM account in a given day, you cannot be charged a service fee if the computed ADB in a month is above the required minimum maintaining balance.
Initial deposit to this ATM is also Php 500. This ATM card can earn an interest rate of 0.250% per year. You should maintain the Php 500 in your ATM account in order to earn that interest. You are only allowed to withdraw a maximum amount of Php 50,000 per day.
Deposit to this ATM can be done through over-the-counter. While withdrawals can be done both over-the-counter or through Automated Teller Machines (ATM) with BancNet, Megalink or ExpressNet logos.