If you have a Unionbank Regular Savings Account, the penalty or service charge for falling below maintaining balance is Php 1,000 or $20.
Remember that the Minimum Average Daily Balance (ADB) Requirement per month is Php 25,000. If you fall below this amount, you will be charged with Php 1,000. That's a big amount. That's even bigger if you fall below maintaining balance in 3 months which would cost you up to Php 3,000.
Take note of the features of Unionbank's Regular Savings Account:
- Php 25,000 = initial deposit
- Php 25,000 = maintaining balance (the same as initial deposit)
- Php 25,000 = average daily balance in order earn interest
If you're an EON accountholder in Unionbank, you should not worry because it has no required maintaining balance. You can maintain a zero balance in that account. But take note you should at least deposit your EON account with Php 350 in a year and do at least one or two transaction per year to avoid the "No Transaction in 1 Year Penalty" which is Php 200.
- To avoid being charged with falling below maintaining balance penalty, you must regularly monitor your account balance. To help you easily and conveniently monitor your balance, you have the option to avail Unionbank E-wallet account and enroll that account to Unionbank's online banking facility. Simply inquire to your Unionbank branch regarding this. Through Unionbank's E-wallet enrolled in online banking, you can access your account online and you can also pay your bills (electric bills, internet/phone bills/, PhilHealth, SSS, etc) online.