LAND BANK of the Philippines (LANDBANK) has waived the fee charged for fund transfers to other banks worth below P1,000 starting Nov. 1.
“We are thrilled to announce that LANDBANK is waiving transaction fees for small-value online fund transfers to other banks. This is our holiday gift to our valued customers, as we continue to promote safe and convenient digital transactions,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement.
The state-run lender will waive fees for customers’ first three online fund transfers or transactions in a day made through the LANDBANK Mobile Banking App (MBA) and its online retail banking channel iAccess.
Meanwhile, fund transfers from and to LANDBANK and Overseas Filipino Bank (OFBank) accounts, regardless of amount, remain free of charge.
For transactions worth P1,000 or above, clients will need to pay the fixed transaction fee of P15, which was previously lowered from P25.
LANDBANK said removing fees for small transactions will help promote financial inclusion and push digitalization in line with the Bangko Sentral ng Pilipinas’ push for both.
In July, LANDBANK removed its daily transaction limit for fund transfers and bills payments.
The bank also increased the daily aggregate amount limit of fund transfers via LANDBANK MBA and iAccess to P100,000 from P50,000 for those made through the InstaPay payment gateway and to P1.5 million from P500,000 for those done via PESONet.
LANDBANK saw its net income rise by 24% to P31.85 billion in the first nine months amid higher loans and yields from its investments. This made up 90.9% of its P35-billion profit target for the year.
This was the highest net income recorded by the bank thus far. It also exceeded LANDBANK’s P26.3-billion earnings target for the first three quarters of the year. — AMCS