February 14, 2012

My First Ever Check Account

Check, Account, Guimba bank

This week, I got my first check account but still clueless on how to use it and where will I use it. Last week I apply it in our local rural bank, but opening the check here is not as easy as it may sound, the Manager needs to interview me first (or should I say interrogate me) before it can be passed and approved on the main branch in Cabanatuan City along with the requirements that I need to submit on them, including: business permit, barangay permit, TIN number and 4 pieces of my 2 by 2 pictures.


house construction

The truth is I intend to use it for the continuation of our house construction, where I can get the material in hardware even if I don't have a cash on hand, just like giving a bond or guarantee that I can give a fund on the check for the specific date. Or I will be charge if I missed it by charging an interest on my purchased or they will file a case for me if I miss to pay ( It's a nightmare that I wish it wont happen). 

The account that I open has a passbook so that I can track down the balances on the account. And it has a minimum maintaining balance of Php 15,000.00 ($ 370). I still have the check intact and I'm in the process of learning how to use the check. Although I already have some savings account both in regular and in premium (time deposits) but check account is another banking experience for me to learn. I need more savings for this one, and will try to stretch more on my budget. Wish me luck!

13 comments:

  1. Congrats friend, I also have that before when I am paying the developer of my housing loan. Just be careful.

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    Replies
    1. yup I'll be, I still don't know how to use it pa which is good right?

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    2. Just make your check book safe!

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  2. Wow..that house seems like a palaca to me.

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  3. Hmm.. I don't have a check account. yung nanay ko, meron.. pero ewan kung saan nya ginagamit. hehe.. Meron din akong savings account, pero hindi ko na-update for months! I've got to start saving na talaga..

    Anyway, good luck po! :)

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  4. oh its a checking account.. i think it's all about being aware of your balances to avoid bouncing checks hehe.. Goodluck!

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  5. you can practice using it by sending me one... :D at saka, malaki yung house ah...

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  6. now that you have a checking account be very careful when you issue Post Dated Checks and make sure you write it down on the checkbook - when it is dated and how much so you have money to fund it!Unlike before where the account holder is notified of the checking being negotiated at the bank and you have until 12nn to fund it, that is no longer the case now. The check will bounce on the date indicated if there's not sufficient amount for it! Then you pay P1,2000 as penalty!

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  7. Congratulations on your checking account. I hope you'd be able to complete the house of your dreams ^_^

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  8. wow. congrats mam! laki ng bahay :D

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  9. Checking account is an aid for every business man on the go. He issues check to pay his indebtedness in abeyance. He issues it to close his business deal or to claim exclusive ownership of the product for sale or whatever. That's the very purpose of maintaining a checking account. And many businessmen are making abuses of it. Thus, a law in the PH was imposed to those who issued a bouncing check. Now it gets a higher penalty. This is good if you're monitoring of your check issuance and keep them current by putting money to your checking account. To pay in check is better if you don't a ready cash. It is not good if you fail to replenish your cash reserve for said account.

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  10. wow.. go go go .. tayo natin ang dream house natin :) ako din balang araw hehe

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