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.
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!