GoTyme Bank users’ FREE deposits via linked bank accounts are down to two per month starting November 15.
In an email advisory, dated November 4, the Gokongwei-backed digital bank says once all free deposits are used up, further deposits via linked bank accounts are charged with a ‘small’ transaction fee:
- 1% charge for BPI users
- PHP 8 flat fee on other local banks
Hence, for example, if a user deposits from BPI for an amount of PHP 10,000, the transaction charge of 1% will be PHP 100.
As of writing until the said date, there is no cap on free deposits on any linked bank accounts.
A turnaround for BPI users is to send directly in-app via InstaPay or PESOnet to get around the 1% fee with as low as PHP 25 charge.
Last month, GCash implemented a PHP 5 cash-in fee for BPI and UnionBank linked accounts. One of the most popular e-wallet says that this is “due to increasing costs”.
Only time would tell if the other popular digital bank/ e-wallet, Maya, will follow suit of these deposit fees.
