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Opening Corporate Accounts at Rural banks - Need help

Jayumaster · 8 · 1684

Jayumaster

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Good day po. Need ko lang ng advice from you guys. Ito po ang details:

1. Our Cooperative plans to open a checking Corporate account for our Revolving Funds.
Revolving Funds = Cash used for Member Loans, Operational expenses, petty cash, liquidation etc.
2. I belong to the Coop management. (Cooperatives work by democracy. One vote per member, hence, limited power.
3.I favor opening from a rural bank near our operations.

My positions:
a. Malapit, hindi na magcocommute yung mga mag-eencash ng checks (mga member loans)
b. Accessible, kapag need magreplenish ng reserves (petty cash) anytime ay mabilis.
c. Since Cooperative, should we advocate cooperation and help small rural banks just as we as a coop, are made up of simple folks.
d. Maliit ang opening at minimum maintaining balance. Mura na mag-open. hindi pa tulog ang pera. (BDO requires 20K while rural banks just 4-8K) Sayang yung balance, napapaikot sana.
e. Nag-gegenerate ng interest ang pera di tulad sa big banks.
f. I recommended that only the resolved "Revolving fund lang ang ilagay sa rural bank, the rest stay sa BDO.

Big banks position by others: (they want  to retain BDO)
a. "Kung kailangan mo ng pera, mag-commute ka" !!! (kung gusto may paraan daw, isang sakay lang naman)
b. Generally "Safer" daw sa BDO dahil kilala.
c. Can transact during weekends.
d. Ang ultimate sentiment nila ay: "baka magsara yung banko (kahit may PDIC naman)

PLanbank nga po pala yung bank, di naman sya basta-basta.
I cannot seem to convince the Board of Directors. Ilang ulit nang namotion to postpone and review yung proposal.

Do you think they were right? or do I have a valuable point that they should consider?
if yes, can you please give me advice on how to present it to the next Board meeting. Paano ko sila mapapa-payag?
maraming salamat po mga ka-PMT ers.  :thankyou:


Jayumaster

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Reply #1 on: Nov 18, 2014, 06:31 PM
Two weeks to go before next Board meeting.  :help:


brians

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Reply #2 on: Nov 20, 2014, 11:22 AM
hi are you from the company or sales sa bank? sorry hahahah but my opinion is this:

1. why rural bank? why not commercial  banks like bdo, chinabank, metrobank?

2. if you're from a company or lets say big company with big deposits why not ask for a service from the banks like pick-up service kadalasan personalized service sa banks depende sa agreement with the bank managers.

3. bdo safe dahil kilala?? think again may alam ako bank will not mention the name nag nakaw at manager pa gumawa nun

4. weekend banking go for bdo and chinabank lahat nasa sm malls and hawak ng mga SY. pwede rin east west bank may mga certain branches open sila pag saturday.

5.ultimate sentiment baka magsara ang bank? dont go for rural banks go for commercial.

im a former bank employee for nearly 9yrs alam ko na mga kalokohan ng mga iba.


Jayumaster

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Reply #3 on: Nov 20, 2014, 12:03 PM
Thanks for the response. :thankyou:

My sentiment is that the member-borrower (loans) from our cooperative are released as checks. If I am the borrower, and I need to commute/travel to the bank just to encash my loan, would that be a little burdensome for my part? As opposed to just walking a few meters to a rural bank.

Kaya nga po proposal ko e yung revolving fund na ginagamit sa release ng checks for loan and for petty cash ay sa rural bank na malapit sa office. Yung bulk ng fund just stays in the big bank.

But the majority of the Board thinks the other way.

Well, thanks again.


brians

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Reply #4 on: Nov 20, 2014, 12:28 PM
may i ask san location kayo?


brians

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Reply #5 on: Nov 20, 2014, 12:31 PM
another option is if may payroll accnt sila na may atm they can do manual crediting sa bank anyway letter of instruction lang naman thats my idea


Jayumaster

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Reply #6 on: Nov 20, 2014, 01:11 PM
Community based Cooperative po kasi kami from Laguna at hindi employees coop (institutional). So wala pong payroll accounts. Matagal pa po, mga 5-10 years pa siguro bago magkaroon ng sariling accounts mga members. Long term plans na magkaroon ng mobile based banking parang g-cash/globe banko. Sa ngayon manual checks muna dipa naman big time coop.
 :thankyou:


Jayumaster

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Reply #7 on: Dec 30, 2014, 11:31 PM
Update:
BDO won the vote. Already rolled the steps in its completion.

Nag-upgrade na pala ang bank. 50K na ang opening at maintaining balance para sa corporate checking.
I still believe in my position. Tulog ang 50K mo para sa revolving funds account.


 


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