About bank
1st Valley Bank is a Filipino financial institution funding development projects for individuals and businesses. While the bank has roots in Mindanao and Visayas, it has grown and opened about 78 branches nationwide.
1st Valley Bank helps account holders and businesses to finish their development projects by funding them. The bank's major clients are farmers, although they offer loans to other government employees like teachers and Barangay officials.
1st Valley Bank was founded in 1956 as a rural bank but later transformed into a development bank. The institution served Mindanao residents but has spread to other parts of the country. In 2019, the bank was merged with Sugbuanon Rural Bank, Inc. (SRBI) and D'Asian Hills Bank, Inc (DAHBI) to offer exclusive services to customers.
Features
1st Valley Bank provides financial solutions to farmers, teachers, Barangay officials, and local government workers to complete development projects. Opening individual checking, time deposit, and savings accounts are possible. Additionally, you can set up savings accounts for your children. The interest rate per annum for savings is 0.5%, and the minimum initial deposit is ₱1000 for savings and ₱100 for other deposit accounts. The bank also offers loans to members with a repayment period between 90 days to three years. Other services the bank offers include personal and business checking accounts. These accounts earn interest if you maintain a minimum daily balance of ₱10,000.
Pros and cons
All banks and lending institutions have different features. Before investing in a bank, you should weigh the pros and cons. Knowing them help you determine if a bank is ideal for your financial needs. Here are 1st Valley Bank's advantages and disadvantages:
Pros
Few requirements for account opening
Low initial deposit for individual savings account
Reasonable required daily balance for personal accounts to earn interest.
Fast cash to individuals with financial problems within 24 hours
Wide range of products to meet the customers' diverse financial needs.
Educates farmers on modern farming methods before offering them loans to improve their productivity.
Cons
You require a high maintaining balance for personal and business checking accounts.
You can only access ATM services at selected points, limiting access, especially if you reside away from the bank branches.
Products and services
1st Valley Bank offers these products and services:
Savings account
1st Valley Bank offers the following savings account services to individuals and corporations. These include:
Regular savings account. You can save money in this account after paying an initial ₱1000 account opening deposit and a ₱1000 maintaining balance. Interest for this account is 0.5% per annum.
Kids and teens savings account. You can help your children save with a ₱100 minimum initial deposit in their account. The maintaining daily balance for this account is ₱500, while your savings earn a 0.5% annual interest.
Basic deposit. You require a ₱100 minimum deposit and a ₱500 daily maintaining balance to earn a 0.5% annual interest for your savings.
Others. You can open a checking and a time deposit account as well.
Loans
1st Vision Bank offers loans to borrowers for emergency financial needs and development products. They include:
Agricultural loans. Funds are granted to eligible borrowers for agricultural projects.
Microfinance loans. Start or fund businesses for low-income earners and microfinance institutions.
Gold and gems loans. Borrowers present jewelry as a pledge for the amount they borrow.
Salary loans. They are for teachers, local government units, and barangay officials. The loan is recovered from the monthly salary.
Small business finance loan. This is for purchasing your desired vehicle. You need to make a 20% down payment before you access this product.
SME loans. They are for small and medium businesses to boost their capital and fund other products.
Supervised credit (SUCRE). Offers farmers loans and educates them on modern farming methods to boost their production.
Services
Individuals and businesses can make payments promptly through a checking account. The minimum account opening deposit for a personal checking account is ₱5000, while that of a business account is ₱10,000. You should maintain a ₱10,000 daily balance to earn a 0.5% interest per annum. Other services include:
Branch networking. Enable customers to access funds from different branches improving convenience.
G-cash services. Help account holders make payments, receive remittances, and deposit money. You can also purchase or transfer loads without time restrictions using this service.
ATM services. Help customers conveniently access funds 24/7 through the ENCASH network services from local teller machines.
