About bank
Bank of Makati is a savings bank in the Philippines that offers financial solutions to individuals and small businesses. Founded in 1956 as a rural bank, the Bank of Makati has helped savers and small businesses in the Philippines achieve their financial goals. The bank is headquartered at Ayala avenue in Makati city.
Motor trade founded the bank of Makati in 1956 as a rural bank in Makati, Philippines. The bank's vision was to help the rural Filipino population make savings and achieve their financial goals. The bank has grown and diversified its services nationwide, with 102 branches. BMI has its headquarters in Ayala avenue near Metropolitan, Makati City.
Features
BMI offers financial solutions to individuals and businesses. You can open business savings account with a ₱3000 minimum amount. The bank also offers loans to customers for 24 months with no upfront fee.
The bank also lends to microfinance at a low interest. No collateral is required, and the loan is payable for up to 12 months. BMI offers cash management services such as Courier, over-the-counter bill payments, and deposit pick-up.
Pros and cons
Every financial institution has benefits and drawbacks, depending on your financial needs. Therefore, you should analyze its features and determine if it meets your financial needs. The pros and cons of BMI include:
Pros
You may have low minimum amount for account opening.
The bank offers loans to businesses and micro finances without collateral
The bank charges low interest on loans with a long repayment period of up to 24 months
There are few pre-qualification requirements for loan applicants
The bank offers its customers a wide range of cash management services.
Cons
The bank charges a high with-holding tax rate of 20% on peso time deposit
The bank offers maximum loans to micro finances are low.
Products and services
BMI offers its customers a wide range of products and services. The products include savings accounts, business accounts, and loans. In addition, it offers products such as bill payment services, ATM payroll, Courier services, and HMO collection.
Products
Accounts
Regular savings accounts. With a ₱3000 initial deposit, you can open a regular savings account. The bank offers you a passbook to help you track all transactions in your account.
Checking account. Business owners can open a checking account to help them make cashless payments with a ₱10,000 minimum initial deposit. Account holders enjoy free over-the-counter interim statements at any time.
Checking account plus. Business owners get a passbook and a record book to help them track transactions and business payments. The minimum account opening balance is ₱10,000.
CTD peso time deposit. An interest-earning account where you deposit a minimum of ₱5000 for any period starting from 30 days. The bank charges 20% withholding tax for the amount you deposit.
Loans
Sole proprietors, partnerships, and small merchandise enterprises can access business loans to boost their business and run business activities flawlessly. The loans include:
Business loans. BMI funds small businesses to help them build business premises or add capital to their business. The interest rate depends on the prevailing market rate, and borrowers can access up to ₱300,000.
Housing and construction loans. Offered to property owners to fund their building projects.
Developmental loans. Individuals and partnerships can borrow funds to complete an ongoing project such as business premises.
End-user financing. Offered to individuals and businesses to help them purchase a home or business building.
Services
BMI customers can access the following cash management services from the bank.
ATM Payroll. The bank helps employers to pay their staff in time by debiting the business account and crediting employees' accounts.
Courier service. BMI helps businesses and individuals to transport documents from and to the bank to residential and business premises.
Deposit pickup. If you are busy, the bank picks deposits from your home or business and deposits them in your account on your behalf.
Over-the-counter bills payment. The bank acts as a collecting agent for your bills and settles them in time on your behalf.
HMO Collection. BMI collects and delivers the statement of account from institutions such as health maintenance organizations and helps them collect payments for services rendered.
