To manage finances, a business always requires a special bank account. The net income, money owed to the company, money owed to creditors, and payroll paid to employees can all be tracked using the EastWest Bank business account. Businesses require different types of accounts depending on the nature of their business. With that in mind, the EastWest Bank offers multiple business accounts that are useful to all its customers.
Types of EastWest Bank business accounts
These are the types of business accounts offered by EastWest bank:
Business checking accounts
With this account, you can conveniently manage your day-to-day payments and disbursements. You can access your funds anytime and anywhere, conveniently disburse funds through check, and take control of your business account and bank anytime, anywhere with EastWest Bank online and mobile.
Business ChequeMax
ChequeMax is an interest-earning business checking account that allows you to disburse funds for routine activities easily and provides you with the following benefits:
- Earn interest just like a savings account while enjoying the perks and convenience of a checking account.
- Access your funds easily and keep track of your financial transactions with an EastWest Bank Visa debit card.
- Cash checks at any EastWest Bank location nationwide for free.
- The minimum initial deposit for this account is ₱20,000, the maintaining ADB is also ₱20,000, the minimum interest earning balance is ₱20,000, and the interest rate is 0.125% per annum.
Regular business accounts
When you open an EastWest Bank regular business checking account with an initial deposit of as little as ₱5,000, you can conveniently disburse funds for your everyday business transactions. It also includes an EastWest Visa debit card.
How to apply for an Eastwest Bank business account?
To apply for an Eastwest Bank business account, follow the steps below:
Visit the Eastwest Bank website and click on Business.
Click on Deposits and then move your cursor to Checking accounts. Select the business account you want to apply for, and click on Apply now.
Fill out and print the online customer information sheet.
Visit your local Eastwest Bank branch to submit the completed client information sheet and the documentary requirements.
Requirements
Below are the requirements to open a business account:
General requirements
At least one valid identification document (ID) with the applicant’s photo and signature that is not expired.
Affidavit of tax exemption notarized by the applicant/depositor.
Tax exemption certification (RDO) from the revenue district office.
Certificate of business registration.
Business permit.
Identification papers, for example:
Driver's license.
SSS/GSIS cards.
Company ID cards.
Passport, etc.
For OFW applicants:
At least one government-issued valid ID card.
Consularized certificate of employment compensation, COEC with original six-month remittances.
Consularized certificate of employment compensation, COEC with an original six-month payslip.
For sole proprietorship
Registration of a business name with the Department of Trade and Industry (DTI).
Mayor's permit for the city or municipality.
A minimum of one genuine, original ID with a photo issued by a government agency.
For partnership
Partnership articles.
Registration certificate from the Securities and Exchange Commission (SEC).
Notarized resolution or agreement stating each partner's level of authority in dealings with the depository bank.
For corporation
Constitutional documents.
SEC certificate of registration or a similar document from another suitable agency.
By-laws.
The board resolution was properly notarized and included the following:
Permission to open an Eastwest Bank account.
Designated officers are authorized to deal with bank deposits, including the extent of their jurisdiction, the type of their authority, and how they should comply with the By-Laws of the relevant corporation.
Pros and cons
Below are some pros and cons of the Eastwest Bank business account:
Pros
The business account can earn interest, just like a savings account.
You can access your funds easily through debit cards.
There aren't too many requirements before opening an account.
All the bank account eligibility and requirements are there on the DBP website. You don't have to go to the bank before learning about them.
Cons
The business account offered by this bank is limited. There aren't many types to choose from.
The application can only be completed in-branch, no online application.