LandBank business bank accounts for march 2023

Landbank offers a non-interest-bearing and interest-bearing (depending on the type) business accounts, where deposits can be made in person or with a cash deposit machine (CDM) during regular banking hours and days, and withdrawal can only be made through a check. It supports and keeps track of your business's financial aspect while managing it.

Types of Landbank business accounts

Below are the types of current business accounts offered by Landbank.

Current account with ATM access

A non-interest-bearing peso business current account allows for several methods for deposits, withdrawals, and cashless purchases. The minimum initial deposit is ₱5,000, the required minimum monthly ADB is ₱5,000, the service charge, when fallen below monthly ADB, is ₱200 a month, and the closing fee is ₱30 a month.

Peso EASY check account

An interest-bearing peso checking account (IBCA) where withdrawals are made by issuing checks and deposits are done over the counter. The minimum deposit is ₱20,000, and the minimum monthly ADB is also ₱20,000. The interest rate is 0.05%, and the closing fee is ₱300 a month.

Corporate e-banking accounts

Institutional customers and private and government corporations can use the Landbank e-banking account any time and anywhere. Like personal e-banking accounts, it is divided into other sub-accounts, eMDS, i-easy padala, eTPS, and weAccess.

Landbank eMDS

For national government entities, such as the bureau of the treasury and the department of budget and administration, Landbank eMDS is a secure Internet account that provides banking convenience for carrying out modified disbursement system (MDS) transactions online.

Landbank i-easy padala

Another e-banking innovation from Landbank is the easy padala. It is a web-based remittance system (Landbank remittance system) that allows Filipinos abroad to send their hard-earned money to their recipients in almost real-time, no matter where they may be.

Other types of Landbank business accounts are:

• Regular current account.
• Peso EASY check account with ATM access.

How to apply?

1. Go to a Landbank branch closest to you with the required documents for the type of business account you intend to open.
2. Meet a customer service rep and state your intent.
3. Follow the directives to open a new business account.

Requirements for opening a Landbank business account

The requirements vary depending on the business account you intend to open. The general conditions are the ones below:

For sole proprietorship

• >City/Municipal Mayor's permit.
• Registration with the department of trade and industry.
• Request for city/municipal Mayor's permit renewal/old registration.
• Two legitimate IDs of signatories.

For partnership

• Partnership agreement.
• Verification of securities and exchange commission (SEC) registration.
• Agreement on each partner's level of authority that has been duly notarized.
• Two legal identifications of the signatories.

For corporation

• Constitutional documents.
• Corporate by-laws.
• Certificate of registration from securities and exchange commission.

For government entities

Board resolution that is properly notarized and includes the following:

• Authorization to open a bank account with LBP.
• The nature and scope of the designated officers' signing authority.

For cooperatives

1. Article of incorporation and by-laws certificate of registration with the cooperative development authority.
2. Properly notarized board resolution, which includes the following:
• Authorization to create a bank account with Landbank.
• Designated officers.
• The scope and form of that authorization

Pros and cons

Some of the pros and cons of Landbank business bank accounts are:

Pros

• It offers financial protection for your business.
• It aids in keeping track of expenditures, keeping tabs on spending, and preventing unintentional overspending.
• It makes it easier to distinguish between company and personal spending, allowing you to maximize your tax deductions for your business without running the risk of being audited.

Cons

• It requires a lot of documentation before being able to open an account.
• Account opening is only done offline. No.
• Account opening is stressful.