An RCBC business bank account gives users access to a wide range of financial products and services, making it easy for them to manage their finances. The bank account also offers business owners and entrepreneurs services, such as credit cards and loans.
Types of RCBC business bank accounts
The bank offers the following financial products to its customers:
Corporate Savings Account
Businesses that want to save money can open a Corporate Regular Checking, Corporate Dragon Peso Savings, or a Corporate Dragon Checking account.
Corporate Checking Account
With a Corporate Dragon Checking account, you can make payments and track your company's finances.
Corporate Loans
To assist businesses in meeting their financial obligations, RCBC offers both short- and long-term revolving credit.
Corporate Cash Management
RCBC can assist you in managing your cash flows and streamlining your financial processes. The bank can accomplish this by automating disbursements, ensuring the security of your payments, and ensuring that your receivables are well-managed.
Corporate trust
RCBC can help your business's finances thrive while keeping employees in place through investment management and employee benefit plans that fund, manage, and provide retirement benefits.
How to apply?
To apply for an RCBC business bank account, you must visit any branch and fill out the forms. First, visit any RCBC branch. Go to the business accounts section and ask for new business account forms. You will be required to fill in and upload all the necessary documents. Then, verify that the documents attached are up to date. Confirm the minimum initial deposit, required average daily balance (ADB), and balance to earn interest. After that, you can deposit the minimum amounts required for your account to be operational at the teller.
Requirements for an RCBC business bank account
You must have specific documentation before opening a business bank account with RCBC. These documents prove your eligibility and the existence of a legitimate, functioning business. Nonetheless, organizations in the top 1000 and publicly traded organizations are not required to provide proof of address.
Basic eligibility
One valid photo-bearing government-issued identification card of each authorized signatories and corporate secretaries
Certificate of Registration issued by DTI, SEC, BSP
Articles of Incorporation/Partnerships or Association and By-Laws;
Board or Partner's Resolution duly certified by the Corporate/Partner's Secretary authorizing to sign on behalf of the entity
Latest General Information Sheet
Notarized Lease Contract
Latest Mayor's Permit
Utility Bills like electricity and water should be dated within the last three months
Delivery receipts of known couriers like LBC, DHL, and JRS should be dated within the last three months
Latest General Information Sheet
Latest Corporate Income Tax Receipt
Unexpired insurance policies covering corporate assets/risks
Latest Corporate Real Estate Tax Receipt
List of valid ID cards
Local companies
Board of Partner's Resolution, Secretary's Certificate
SEC Registration (Corporation/ Partnership)
General Information Sheet (GIS)
Articles of Inc./Assoc./Coop.
By-Laws
Cooperative Development Authority Registration
Foreign companies
SEC Documents
Similar documents issued by a foreign country; duly authenticated by the Philippine Consulate
Board Resolution
Pros and cons
RCBC business bank account is useful for a wide range of financial services, including online and mobile banking, as well as foreign currency exchange rates. You can also access your account 24 hours a day, seven days a week, to manage all your transactions and pay your bills. You will also receive alerts about your transactions, which means you'll never miss an important payment again. However, it also come with some drawbacks, as shown below:
Pros
You can use their website or mobile app to access your company's business bank account quickly.
You can use your business bank account to make online purchases, pay invoices, and set up automatic payments.
Cons
There is no online application for businesses accessible; applications must be submitted in person.
There are certain standards you must meet when opening a business account.