About bank
Maybank Philippines Inc., MPI, is a Filipino bank founded in 1960 by Khoo Teck Puat and Oei Tjong le. The bank later expanded, and within three years, it had built 150 branches around the country.
Features
At the time of its incorporation, Amersham Abdul Aziz was the president and CEO of the institution. Aziz, on the other hand, served from 2002 until March 2008. He then quit the bank after being nominated to the government as a Minister. Dato' Sir Abdul Wahid Omar subsequently took over as Chairman of Maybank. From March 2008 to June 2013, he served as the company's president and CEO. On August 2nd of the same year, vice president Abdul Farid Alias took over as CEO and president of the firm.
MPI is a full-service commercial bank that serves retail, commercial, and corporate customers. It provides various financial services and products, including lending (personal, commercial, and corporate loans), deposit-taking, electronic banking, credit cards, cash management services, remittances, trust, fiduciary accounts, and treasury goods, and services. With over 20 years of experience in the Philippines, the bank is well-positioned to provide good service to its clients. MPI is located on all three major Philippine islands, with over 60 locations, over 90 offsite and on-site ATMs countrywide, and a safe and simple Internet banking platform.
Pros and cons
Maybank provides various financial services and products such as loans, premier banking, remittance, etc. However, before using any of these services, it is important to analyze the company's benefits and disadvantages, which will aid in making sound decisions.
Pros
-
The bank provides a comprehensive range of financial products and services and is one of the most popular financial organizations in the country, with over 150 branches nationwide.
-
Its checking accounts have several access options, including a checkbook and a regional ATM card.
-
The bank provides the Unit Investment Trust Fund (UITF). This professionally managed collective trust fund invests in a wide range of investment products to deliver maximum yields and profits to its customers while maintaining a predetermined level of risk.
Cons
-
The bank provides Internet banking, which is mostly risk-free but never totally safe. Identity theft is rising, and Maybank is not immune, having had a security breach in the past.
-
Maybank will want you to produce certain papers when applying for a loan, such as a designation card and your signature. Not only will the bank want you to supply documents, but it may also request specific power of attorney in some cases. This will often lead to slow processing time.
Products
Below are some of the products offered by Maybank:
Loans
Some of the loans offered by the bank are:
- Term loan. This is for people who require a loan to support their firm's expansion or are considering acquiring equipment or investing in a new product line. The bank allows you to pick between a short-term loan of fewer than 360 days and a long-term loan of 3, 5, or 10 years. Term loans can be used for project finance, facility modernization, purchasing products and services, and business development.
- Personal loan. The personal loan assists you in attaining your own goals or dealing with an emergency. It has a loan amount of up to ₱1 million, flexible payment terms of up to 36 months, a reasonable monthly add-on rate that is one of the lowest in the industry, and so on.
- Brand new car loans. You can use this loan to purchase a new automobile for personal or commercial use. It requires a 20% down payment and has a maximum loan duration of up to 60 months. They also have a one-day approval procedure and only demand a few papers.
Other loans offered by the bank are; auto loan refinancing, truck loans, used car loans, home acquisition loans, home construction loans, home equity, home loan refinancing, and retail SME loan.
Deposit accounts
Some of the deposit accounts offered by Maybank are:
Classic savings account
This is a traditional passbook-based savings account with a free regional ATM card that allows you to access your funds whenever and wherever you choose. To earn interest, have a minimum balance of ₱10,000. It also includes a debit card, allowing you to access your account at any ATM worldwide that has the Visa logo. The current interest rate is 0.25%.
Other deposit accounts offered by the bank are iSave, Yippie savings accounts, imTeen savings account, classic checking, premier 1 checking account, business checking accounts, traditional time deposit, US dollar savings account, etc.
Remittance services
Customers can send and receive payments using banking partners such as BancNet and Instapay. The remittance services include Maybank region link, interbank fund transfer, and telegraphic transfer.
