About bank
Quezon Capital Rural Bank is a financial institution located in Lucena City, Quezon province in the Philippines. The bank offers financial products and services including savings, loans, funds transfers, payments, ATM card services, and payroll account services.
Quezon Capital Rural Bank (QCRB) was founded in 1974 by CPA lawyer Leandro P. Garcia. The bank serves the urban and rural residents of Quezon and has over 35 branches in the Philippines. Its headquarters are in Lucena City in Quezon province. Since its inception about five decades ago, the bank has networked in the rural setup of Quezon province to empower low- and middle-income earners in their development projects. The bank also offers financial products to the rural inhabitants of the province at affordable interest rates, improving their living standards.
Pros and cons
Before you start using any of the products, make sure you understand all the advantages and disadvantages of the chosen bank.
Pros
- They offer short- and long-term loans to farmers, property owners, and industrialists in the urban and rural communities at affordable rates.
- Their deposit services enable low-income earners, the middle class, and large businesses to make savings.
- Their Flexi-Home program enables members to acquire property at low interest.
- They offer traditional over-the-counter banking services and digital banking hence accommodating a wide range of customers.
Cons
- Their services are centered in the rural Quezon province, which makes it difficult for the urban population to access some products.
- Their Internet banking services are limited to deposits, withdrawals, and funds transfers.
- Their customers can only access the other products and services over the counter.
Products
QCRB offers its customers deposits, loans, and other featured products.
Deposits
The bank offers deposit services to suit every customer's financial capabilities. They include:
- Regular savings deposit. The minimum amount to open this account is ₱1000. The savings earn a 0.15% interest annually. A 20% withholding tax is levied on the amount after every four months and customers access the services over the counter. The bank also allows this account to remain dormant for up to two years.
- Peso time deposit. Peso time is a fixed deposit service with a ₱5000 minimum deposit. The savings attract interest based on the prevailing market rate. QCRB levies a 20% withholding tax on the amount saved on the due date. Customers can keep their funds in the account for a minimum of 30 days and a maximum of 90 days.
- Regular checking account (Demand). The bank offers personal and commercial regular checking accounts. The minimum deposit for a personal account is ₱5000 and for a commercial is ₱10000. Customers access their funds through a checkbook, and dormancy allowed is 12 months.
- Regular checking account (automatic transfer agreement ATA). QCRB offers personal and commercial ATA accounts. The two accounts are open with a ₱25000 minimum. The savings earn a 0.1% interest rate, and a 20% withholding tax is posted on the savings quarterly. Customers access funds through regular checkbooks, and the dormancy period is one year and two years for ATA.
- Capital savings plus II. You need a ₱50000 minimum initial deposit and a ₱50000 maintenance fee to open this account. The interest rate is 1% per annum, and the tax levied is 20% (withholding). The bank allows three withdrawals quarterly; any extra withdrawal attracts a 0.25% tax.
- ATM peso savings. You need a ₱500 minimum deposit to open this account. The account earns no interest, but if you add a ₱10000 maintenance deposit, it bears a 0.13% interest. Customers access funds through ATMs and over the counter. You can withdraw up to ₱50000 per day and the bank allows for two years of dormancy.
- Regular dollar deposit. The minimum deposit for this account is $100 and the maintenance deposit is $100. Savings in the account earn 0.125% interest posted quarterly. The maximum deposit is $10000. You can track your transactions on a passbook.
- Dollar time deposit. Dollar time is a fixed deposit account that earns interest according to the prevailing market rates. The account activation deposit is $500 and the maximum deposit is $10000. Customers access their funds after 30-180 days.
Loans
Quezon Bank offers its customers the following loans.
- Agricultural loans. This loan is offered to farmers to cater for all agricultural expenses such as planting, harvesting, storage, and purchase of land and farm equipment.
- Commercial loans. The bank offers business owners commercial loans to boost their business through the purchase of goods and renovation of their business premises.
- Industrial loans. Small and medium-scale manufacturers are offered this loan to enable them to convert their raw materials to finished products.
- Development incentive loans. These loans are offered to institutions like schools, hospitals, and cooperatives to fund their development.
- Equity credit line. Equity credit is a revolving credit line where borrowers issue checks to facilitate their businesses. The loan lasts for one year and is disbursed upon issuance of a checkbook.
- Revolving credit line. Business people access these loans, which attract a monthly interest. To qualify for the loan, you must show proof of being in a profitable business for three years.
- Flexi home loans. The Flexi Home loan is offered to customers for ease of land acquisition and purchase of residential houses. The interest rate is reasonable, and the repayment period goes up to 15 years.
- Flexi commercial real estate loans. This loan is offered to facilitate the purchase and building of the commercial property.
- Loan Combo Maximizer (LCM). Customers who access this loan are allowed a grace period of 12 months before they start servicing it. This allows them time to maximize earnings from the loan through investments.
Services
- Fund transfer. The bank offers intra-bank transfer of funds where customers send money to other customers who have an account with QCRB.
- Payment services. The bank offers 4PS payments where customers pay through the POS terminal.
- Payroll. Small and medium businesses can open a payroll account with the bank to facilitate payments.
- ATM debit cards. Customers with debit cards can withdraw money from automatic teller machines or purchase goods and services using the cards.
