About bank
RCBC, one of Southeast Asia's largest and oldest corporations, engages in over 60 businesses, including insurance. The bank aspires to satisfy the changing demands of Filipinos by providing cutting-edge products, excellent service, and a motivated team to help its members.
Rizal Commercial Banking Corporation is currently located at Yuchengco Tower, RCBC Plaza, 6819 Ayala Avenue, Makati City 0727 and has provided financial services to its members since its inception in 1960. In 2019, RCBC and RCBC Savings Bank merged, expanding their asset base and improving their financial status. Additionally, the bank issued the first ASEAN Green Bonds denominated in Philippine pesos to be listed on the PDEx exchange. These were 18-month bonds worth ₱15 billion.
In the early 2000s, RCBC acquired 65.09 % of Bankard Inc., an issuer of credit cards. The acquisition allowed the bank to offer its clients credit cards. With ₱772 billion in total assets in 2020, the bank became one of the biggest universal banks in the Philippines amid a global pandemic. It was also voted Best Credit Card Initiative at the Retail Banker International Asia Trailblazer Awards, 2022. These honors and product variety have allowed RCBC to grow, with over 444 branches and 2,492 ATMs.
Features
RCBC provides more than just financial services. It also offers investment-linked life insurance products, auto, fire, personal accident, and other non-life insurance products in collaboration with SunLife GREPA Financials (SLGFI) and Malayan Insurance Company, Inc. (MICO). RCBC is also committed to assisting in the recovery of disaster-affected communities through the AY Foundation, a community development foundation.
Pros and cons
The Rizal Commercial Banking Corporation provides a wide range of products, cares about the environment, and even aids disaster-affected communities. However, before using their services, you should weigh the advantages and disadvantages.
Pros
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They have a wide range of products and services. The bank provides its clients with a wide array of goods and services, such as deposits, loans, trading in securities, mortgage loans, insurance, trade financing, and investment banking.
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They have a user-friendly interface. Users can quickly organize their accounts and easily access their money as needed.
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They have a good reputation. Customers can borrow money from the bank since it has a good credit rating and a high level of security.
Cons
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The premium banking products are not diverse. For the premium subscribers, they don't provide many products. They only offer wealth management and the hexagon club.
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The bank charges upfront fees. All clients who transact over-the-counter, whether they are depositors or agents, will be charged ₱100 Inter-Branch and Inter-Regional fees.
Products
The RCBC offers its members a wide variety of products and services. They include:
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Personal banking. The bank provides deposits, savings accounts, checking accounts, time deposits, foreign currency, home loans, auto loans, and personal loans. It also includes unit investment trust funds, fixed income securities, and personal trust investments. RCBC also provides 18 credit cards with specific rewards and privileges when you spend money on travel, dining, and shopping. These cards have security features such as EMV chip technology and incentives such as free travel insurance, purchase protection, and access to world-class airport lounges. Personal banking also provides Sun Life GREPA and Malayan insurance, Remittance savings accounts, TeleMoney remittance inquiry, and online banking.
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Premium banking. The bank provides a hexagon club and money management services. Suppose you have an RCBC checking or savings account and maintain the minimum deposit of at least ₱500,000. In that case, you can join the Hexagon Club Prestige, a premier club for account holders where members enjoy premium banking services and exclusive privileges. You only need to maintain the required deposit of ₱100,000 with the Hexagon Club Privilege.
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Corporate banking. RCBC provides corporations with savings accounts, checking accounts, loans, corporate Loans, corporate salary loans, receivables services, disbursement solutions, unit investment trust funds, fixed income securities, and RCBC online.
