…..they email you directly and ask you to.
Over the recent long weekend (Belated Happy National Heroes’ Day, by the way), the Bank of the Philippines Islands (BPI) released a succession of confusing announcements that resulted in their clients causing an uproar on social media.
Initially, the bank required their customers to fill out and submit a Customer Information Sheet (CIS) and Foreign Account Tax Compliance Act (FATCA) form, along with a photocopy of one valid, photo-bearing ID, to the nearest branch or via snail mail.
And all this had to be done before 31 August 2016. At the time of the announcement, the deadline was but five days away (two if you discount the three non-working days in between).
Failure to comply would supposedly result in clients losing access to their online and ATM accounts, as well as other electronic banking services.
After several netizens (understandably) aired out their frustrations and misgivings, BPI issued another statement yesterday, moving the deadline instead to 30 September 2016, as well as adding that “If you have updated your client information this year, you may disregard this advisory.”
But two hours prior to this writing, it appears that the Philippines’ oldest bank has changed their tune yet again. According to the latest update, the recent announcements regarding the updated customer information sheets “only apply to a limited number of individuals, with whom [BPI] has already communicated with separately.”
So, there you go. Unless you got an email from BPI asking you to update your customer information, there’s no need to be (further) stressed out by all of this.Special thanks to Wikipedia for the main image.