Question & AnswerQ&A (BSP CIRCULAR NO. 118)
Clients in Metro-Manila and Metro-Cebu must have a daily average deposit of at least P500,000 to qualify for deposit pick-up services.
Clients outside Metro-Manila and Metro-Cebu must have a daily average deposit of at least P300,000 to qualify for deposit pick-up services.
Deposit pick-up services are authorized only during regular banking hours and days unless justified for extension due to the nature of the business and volume of deposits.
A bank must have total resources of not less than P100 million, net assets of at least P10 million or minimum required capital, not be deficient in net-worth-risk assets ratio, have a past due loan ratio not exceeding 15%, no past due obligations with BSP or government financial institutions, continuous profitable operations, and adherence to laws and BSP regulations.
They must submit a justification including names of clients, estimated average deposits, proximity of clients, names and number of other banks in the area, and a written agreement defining responsibilities between the bank and clients.
Deposit pick-up must generally be made using armored cars, which cannot operate as mobile banks or solicit deposits from the public.
Armored cars must be insured against loss, staffed by at least two armed guards, supervised by two bank officers, and all transactions should follow existing banking regulations.
No, deposit pick-up services are not allowed on days other than the bank's regular banking days.
Banks must maintain a recorded/log book with details of pick-up activities supported by trip tickets signed by responsible officers, and provide records or reports for BSP inspection when required.
Non-compliance subjects the bank to appropriate sanctions consistent with Philippine laws, BSP rules, and regulations.