The Landbank of the Philippines (LBP) seems to be pushing clients away towards privately owned commercial banks by setting a steep minimum amount for those planning to withdraw their money over the counter.
Landbank’s requirement of withdrawing a minimum of P50,000 over the counter was exposed through a Facebook post by netizen Victoria Gumabao. She said she went to a branch of the government-owned bank to withdraw money because she was having problems withdrawing via BancNet ATMs.
At the branch, she was told by a teller that she needed to withdraw at least P50,000.
“I reacted why on earth do they expect all their account holders to have funds not lower than 50k in their accounts????,” Gumabao fumed.
“I argued that I needed to withdraw for medicines and if something happens to my husband because we were not able to buy medicine, it will be their FAULT!,” she shared. “At this point, the bank manager intervened and told me that she would get a clearance from their Head Office.”
Frustrated, Gumabao attributed the new rule to Landbank’s absorption of her original bank, the United Coconut Planters Bank (UCPB).
“I am just an ordinary employee who receives measly salary and for sure, I will not be able to keep up with the minimum OTC withdrawal of Php 50,000.00 per transaction!!!,” she added. “Central Bank please enlighten bank account holders. This is too restrictive to the money owners who only live on measly salaries.”
Fellow netizens shared they had the same experience too with the government bank.
“Happened to me also Victoria. Had to bring the concern to the manager. She signed my slip and allowed the transaction,” one said.
“Lipat ka na sa ibang bank, period,” another Facebook user advised.
