ING Philippines reminded its account holders that they can still access their Save accounts after Aug. 31, 2022, its last day of service.
In a statement, the Dutch multinational bank assured ING retail customers in the Philippines that their money remains safe and secure via its mobile application.
“Last June 24, 2022, ING has announced their decision to exit the retail banking market in the Philippines. ING retail customers in the Philippines do not need to do anything now as there is no change to their accounts,” ING said.
“They may continue to access and transfer their funds anytime via the app. Their money also remains safe and secure as ING is regulated by Bangko Sentral ng Pilipinas and a member of PDIC (Philippine Deposit Insurance Corporation),” it added.
Most of its retail banking products and services, however, will no longer be available starting September 1.
In a separate post on Facebook, ING Philippines noted that it will finally close its mobile banking application and services on October 26, 12 p.m.
“In line with the exit of ING’s retail banking business in the Philippines, we would like to inform you that the ING mobile banking app and its services will be discontinued, and ING accounts will be closed by October 26, 2022, 12:00 pm,” it said.
All accounts with remaining balances will therefore be charged P1,000 after this date.
“A post-closure system will be built and other processes will be needed to manage remaining balances so a one-time account closure processing fee of P1,000 will also be charged per funded account,” ING Philippines said.
The post was also accompanied by infographics that contained common concerns of its account holders amid the bank’s looming exit.
ING Philippines said account holders can still claim their remaining funds even after October 26. However, they must visit ING’s office in person and submit additional requirements.
It encouraged account holders to zero out their balances to avoid this inconvenience.
“We encourage you to zero out your account immediately or prior to October 26, 2022, to avoid any inconvenience,” it said.
ING announced its exit from the Philippine market last June, citing an “uncertain global macro situation in the last few years.”
READ: ‘What happens now?’: Account holders in limbo over ING’s retail exit in the Philippines
Bank services closing
ING Philippines said that the following services will no longer be available on September 1:
- Inward fund transfers (InstaPay and PESONet) including QR services
- Fund transfers between ING accounts
- Bill payments
- Debit card services including online, in-store, and ATM transactions plus card issuance
- Mobile check deposit
- Bank certificate requests
The full list of all its services and availability can be viewed here: Updates on ING Philippines retail exit.
A Reddit user who had benefited from the mobile bank before, also reminded fellow account holders about the services that they can only avail until today, August 31.
The online user posted this on r/phinvest, an online forum for Filipinos interested in investing their money in stocks, bonds and other related finances.
Meanwhile, in another post on August 26, ING Philippines said that the ING Save accounts will incur a 0% interest rate starting August 31.
“Any remaining Save balance will no longer earn interest upon implementation of the change. Interest earned prior to the change in interest rate will still be credited to your account on August 31, 2022,” it said.
