A UNIVERSAL bank is inviting Cebuanos to apply for one of its newest cash management products that allows easy and fast transactions.

Rizal Commercial Banking Corp. (RCBC) MyWallet is the bank’s ATM product that does not require any maintaining balance. It is a prepaid stored value card that acts as an electronic wallet and serves as an alternative to regular ATM (automated teller machine) account.

Unlike the regular ATM account, though, a customer is not required to maintain a specific balance but is encouraged to maintain enough funds to cover his disbursement requirements.

Prudencio Gesta, RCBC first vice president and regional sales manager for the Visayas, said that since MyWallet was introduced last year, some 600,000 customers nationwide have already availed themselves of the product, which can be used for withdrawals, shopping, balance inquiry and bills payment.

In Cebu, there are more than 17,000 MyWallet cardholders, mostly students who use the card for withdrawals, he said.
“One can also use it for payroll. With only P20, (a person) can already purchase MyWallet through any RCBC branch and activate it,” Gesta said.

Converts

He added that several customers with old payroll accounts have converted to MyWallet because they don’t have to worry about maintaining balance.

RCBC MyWallet recently won a Gold Quill Award of Merit from the International Association of Business Communicators (IABC) in the Economic, Social and Environmental Development Category “for creating value for the wallet of customers.”

IABC, founded in 1970, is a network of almost 16,000 business communication professionals in more than 70 countries.

Gesta said that RCBC is also expanding benefits, discounts and freebies e.WOMAN checking account, a new deposit product that targets women.

At present, those who open the account will get a free checkbook, checkbook holder, ATM card and a chance to get a free Bankard credit card with a welcome gift.

The checking account also comes with a free life or accident insurance from Grepalife, beauty care gift certificates and discounts on selected services at Belo Medical Group, among others.

RCBC is the country’s fifth largest private domestic commercial bank with total consolidated assets of about P185 billion as of the end of December 2007. (NRC)

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