AS the banking industry competes to get more teachers as clients, the National Teachers and Employees Cooperative Bank (NTECB) is set to expand its products and services, as well as its physical presence in Cebu.
To start the year, the 16-year-old cooperative bank launched on Monday the demand deposit account, a non-interest bearing account that allows funds to be withdrawn from the available balance by the account holder upon presentation of a check.
“This is our first time to offer demand deposit to our members. Not all banks are allowed by the BSP to issue demand deposit. This goes to show that the bank is in good condition and we are a trustworthy institution,” said NTECB chair Recaredo G. Borgonia.
The cooperative bank offers both individual and commercial accounts, with required initial deposit of P5,000 and P10,000, respectively.
By yearend, Borgonia said the bank targets to have 3,000 demand deposit accountholders.
Borgonia said part of the expansion strategy within the year includes the opening of branches in Bantayan, Bogo City, and Carcar City.
At present, NTECB only has one branch located at the corner of M.J. Cuenco and Juan Luna Ave. in Mabolo, Cebu City.
Although it only has one physical branch, Borgonia said its loan products can be availed of online, and can be delivered to the client even without going to the bank.
Since 90 percent of the 25,000 members are teachers, the loans are coursed through the teachers’ accounts with the Development Bank of the Philippines (DBP) and other financial institutions, depending on their choice.
Borgonia also emphasized that while NTECB is owned by teachers, the general public can transact with the bank.