BPI Clarifies Only ‘Select’ Individuals Need to Update and NOT Everyone

On Sunday, a reminder on the website of Bank of the Philippine Islands went viral on social media.

The reminder posted on August 26, Friday, requires BPI’s clients to update their Customer Information Sheet (CIS) and Foreign Account Tax ComplianceAct (FATCA) on or before Aug. 31, 2016. It emphasized that failure to do so will ban the client from accessing their accounts via ATM, phone, and online banking.

BPI (1)

With only a couple days given, many were irked by this announcement and complaints that it is a too short notice went around social media.

Afterwards, BPI made another announcement on their Facebook page that the deadline for updating CIS and FATCA is on September 30 and not August 31.

BPI (2)

The recent announcement on BPI’s Facebook page says that only “select” clients are required to make the update and NOT everyone. Moreover, the bank said that they already communicated separately with affected clients.

BPI (3)

Hope this clarifies all concerns.

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