Cebuana Lhuillier, one of the country’s leading microfinancial services company, recently unveiled the Cebuana Lhuillier Micro Savings last Feb 28,2019 at New World Hotel Makati .
Acting as a cash agent of the Cebuana Lhuillier Rural Bank (CLRB), micro savings is Cebuana Lhuillier’s platform for Filipinos to overcome the barriers to saving. While Filipinos like to save, they opt to keep it at home according to the Bangko Sentral ng Pilipinas (BSP)
I myself have opened my own Cebuana Lhullier Micro Saving account with just P 50.00
I understand that you have lot of question in your mind about Cebuana Lhullier Micro Saving
Hope this following information helps you further understand Cebuana Lhullier Micro Saving.
1. What is a Cebuana Lhuillier Micro Savings account? Cebuana Lhuillier Micro Savings is an interest-bearing savings product owned by Cebuana Lhuillier Rural Bank (CLRB). It is a savings account that allows clients to save up to Php 50,000 which can be accessed through the 24k card.
2. How did Cebuana Lhuillier Micro Savings come to be? Cebuana Lhuillier Micro Savings is Cebuana Lhuillier’s response to BSP’s call for financial inclusion. In 2018, the Bangko Sentral ng Pilipinas (BSP) released circular order 992 also known as the Basic Deposit Framework which eases the the process of opening a bank account. Through the circular, anyone can open a basic deposit account for less than Php100, with no maintaining balance and dormancy charges.
3. Are Cebuana Lhuillier branches authorized to receive savings deposits? As an accredited cash agent of the Cebuana Lhuillier Rural Bank (CLRB), Cebuana Lhuillier branches are authorized to offer and receive Micro Savings deposits. Cebuana Lhuillier branches serving as cash agents are authorized third party service providers of the bank, according to circular no. 940 of the Bangko Sentral ng Pilipinas which details the guidelines on deposit and cash servicing outside of bank premises.
4. Where can clients deposit and withdraw cash from their Micro Savings account? In any of Cebuana Lhuillier’s close to 2,500 branches nationwide.
5. What are Cebuana Lhuillier branches’ operating hours? Branches are open from Monday to Sunday. However, operating hours vary per branch. Visit cebuanalhuillier.com for the complete list of branches and their respective operating hours.
6. What are the documents required to open a Cebuana Lhuillier Micro Savings account? You only ned one (1) photo-bearing government-issued ID, and Php50 initial deposit. For the list of valid IDs accepted by Cebuana Lhuillier, please refer to the list below:
• Alien Certification Of Registration (ACR) • Birth Certificate (Applicable to minors only) • Barangay Certiifcate or ID (w/ picture and signature) • Company ID • Driver’s license • Dswd certificate
• GOCC ID (Afp, HDMF-Pagibig, Philhealth etc) • GSIS E-Card • IBP (Integrated Bar Of The Philippines) • Immigrant Certificate Of Registration • National Bureau Of Investigation (NBI) clearance • Nat’l Council For The Welfare Of Disabled Persons • New TIN ID • OFW ID • OWWA ID • Passport • Police clearance • Postal ID • Professional Regulation Commission (PRC) ID • Seaman’s Book • Senior Citizen’s ID • Social Security System (SSS) ID • Student ID • Voter’s ID • Firearm license • Marriage license
7. What is the required minimum amount to open an account? A Php 50 initial deposit is the minimum amount needed to open an account.
8. Are there any transaction fees? There are no transaction fees for cash withdrawal and deposit.
9. What is the minimum amount of cash withdrawal and deposit? The minimum cash deposit is Php 50 while the maximum cash deposit is Php 50,000. For withdrawal transactions, the minimum amount is Php 100 and the maximum amount is Php 5,000.
10. How many transactions are allowed per day? Only three (3) successful transactions per card, per day are allowed.
11. Is there an average daily maintaining balance? There is no required maintaining balance for this type of account.
12. How long does it take before an account is considered dormant? There is no dormancy charge for this type of account.
13. How long do I have to wait before my account is opened? An SMS notification will be sent to the account owner containing the bank account number and temporary PIN, activating the account in real time.
14. Can I deposit or withdraw cash without my 24k Card? No. The 24k card is required for all Cebuana Lhuillier Micro Savings transactions.
15. Can I open multiple accounts? No. A client can only have one Micro Savings account.
16. Does the Micro Savings account earn interest? Yes, the Cebuana Lhuillier Micro Savings account earns interest per annum if the account has an average daily balance of Php 500.
17. How safe is my cash deposit in my Cebuana Lhuillier Micro Savings account? Your deposit is guaranteed safe in your Cebuana Lhuillier Micro Savings account. Cebuana Lhuillier branch personnel are fully trained and capable of handling finances with utmost care. Your account is also protected by a PIN that will always remain confidential. Also, all Micro Savings accounts are covered by the Philippine Deposit Insurance Corporation (PDIC).
18. What if I have further questions? You may contact our Cebuana CARES team at firstname.lastname@example.org or you may visit Cebuana Lhuillier’s Facebook page at facebook.com/CebuanaLhuillierPawnshop. You may also send an SMS to the following numbers: 0917-8122737 (Globe and Viber), 0918-8122737 (Smart) or call the following hotlines: (02) 779-9800 (PLDT), and (02) 759-9800 (Globelines)
Opening a saving account need not be a problem anymore. With Cebuana Lhullier Micro Saving it’s as easy as 1-2-3.