How to Open a Bank of Commerce Savings Account

Bank of Commerce Savings Account

[Last updated 19 May 2020] Bank of Commerce (Philippines) is a reputable and progressive commercial bank that has been in operation since 1963. With its growing number of servicing branches across the Philippine archipelago and the investment trust from San Miguel Corporation (one of the largest multinational conglomerates in Southeast Asia), Bank of Commerce continues to rank in terms of lending assets and diversified banking products and services – deposit and cash management products, corporate banking, consumer banking, credit card services, e-banking solutions, trade and remittances, and treasury and trust services (source: Bank of Commerce official website).

Bank of Commerce Deposit Products (Savings)

[1] Savings Account Plus (Initial Deposit: PHP 10,000.00) can be a perfect savings account for young working professionals who start building their emergency funds. It comes with an ATM and a traditional passbook and allows depositors to transact over the counter at any Bank of Commerce branch, BancNet ATMs, and via bCommerce Internet banking facility.

[2] Savings Account Passbook (Initial Deposit: PHP 5,000.00) is ideal for conservative depositors who keep track of daily transactions with a credible account history on hand. This savings account comes with a passbook and allows over-the-counter transactions in all Bank of Commerce branches nationwide and access via bCommerce Internet banking.

[3] Savings Account ATM (Initial Deposit: PHP 500.00) can be a good recommendation to depositors who prefer a very low account maintaining balance and who enjoy convenient banking. It offers 24/7 Bank of Commerce and BancNet ATM services, and cashless and online shopping in over 5,000 BancNet affiliated merchants nationwide while earning a monthly interest.

[4] Sikap Pinoy OFW Account (Initial Deposit: None) is exclusively for overseas Filipino workers and their beneficiaries. It comes with a customized ATM card and serves the banking needs of modern-day heroes.

[5] Dollar or Euro Savings Account (Initial Deposit: USD 200 or EUR 500) is a foreign currency account that allows depositors to earn interest credited quarterly while enjoying the convenience of over-the-counter (passbook) transactions in all Bank of Commerce servicing branches nationwide.

[6] Junior Smart Savers (Initial Deposit: PHP 200.00) or Bank of Commerce Junior Smart Savers Savings Account (JSSSA) is a special savings account that exposes children to saving and banking at an early age. With a passbook, young accountholders enjoy special promos and discounts.

* All Bank of Commerce deposit products earn interests at varying rates. You can visit the nearest servicing branch to make inquiries on other deposit products and existing interest rates.

Bank of Commerce Account Opening Requirements

Here are the minimum documentary requirements upon opening a savings account with Bank of Commerce (requirements may vary depending on deposit accounts):

  • 2 pieces 1×1 latest ID pictures
  • Tax Identification Number (TIN and other information, for completing forms)
  • Original and clear copy of at least one (1) valid photo-bearing identification document issued by an official authority (or better bring all available IDs)
  • Required initial deposit

Here is a list of valid photo-bearing identification documents issued and signed by an official authority and recognized by Bank of Commerce:

  • Passport (in case of foreign passport, must have English characters/translations)
  • Driver’s License
  • Professional Regulations Commission (PRC) ID
  • Tax Identification Number Card
  • Government Service and Insurance System (GSIS) eCard
  • Social Security System (SSS) Card
  • Seaman’s Book
  • Alien Certification of Registration (ACR)/Immigrant Certificate of Registration (ICR)
  • Integrated Bar of the Philippines ID
  • Overseas Workers Welfare Administration (OWWA) ID
  • Overseas Filipino Worker (OFW) ID
  • Government office and GOCC ID (AFP or HDMF Ids)
  • Philippine Health Insurance Corporation’s (PhilHealth) Health Insurance Card ng Bayan
  • Maritime Industry Authority (MARINA) ID Card
  • Postal ID
  • Voter’s ID
  • Senior Citizen card
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Student ID issued and signed by the principal or head of the school
  • Company ID issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC) or Insurance Commission (IC)
  • National Bureau of Investigation (NBI) clearance
  • Police clearance
  • Barangay Certification

Bank of Commerce Account Opening Procedure (5 Easy Steps)

Opening savings and other deposit accounts, along with requirements, can be almost the same across all banks in the Philippines. As what I have experienced with major commercial banks, usual process comes with a few forms, ID cards and other requirements, and verifiable personal details.

[1] Get Entertained at the New Account Section. As soon as you reach the bank, tell the welcoming guard that you wish to open a savings account. Your transaction will be accommodated at the New Account Section. Your attending bank clerk will brief you about available deposit products (or applicable savings accounts) and the bank rules and regulations in handling deposit accounts.

[2] Fill Out Account Opening Forms. After deciding on a deposit product, you will be asked to accomplish a few forms required upon opening a new bank account. Fill them out with accurate details and try to write legibly. At any Bank of Commerce branch, the following are the required forms:

  • Customer Record Form
  • Signature Cards
  • Application for ATM Card (if applicable)
  • Authorization to Debit (if initial deposit in debited to another account)
  • Deposit Slip (for initial deposit required)

[3] Present Your Documentary Requirements. Hand over your prepared account opening requirements to the bank clerk (Check Bank of Commerce Account Opening Requirements listed above). Please don’t forget to check if the presented IDs are returned to you before leaving the bank to avoid any hassle.

[4] Make Your Initial Deposit and Claim Your Passbook (if applicable). After completing all forms and submitting your requirements, you will be asked to shell out for the required initial deposit. (Check Bank of Commerce Deposit Products detailed above). Bank of Commerce Savings Account Plus, for example, requires an initial deposit of PHP 10,000.00. In most branches, passbooks can be claimed right away after making a deposit.

[5] Come Back After a Week for Your ATM Card (if applicable). If you opted for an account with an ATM card, you will be advised to come back after a week to claim it. Usually, ATM cards are processed in Bank of Commerce Headquarters in Mandaluyong. Don’t forget to ask for branch contacts so you could call them first before attempting to claim it.

Upon claiming your ATM card, do the PIN Change right away with the bank machine. Take note that Bank of Commerce branches are not as many as those of other commercial banks.

Bank of Commerce Online Banking

To enroll your Bank of Commerce account for online services, follow these simple steps:

  1. Visit the official website of Bank of Commerce at
  2. On the left sidebar of the webpage, click To Enroll in bCommerce-Personal (the bCommerce Personal button will be your portal to online facility).
  3. Read and accept the Retail Internet Banking Services Terms and Conditions. Tick box and click Submit.
  4. Fill out the Online Enrollment
  5. Complete the enrollment process with the email activation link and/or phone verification codes.
  6. Explore the features of your online banking interface. You can also make and track your secure transactions.

Disclaimer: The author is not directly affiliated with Bank of Commerce (Philippines), however maintains a Bank of Commerce Savings Account Plus. Please take this article as a simple tutorial on how to open a deposit account with Bank of Commerce and not a help page for your other concerns and issues with the bank.

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