GoTyme Bank to implement 2 free deposits via linked accounts starting Nov. 15

GoTyme Bank users’ FREE deposits via linked bank accounts are down to two per month starting November 15.

Gotyme Bank 2 Free Deposits Per Month Fi

In an email advisory, dated November 4, the Gokongwei-backed digital bank says once all free deposits are used up, further deposits via linked bank accounts are charged with a ‘small’ transaction fee:

1% charge for BPI users
PHP 8 flat fee on other local banks

Hence, for example, if a user deposits from BPI for an amount of PHP 10,000, the transaction charge of 1% will be PHP 100.

Gotyme Bank 2 Free Deposits Per Month Kv

Gotyme Bank 2 Free Deposits Per Month Kv (1)

As of writing until the said date, there is no cap on free deposits on any linked bank accounts.

A turnaround for BPI users is to send directly in-app via InstaPay or PESOnet to get around the 1% fee with as low as PHP 25 charge.

Last month, GCash implemented a PHP 5 cash-in fee for BPI and UnionBank linked accounts. One of the most popular e-wallet says that this is “due to increasing costs”.

Only time would tell if the other popular digital bank/ e-wallet, Maya, will follow suit of these deposit fees.

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