#gcash east west bank

There was indeed an actual transfer of funds from victims's GCash account into the two bank accounts from East West Bank and Asia United Bank (AUB). East West Bank has made an statement that their Fraud Team discovered the fund transfers. Money from those GCash transactions actually went to an East West Bank account and they immediately froze it. On the other hand, AUB also confirmed that some funds were also transferred to one of their bank accounts after GCash notified them. Hence, these transactions went thru the system and funds were actually transferred from GCash to the two banks. However, since this was discovered early and both East West and AUB were alerted right away, the target bank accounts were frozen right away and funds could be returned to the respective GCash users. GCash has reduced its InstaPay bank transfer fee from PHP 15 to PHP 10, effective July 4, making digital fund transfers more affordable for its users. Prior to GCash's announcement, Rizal Commercial Banking Corporation (RCBC) also confirmed that it would waive InstaPay transfer fees beginning July 4. Read more in our articles including "GCash: Full Explanation of Massive Phishing Incident" and "GCash cuts InstaPay bank transfer fee from PHP 15 to PHP 10".