New ATM savings account launched LGU Payroll Servicing Thru Moneycard Established
Cantilan Bank, backed with its P1.2B of assets, formally launched its first ATM savings account called MONEYCARD in November 2011. One month after its launching, it generated 3,000 ATM accounts with a total of P6.5M deposit.
“The Moneycard was developed to keep abreast with the fast changing banking technology and to respond to the needs of our growing community. Everyone must be given a non-stop banking convenience,” Branch Operations Head Marie Stella Kindica said.
Moneycard is an interest-bearing deposit and can be withdrawn through any ATM machine nationwide. Cash deposits are accepted at any online CBI branches. The management expects to generate P51M of deposits from its Moneycard product by the end of 2012.
Presently, LGU’s, mining companies and other private enterprises employ Cantilan Bank’s payroll servicing through the Moneycard. Among its LGU partners is the LGU-Alegria whose vision and plan is to innovate and modernize its facilities in serving its constituents and employees.
Alegria Municipal Treasurer Editha Martinez pointed out that there is a substantial risk in travelling over a few miles while carrying a large amount of money, not to mention the cost in travelling just to encash one cheque for the employees’ salaries.
“All I have to do now is deposit the check for the employees’ salaries and from thereon, CBI takes care of everything! LGU Alegria employees will just confirm their account balances and conveniently withdraw desired amount that they need. For me, it’s very practical - both as a Treasurer and as someone who wants to save money,” she said.
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