MANILA, Philippines - PSBank, the thrift banking arm of the Metrobank Group, has invested at least P18 million in new machines that will allow those opening automated teller machines (ATM) savings accounts to get their personalized ATM card on the spot in any of PSBank’s 170 branches nationwide.
As this developed, bank officials announced the launch of a loan rebate program, the only one in the country, that rewards rebates to customers who pay their loans in advance or more than their amount due.
PSBank vice president and business development head Ismael Reyes said in an interview that unlike other banks where one has to wait as long as three days to get an ATM card with their names inscribed on it, PSBank ATM savings account clients can now get a brand-new card instantly, or in as little as three minutes.
The bank acquired 200 machines at the cost of P18 million from All Card Corp. The machines are card printers and magstripe encoders at the same time.
PSBank is the first to implement the Instant ATM card using All Card’s technology on a nationwide basis. One other bank uses the same technology but limited only to six branches.
Reyes said that the new machines will also be used for PSBank’s new product, a debit card, that will be launched in mid-March this year.
Using the new machines, the bank’s ATM savings account clients can also replace their lost or damaged ATM cards on the spot in any of the bank’s 170 branches nationwide.
The PSBank official explained that before, applications for new cards had to be forwarded all the way from the branches to the main office, where the separate card printer and magstriple encoder machines are located. “This is why clients have to wait three days to get their new as well as replacement cards,” he said.
Also, unlike the old technology where the client’s name is embossed, now the names are thermal printed.
Upon issuance, clients can use their Instant ATM card to withdraw cash anytime of the day through PSBank’s 307 ATMs nationwide (of which 137 ATMs are offsite) or any Metrobank, BancNet, ExpressNet, and Megalink ATMs nationwide, and Maestro Cirrus ATMS worldwide. The PSBank ATM card can also be used to pay for utility and credit card bills as well as various loans, and to pay for purchases at BancNet-affiliated shops.
Reyes noted that prior to the launch of the Instant ATM cards, they were receiving an average of 800 applications for personal ATMs a month. “This has grown to around 1,500 a month,” he said.
Meanwhile, he announced the launch of the PSBank Prime Rebate, which enables customers to shorten their loan term, give a discount on their total loan amount, or even both.
This permanent feature is available for all clients who have a PSBank auto loan, home loan, flexi personal loan and SME term loan.
The rebates are computed on a daily basis, which include weekends and holidays, starting on the date the payment is posted, and credited every due date. There is no minimum amount of advance or excess payment for loans to earn a rebate.
Reyes pointed out that through this, PSBank clients can now have the flexibility and ease of paying off their loans in a shorter period of time or at a discounted rate over time. “We are aware how loan clients would like to pay their loans as early as possible. That is why we introduced this permanent feature in all our term loans,” he said.