LANDBANK’s online fund transfers to remain free
LAND BANK of the Philippines (LANDBANK) on Wednesday said it would continue to waive fees on fund transfers to other banks via InstaPay and PESONet worth P1,000 and below.
“We are extending our waiving of fees for small-value online fund transfers to encourage more clients to embrace cashless transactions, in support of the National Government’s thrust of building a cash-lite economy,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement.
“Beyond the convenience of free fund transfers, customers can also use LANDBANK’s digital platforms for bills payment, cardless withdrawal and opening of additional deposit accounts,” she added.
LANDBANK said its customers’ online fund transfers for the first three transactions for the day would continue to be free.
Free online fund transfers are available through the LANDBANK mobile banking app and online retail banking channel iAccess.
The lender will also keep its transaction fee of P15 for fund transfers worth more than P1,000.
Fund transfers between LANDBANK and its digital arm Overseas Filipino Bank will remain free of charge regardless of the amount.
LANDBANK’s net income rose by 24% to P31.85 billion at end-September amid higher loans and yields from its investments, representing 90.9% of its P35-billion target for the year. — Aaron Michael C. Sy
