What Happens to My Payroll ATM Account After I Resign?

Can I Use My Payroll ATM Account After I Resign?

Different banks have different policies for payroll ATM accounts.

When banks detect that a certain payroll ATM account has not been used for many months, they do any of these, based on experiences shared online:
 --  They immediately close the account.
 --  They convert the account to a regular account, which requires a maintaining balance, and when the balance turns to zero or negative, the account is automatically closed.
 --  The account remains active for a time, waiting for the account owner to inquire about the account and convert it to a regular account.

How Is a Payroll ATM Account Different from a Regular ATM Account?

--  Most DO NOT require a maintaining balance, as its maintenance is taken care of by the company's corporate account.
--  Some payroll ATM accounts do not accept over-the-counter cash deposits
 -- Most do not accept over-the-counter CHECK deposits
 -- Some do not accept foreign remittances
 -- If your payroll ATM account was opened in your behalf by your employer, and therefore its maintenance is taken care of by the company's own corporate account, this ATM account is basically not yours. It can be closed anytime when you leave the company.

What's the Best Way to Handle a Payroll ATM Account Upon Resignation or Separation?

You have two options:

-- If you do not have at least 2 valid IDs to open your own bank account, visit your branch of account and ask about converting your payroll ATM account into YOUR OWN regular account.

-- If you have at least 2 valid IDs, withdraw all what's in your payroll ATM account, then open YOUR OWN bank account. 

Note: If you have 99 pesos or less left in your ATM, and you can't withdraw it, and you like to get it, use it asap at a supermarket, grocery or drugstore that has a swipe device. There are items worth 99 pesos or less.