I won't discuss much about the step by step procedures on how to open a UITF account with BDO. There are already countless blogs and sites that you can search on the net regarding those procedures. I would just love to share my experience on how I did open one.
Not all had smooth encounters in the banks of their choice ( maybe depending from which branch) and I also learned of some who didn't push through because of it but mine's different.
One of my goals last year was to invest in Unit Investment Trust Fund (pooled funds managed by banks), I made some researches about it, check on my investment capacity and risk appetite. Then after some reviews made, I settled with BDO. I chose BDO for its integrity and stability in terms of assets, loans , deposits and capital. My target is to keep my investment for more than 5 years so I opted for an equity fund. Here in the city, we have 3 BDO branches. I went first to the branch inside a mall armed with of course prayer for guidance and with my research papers- my notes about BDO UITF-Equity Fund and my ready-made questions. I need to write down my questions for easy reference just in case a mental block hit me. I proceeded to BDO's New Accounts officer. The officer looked soooo busy that time that I didn't remember if she greeted me with a hello or good afternoon. Then I started to tell her my intention of opening an account. Luckily, she knew about UITF. I heard some who had encountered bank officers who were totally clueless about it. She told me short details about it, the Client Suitability Assessment (CSA), the Php10k initial investment and the required BDO settlement account. Actually, I don't have any account (savings, time deposit..) with them and it never crossed my mind that I should secure one. I must have overlooked it because it was not mentioned in the requirement list. I asked the lady officer if it's ok to open a UITF account first then once I plan to redeem my funds,I'll open a settlement-savings account. " No, ma'am. Sorry but it is a requirement." A Php2000 is a minimum requirement to open a savings account and this Php2000 is not yet entitled to earn an annual interest rate. It should be a minimum of Php10k if you want your savings account to earn interests. How big is the interest rate? LESS THAN 1%. So I humbly asked the lady officer again, "Ma'am, parang sayang naman po kasi ang Php2k kung hindi naman gumagalaw and wala po akong extrang Php2k. Baka pwede naman po?" Same cold response I got from this lady officer - "Sorry, ma'am. Requirement po." Stop. It was already too much for all the cold and negative responses I got from her. I just called it a day but in my mind I know I still have 2 other branch options. Maybe they have different way of handling the situation, I said. If there's a will, there's a way.
The following day I went to branch 2. Same mindset. At branch 2, officers are friendly and accommodating. I have made my introduction, my purpose and my plan of opening a UITF account. The lady officer just told me the same about the required settlement account and required minimum deposit. I told her the same humble plea I made at branch 1 that was to open a UITF account first then later on with the settlement account."Ma'am, parang sayang naman po kasi ang Php2k kung hindi naman gumagalaw and wala po akong extrang Php2k. Baka pwede naman po?" But this time, this lady officer referred my case to her senior officer. Same response I got from the senior officer - " Sorry Ma'am, requirement po kasi namin." So I told her my same dialogue "Ma'am, parang sayang naman po kasi ang Php2k.... alam ko naman un risks regarding UITF." Then their supervisor joined us. Nakukulitan na yata sakin. The supervisor told me " Sorry Ma'am, requirement po kasi namin." Pause. I was silently praying, "Lord, di yata para sa akin magkaroon ng UITF." So I just thanked them three for all the courtesies they showed me but with final words - " Thank you po Sir/ Ma'am ganun po yata. Pero sayang naman un tagline ninyo - WE FIND WAYS." When I was about to leave, the supervisor stopped me. " Ma'am, mukhang pwede naman. Ito po ang CSA, kindly fill them up. Just let us know po if you have questions. Congratulations po and thank you for investing with us." The senior officer also shared her experiences with UITF, when she started investing and in handling the ups and downs.
Thank God for helping me accomplished one of my goals.
Having a positive mindset helps a lot. For me, NO will never be simply no. It may just mean NOt now or NOt this way. Don't easily take NO for an answer. If there's a will, there's a way.
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