Reaction Paper in Opening Bank Account

Opening bank account today would seem so easy. We can easily avail of a wide range of deposit products that answer our needs for greater accessibility to our funds, value-added features, competitive rates and convenience. Upon opening an account to the bank (RCBC), the bank gave me a registration form that includes details and some basic information about my identity. Honestly, I find it uneasy to fill up those forms because of lots of information it requires. However, I just used to think that the reason for this is to protect them and to comply with a variety of banking regulations.

Aside from signing the information sheet, the bank also requires me to sign their banking terms and agreements which only mean that I have to abide to certain rules and accept responsibility for certain actions. Like other banks, the RCBC also offers ATM card known as MyWallet card. This all-in-one card allows us to enjoy electronic banking convenience anytime, anywhere and it will allow us to do transactions like a regular ATM card: withdrawals, cashless shopping, balance inquiry and bills payment--all these, without the hassles of keeping a monthly maintaining balance.

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Plus, no penalty will be charged even if we’re going to withdraw all the money in our account. For me, this is really advantageous especially for us as a student who only have limited budget and allowance for savings. Also, having bank account is really convenient. For example, if I have a bank account, I can easily pay bills using ATM.

It's also cheaper than buying a money order (and I will have proof of bank statements that I paid my bills). If I get an Automated Teller Machine (ATM) or debit card for the account, I can withdraw money easily or make payments at stores since a debit card is usually accepted for purchases anywhere credit cards are accepted. I can say that opening a bank account is an opportunity for me to learn how to manage financial aspects especially in the near future if I’m already a professional.