on payroll accounts

[donnerwetter]

ganito yun. meron ako 2 magkaiba na luma na atm payroll accounts from previous employers. how long before madiscontinue yung use ko sa kanila? and kung active pa sya, puede ko bang lipatan yan ng pera (pero or dollar) from international accounts?

thanks.

[KuyaDanny]

It depends on the arrangements between the employers and the banks. Payroll accounts are nothing but conventional deposit accounts with minimum balance requirements waived at the request of the employer.

Some employers are efficient. When you leave their employ they signal the bank and the bank either closes the account or converts it to regular.

Other employers are not so nimble. They tend to forget about these details and you can merrily continue benefiting from the "privilege" until you are found out.

Your accounts are subject to the regulations on dormant deposit accounts. If there is no activity (deposit or withdrawal) in your savings account for two years (one year for current accounts), you accounts become dormant. You may not use these until you reactivate them. Reactivation rules vary. Some banks want you to show up in person and fill up new forms and signature cards (the right way, in my opinion). Others will accept a P10.00 deposit over the counter. Still others will activate if you make a phone call.

[donnerwetter]

i see. its because i may be getting some money from the US and i'm looking into that as a possibility.

[KuyaDanny]

If the accounts are not dormant, they should be able to accept transfers from other banks/countries.

[donnerwetter]

cool. salamat kuya danny! :D

[brace]

This is not related to the topic but re: payroll...what's the difference between gross salary and basic salary? Does gross pay includes the overtime pay and allowance? :confused:

[floreno]

Gross Salary = Basic Salary + allowances + Overtime + adjustments.

When computuing for 13th month pay.... Basic Salary is used as basis....Not the Gross Salary....

When a Credit Card company tells an applicant that it requires a 120,000 Annual Income....it means that your BASIC PAY * 12 Months = Annual Pay.

[ready2go]

ako may payroll account ATM sa Metrobank. lagi ko pa rin ginagamit kahit 2 years na akong resign from the company the gave me that account. and hanggang ngayon... wala parin shang ADB. :)

[KuyaDanny]

Swerte mo.

[floreno]

Originally posted by ready2go
ako may payroll account ATM sa Metrobank. lagi ko pa rin ginagamit kahit 2 years na akong resign from the company the gave me that account. and hanggang ngayon... wala parin shang ADB. :)

Kaya ganun kasi buhay pa yung MOTHER ACCOUNT ng payroll account ng Old company mo kaya nagagamit mo pa sya as a payroll account.