Digital bank ING said Friday it was exiting the Philippine retail banking market "before the end of 2022" and at the same time assured customers that their money is safe and accessible.
ING said "uncertain global macro situation in the last few years" led it to re-assess its retail operations in the Philippines. It said it was not closing in the country since its wholesale banking business and global shared services operations would continue.
"ING is not closing in the Philippines. ING has decided to exit the retail banking market in the Philippines before the end of 2022," it said in an advisory.
Here are answers to common questions about ING's exit from the Philippine retail banking market:
What happens to customers' money?
ING assured its customers that their money and accounts are safe and accessible on the app emphasizing that the bank is supervised by the Bangko Sentral ng Pilipinas and is a member of the Philippine Deposit Insurance Corporation.
"You can continue to access and transfer it out anytime via the app. We will keep you informed of any changes that will impact your account/s," it said.
Savings accounts will also keep on earning interest rates while fund transfers via InstayPay or PesoNet through the app also remain available free of charge, it added.
Customers can also keep on using their Pay account for fund transfers, bill payments, debit card transactions, and ATM withdrawals.
Until when can I access the app?
For now, ING said there are no changes to customers' accounts and would keep customers informed of any changes that would impact their accounts.
"For now, there is no change to your ING account/s. This means you can continue accessing your funds, accounts as well as products and services currently offered by ING through the ING mobile banking app. We will also make sure that your money and accounts are safe," it said.
What happens to existing loans?
For customers with existing loans with ING, the bank said it has prepared separate communications through the app.
"Please check your app inbox in the next few days to know what will happen to your loan account given the announcement," it said.
From Friday, June 24, the bank said it would no longer accept and process new loan applications. All pending loan applications will be canceled.
Can I close my account?
Customers who want to close their account can do so according to ING by sending a message in the app.
"You can send us a message in the ING app so we can help you close your account. We are also preparing a new app feature to make it easier for you to transfer funds and close your account. We will keep you informed about this app feature," it said.