|*file image from the UnionBank EON page|
Answer: No, you do not have to apply for an ATM account to be linked to EON. EON is an ATM account, but functions as a debit card, not a savings account.
How is it similar to a savings account? Well, you can deposit over the counter.
How is it different from a savings account? Well, since it's a debit card, not a savings account, (1) it does not earn interest, and (2) you have to pay an annual fee of P350 to maintain the card. There is no maintaining balance.
How do you fund your EON account through online transactions, i.e. PayPal?
- Use your EON card as a debit card to verify your PayPal account. Simply hover over Profile, then click on Add/Edit Credit Card, then input your EON card number -- the big numbers near the middle of the card -- when PayPal asks for your debit card number.
- Add your EON bank account to your PayPal profile. Again, hover on Profile, then click Add/Edit Bank Account. This time, when PayPal asks for your account number, you use the smaller ones at the lower left corner of the card.
- PayPal will give you instructions on how to complete the verification process. Once you are verified, you will be able to transfer your funds from PayPal to your EON bank account with zero charges from UnionBank.
My experience is if I transfer money from PayPal to my bank on, say, Tuesday night, it will reflect as Completed on PayPal on Wednesday and show up on the account by Saturday morning.