The EON, officially the EON Cyber Account, is an electronic savings account offered by Union Bank of the Philippines, or UnionBank. It is a savings account, a checking account, and a debit card all in one and has two firsts attributed to its name in terms of two things: first, it is the first electronic savings account in the Philippines, and second, it is a technological marvel in the Philippine setting. The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ... Union Bank of the Philippines, more commonly known as UnionBank, is one of the largest banks in the Philippines. ... Includes demand deposits, ATS, NOW, and other checkable deposits. ... A debit card is a plastic card which provides an alternative payment method to cash when making purchases. ...

The EON project essentially made UnionBank well-known for its technological advances. At present, UnionBank has over 178,000 EON account holders.

History

The EON project is related to the Internet savings accounts offered in the United States at the time, which permitted 24-hour account access from anywhere in the world. Today, this has become the popular product known as online banking and encompasses various types of deposits. The passbook is the traditional document to keep track of earnings in a savings account Savings accounts are accounts maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks that pay interest but can not be used directly as money (by, for example, writing a cheque). ... Online banking (or Internet banking) is a term used for performing transactions, payments etc. ...

EON was launched in June 2000 as the Philippines' first true cyber account. Other than balance inquiries and bill payments over the Internet, the EON also introduced electronic fund transfers and the electronic cheque. Both are Philippine banking firsts and have thrusted UnionBank into the spotlight, making it known for its technological ingenuity. Image File history File links EON_Card. ... 2000 (MM) was a leap year starting on Saturday of the Gregorian calendar. ...

On March 29, 2001, the EON added the capabilities of Visa Electron to all its cards. Before this, EON cards were ATM cards with a 13-digit number for use with MegaLink and MegaLink-affiliated ATMs. With the advent of Visa Electron, EON cards became distinct from other products within its type of savings accounts. It became a savings account, a checking account, and a debit card all in one. With Internet shopping capabilities, the EON became the Philippines' first Visa Electron card with such capabilities. March 29 is the 88th day of the year in the Gregorian calendar (89th in leap years). ... 2001 (MMI) was a common year starting on Monday of the Gregorian calendar. ... Visa Electron logo A Visa Electron card issued by the UK Barclays bank. ... MegaLink is an interbank network connecting the ATM networks of twenty-three major banks in the Philippines. ... Includes demand deposits, ATS, NOW, and other checkable deposits. ... A debit card is a plastic card which provides an alternative payment method to cash when making purchases. ... Online shopping is the process consumers go through to purchase products or services over the internet. ...

Image File history File links EON_Visa_Electron_Card. ...

The EON today

Today, the EON is one of UnionBank's most successful products. Its offerings currently make it different from similar products, which are discussed in the next few paragraphs.

The EON sets it apart from other banks' offerings. While offerings like BPI's Express Cash card and Equitable PCI Bank's Fastcard also exist, the EON differs from these accounts in three ways: first, the EON is a savings account, unlike the Express Cash card and the Fastcard, which are purely debit cards. Second, the EON has guaranteed worldwide acceptance. While this is the case for all of Equitable PCI Bank's cards (the Fastcard and others), the Express Cash card does have international capability (it uses the MasterCard Electronic brand), but due to fears from BPI over the processing of international transactions, the card is recommended only for use in the Philippines (to make sure of this, the card is printed with "Valid only in the Philippines" on the front left side). The Bank of the Philippine Islands or BPI (PSE: BPI) is the oldest bank in the Philippines still in operation and is the third-largest bank in the country in terms of assets, third only to Metrobank and second to Banco de Oro-EPCI, Inc. ... Equitable PCI Bank (PSE: EPCI) is one of the largest banks in the Philippines, being the third-largest bank in terms of assets. ...

Finally, unlike the Fastcard and the Express Cash card, the EON can be used for Internet purchases. Both the Fastcard and the Express Cash card cannot be used for Internet transactions, even if they do bear their respective card brands. This is especially the case for the Express Cash card.

Features and services

The EON has many features and services, of which some are exclusive to it.

When the EON launched in 2000, the following features and services were introduced, and these services remained until today: 2000 (MM) was a leap year starting on Saturday of the Gregorian calendar. ...

• Account access via the Internet
• ATM access (at MegaLink and MegaLink-affiliated ATMs)
• Bill payment
• Electronic fund transfer
• Electronic cheques

When the EON was added with the capabilities of Visa Electron in 2001, the following features were added: Outdoor ATMs may be free-standing, like this kiosk, or built into the side of banks or other buildings An automatic teller machine, automated teller machine (ATM) or cash machine is an electronic device that allows a banks customers to make cash withdrawals and check their account balances without... 2001 (MMI) was a common year starting on Monday of the Gregorian calendar. ...

• Internet shopping capabilities
• Use as a worldwide debit card
• Use as a worldwide ATM card (the EON is linked to PLUS)

Online shopping is the process consumers go through to purchase products or services over the internet. ... A debit card is a plastic card which provides an alternative payment method to cash when making purchases. ... Addition is one of the basic operations of arithmetic. ...

See also

• Union Bank of the Philippines

Union Bank of the Philippines, more commonly known as UnionBank, is one of the largest banks in the Philippines. ...

External links

• The EON Cyber Account