Last July 11, PSBank called to tell me that they had been trying for a week to contact Banco de Oro (BDO) regarding the loan transfer, but they couldn't seem to reach anyone.
I sent BDO an email to inform them of this and to ask for a rate update. They immediately replied that, "Upon checking, 5.50% rate will no longer be applicable since the promo period already ended." The new rate is now 6%, but there will be other fees to facilitate the transfer on top of the Php 30,000+ we've already paid (not including the insurance costs). Not sure how much the additional fees will cost, but I asked for an estimate the next day (July 12).
On July 16, after not getting a reply despite sending follow-up emails, we decided to cancel. We asked them how to get a refund for the fees and still no word from their end.
PSBank called again on July 17 that they still had not heard from BDO, so I decided that same day to go directly to the BDO branch where our loan officer is based. I was informed that she was not around, but to leave my name and number so that they can call me back.
Two days later, zilch, nada, nothing. I then called their office and was able to talk to someone who had such an authoritative voice, I somehow felt reassured that Carissa would indeed be getting back to me this time. And true enough, that afternoon, I finally received a reply. We are now expecting the refund by next week.
Well, so much for that refinancing idea. I don't think we'll try this again - at least not with BDO since they don't seem at all interested in getting us as clients.