PDIC tells depositors to be wise savers

The Philippine Deposit Insurance Corporation has urged depositors to be responsible and wise so that they will have safe and protected savings.

 

In the recently held Bangko Sentral ng Pilipinas’ Financial Education Expo at Sampaguita Gardens in New Washington, Aklan, PDIC provided seven habits to be a wise saver.

 

To be a wise saver, PDIC encourages depositor to know the bank, such as who are the owners and the officers, and the bank’s current financial condition. Make sure the bank is registered with BSP and a member of PDIC.

 

The PDIC, BSP, Securities and Exchange Commission, and the bank's websites, newspapers, magazines, television and radio could provide information needed for a bank.

 

It is also imperative to know the bank products - whether savings, demand/current, special savings, and time deposits; so that a saver could understand where he/she placed his/her cash.  PDIC reiterated that only deposits are insured by the corporation.

 

A wise saver must know the bank services to match them with his/her needs; but must be aware also of the bank charges and fees.

 

Personal information and bank records, such as passbook, ATM, certificate of time deposit, checkbook, and the likes,  must be secured at all times and must be updated. PDIC also advises to ask for a regular bank statement.

 

A wise saver must transact only inside the bank with authorized bank personnel. Do not hesitate to ask the personnel to present an ID and ensure each banking transaction should come with evidence that a transaction was done like a machine validated deposit/withdrawal slip.

 

A depositor must be informed of PDIC’s maximum deposit insurance coverage of P500,000.00; of which, in the case of single accounts, the balances are added together and shall be insured up to P500,000.00; while for joint account, (and, or, and/or) shall be insured separately from single accounts.

 

Investment products, trust accounts, fraudulent accounts, laundered money and deposit products from illegal and unlawful services, products from unsafe and unsound banking practices and e-money are not covered by insurance.

 

Lastly, a wise saver is cautious.  A saver must simply walk away from offers that are too good to be true.

 

PDIC reminded that generally, excessively high interest rates carry more risks.

by: Sheila Q. Patoza