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BY: EUNICE SHEENE FULGENCIO
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ILOILO City – In a bid to encourage the public to be wise savers, the Philippine Deposit Insurance Corp. (PDIC) has provided money-saving habits.
During the Bangko Sentral ng Pilipinas’ (BSP) Financial Education Expo held recently at the Sampaguita Gardens in New Washington, Aklan, the PDIC said depositors should know the dos and don’ts when making bank transactions.
1. The depositor should know the bank
The PDIC urged depositors to make a background check on the bank and ask for testimonials from other customers. They should know the owners of the bank and if it is registered with BSP and a member of the PDIC.
2. Know the bank’s products
The depositors should know the bank’s products – savings, special savings, and time deposits, among others. This way, the depositor can understand where he placed his cash.
3. A wise saver must transact only inside the bank with authorized bank personnel
According to the PDIC, one should “not hesitate to ask the personnel to present an ID and ensure that each banking transaction should come with evidence that a transaction was done like a machine validated deposit or withdrawal slip.”
4. The depositor must know the bank services to match his needs
However, the depositor must also be aware of existing 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,” the PDIC said, adding that it is important to ask for a regular bank statement.
5. Be cautious
A wise saver should be cautious, the PDIC said. He should know when to “walk away from offers that are too good to be true,” noting that “excessively high interest rates carry more risks.” (With a report from PIA/PN)
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