Is it still safe to put your money in the bank?
Filed under: banking, Economy, entrepreneur, feedback & reviews, finance, Money, Philippine, Reaction, roysville
With, yet again, the closure of Banco Filipino Savings and Mortgage Bank last week by the Bangko Sentral ng Pilipinas (BSP), the simplistic mind of Juan Dela Cruz cannot help but ask, “Is it still safe to put your money in the bank?”
True, bank deposits are insured by the Philippine Deposit Insurance Corp. (PDIC) to a MAXIMUM of P500,000 PER depositor. In fact, PDIC is now already processing deposit insurance payments to the depositors of Banco Filipino. But we all know that claiming your money from a closed bank is not a walk in the park.
Investing in pre-need companies have failed us. IT FAILED ME! I wanted to be a responsible father who prepared for his kids’ future, so invested in CAP… and BANG! Just like that. Everything went down the drain. No thanks to our government who seems to do nothing to help alleviate our plight.
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Checking account management
Filed under: entrepreneur, finance, management, Money, roysville
In my early years in the bank, one of my first assignments was as a CA/SA bookkeeper. One of my duties then was to monitor the balances of checking and savings accounts of our clients. Although I was more particular on the checking accounts, and I have closed quite a number of accounts then because some people don’t how to manage checking accounts.
We all know that a checking account is an important tool to an entrepreneur. Aside from it being a convenient way of paying obligations, it also allows for easier recording and monitoring of expenses. However, as great as a financial tool it is, the checking account can cause the entrepreneur’s downfall when improperly handled.
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