Saving is a virtue. Many people earn a lot but go on to spend them all or sometimes even more than what they get. It teaches you to prioritize by analyzing what you need and set aside the wants that can wait. It involves disciplining yourself about spending within your means and sticking to the rule of frugality you’ve set for yourself.
It’s important to understand that we earn to grow and not just to spend. For us to grow we need to invest and we can finance our investment from our own savings. However, before we think about investing, we need to be clever about how we handle our savings first. We can opt to keep them in the bank first and let it grow before we invest it. There are universal banks and financial institutions like credit cooperatives or small thrift banks where we can deposit our savings. But before we make our choice, let’s be wised up with the Philippine Deposit Insurance Corporation’s campaign for safe and responsible banking with the “Seven Habits of a Wise Saver.”
1. Know your Bank
Know the owners of your bank- the people behind it and the people who manage it. Find out and ask about your bank’s finances and its strengths and weaknesses. PDIC, BSP, SEC and your bank’s websites, newspapers, magazines, television and radio will provide most of the information you need.
2. Know your Bank Products
Understand where you place your cash. Don’t confuse investments with regular deposits. Read and understand the fine print and don’t hesitate to clarify with bank personnel the terms and conditions that are not clear.
3. Know your Bank’s Services and Fees
Choose the right bank for you by knowing your needs and matching these with your bank’s services. Be aware of bank charges and fees.
4. Keep Your Bank Accounts Safe and Updated
Secure your passbook, ATM, certificate of time deposit (CTD), checkbook and other bank records at all times. Have your passbook and CTD’s updated every time you do a transaction. Inform your bank whenever there are changes in your contact details to avoid bank mails with sensitive information getting into the wrong hands.
5. Transact Only Inside the Bank with Authorized Bank Personnel
Do not hesitate to ask personnel to present an ID and always ask for proof of your transactions.
6. Be Informed about PDIC Deposit Insurance
PDIC guarantees deposits up to P500,000 per depositor. Investment products, fraudulent accounts, laundered money and deposit products from unsafe and unsound banking practices are not covered by insurance.
7. Be Cautious
Simply walk away from offers that are too good to be true. Generally, excessively high interest rates carry more risks. Please refer to the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) Circular 640 for more information.
Source:
Be a Wise Saver: A PDIC Campaign for Safe and Responsible Banking
Philippine Deposit Insurance Corporation
4th-10th Floors, SSS Bldg., Ayala Avenue. Cor. V.A. Rufino St., Makati City
Tel: (632) 841-4000
Website: www.pdic.gov.ph
E-mail: info@pdic.gov.ph
PDIC Depositors Assistance Bureau
4/F, SSS Bldg., Ayala Avenue. Cor. V.A. Rufino St., Makati City
Tel: (632) 841-4630/31
Email: dab@pdic.gov.ph
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