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7 tips a depositor must keep in mind

As a depositor, you have a lot of responsibility as well to make sure that you are entrusting your money to the right bank.
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While the crisis at Banco Filipino continues to brew, reports are circulating that several other banks, which are in a similar situation, will soon follow suit.

With almost all our transactions being bank-dependent, from our credit cards, savings account, payrolls, checking accounts, and even the payment of utilities, the thought of several local banks suddenly closing down definitely sends jitters down everyone’s spine.

But do we really think about the banks that we deal with like the way we think of what business to put up? Do we really study the financial standing of the bank before entrusting our hard earned money into their accounts?

The Philippine Deposit Insurance Corporation, a government owned and controlled corporation that acts as insurer of deposits, regulator of banks, and receiver and liquidator of closed banks, has given seven tips on what makes a wise depositor.

Here are the seven tips:

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 terms and conditions that are not clear.

Page 2: Five more tips for depositors


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