choose your bank wisely

Philippines
September 12, 2011 7:09am CST
i remember a poster that tells that a wise depositor is able to choose his or her bank wisely. this week, a bank has closed in our country because of bankruptcy. the news also told us that we should be alert with our banks. we should not be enticed if the bank offers a very high or higher than usual interest. another thing is that we should be alert if the bank gives a lot of free things when you open an account or during the holidays. we can also ask the depository insurance if our bank is having problems. what else do you think are ways that we can choose our bank wisely?
1 person likes this
8 responses
@payout (3722)
• United States
15 Sep 11
Hey kat, I work @ a Bank, I agree with that saying chosse your Bamk wisely, the bank I work for all the state and government has an account with us and even hospital and major companies have accounts with us you wouldn't believe it I didn't know until I I started working at my bank so I know many banks on the united states the country I live in have went bankrupt and have been bought out but, to honest we stand strong. Haha.. I would lay the bank down on a line chosse which ever one you think offers you the best not only in service but, in many different categories. Mines I'm very happy. I'm a empolyee so I can get free accounts and etc. But I offer customers and tell them what we offer and what they can benefit from a type of account. Well yeah be careful and chose wisely,
• Philippines
18 Sep 11
i wanted to work at a bank too when i was little but then when i grew up i was enticed to be a nurse. i envy you that you have a lot of perks with working at a bank and also you get to know the situation of another bank. thank you for the advice and for the info
@ebuscat (5949)
• Philippines
13 Sep 11
For me yes just only deposit for the trusted bank ever.
• Philippines
18 Sep 11
yes ebuscat, we should know if the bank is trusted and already overcomed a lot of difficulties and if it has stood the test of time. thank you
@jennbart (1333)
• Philippines
13 Sep 11
One should really make a thorough research before placing their money on a bank.A bank should have a good reputation and people should not be looking at high interest rates alone. If the interest rates are high.. sometimes, its just a come on to have many investors.If its too good to be true, then, its probably is!
• Philippines
18 Sep 11
thank you jennbart! i totally agree with you along with the other mylotters here that say that we should know the reputation of the bank and not look at the higher rates alone. spread the word so that less people will be victimized.
@neildc (17254)
• Lapu-Lapu City, Philippines
13 Sep 11
i agree with the others, with opening a bank account, we have to consider the stability of the bank with how long they are in business, their reputation as to whether they have no history of anomalies and others. with the bank you have mentioned here (not actually stated the name), i know that the bank is not that old to be told, established or something. besides, they do not have so many branches nationwide. we can tell that their original business which is courier business is well established. but their bank is?
• Philippines
18 Sep 11
yes, a lot of us are one with the idea that the bank we should trust must be already able to withstand the changing times. and if their interest is kind of high we should be keen on that and if they have a lot of freebies to give.
• Bangladesh
12 Sep 11
We should go for new banks in hurry.We can wait and see how they respond.Its better to use in old bank those who already got trust.Most of the new banks are scam.They show high interest,but at the end they took everything.
• Philippines
18 Sep 11
yes, they use high interest so that they can entice more customers and so that their names will be popular but in the end the people will lost their trust in them.
@GemmaR (8526)
12 Sep 11
You are certainly right when you say that people should choose their banks with care. If they do not do this then you risk them going bankrupt and taking everything that you have saved up in there with them. If you pick a larger bank then you're normally safe because they have a stable income for themselves. However, if you pick a smaller bank which might be newer, then you could run into difficulty because they will not be as experienced in running a business and this might mean that the things that they are offering cannot be afforded by them and this will mean that they're more likely to lose your money in the long term than some of the bigger banks are.
• Philippines
18 Sep 11
yes, it is true. smaller and newer banks may put us at risk because they dont have experience in handling money and also theywill also struggle yet to prove that they are working good and so that more customers will come to them.
@waflay (2717)
• Nairobi, Kenya
12 Sep 11
I think we should also consider how long the bank has been in operation because the older it is,the more stable it is.
• Philippines
15 Sep 11
yes i agree with you. if the bank has already withstanded a lot of years and centuries then i can assume that it has a good foundation and we can trust it with our money.
• Philippines
12 Sep 11
I strongly suggest to go with the banks with solid fundamentals and good reputation. Those big banks built with stability is the way to go. They are sure to weather the storm if ever they hit on them. Try to research the top banks and go with them. And yes, those with higher interest earning offers from a bank can be a risky thing too. Check on your risk tolerance level and go with the bank that suits that up.
• Philippines
18 Sep 11
yes, banks with solid fundamentals are worthy of trust for the people and their money. i think we should also make sure that the bank is or was able to withstand the pressure of the economic turmoil. thank you for your insight agentgulaman.