Online banks, do you trust them? / myLot

@lady1993 (27221)

Philippines

February 27, 2021 8:04am CST

We now have cimb and img in our country. Everything is done online, application for an account, deposit and withdrawal. I tried IMG because of the huge % interest, but only a little because I'm scared. Have you tried online banking yet?

17 people like this

15 responses

DianneN

@DianneN (254949)

• United States

27 Feb 21

I have one online only account. I prefer my main banks.

3 people like this

lady Di

@lady1993 (27221)

• Philippines

28 Feb 21

I'm still a bit anxious about it.

Hopefully all goes well.

Manuela Lopes

@nela13 (59367)

• Portugal

27 Feb 21

I have never tried an online bank, I also don't feel secure about them.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

28 Feb 21

My parents advised against it too. So i just put little money to try.

1 person likes this

Manuela Lopes

@nela13 (59367)

• Portugal

28 Feb 21

@lady1993 which online bank are you using?

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

1 Mar 21

@nela13 Just the IMG, for testing purposes.

1 person likes this

Show more comments

stanley777

@stanley777 (9401)

• Philippines

3 Mar 21

not really. i have not tried any of them yet good luck

1 person likes this

show previous comments

stanley777

@stanley777 (9401)

• Philippines

8 Mar 21

@lady1993 I hope so too

lady Di

@lady1993 (27221)

• Philippines

4 Mar 21

thank you. I hope it is trustworthy

1 person likes this

Show more comments

louievill

@louievill (28846)

• Philippines

27 Feb 21

We can trust them in my opinion since they are " Banko Sentral ng Pilipinas " ( BSP or Central bank) regulated although CIMB is from Malaysia and ING is from Switzerland. Being regulated means they are PDIC insured up to 500,000php so just don't put in too much.

I have a Metro bank account and I bank online using their app, I read some responses here and I think they mistake their traditional bank with an online app to a purely online digital bank like ING and CIMB. I have a CIMB account that's linked to my Gcash where I deposit any extra money I have through their Gsave program, it gives higher yield or interest than traditional banks

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

28 Feb 21

Yes, that's what got me into it too. If all goes well for this one, i may think of putting more, but maybe next year.

1 person likes this

louievill

@louievill (28846)

• Philippines

28 Feb 21

@lady1993 the reason they could give higher interest rates is because they don't have expensive rented offices with a lot of employees and security guards. They also I think use a newer technology based on block chain that's why transactions are much faster

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

1 Mar 21

@louievill Oh yeah, that makes sense. they had so much savings~

1 person likes this

Jeff Moffitt

@moffittjc (128824)

• Gainesville, Florida

27 Feb 21

I have been using an online bank for about 6 years now, and I have had no issues with it. Using an online bank is also very convenient for me, so I am very supportive of them.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

28 Feb 21

These aren't new bank either, but new to the Philippines. They seem secure though, so far.

hope it continues.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

5 Mar 21

@moffittjc it was actually iNG- i always get them confused.

Yep, i have a small account with ING.

1 person likes this

Jeff Moffitt

@moffittjc (128824)

• Gainesville, Florida

4 Mar 21

@lady1993 Did you open an account at IMG? That's a pretty secure online bank, I've read plenty of good things about them.

1 person likes this

Show more comments

Reine25

@Lucky15 (37391)

• Philippines

28 Feb 21

my sibs send me money thru it

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

1 Mar 21

through Img and Cimb?

1 person likes this

Reine25

@Lucky15 (37391)

• Philippines

1 Mar 21

@lady1993 haha. no, GOCCs or local banks

1 person likes this

May2k8

@May2k8 (19788)

• Indonesia

1 Mar 21

I use an online bank if we don't give access, it seems like no one can make transactions.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

2 Mar 21

I hope the security is tight here too.

1 person likes this

Notlilie

@prinzcy (32299)

• Malaysia

28 Feb 21

I use online banking all the time. So far no problem for me.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

1 Mar 21

I hope there will be no issues here too.

1 person likes this

OceanTiara

@RebeccasFarm (91299)

• United States

27 Feb 21

Yes I have tried it and no I will never trust it

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

28 Feb 21

Oh so you closed you account already?

1 person likes this

OceanTiara

@RebeccasFarm (91299)

• United States

28 Feb 21

@lady1993 No as I must have it, but I still dont trust it

1 person likes this

Mike

@Mike197602 (15504)

• United Kingdom

28 Feb 21

I've had many online only bank accounts. In the UK as long as the bank is registered your account is protected up to £85k. I had one bank go belly up a few years ago and I got all my money back.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

1 Mar 21

i made sure it was PDIC insured too before I made an account.

the huge interest is just tempting.

1 person likes this

Hanni Harel

@Hannihar (130150)

• Israel

28 Feb 21

@lady1993 Yes, I do online banking but I have been doing that for a long time with my bank. Other banks that I do not know I am not sure about them.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

1 Mar 21

That is very good to hear.

1 person likes this

Hanni Harel

@Hannihar (130150)

• Israel

2 Mar 21

@lady1993 Thanks.

1 person likes this

Jim Bauer

@porwest (112717)

• United States

27 Feb 21

I have been banking online for many, many years. No problems. Of course, almost all banks in the United States are FDIC insured, and so your money is relatively safe. Not sure if they have something similar to the FDIC in the Philippines, but it would certainly be a consideration.

1 person likes this

lady Di

@lady1993 (27221)

• Philippines

28 Feb 21

Yep it is insured too(PDIC it's called here), but since it's new to our country, many are hesitant.

1 person likes this

Jim Bauer

@porwest (112717)

• United States

28 Feb 21

@lady1993 Yeah, I suppose until the system is tested, one can't be sure how it actually works or IF it actually works if it is needed.