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3. Know Your Bank’s Service Fees He goes on to show the following non-exhaustive list of fees/ charges that banks levy on their depositors: • monthly service charge for falling below required average daily balance • monthly dormancy charge • fee for closing within 1 month from account opening • interbank ATM transactions • stop payment orders • overdraft accrual charges • ATM card replacement • replacement of lost passbook • bank certification • manager’s check • peso checkbook • dollar demand draft • safe deposit box rentals • peso telegraphic transfer • remittance charges Did You Know? Contents of safety deposit boxes are not covered by PDIC’s deposit insurance. Technically, the bank should not know the contents of the safety deposit box and would, therefore, not be in a position to know the value of the contents. But more importantly, safety deposit boxes are not in the nature of deposits covered by the PDIC. In addition to the above fees, the Philippine Clearing House Corporation (PCHC), the company that is tasked to provide, maintain and render an effective, convenient, efficient, economical check clearing service to participating banks, also has charges for: 106 The Power of Information
• Temporary overdraft – honored (funded) • Drawn Against Uncleared Deposits/ Drawn Against Insufficient Funds • Stop payment – funded • Stop payment – unfunded Financial Expert’s Corner Apart from the above charges, you should also check the minimum amounts required to open and maintain accounts with your bank. Smaller banks tend to require lower minimum opening and maintaining balances. You should, however, not sacrifice bank stability for this seeming affordability. 4. Keep Your Bank Records Safe And Updated Orly tells Mang Domeng and Aling Lorna that bank records are not mere pieces of paper. He expresses concern over the fact that depositors tend to leave banking documents unfiled and not updated simply because they have become commonplace. Orly advises the couple that banking documents are the evidence of their transactions with banks. Orly says,“Some banks help out by providing secure Internetbased records of your transactions. But whether your bank provides such a service or not, you should still keep your own records. Deposits and withdrawals can be monitored through your deposit account passbook. You can always have your passbook updated with your bank. Keep your savings passbook in a safe and secure place to avoid unwanted people developing interest in your savings account.” Just like passbooks, Orly also reminds the couple to keep their certificates of time deposit in a safe place. “You do have to surrender such certificates when claiming your time deposit at maturity or when pre-terminating them. If you are the type of depositor who has his The Power of Information 107
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Copyright 2013 by the Philippine De
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Foreword Through the Philippine Dep
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insured deposits. This Guidebook is
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Table of Contents A Brief History o
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Just like in the United States of A
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Table 1 1 Maximum Deposit Insurance
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Money is Important 7
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A Brief History of Money At the hou
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Different Forms of Money Seeing his
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Financial Expert’s Corner They sa
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The Different Life-Event Stages Six
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“In our case, we are saving up fo
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The next life-event stage is where
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How to Save Mang Domeng, as if to r
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Financial Expert’s Corner Saving
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Why and How to Save 1. There are ma
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A few minutes later, Tessie is alre
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• Suspicious transactions are tra
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Financial Expert’s Corner In acco
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Banks may or may not issue an ATM c
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He says that all that bank tellers
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Tessie expresses some concerns. “
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Aling Lorna smiles and continues,
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Located on the upper left hand corn
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Financial Expert’s Corner To avoi
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Mang Domeng says to Aling Lorna,
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Financial Expert’s Corner It shou
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In closing the deposit account, you
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It’s 5:30 AM on a Wednesday, and
Page 66 and 67: The over-reliance on heuristics giv
Page 68 and 69: Financial Expert’s Corner Money a
Page 70 and 71: Financial Expert’s Corner It can
Page 72 and 73: Ponzi Schemes and Pyramiding Aling
Page 74 and 75: But before the couple leaves, Harry
Page 76: More Than Just Interest Rates 1. He
Page 79 and 80: PDIC is also authorized to investig
Page 81 and 82: Unable to suppress his smile, Orly
Page 83 and 84: depositors who have obligations wit
Page 85 and 86: The agent in a “By” deposit and
Page 87 and 88: Financial Expert’s Corner Effecti
Page 89 and 90: 3. How much is Fe Santos’s insure
Page 91 and 92: Member: PDIC 1. PDIC was created by
Page 94 and 95: It is just two weeks before Mang Do
Page 96 and 97: Figure 8 Investment Risk Profile* I
Page 98 and 99: cash or near cash account. Such acc
Page 100 and 101: Financial Expert’s Corner For lon
Page 102 and 103: Ed says, “In their simplest form,
Page 104 and 105: Stocks Mang Domeng notices a bewild
Page 106 and 107: “You see, Nanay, although they ar
Page 108 and 109: Financial Expert’s Corner The adv
Page 110 and 111: Other Places to Put Your Money 1. W
Page 112 and 113: It is just one more week before Man
Page 114 and 115: Loads have a validity of one year f
Page 118 and 119: time deposit automatically renewed
Page 120 and 121: 6. Be Informed About PDIC Deposit I
Page 122 and 123: “Orly, I am an OFW,” Mang Domen
Page 124 and 125: Mang Domeng excitedly replies, “S
Page 126 and 127: The Power of Information 1. You, as
Page 128 and 129: Accrued interest - earned but still
Page 130 and 131: Ponzi Scam - an illegal financial s
Page 132 and 133: Determining If Your Expenses Are Ju
Page 134 and 135: Annex B Regulatory Issuance No. 201
Page 136 and 137: 3. Granting high interest rates whe
Page 138 and 139: ANNEX A: Deposit-Related Activities
Page 140 and 141: BSP Circular No. 640 (Activities Wh
Page 142 and 143: Sample Claim Form (Page 1) Annex D
Page 144 and 145: Sample Claim Status Sheet Annex E 1
Page 146 and 147: Annex G Republic Act No. 9505 Augus
Page 148 and 149: (g) “PERA Investment Product” r
Page 150 and 151: Sec. 7. Separate Asset. -The PERA s
Page 152 and 153: (d) Disclosure requirements on the
Page 154 and 155: entitled hereto, shall be subject t
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