BSP issues advisory on bank deposits
The Bangko Sentral ng Pilipinas (BSP)-Iloilo City Branch has issued advisory on bank deposits to safeguard depositors and investors in Western Visayas.
BSP Deputy Director Job T. Nepomuceno said the advisory contains simple and practical reminders to the public on the safety of their deposits, to wit:
- Only banks are allowed by law to accept deposits from the public, whom when in doubt as to transactions, should inquire from the Financial Consumer Affairs Group;
- Deal directly with bank employees within the premises of the bank;
- Rate of interest paid by the banks to deposits and other terms and conditions vary among banks;
- It is best to deposit in a bank offering rates generally comparable with those of other banks; the higher the rates, the higher the risk.
- Offers that sound too good to be true may not be true at all;
- Be wary of offers of unrealistically high interest rates or expensive gifts, such as cars, local or foreign trips, etc., in addition to interest, in exchange for your deposit;
- Always keep in a safe place the proof of your deposits such as passbooks, copies of deposit slips, certificates of time deposit or confirmation statements (if transaction is done through internet).
- The BSP also reminds that bank deposits are insured up to P500,000 per individual depositor.
Nepomuceno said the public can inquire for further information from the Head of the Financial Consumer Affairs Group, BSP-Manila, telephone number (02-524-7011, local 2588, or email at consumeraffairs@bsp.gov.ph. (BSP/PIA6/ESS)
