7 HABITS OF A WISE SAVER

1. Know your bank
Bangko Sentral ng PilipinasImage via WikipediaKnow 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.
3.  Know your bank's services and fees
Choose the right bank for you by knowing your needs and matching these with your bank's services. Be aware of bank charges and fees.
4.  Keep your bank records safe and updated
Secure your passbook, ATM, certificate of time deposit (CTD), checkbook and other bank records at all times. Have your passbook and CTDs updated every time you do a transaction. Inform your bank whenever there are changes in your contact details to avoid bank mails with sensitive information getting into the wrong hands.
5.  Transact only inside the bank* with authorized bank personnel
Do not hesitate to ask personnel to present an ID and always ask for proof of your transaction.
6.  Be informed about PDIC deposit insurance
PDIC guarantees deposits up to P500,000 per depositor. Investment products, faudulent accounts, laundered money and deposit products from unsafe and unsound banking practices are not covered by insurance.
7.  Be cautious
Simply walk away from offers that are too good to be true. Generally, excessively high interest rates carry more risks. Please refer to Bangko Sentral ng Pilipinas Circular 640 for more information.