1. Know your bank

Know 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 everytime 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 transactions.

6. Be informed about PDIC deposit insurance

PDIC guarantees deposits up to P500,000 per depositor. Investment products, fraudulent 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.

*Except when bank is authorized by BSP to solicit deposits outside bank premises which should be within one (1) hour normal travel time from the bank. You may verify this authority with the BSP.