Shopping The Right Bank? Here's What To Look For

​Saving a small amount soon builds up to a large amount.

How Do I Open A Bank Account?
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​1. Go to your chosen or preferred bank or bank branch.

2. Present an acceptable valid identification card (ID). The following valid identification cards are acceptable to banks: Governmentissued IDs and Student’s ID.

3. Obtain from an authorized bank employee the required forms (e.g., client information form, signature cards, deposit slip), including the terms and conditions of the deposit account.

4. If the terms and conditions are acceptable, fill out, sign and submit the forms and deposit the required initial amount of deposit. If there are terms and conditions that are not clear, request that these be explained.

​5. Remember to sign all or otherwise cancel out unsigned spaces allotted for authorized signatories of the deposit account.

6. Obtain the proof of deposit/ownership of deposit.

Find Out The Answers To These Questions When You Open A Deposit Account​
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Is The Bank Safe And Sound?
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​Know about the bank’s financial condition. Published Audited Financial Statement is posted at their website and branches. Refer to the Capital Adequacy Ratio (CAR) at the Other Information portion. A CAR of 10% and above means that the bank has enough cushions to handle potential financial losses and can likewise protect its depositors. Is the bank aggressively marketing its deposit products with exorbitant returns such as double-yourmoney schemes? Check the bank’s size and classification. Their capital may not be commensurate to the promises they make.

How Much Is The Required Minimum Average Daily Balance?
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​Assess whether you have enough money to keep this amount in your account to avoid charges for falling below the minimum balance.

When Am I Charged Service Fees/Charges And How Much?
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​The amount, condition and frequency on the imposition of fees and charges on deposit products differ from bank to bank. To know how to avoid fees and charges, you may refer to our primer on ‘How to save on bank fees and charges’ to understand the instances when these are imposed. Clarify with the bank representative all vague information on transactions subject to fees and charges.

What Are The Terms And Conditions Of The Deposit?
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Be fully aware of the terms and conditions that govern the deposit account. Request the bank personnel to explain unclear provisions of the deposit agreement. Never sign a document that you do not understand and agree to.

What Other Factors Should I Consider?
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Do a background check on the bank. Ask who are managing it. Who are its major clients? How long has it been in the business? Is it known for good customer service?