what I hate about banks

We use banking service for various reasons ranging from saving, making payments, availing of loans, business, or simply safe-keeping of funds, transfer, currency exchange and others. In doing so people always want security and convenience when it comes to money transactions having to do with banks. The truth is, banking is never that convenient for me especially if it is with a bank that has several clients to be served by a few slow-moving personnel who seem to enjoy seeing people looking so impatient and almost exasperated.

I opened an ATM account with one of the most reputable banks in our small city so I could receive payouts from outside of the country. To make this possible I needed to make an initial deposit of something close to $ 75 which is supposedly the maintaining balance required by the bank. Now when your balance falls below the maintaining balance of $75 a penalty of $4.50 will be automatically deducted from your initial deposit. Before you know it, after a few months you will find out that your account has been closed, all the remaining funds going to monthly penalty. But this is just the tip of the iceberg.

I hate the service especially in big "reputable" banks because that's where everybody goes and waiting to be served among the many waiting clients is not in my blood. My parents never believed in banks. My mother used to keep her "savings" secretly wrapped and tied securely in a piece of cloth which she buries deep down her old chest amongst her "treasures" of old photographs. So when it became necessary for me to use the service of a bank, I became one of the most impatient and disorganized clients. I failed to keep track of the checks I had issued and so I had to suffer overnight charges for lack of funds. The rate I was going in issuing checks often came twice faster than the deposits I was making----this was a nightmare. I had to literally run to meet the cut-off almost on a daily basis. Boy, did I have a hell of a time I cursed the founder of banks.

Then there's the waiting. My God, waiting happens to be my enemy. I just hate to wait. When I'd walk in to make a deposit and see the unhappy faces of those waiting ahead of me, I waste no time and head out. This happened to me several times it seems like I would never be able to do some saving because I did not and still do not want to wait.

KEEP TRACK OF YOUR MONEY

These days we usually just spend, spend, spend without keeping a record of our daily cash-outs and cash-ins. Are we spending more than what we earn? We will only know this if we keep track of every single expenditure that we do everyday. I am not an accountant and neither do I follow this that is why like many, I am always cash-strapped. But we do not have to be always trapped in this situation. We need to be vigilant with the money we make. Money is hard to find but so easy to spend. If we keep all our earnings or money in one place and do not have separate banks for our individual needs, then we will forever find ourselves losing money fast.

I got this practical suggestion from a friend who guards his money like trained dog. He said he has a separate bank account for his business and other bill payments, another one for savings, and another account for his petty cash.

For his business, he had opened a checking account where all his payments and purchases are taken. This is where 60% of his money goes. He keeps 10% for savings in another account with

a passbook which is purely meant for his savings. Then he deposits 30% to his ATM for his daily cash needs. When he runs short of cash, then he withdraws here.

I thought about this and I think it's doable. What dya think? Any other brilliant tips?

huh? I did not apply for a credit card!

That was the initial reaction of a friend of mine who received a credit card with a credit limit of Php 60,000 from her bank. She did not apply for such a card because in her own words she said that these credit card companies will most likely make you liable for a certain crime later on. She was sure that she will be collected a year's membership fee even if she did not use it.

Her solution: mail it back to the bank via registered mail so you will have proof that the plastic card has been returned and you will not be collected with any membership fee.

This development makes me think that maybe people have learned their lesson the hard way. People no longer see the benefit of being a card holder because of their bad experiences. That is why credit card companies are giving people that extra push or tug to gain membership. That is why credit card agents are everywhere knocking on everybody's closed doors.


During one of Oprah's episodes it was discussed that the first step towards becoming rich is getting rid of all your credit cards. That's right, cut them, scissor them and throw them away. We've been working so hard and it seems like all our efforts are not paying off because our incomes are not enough to pay the bills we have incurred using our credit cards. It's probably time we change all these.