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Thursday, August 27, 2015

WATCH: OFW Lose Php 200,000 After Her Bank Account Went Dormant

How important is your savings to you? Many OFWs are opting to put their hard -earned money in savings account to become their safety net in case of contingency. For some it has become some sort of investment where they keep their retirement fund.

But what would you do if that savings account turned empty without you making any withdrawals?
No matter how careful we are, unexpected things could happen. Just like Janica, an OFW who opted for a savings account thinking that her passbook is safer than an account with ATM. As an OFW, she saved and placed her money in the bank and  she did not make any transaction for 4 years. By the time she checked her account and her passbook which is supposed to have a balance of Php 200,000. All the money is gone and she was told by her bank that her account had become dormant, but the question remains. If her account became dormant, the bank is supposed to deduct a certain amount for penalty but that penalty is not supposed to equate to Php 200,000, not even for 4 years. 

In Saudi Arabia we usually get notifications through sms/text if there is any withdrawal or any kind of transaction in our account. Online access to our account also passes through verification by sending one time access code on our mobile. We hope this kind of security could also be implemented in the Philippines.

We have heard several stories already about bank accounts being hacked in the Philippines specially those with ATM. Bank fraud is very common not only in the Philippines, it can happen anywhere and anyone can be a victim.

In order to protect yourself from this:

Never lend your card to anyone.
As much as possible never leave your receipts, better dispose it properly.
Never let anyone have access to your card number.
Never give information about your card over the phone as much as possible unless you are confident that the transaction you are initiating is with a reputable company.