Author Topic: Time Deposit named to someone else (Read 2478 times)

IGX · « **on:** Sep 20, 2012, 04:47 PM »

Hi Everyone,

Has anyone tried using this strategy to keep your money within the 500K limit of PDIC? The strategy is since there are some banks that offer good interest rate, instead of having just 1 account, we ask a very close friend, or relative to open an account using our own money, then we keep the CTD.

I'm thinking of this idea as a friend of mine has suggested this.

But I am not sure if there are risks behind this.

Anyone who could share there thoughts on the matter?

Kind Regards,
Benjamin

kithe · « **Reply #1 on:** Sep 20, 2012, 05:07 PM »

WOw, too risky.. bakit naman sa iba pa.. Dahil natatakot ka na magsara yung bank? E di sa reputable banks ka mag open ng account..

What if namatay yung friend or relative mo..

ftp://ftp.bir.gov.ph/webadmin1/pdf/14159ruling03_010.pdf

bajoyjoy · « **Reply #2 on:** Sep 20, 2012, 06:01 PM »

^Tomoh!

IGX · « **Reply #3 on:** Sep 20, 2012, 07:09 PM »

Hi Kithe,

Salamat po sa response. Tinitignan ko syang possibility. Kahit kasi asa reputable banks ang pera ko, parang mas mamamaximize ko ang earnings kung lahat asa big bank with big returns at least 25% of my money and naka setup sa "dummy" account.

Not sure if ganito ung mga dummy account ng politicians

Salamat po sa PDF file, does this apply to "AND" accounts or "AND/OR" accounts? Medyo I'm now worried as I have multiple accounts where I have an "and/or" with my elders.

Patulong naman po

Times3 · « **Reply #4 on:** Sep 20, 2012, 09:24 PM »

Quote from: IGX on Sep 20, 2012, 04:47 PM

Hi Everyone,

Has anyone tried using this strategy to keep your money within the 500K limit of PDIC? The strategy is since there are some banks that offer good interest rate, instead of having just 1 account, we ask a very close friend, or relative to open an account using our own money, then we keep the CTD.

I'm thinking of this idea as a friend of mine has suggested this.

But I am not sure if there are risks behind this.

Anyone who could share there thoughts on the matter?

Kind Regards,
Benjamin

Close friends today not so close friends 2morrow BE CAREFUL Sometimes friends come up with emergencies where they need to borrow/cash in and you may not know until it is toooooo late. Ask yourself this...... is what you are thinking about something that servant 1 or servant 2 would do with the master's talents

? for sure we know servant 3 would do nothing......... MATHEW 25 give it a read, it is not too long and worth you investment of time to read and comprehend the context.

IGX · « **Reply #5 on:** Sep 20, 2012, 09:44 PM »

Hi Times3,

Thank you for referring me to Mathew 25, I think I can still recall what it is about.

I guess I will to think of better ways to manage my finances other than entrusting it to someone where I am in possession of the papers.

Times3 · « **Reply #6 on:** Sep 20, 2012, 10:48 PM »

Quote from: IGX on Sep 20, 2012, 09:44 PM

Hi Times3,

Thank you for referring me to Mathew 25, I think I can still recall what it is about.

I guess I will to think of better ways to manage my finances other than entrusting it to someone where I am in possession of the papers.

Bottom line currency is only jellybeans it is how we utilize those jellybeans that is important. The 500 K PHP rule for PDIC...... for me I pay no attention to and this is only me..... everyone's path is different. I choose to run the risk and do not worry about the rule and press on to which ever bank will provide the best return and the most security. For me and this is only me...... I view it as the PDIC rule never existed for if a currency falls there will be such huge runs on the banks you'll most likely not get you money anyway. Just choose a bank you feel is safe. ALL is just MHO. I view the world and the way it works in a different common vernacular that most. I am not a Lemming and will not act like a Lemming but that is me........

Plan to live to 100 but realize you can leave today. By the way..... and I just though of this if you just keep the TD that is OK but your friend can just say they lost the TD and pull the money out that is what my banker told me I could do when I thought I lost one of my TD's it just makes extra paperwork for the bank that is all the owner of the TD must sign, the owner being your friend. Also, your current bank manager may change to another and so on and so on, many variables in the wind when trusting friends with jellybeans........

freelancer_babe · « **Reply #7 on:** Sep 21, 2012, 06:55 AM »

I think naming the account to someone else is a lot more risky than just simply choosing one very stable and reputable bank with a deposit that exceeds the 500k limit.

Like others had mentioned, paano nga kung namatay ang relative, or nawithdraw ng kaibigan... etc.

I'd really rather choose that one stable bank to dump all my money.

Pwede rin namang i-divide ang money na tig-500 sa iba-ibang banks (and I mean iba iba, not different branches). Like 500k sa BDO, then 500k sa BPI, 500k sa Metrobank, etc.

But you said are after best interest rates? So are you after putting money in rural banks? Maiintindihan ko siguro kung bakit after ka sa PDIC requirement.

Here's an old thread about that "AND/OR" accounts: http://www.pinoymoneytalk.com/forum/index.php?topic=5318.0

Ironkiwi · « **Reply #8 on:** Sep 21, 2012, 02:42 PM »

tanong lang po, paano kung ang TD naming magasawa ay ipinasok namin under each of our name (bale 2 accounts) tapos yung 3rd one ay joint account. Then, nagka declare ang bangko ng Holiday, ma consider ba ang 3 accounts namin ng PDIC?

freelancer_babe · « **Reply #9 on:** Sep 22, 2012, 09:58 AM »

Quote from: Ironkiwi on Sep 21, 2012, 02:42 PM

tanong lang po, paano kung ang TD naming magasawa ay ipinasok namin under each of our name (bale 2 accounts) tapos yung 3rd one ay joint account. Then, nagka declare ang bangko ng Holiday, ma consider ba ang 3 accounts namin ng PDIC?

Check mo na lang ang thread na ito: http://www.pinoymoneytalk.com/forum/index.php?topic=5318.0

Ironkiwi · « **Reply #10 on:** Sep 22, 2012, 11:38 AM »

Thanks freelancer_babe

Quote from: freelancer_babe on Sep 22, 2012, 09:58 AM

Check mo na lang ang thread na ito: http://www.pinoymoneytalk.com/forum/index.php?topic=5318.0

SirZap · « **Reply #11 on:** Sep 23, 2012, 01:05 AM »

bakit sa friend mo pa? bakit hindi sa magulang mo or kapatid? ewan ko lang kung bakit friend mo?

nanashi · « **Reply #12 on:** Sep 23, 2012, 11:11 AM »

You should highly consider a trust fund account that is invested on bank deposits.... But I rather invest a trust account on Mutual Funds and Bonds though.

freefront · « **Reply #13 on:** Sep 24, 2012, 08:04 AM »

Quote from: IGX on Sep 20, 2012, 04:47 PM

Hi Everyone,

Has anyone tried using this strategy to keep your money within the 500K limit of PDIC? The strategy is since there are some banks that offer good interest rate, instead of having just 1 account, we ask a very close friend, or relative to open an account using our own money, then we keep the CTD.

I'm thinking of this idea as a friend of mine has suggested this.

But I am not sure if there are risks behind this.

Anyone who could share there thoughts on the matter?

Kind Regards,
Benjamin

On few instances when I was used as a dummy by my sister, she knew i wasn't going anywhere, i'm usually happy with a can of coke( as opposed to a snort) and knows i definitely wouldn't like jail. A bakshish of new pair of jeans would do, too

No. A fall-out with friends/relatives is something that's just waiting around the corner. You are already this person who knows money- why do that? You are also foregoing the premium interest put on bigger deposits. And the only way I would consider an "OR" account is when the deposit is set-up to avoid inheritance tax. Meaning, you won't mind the money going to that person anyway. my two cents.

IGX · « **Reply #14 on:** Sep 25, 2012, 09:07 AM »

Zap - From experience when relatives know you have money they tend to ask for money until you run out of it. So asking them to be a dummy is a bigger risk for me.

Freefront - I understand your point

I'm actually confused at the moment with the "OR" setup of accounts given that as Kithe pointed out, there is a law that defines 50/50 split even for "OR" accounts in the event that the other party dies.

I'm looking for ways my hard earned money gets to the people I plan to leave the money to in full rather than they pay unreasonable taxes.

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Is there any other option? For those who have maximized the PDIC limit, do you open an account in each major bank in the Philippines? How about accounts in the US? Is this safe?