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Rural banks under the Legacy Financial Group offering 20% p.a.

FutureGizmo · 297 · 90797

FutureGizmo

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Got this from the Entrepreneur Magazine's board.

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The Rural Bank of Carmen (Cebu) is currently offering a 5-Year Time Deposit with 20% Interest per Annum - interest is paid monthly thru PDCs issued to depositor every year for 5 years.

Up to P250K is insured by PDIC.

They also have an ongoing promo, for every P250K deposit you make within September to November 2006, depositor will be entitled to one Round-Trip Ticket to Bangkok or Hongkong plus hotel accomodations. Schedule of trip to the said destinations are slated on Dec. 26-28, 2006.   

If interested, (and for appointments) you may directly contact Ms. Karen Pitoy (of RBC-Cebu) at the ff numbers:  mobile 0915.5394481 / office  (032)200.8217 & 429.9102.

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Bank has no website. I checked PDIC and the bank is a confirmed member. Phone number in PDIC and the one advertised above is the same.

If you have questions or more information about this, post here so we can discuss this bank product.
« Last Edit: Jan 20, 2007, 03:28 PM by nailbiter »


nmsgmd2

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Pag insured by by PDIC, does that mean covered 100% yung deposits up to P250K? So if the bank closes, PDIC will pay me?

And how do we send money? Do they accept wire transfers or de we really have to go to Cebu?


FutureGizmo

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Pag PDIC-covered, insured ang deposits mo up to P250k. Ang idea, irerefund ka nga ng PDIC. Pero beyond that specific amount, most probably nde mo na mabawi.

Yung concern on location yung tinatanong ko rin sa original poster nung ad. Kaya rin nipost ko dito baka may PMT member na aware sa product na ito or taga-Cebu at pwede i-verify yung ilang details. Pwede niyo rin tawagan yung contact numbers nung bangko para magtanong.


gilbz

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hi guys! i'm the one who posted this ad in Entrepreneur Mag's board.  Thanks to FutureGizmo for inviting me over to PinoyMoneyTalks forum.

i am a friend of RBC's president and i'm helping her advertise the bank's products thru the internet.

regarding the PDIC insurance, if you're going to deposit more than P250K, i think they will advise you to split your money to several accounts with P250K max each so as to make sure your money is safe.

interested depositors need not go to cebu to open an account.  ms. pitoy flies frequently to manila (in fact she'll be in manila next week) for meetings and attend to depositors who are interested in opening an account with them.  if you're interested in opening a time deposit with RBC, you may contact ms. pitoy directly (numbers posted above) for other queries about this product and arrange a meeting with her so as to clarify certain questions you may have about the product.
« Last Edit: Oct 12, 2006, 04:46 PM by gilbz »


FutureGizmo

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Thanks for the info, gilbz, and welcome to PMT! :welcome: Your post is definitely of help to those who might be interested in this bank offer.

One question, does the bank have their own website? It would be easy to check on their products if they have one.


lehboy

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Hmm interesting... and good promotion too.


gilbz

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thanks futuregizmo...

very good question there about the website.  the bank doesn't have a website, yet...and so does majority of rural banks i suppose.  if you check PDICs website, most of those with websites are commercial banks. even rural banks in the NCR listed there do not have websites.  i guess it also depend on who the banks are catering to.  rural banks cater primarily to rural folks.  most of whom are not well versed in this technology.  but of course, this is slowly changing and i am actually thinking of proposing to them that they come up with their own website.  it's not that expensive anymore to have one anyway.  
« Last Edit: Oct 12, 2006, 10:28 PM by gilbz »


nailbiter

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regarding the PDIC insurance, if you're going to deposit more than P250K, i think they will advise you to split your money to several accounts with P250K max each so as to make sure your money is safe.


Hmm, not sure if this is possible. Check the following item from the PDIC website:

Quote
Single Depositor Account
 

Case 1: How much is the effective insurance coverage if Angelo Ramos has the following deposit accounts under his name in the closed ABCD Bank?
 
   Account Type    

  Balance
Acct #1    Savings Account          P 180,000
Acct #2    Checking Account          50,000
Acct #3    Time Deposit            70,000
         
   Total deposits         P 300,000
   Insured deposits         250,000
   Uninsured deposits        50,000

Explanation :  The three accounts are owned by one person, Angelo Ramos.  Thus, all accounts will be consolidated or added together as they are maintained in the same right and capacity, regardless of account type. Total amount insured cannot exceed P250,000.  


The above example even makes a distinction between account type. We may assume the same would apply if a single depositor holds more than P250K in separate accounts of the same type as well.


gilbz

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thanks for the case that you've shown here nailbiter.  it's really important that people understand these things thru examples like this. but i think they (at RBC) are aware of this.

Question...what if the other accounts are under the name of your wife, children, etc?
« Last Edit: Oct 13, 2006, 09:39 AM by gilbz »


nailbiter

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Kung separate single depositors, covered na rin dapat individually ng PDIC insurance. :) Those interested can check the page I linked to above as well for how PDIC insurance applies to joint accounts.


AMARANTH

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hmmmm......you know what, in the event that it closes i think kukunin mo yung pera mo diyan din sa cebu since diyan naka based ang bank at hassle yan considering airfare at probably one day stay in the hotel (alangin uwi agad since nandoon na)


FutureGizmo

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@gilbz, do you think it's possible to ask miss pitoy where they place the funds? i'm interested to know what they trade or invest in that will give them an annnual return of 20% or more.

regarding the website, it's understandable that they don't have one yet because their primary market is still those who might not have access to this type of technology. but i think in order to attract more investors, it's a good idea to open a website. that can also be their competitive advantage against other rural banks.

another question, how long has rural bank of carmen been operating?


nmsgmd2

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hmmmm......you know what, in the event that it closes i think kukunin mo yung pera mo diyan din sa cebu since diyan naka based ang bank at hassle yan considering airfare at probably one day stay in the hotel (alangin uwi agad since nandoon na)



DI ba pag ganoon sa PDIC mo na kukunin (office in Makati) after you file a claim...kasi sarado na nga yung bank e, so ano pa pupuntahan mo sa Cebu?


Bentong

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Wow okay to ah...

Ano po kaya ang main source of income ng bank na to?


gilbz

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@gilbz, do you think it's possible to ask miss pitoy where they place the funds? i'm interested to know what they trade or invest in that will give them an annnual return of 20% or more.

regarding the website, it's understandable that they don't have one yet because their primary market is still those who might not have access to this type of technology. but i think in order to attract more investors, it's a good idea to open a website. that can also be their competitive advantage against other rural banks.

another question, how long has rural bank of carmen been operating?



fgizmo, bentong:

they are very open to queries about their sources of income.

if i remember it right, their sources of income are through various types of loans like salary loans, and microfinance loans for entrepreneurs.  salary loans for government teachers for example guarantee a 100% collection through an automatic salary deduction scheme. these among others ensure them between 24% to 36% interest income per year.

in a nutshell, its sources of income are very much similar to another rural bank whose "double your money" promo is being discussed in a thread here in PMT forum.  

RBC has been around since 1972, making it a 34-year old Rural Bank.
« Last Edit: Oct 16, 2006, 10:13 AM by gilbz »


 


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