An article entitled “HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent” is currently making its rounds on social media, causing several people to panic and leading some users to ask whether they should start withdrawing their money from HSBC.
What are Unsafe and Unsound practices of banks?
Banks have been the perennial option for Filipinos as regards keeping their money. Aside from the fact that deposits are liquid — meaning you can go to a bank anytime during banking hours to request a withdrawal — there is also a sense of guarantee because deposits up to P500,000 are insured by the Philippine Deposit Insurance Corporation (PDIC).
But now that we’re seeing rural banks fail one by one, we wonder: Is our money really safe in banks?