Why your bank charges you P 100 to withdraw Over The Counter if you don’t have your ATM with you.
For Decades, banks have said:
"Keep your money with us."
"It’s safe with us".
Then one day you say "I’d like my money back."
Then they say "That’ll be P 100." #servicewithasmile
Or if via ATM, "That’ll be P 8 because you are using another bank to withdraw from us."
It’s been like this for a few years now, whether you withdraw in another bank’s ATM or your own bank without an ATM card (P 100).
Banks are in the business of: -keeping our money securely -loaning it out to other people for a big interest gain
Hence, in keeping with bank goals, they want to discourage us in a very nice way to do withdrawals.
"Please deposit, but please control your withdrawals."
Of course, charging P 8 – P 100/ withdrawal x number of people withdrawing / day is also a hefty source of income for them.
It’s not enough for them to earn from the massive interests they charge for bank loans.
They have to earn from a normal person’s withdrawals as much as possible.
It’s good your eyes are open to this now.
SOLUTIONS 1. Do keep your regular withdrawals to a minimum. It’s a horror show (See Greek Bank Run) if we all withdraw at the same time.
2. In fact, plan to go to the bank – with a bank book or ATM and withdraw a BIG AMOUNT (Like most of it) once a month.
3. Then during the month, you don’t have to waste time lining up in the bank.
4. Doing this will remove all the extra wasted money on service fees.
5. This will also remove all the wasted time lining up in the bank or ATM.
SMALL AMOUNT
After all, the person who says P 8 is a small amount -is the person who ends up poor. P 8 withdrawal fee per week is P 416 a year. In 40 years of weekly withdrawals : P 16,640. If you still say that’s "maliit lang" – then that’s why your income level is what it is today.
HOURS WASTED Lets say you line up once a week for ATM withdrawals. That’s 30 min x 52 weeks x 40 years = 1,400 hours wasted in your life. Talk about giving time to "Quality and Quantity time for family, eh" All you had to do was to stop withdrawing regularly and you’d have more time with family!
MONEY A TOOL Money is a means, a tool. You don’t have to love money. You just have to respect it. If you spend time and cash to "buy" a withdrawal from the bank – then that’s where your money is going. It’s not going to Tuition, Food, Water, Church.
It’s your turn to INCREASE!
Jomar Hilario