I am having a problem with my bank. I opened a savings account in which I deposit P200 every month. So last time I tried to withdraw my cash and they told me I can only withdraw after 3 years.
I need money and they are refusing with my money.
This depends on the type of account you opened. You said it was a savings account but savings accounts aren't all the same. Some have conditions that say you need to keep the money in the account for a particular period. However, there's usually a way to get the money out of the account if you're prepared to sacrifice some interest. I think you should contact the bank and ask them to confirm the terms and conditions of your account. I'll also contact them and suggest they contact you to discuss what they can do to help you.
There's a bigger lesson we all need to consider about savings accounts. About what they're for. Another bank had a problem recently when they increased the transaction fees they charge for their savings accounts. The problem was that many of their customers were using savings accounts as if they were current accounts. They were using them for their everyday shopping, transport and buying airtime and electricity. But that's not what savings accounts are designed for. They're designed for savings.
The new charges this bank introduced cost a lot of their customers a lot of money. Some customers were charged more than P1,000 in fees. The lesson is that we need to use our bank accounts for the right purposes. Ask your bank to explain the accounts they offer if you have any doubts.
They refuse to pay!
I need your help. My mom insured my grandmother with a Burial Society in 2022. My grandmother passed away in July 2025 and we submitted all the documents. Until now, my mom hasn't received any payment. Today, the chairperson called saying she might not get the P30,000 benefit but only the premiums she paid. We've been given different reasons like the broker hasn't been paid, and the stories keep changing.
They mentioned the insurance brokers not paying the benefits. It's hard to know which one they are talking about coz we filled insurance forms from one company but along the way they also mention other life insurance companies. She was not given a copy of the policy.
(Updated after I contacted the burial society.)
I went with my mom to meet with them. They received your message but they saying they can't disclose anything information to you because of data protection but it seems like they wanted us to stop involving you because you might contact the brokers. Now I'm wondering what are they hiding, something is not right. They don't want us to seek for assistance, they keep on saying it's not going to solve anything but rather cause more problems. The meeting was just about us not involving you to be honest.
These people are very suspicious. Unfortunately they're not alone. I'm sure there are reputable burial societies, but doing the work I do, I haven't met one yet. I've lost count how many consumers have contacted us about burial societies failing to pay claims and not properly paying the insurance companies they use.
I'll do my best to discover which broker and insurance company they're using. Clearly they don't want anyone investigating them but that's exactly what we need to do.
Update: They're currently using their 4th insurance company and were dumped by their previous insurer. We need much greater regulation of these organisations.
No comments:
Post a Comment