East West Bank.. What can you say?

[dr. d]

If I recall the ad correctly, you need to have a Time Deposit of around 2.5m php to have that TD rate (per the facebook ad I saw). I think gross rate was 5.5 as advertised. It is honestly too high an asking price.

For it to be "tax free" from the 20% withholding tax, you need to not take out the money for 5 years. Hehe!

It is standard with long term investment of at least 5 years to waive the withholding tax. This is not something special East West Bank will offer, other banks offer the same.

The rate though of 5.5% per annum gross with a 5 year holding period, not enticing when there are other options, also with banks that have shorter terms but with with holding tax.

yespo.
many banks offer this, but they do not openly advertise.
one has to ask.

[_Cathy_]

If I recall the ad correctly, you need to have a Time Deposit of around 2.5m php to have that TD rate (per the facebook ad I saw). I think gross rate was 5.5 as advertised. It is honestly too high an asking price.

For it to be "tax free" from the 20% withholding tax, you need to not take out the money for 5 years. Hehe!

It is standard with long term investment of at least 5 years to waive the withholding tax. This is not something special East West Bank will offer, other banks offer the same.

The rate though of 5.5% per annum gross with a 5 year holding period, not enticing when there are other options, also with banks that have shorter terms but with with holding tax.

Oh. Thanks for the information. So helpful

Sent from my SM-N960F using Tapatalk

[SoleusBB]

Dati, most banks had something called "SA" which gave higher rates of interest than yung usual time deposit (hindi yung 5 year time deposit ha). Ni stop na ng Central Bank, so at the time, banks started pushing "investment accounts" - whether bond, equities or mixed ang base.

Problem is, hindi siya deposit account, uninsured siya ng PDIC (well, at least you'll get 500k, rather than nothing back), and gains are like playing the stockmarket- valuation can go up or down eh. Sugal din yun.

===
One rotten thing about bank savings... over time, inflation will just eat away at your investment.

1M pesos in 1980 was significant. Nowadays, 1M pesos more or less, is just someone's econobox car.

You loan the bank money, and they pay you a pittance in interest. Loan money from the bank... and rates can be 17% pa minsan. Even credit card rates are somewhere around 3.5%...

[papi smith]

I think you meant SDA, it's safe as it is guaranteed by the GOP, interest rate is benchmarked on money market rates

[kagalingan]

ano yung kumakalat sa east west bank meron 9 digits na nawala daw?

[dr. d]

ano yung kumakalat sa east west bank meron 9 digits na nawala daw?

let us wait for the facts.

what can i say if it's true?
... that i'm so relieved that i don't have an account there.

[_Cathy_]

Hindi ko malilimutan yung East West bank na yan kasi narinig ko galit na galit yung dr ni fat lab sa East West on the phone hahaha! Rinig from his office kung saan naka confine si fat lab. Sa intindi ko yung bank at fault. I think he knew that I heard kaya he made small talk with me na na high blood siya sa East West, napatagalog sa galit LOL

[absinthe]

ano yung kumakalat sa east west bank meron 9 digits na nawala daw?

No amount was provided in the bank's official statement, but as per Viber / socmed group chat shared screenshots et al, 9 digits indeed.

===

EastWest Bank says branch manager gone missing with money of 2 depositors
ABS-CBN News
Posted at Jan 14 2021 08:43 PM | Updated as of Jan 14 2021 09:20 PM

xxx

In a statement, EastWest Bank admitted that one of its branch managers “has gone missing together with the deposits of her two customers with whom she had been transacting for years."

"We have been in touch with the two affected depositors. They have been informed that an internal investigation is ongoing and that we will credit back to their account the amount taken," the bank said.

xxx

EastWest Bank did not reveal the amount of money missing citing confidentiality, but said it was “not significant especially as the bank has been among the Top 3 most profitable banks in the country in the past four years."

<snipped>

[_Cathy_]

270 million daw?

[bloowolf]

Not P270m but P470m. Going around the grapevine is that the branch manager is the kept woman of one of the Congressmen she stole from. The other Congressman is Jinggoy Estrada. They are caught in a bind. How to prove where the money came from.