If you live in the Philippines, you’re probably one of the many who experienced the hassle of the BPI system glitch that occurred last week. I was one of the many who panicked over it. I had just transferred an amount from my Paypal account to my BPI account when I suddenly started seeing posts from people panicking over negative balances in their accounts. When I tried to log in to the online banking app, they had already taken down access to online facilities. I was panicking because the money I set aside for a road trip during the weekend was in that account. Did I mention it was my only bank account as well?
I had to think of solutions. Should I borrow money? Too embarrassing. Withdraw from my investment accounts? That would be unwise. Fortunately, access was restored after a few days. My trust in BPI? Not so much.
As it was happening, I badgered a bunch of friends in the finance and/or IT industry and asked them for opinions on which they thought was currently the “safest” bank in the country. The answer was a unanimous Security Bank. So as soon as we got back from our trip, my fiance and I marched into Security Bank and opened new accounts with them.
I deem it bloggable, because I have tried 3 banks in the last couple of decades and this one was the smoothest account opening process ever (minus the long queue, because apparently every other BPI account holder did their research and decided to switch as well). I didn’t have to fill out a gazillion forms, and I was done in less than 30 minutes. By the time I walked out of the bank, my online banking account was up and running, everything was in order.
If you’re looking to switch, go ahead and check out Security Bank. They don’t have unreasonable bank policies, their staff are friendly, and their processes are smooth and quick.