Mr Lee Posted September 12, 2011 Posted September 12, 2011 Another Philippine bank bites the dust. This is the same bank some of my friends were telling me to put money in high interest CD's, I of course declined and I am glad I did. Kristieliza Gaite, a mother of two, got a shock of her life when she could no longer withdraw from her savings account with LBC Development Bank through its ATM machine on Anda street here on Saturday. The machine told her it could no longer process her transaction. When she checked with the office of LBC Bank-Anda branch, she was told they can no longer accept any transactions from depositors. The rest of the story HERE Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted September 12, 2011 Forum Support Posted September 12, 2011 It will be interesting to see how this shakes out hope they get their money back someday. Lee, yea I remember that Ponzi scheme a member of another forum was touting even after it collapsed. Link to comment Share on other sites More sharing options...
Mr Lee Posted September 12, 2011 Author Posted September 12, 2011 Interesting quote in a news story I just read, and that was why I did not feel safe putting any of our money in that bank. If it sounds like too good a deal, then it probably is going to be a problem. I had known that with Legacy and with the rural banks right from the start, because the same thing happened in the US before those US banks which offered very high interest, when compared to other banks, and then they finally collapsed as well. He said the thrift bank was engaged in unsafe and unsound banking practices, offering interest rates higher than the average commercial interest rate. I too hope all the people will get their money back, but there will no doubt be some hardships as in the news story, because of not having access to their money, when they need it. The rest of the story HERE Link to comment Share on other sites More sharing options...
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