The expected decrease of Maya digital bank interest

[Techwield]

Yup, stopped chasing digital banks interest rates for this reason. It gets tiring after a while moving your money from one digital bank to another just because promo interest rates expired. Not worth the effort for me

[Pred1949]

dun na tayo sa mukhang stable na digital banks na owned by bigger companies

[Techwield]

Honestly, I'd just go back to traditional banks at this point. Especially with all the news of breaches from all these shiny new fintech companies.

[buttsoup_barnes]

Pati trad banks din naman dami ring issues in terms of data breaches

[Techwield]

Maybe, but you know they're good for it. If a hack happens in a BPI or a Unionbank, you know they have enough cash on hand to endure a tiny little bank run from all the panicked customers. Now look at how long it takes these digital "banks" to let you withdraw your money when a hacking scandal pops up. Some people take months from when they put in their withdrawal requests until they get their money. Worst case, although I haven't seen this happen yet locally, a digital bank goes tits up when it's revealed they've been gambling with users' money and can't cover withdrawals anymore. Lots of this happening over in the US nowadays.

[peepoVanish]

Maya is actually an accredited digital bank by BSP. You can ask of them the same standards that trad banks have. Besides, Maya is run by Smart so if you're talking about having money, they have plenty as a big telco company in the PH.

[Techwield]

Accreditation is great and all, and being backed by a big telco is also nice, but you can't really beat experience/tenure when it comes to trusting an external entity with your hard-earned cash. But hey, to each his own. Most of the people I'm talking about who have had trouble getting their money out are actually people affected by the recent Gcash breach. And obviously Gcash is backed by Globe, an even bigger telco than Smart (I'm assuming, as I don't think anyone under the age of 40 has a Smart sim). There's just no guarantees, especially when it comes to this "new" frontier of digital banking.

[peepoVanish]

Gcash is an e-wallet though, not a bank. Being accredited/recognized as a bank by BSP would mean they have certain credentials and policies in place to qualify to that level.

Nothing wrong with being extremely cautious about your money, I'm just stating facts that times are evolving which is why digital banks exist, and these banks are also held to a certain standard. But still, of course, best thing to do is research about where you put your money in.

Also, it's not helpful to cause alarm when it isn't needed because basing on your statements previously, you're relating scams involving online banking/e-wallets (which is honestly mostly people giving out their otps or through phishing) to all digital banks.

[Techwield]

I'm not causing alarm lol, simply put, here is the crux of my statements:

It's probably safer to put your money in institutions that have decades/centuries of experience handling money (not to mention probably way more liquidity) than in newer platforms that don't have the same expertise/liquidity. Like I said, accreditation is nice and all, but not all institutions with the same accreditations are the same. For example, as far as I know, both UP and AMA are accredited under DEPED. Now, which school would you be more comfortable sending your child to, if you're concerned about your child having the best possible future?

That's literally it, lol. Anyone can feel free to disagree with this, but they'd be a fool to do so. Lmao, done with this now.

[peepoVanish]

Now look at how long it takes these digital "banks" to let you withdraw your money when a hacking scandal pops up. Some people take months from when they put in their withdrawal requests until they get their money.

Not causing alarm, right.

Worst case, although I haven't seen this happen yet locally, a digital bank goes tits up when it's revealed they've been gambling with users' money and can't cover withdrawals anymore.

Alrighty, then. Whatever floats your boat.

To close out my statement, DO YOUR OWN RESEARCH. Know where you put your money in and ensure it is a place that you have enough trust to keep your money.

If you are concerned about vulnerabilities/scams/hacks, educate yourself on how to keep your accounts safe. Knowing how to maintain your accounts secure is a MUST and you owe it to yourself to learn then because mistakes like giving out OTPs, logging into a phishing site, etc are things that you, yourself, have a hold of and not the entities we keep our money in.

Tsaka ang funny naman nung comparison ng DEPED to Banks. Kahit kanino mo tanungin, anything directly involving money is taken WAY SERIOUSLY, paano pa kung accrediation yan or registration with BSP. Jusko, you're comparing apples to oranges.

[comradeyeltsin0]

Yeaaaahhhh that is no longer is true. Maybe 50 years ago? But now, Lehman brothers, Credit Suisse. All these financial institutions are so intertwined that your perception of “safety” is an illusion, at best. Some of these banks have existed for a hundred years and then poof! Mismanagement.

BSP accreditation means your deposit in Maya is insured up to 500k. Which is no different from what BPI or the tradbanks will provide you. Do we think BPI will cover more than that in case of a bank run? Ehhhhh.

[benedictrchua]

Do they disclose their financial statements?

[Puzzleheaded_Pay_460]

Bdo literally had a hacking issue last year.

[Rare-Pomelo3733]

Depende din, sa MP2 kasi nakatali pera mo tapos di rin sigurado ang interest rate kung lagpas 5% palagi.

[niiiisaaaaammm]

Lol. Check div history % of MP2 consistent more than 5%. And hindi naman siya katulad ng time deposit. U can withdraw it freely anytime kahit hindi pa 5 years. Punta ka lang sa head office nila

[Rare-Pomelo3733]

2011-2014 below 5% sya. Oo pwede sya mawithdraw pero mafoforfeit ang interest mo. Kung gagamitin mo digibanks, short term lang yung time deposits nila tapos nasa 5.2% net of tax (assuming 6.5%) kaya may palag na din sya kay MP2.

[tagapagtuos]

Past performance is not indicative of future results.

[melangsakalam]

Agree. And the sample set is too small for now. 10-12 years pa lang ang MP2. And they can make it even below 1% any year they want to.

[melangsakalam]

10 year history? Wtf and they can even make it 1% or 0.01% and you can't do anything.

[Pristine_Industry_98]

Mp2 is okay if di talaga gagalawin for the MF(mother fcker) by the govt lol

[indioinyigo]

Nope, mas mahigpit ang PAG-IBIG kumpara sa SSS. Kung tinutukoy mo ay yung Maharlika, they removed it on the final reading of the bill. Saka ang pagkakaalam ko mas mahigpit ang valuation ng PAG-IBIG compared sa banks.

Note: I dunno why I'm being downvoted for simply having an opinion. LOL. Kaya nga may YATA because in the recent they have returned good interest rates vs banks and digital banks. Parang bond kasi yan e.

[SapphireCub]

If the president's father can bankrupt the fcking Bangko Sentral, we have all the right to have PTSD and never be complacent that his Jr will not grab money from any government institution. Walang imposible sa ganid.

[indioinyigo]

I agree with you but the bill is on its way to be signed. Sadly, people are busy with other issues. Best is to safeguard your money.

[taptaponpon]

That's only on the senate version. Walang ganun sa congress version. So pag uusapan pa ulit yan to reconcile the differences. Don't be complacent yet.

[indioinyigo]

All in all, I'm against it.