Does our money still safe in the bank?

For the past few weeks, we heard the news that involved glitches in our local banks. Bank depositors went raged over about how safe their money in their respective banks. Bank security has been a subject of online furor among netizens on social media.

Banks have large amounts of money, of course they are targets.  The fact that these incidents are as isolated as they are, is a testament to how effective the redundant security measures they have in place really are.

The question is: Does our money still safe in the bank? Banks will make sure their depositors’ money is secure from an online glitch. We always put the blame on them but we need to remember that we entrusted our money to these banks. Most of our banks do have state-of-the-art technology to secure it. These banks under the supervision of Bangko Sentral ng Pilipinas implemented a circular for consumer protection of electric banking.

All of the banking mishaps that have happened lately, at the end of the day, the worst thing that happened was a bit of inconvenience.

Nobody in any of these cases has come forward to say they have lost any money, let alone a significant amount of money.  Banks are huge, complex and dynamic systems that manage huge volumes of cash in real time. The fact that incidents such as this are not everyday occurrences, is actually a testament to how robust and fault tolerant their electronic safeguards are.

Banks will always be targets of thieves. At least a bank has layers of redundant security, and expertise and then finally insurance.  17 million pesos sitting in a home safe or anywhere other than in a bank would be enough to make anyone lose sleep, worse than that, if it were to somehow be robbed, there would be no getting it back, and people are liable to get hurt or killed when it is taken.

Rather than keeping our money in a piggy bank, it’s better to entrust our money to the bank.