3 Reasons Why I Still Bank with City Savings Bank - The Thrift Bank

City Savings Bank - A Thrift Bank - Stable, Polite Employees and Fast Transactions

I have been banking with City Savings Bank (A Thrift Bank) for more than a couple of years now. 

For those who are unfamiliar with the bank, it is "the thrift bank affiliate of Aboitiz Equity Ventures...it now has 24 branches and extension offices all over Visayas and Mindanao. It has over 300 employees, a stockholders equity of over P 500.0M and a total resources of over P 4.0B, many times doubled over the initial capital when the bank started. It has increased its clientele base to more than 77,000 borrowers from 3,568 while depositors’ base has reached to over 87,000 from only 2,735 since it began its business.

The Bank remains among the most stable thrift banks in the country. It has one of the best operating efficiencies in the thrift banking industry, lowest non-performing loans and highest capitalization levels. The bank’s basic philosophy of providing excellent banking service, while treating each customer as a family member has stayed the same."

I still do.

Despite one unfortunate event last Friday when my mom forgot to bring her identification document and tried to withdraw a sum of P50,000. The teller whom she tried to have a transaction with, Elmer, knew that she was my mom but the other teller blocked the progress of the transaction and even commented that my mom should have some "common sense". I figured that a true investor shouldn't be deterred by a single unfortunate event but focus on the horizon instead.

City Savings Bank is a great bank with lots of potential.

I could have withdrawn all my savings and time deposit because of such unprofessional remark but remained a loyal client of them because of the following reasons:

1. Low Opening and Maintaining Balance

Two years ago when I was just starting with my job, I always wanted to save some of my salary for the rainy days. So I looked for banks that will enable me to save some money without requiring high opening and maintaining balance. The branch here in Iloilo is so accessible everytime I would go to SM Delgado and you couldn't pass that area in the city without noticing the eye-catching signage, "City Savings Bank" colored in yellow.

So when I saw that they accept savings deposit in as low as P100, I didn't think twice of opening an account! I thought it's going to be one of those fleeting accounts that I would have a hard time maintaining but until now, it still amazes me as to how I was able to save some money and able to maintain it.

As of writing, their opening and maintaining balance starts at P500.00 which is still relatively lower when compared to most commercial banks.

With such a low maintaining balance, I was a little worried that I might have a hard time withdrawing quite large value of money when I need it. But when the time came that I needed to withdraw P110,000.00 from my savings from the said bank in order to pay for my rent-to-own townhouse's downpayment, I was glad when I was able to withdraw without any hassle. A truly stable and trustworthy thrift bank!

2. Easy and Fast Access

Just a ride away from where I am, I love that I don't have to walk a lot when I need to deposit or withdraw because of its centrally located branch here in Iloilo. There are not much queue when compared to other banks because its clients are usually teachers and government employees. It's a relatively small bank but since it's an affiliate of the Aboitiz company, I trust that they wouldn't run away with my hard-earned money unlike with the fear I have with most small banks. Since it is small and it doesn't serve much clients, my transactions are usually very easy and fast (except for what happened to my mom).

3. Longer Hours and Open on Saturdays

Business hours starts at 9:30 AM - 5:30 PM Tuesdays to Saturdays. I love that I could go there and make transactions every Saturday. Aside from City Savings Bank, other banks that open on extended hours are RCBC Savings Bank and Banco de Oro.

I should also mention that the employees are usually polite (except again for one teller who ruined my total respect for this company). Instead of impulsively withdrawing my deposits with them, I calmly talked with their manager last Saturday about what I really like about the company but complained about the impolite and substandard treatment given to my mom. He mentioned that he personally appreciates how I handled the matter unlike most clients that would just storm their branch and withdraw their money.

I reasoned that I do not easily get offended and that I always try to give the people involved with the chance to explain themselves. I have always regarded City Savings Bank highly so one unfortunate event wouldn't destruct such respect. After all, it must serve its purpose, an eye opener and wake-up call to the management, not only of the City Savings Bank, but also to all banks that they should treat their clients with due respect and  provide value to the money that we entrust them because after all, we, the clients, are the lifeblood of their career and their industry.

Our confidence and respect are what enables them to keep their day to day transactions. I hope that's a lesson that not only City Saving Bank would learn but also  Banco de Oro tellers (yes, the latter badly need it).

When compared to other tellers, tellers of City Savings Bank are actually way nicer than most tellers of most commercial banks so if you want value, efficient customer service and stable financial institution to bank with, I wouldn't doubt recommending City Savings Bank.

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nadette said...

they have a branch in ortigas.. can i withdraw money from my passbook if i opened it here in cebu and i plan to withdraw money there in manila? please reply.. need your reply badly. thanks..

Unknown said...

I am already fully paid from my loan in city savings because of the other lending office paid for it...am I allow to re apply?...pls rply