Today we started!
Today we started. Teach our kids to start saving will prepare them for the future.
Today we started what? We opened an account of micro savings for our 2 daughters (13 years old & 10 years old). For others, this may seems late already. But for us, it’s a big step to a NEW beginning.
We found this advertisement from one of the the non-banking financial institutions here in Philippines. This is where we started!
Non-banking Financial Institution
Note: We are not agent or endorser for this institution. Whatever written here is based on our experience.
Anyways, one of the offers from this institution is MICRO Savings with a tagline of “Anumang pinapangarap mo, kaya nang pag-ipunan.” Sounds great, right?
Here’s how to open an account with them.
- Prepare for a valid ID and initial amount
- A cellphone for the PIN account to be sent
- Go to any branches of Cebuana Lhuillier
- Fill-up the registration form
- Present your requirements to the teller
Note: If it is not for your personal account, you need to bring the person you want to open an account for because an image capture will be taken. For the kids, age range is 7-17 years old only.
Product Details
- Interest you’ll earn every year (subject for 20% withholding tax)
- Minimum balance to earn interest
- Minimum maintaining balance
- No transaction period to close the account
- Maximum account balance
- Amount that can be deposited
- Amount that can be withdrawn
- Deposit Fee
- Withdrawal transaction limit per day
- Withdrawal Fee
- 24k Card Fee (if depositor if non 24k card holder)
- 0.30%
- ₱500
- None
- None
- ₱50,000
- Min ₱50; Max ₱50,000
- Min ₱100; Max ₱5,000
- FREE
- 3
- Maybe subject to rates
- ₱100
Once completed, you will be then issued with the 24k plus card and this welcome kit.
You’ll be able to use the card for the following:
1. Loyalty Rewards – earn points from pawn, remittance, and insurance transactions.
2. eMoney Account – for Pera Padala transactions
3. Micro Savings – for the savings with initial deposit of ₱50.
How to Deposit or Withdraw Money
- Fill-out the Pera Padala form and write the amount you want to deposit or withdraw
2. Submit the form to branch personnel for processing
3. Insert your 24k Card into the PIN pad at the counter. For withdrawal, type your PIN.
4. Wait for the transaction slip or withdrawn money from the branch personnel
How to Inquire Balance
A. Via PIN Pad
- Insert your 24k Card into the PIN pad in the counter
- In the PIN pad, press the F3 for Micro Savings
- Type your PIN No, and press ENTER
- Your balance will be displayed
B. Via SMS
1.Text CLBANKBAL
2.Send to any of the following: Globe: 0917-808-8793 ; Smart: 0908-880-2930; Sun: 0932-842-8562
To check transaction history, just text CLBANKHIS, and send to above numbers.
THAT’S IT! YOU’RE DONE in your FIRST STEP!
Next question: How can your children earn money? Well, there are lots of ways they can earn. Either selling items at school, extra from their daily school BAON, or from the gifts they’ll receive during birthdays, Christmas, or any occasions. And of course, also from your allotted budget for them.
So, what’s the point? Teaching our kids the importance of saving will entail in their minds to value the attitude of being thrifty and prepare for their future.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” —Robert Kiyosaki
