Monday, March 07, 2005
Safety deposit box
By Money wise
YOU may have saved a fortune and decided to invest in jewelry or land, but you must now protect your wealth.
It is time to head for the bank to keep your jewels and important papers, like land titles and bank certificates, in a safety deposit box.
At Export and Industry Bank, Zosimo Lim, head of the Cebu Business Park branch, said the boxes come in three sizes: small, medium and large. They are available only to top clients.
The yearly rental goes for P500 to P1,000, depending on the size you pick. And there’s a P600 deposit required for two keys to the box.
At Bank of the Philippine Islands, the yearly rental is P400 for the smallest box and P1,200 for the largest. The deposit for the keys is the same amount as the rent.
Only those with an average daily balance (ADB) of P100,000 in the bank branch may get a safety deposit box, said Sheila Carasco.
Over at Metrobank, Sandra Tan said the rental ranges from P600 to P2,000 a year. The deposit for the key is P1,000, regardless of the size of the box.
She said the required ADB for account holders to get a box varies per branch. (CTL)
(March 7, 2005 issue)
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