There seems to be a lot of things going on in banks these past few weeks.

A couple banks suffered from system glitches just last month and then there was that news two weeks ago about a UnionBank employee caught making an illegal transfer from the bank’s Ortigas Cash Center to its Caloocan Cash Center to allegedly cover-up an attempted theft.

With all these events happening almost one after the other, a lot of of our friends who are fans of conspiracy theories in social media was able to make various conclusions about the incidents that have led many people to believe (majority of which are young people who don’t even have their own bank accounts yet) that putting money in banks isn’t safe anymore.

But is this true?

Yes, it is true that banks have large amounts of money in them, which makes them a prime target for those who wants some easy money. Getting money from banks by way of a “hold-up” might be a common thing 50 years ago, but today, and with all the advanced and redundant security measures being placed even at ATM machines, this is already almost impossible in most banks.

What happened with UnionBank and the other banks are still considered as isolated cases or one that is least likely to happen again. So to take this incident as a sign that keeping money in banks is not safe is making a giant illogical leap.

What is important to remember is that in 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.

The fact that this UnionBank employee was caught stealing money, and the manner in which she was caught, actually reaffirms my trust in the banking system and the safeguards they have in place.  When you think about it, 17 million pesos is a small amount for a bank especially if it is “electronic money”, as opposed to physical cash.

The fact that such a small amount was flagged and narrowed down to a single perpetrator is in a word amazing!  The money’s electronic trail was far more fast, effective and accurate than any physical trail could ever be.

Also, 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. A testament that UnionBank’s Cyber Security measures are in placed and is working perfectly.

Banks will always be targets of thieves, but I would rather have a bank be a target than my home be a target.  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.

This is not the 1930’s, our banking institution’s cyber security features are at the top of its game and still innovating. My money’s still safer in banks than in my pocket.

Banking in the Philippines | How Safe Is Your Money at UnionBank?
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