# Any experience with Security Bank?



## Maxx62 (Dec 31, 2013)

I'm thinking about opening a checking account with Security Bank, and was wondering if anyone has had any experience with them? In the past I opened an account with well known bank which starts with the letter "M" but I closed it after I learned that it could take up to 45 days for my Social Security benefits to clear at this particular bank. According to what I've read, Security Bank is supposed to process their deposits more quickly than most other banks, but I'm wondering how true that is? Any info appreciated.


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## BusyBC57 (Apr 13, 2015)

Maxx62 said:


> I'm thinking about opening a checking account with Security Bank, and was wondering if anyone has had any experience with them? In the past I opened an account with well known bank which starts with the letter "M" but I closed it after I learned that it could take up to 45 days for my Social Security benefits to clear at this particular bank. According to what I've read, Security Bank is supposed to process their deposits more quickly than most other banks, but I'm wondering how true that is? Any info appreciated.


I have security bank account, but I only opened it because we were buying a car and the company we were working with suggested that we open an account with SB. I will say though that if you deposit a check from the USA it will clear in 8 banking days. I have deposited two checks and both cleared and the funds were available within in their 8 day window. I use Landbank for direct deposit of my SS benefits and the funds are always there on the 3rd of the month except if they aren't working due to holidays. Good luck


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## M.C.A. (Feb 24, 2013)

BusyBC57 said:


> I have security bank account, but I only opened it because we were buying a car and the company we were working with suggested that we open an account with SB. I will say though that if you deposit a check from the USA it will clear in 8 banking days. I have deposited two checks and both cleared and the funds were available within in their 8 day window. I use Landbank for direct deposit of my SS benefits and the funds are always there on the 3rd of the month except if they aren't working due to holidays. Good luck


That's amazing, 8 Day check clearance time and I don't see an SB Bank remotely close enough to my location but hopefully a branch opens in the near future. I may end up using BDO when I start drawing my SS.

So what am I missing here... Why can't the other banks cash a US check within a reasonable timeline?


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## Gary D (Oct 28, 2013)

M.C.A. said:


> That's amazing, 8 Day check clearance time and I don't see an SB Bank remotely close enough to my location but hopefully a branch opens in the near future. I may end up using BDO when I start drawing my SS.
> 
> So what am I missing here... Why can't the other banks cash a US check within a reasonable timeline?


No trust, they want to see the money actually hit your account before tbey will let you draw against it.


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## Lunkan (Aug 28, 2020)

M.C.A. said:


> So what am I missing here... Why can't the other banks cash a US check within a reasonable timeline?


 There have been many scams where people are fooled to "earn much" by sending much less than the check amount to the scammer - but then the check from the scammer bounse so the fooled all he/she did send. I suppouse the delays of payouts at checks have to do with that. But some odd if banks don't trust checks when the US govenmemt is the payer


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## BusyBC57 (Apr 13, 2015)

M.C.A. said:


> That's amazing, 8 Day check clearance time and I don't see an SB Bank remotely close enough to my location but hopefully a branch opens in the near future. I may end up using BDO when I start drawing my SS.
> 
> So what am I missing here... Why can't the other banks cash a US check within a reasonable timeline?


At Landbank where my SS is dd each month, takes 30-35 days for them to clear a check, ouch. I rarely have a check to deposit but it does come in handy when security bank can clear a check in 8 banking days.


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## art1946 (Nov 30, 2017)

hey busybc

When I lived there in the Davao city area I had an account with BDO bank. I was always treated good with them. Never had a problem. I don't know what their requirements are on international deposits. But BDO is one of the larger banks in the Philippines. Check with them and see what they say. If I remember correctly when I opened the account I made out a personal check for deposit and I think it took 3 weeks for clearance.

art


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## BusyBC57 (Apr 13, 2015)

art1946 said:


> hey busybc
> 
> When I lived there in the Davao city area I had an account with BDO bank. I was always treated good with them. Never had a problem. I don't know what their requirements are on international deposits. But BDO is one of the larger banks in the Philippines. Check with them and see what they say. If I remember correctly when I opened the account I made out a personal check for deposit and I think it took 3 weeks for clearance.
> 
> art


Hi Art, I'm not the one looking into security bank or international deposits, it's the original poster which was Maxx62.


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## M.C.A. (Feb 24, 2013)

art1946 said:


> hey busybc
> 
> When I lived there in the Davao city area I had an account with BDO bank. I was always treated good with them. Never had a problem. I don't know what their requirements are on international deposits. But BDO is one of the larger banks in the Philippines. Check with them and see what they say. If I remember correctly when I opened the account I made out a personal check for deposit and I think it took 3 weeks for clearance.
> 
> art


Art, most of these banks including BDO will hold the funds for 21 "business" days but Holidays that land on week days delay it even longer and they also occasionally have other delays, I had to wait 2 months one year during the Christmas season. I asked a BDO Bank Manager if they can do better than my PNB and she said they cannot it's the same timeline so nearly 45 days of waiting, but a pension fund could be much faster because it's electronic fund transfer but I'll bet still 30 days.

Another note on depositing a check in a US Dollar account, there are times the check clears as you mentioned in 3 weeks and also other times they don't or won't withdraw funds for nearly a week from my US Bank, I can view my cashed checks online and it has the date stamped on the back so from that date I have to wait I guess 21 business days.


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## art1946 (Nov 30, 2017)

hey Mark,

That is why I did electronic transfer after opening the account with BDO. It didn't take to long to get my funds but it did cost me an electronic transfer fee. So, I make bigger deposit each time. Like I said I had good service with the BDO Branch I used in Tagum city just north of Davao city. 

Art


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## Lunkan (Aug 28, 2020)

M.C.A. said:


> electronic fund transfer but I'll bet still 30 days.


 When I did send much money recently, it took long to get any tansfer at all APPROVED.
BUT the bank acount to bank acount TRANSFER itself took only around 8 work days.

Hard to know how many work days it took by they have so many Filipino and even local holidays, so sometimes even locals get suprised when closed because of a holiday they didn't know of 🤣


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## bidrod (Mar 31, 2015)

Pension funds(SS/MilRet) are deposited on the due date by the local banks like BDO/BPI/PNB/etc. If due date falls on holiday deposit is next business day. Foreign check deposit at most banks clear/funds available in 21 business days. Wire transfers are in minutes, hours or days depending on bank or company handling transaction.

Chuck


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## Maxx62 (Dec 31, 2013)

BusyBC57 said:


> I have security bank account, but I only opened it because we were buying a car and the company we were working with suggested that we open an account with SB. I will say though that if you deposit a check from the USA it will clear in 8 banking days. I have deposited two checks and both cleared and the funds were available within in their 8 day window. I use Landbank for direct deposit of my SS benefits and the funds are always there on the 3rd of the month except if they aren't working due to holidays. Good luck


Thanks for the info. Since the pandemic started, are you still getting your checks cleared within eight days? I called a local branch near me, and they told me it would be the standard 45 days to clear.


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## BusyBC57 (Apr 13, 2015)

Maxx62 said:


> Thanks for the info. Since the pandemic started, are you still getting your checks cleared within eight days? I called a local branch near me, and they told me it would be the standard 45 days to clear.


I don't get regular checks. last year I received 2-3 checks and all cleared in 8 days or less and the funds were available. I think Security Bank is the only bank to clear checks in 8 banking days. Not sure why all of the other banks can't or won't do this.


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## Lunkan (Aug 28, 2020)

BusyBC57 said:


> I don't get regular checks. last year I received 2-3 checks and all cleared in 8 days or less and the funds were available. I think Security Bank is the only bank to clear checks in 8 banking days. Not sure why all of the other banks can't or won't do this.


 To be sure it don't become trouble, banks need to wait for CONFIRMATION from the bank the checks come from confirming it will not bounce. Because of checks can be written parallell, to be sure the sender bank need to WAIT until got sure they have got ALL recent written checks info, which can be claims from more than one bank I don't know how many days is expected routine.. 
If the check payer is the US governmen though then it can be asumed to be not bouncing I suppouse


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## art1946 (Nov 30, 2017)

Lunkan is right.

I was sent a counterfeit cashier check about 10 years ago from Canada for some merchandise i was selling. the buyer wanted me to ship right away but I refused. I deposited it into my account. they credied t my account for the amount of check. After 3 1/2 weeks it came back no good from the bank it was drawn on. I hadn't used any of the money so they removed the deposit in my account. If I had spent that money I would have been in trouble trying to pay it back.

So, I can see why the Philippine banks hold the funds for so long. 

art


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