Saturday 5 March 2016

Thoughts on Banking system

Dear Family & Friends

There has been unsettling financial news as always...stock market going down due to political upheaval, pending decisions, scandals etc... I'm not really bothered anymore... but with our recent small investment on an apartment, we can't help but get wrapped up with the economy once again. Yes, the power of pound is dwindling down...agh...just in time as we need it strong to get more out of the currency! Although Bulgaria uses Leva currency, but when it comes to purchasing property, they want Euro payments!! All these money exchanges caused much of my brain cells to faint! Never mind....brain cells do revive I heard!

Our gated city apartment - still on work in progress stage

Another recent thing that was brought to our attention was the banking system. We never really trust bank to safe keep our money these days....Do you? In fact, what's the use, specially as they hardly give any interest for the money you entrust them - which they use to generate income for themselves! Bah! So what can we do fellow savers?!

The interior is still on this stage...should be ready by April at the earliest

To make matters worst, we just found out that our bank even changed their banking system without our knowledge. Our bank don't deal money matters over the counter anymore...all transaction are done by automated machines. All withdrawals are therefore limited to only a small specific amount per day!! It caused our nerves a few flip flopping times, because we really need to do our transaction for this property purchase. Withdrawing little bits to pay our seller just won't do!! We solved our problem by trying to scrape every penny from our wallets to complete the deal that day. It wasn't a good joke! just because our bank won't release the money we left with them - due to withdrawal limitation policy! It was a very stressful on the spot miracle situation.

our apartment will be part of this gated complex with a communal garden/playground and carpark

Banks are protecting themselves from future 'ran on the bank' situation... but have you ever thought about a depositor's situation would be?? Hope my sharing have brought some insights if you haven't thought much about this.

Nevertheless, don't fret...but be wise. and Have a good week.



  1. Everything seems so unsafe nowadays and we really have to be alert.

    1. You're right Nancy! We really need to ask God for wisdom these days.

  2. The banking systems is terrible, also here in western Europe. We only get 0,6 % on our savings and they are discussing the fact that in future we have to pay interest for parking our money at the bank. Well, I better bury it in the garden, haha. It's all so uncertain and gives an unsafe feeling. Wish you success with your apartment and let's hope......

    1. We've too heard about the possibility of paying a bank fee to give them the right to make 'free' use of our deposit....definitely not a good joke, if that will be the case! Janneka, I'm glad least we have a garden or a garden planter, as an alternative...if there's no way out whatsoever :D

  3. Congratulations on your rentals.
    It is a dilemma. My banks pay 0.1 %.
    My friend lost $1,000 due to robbery....his solution? keep less cash at home.

    1. I think it's just appalling that bank pays depositors very low interest rate....most of our parents have encouraged us children to save, but where shall we store the savings safely till it's big enough for us to make use of it?! Tricky situation!!


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