Manila bankers is the worst

Avoid Manila Bankers at All Costs: A Cautionary Tale

Let me share my experience from yesterday at Robinsons in General Trias, Cavite.

An agent approached me about a “raffle” they were holding for the anniversary of Manila Bankers, asking me to pick a number between 1 and 7 for a chance at a freebie. He then led me to the second floor, claiming that’s where the giveaways were. When we arrived, the office was empty, and I was told the bank staff were out. I mentioned that I would just return later since I was looking for a place to eat. I even asked if I could get a brochure instead, but the agent said they didn’t provide those. Just as I was about to leave, the agent called to say someone had returned to the office.

I thought it would be a quick stop, so I went back. After speaking briefly with the agent, I was introduced to a financial advisor. Despite knowing little about what he was discussing, I listened as he went on and on about unnecessary details. I repeatedly explained that I couldn’t make any financial decisions without consulting my husband first. The advisor asked if my husband would be mad about that, and while I said no, I expressed the importance of discussing these matters out of respect for him.

Time ticked on—it was lunchtime, and I was hungry. I asked if it would be quick, and he assured me it would only take about 20 minutes. As the session dragged on, the advisor ultimately offered me a “money saver” plan for ₱4,400. I initially thought this amount was yearly, based on his explanation of it being₱10 a day, totaling around ₱366 monthly. He stressed that I had to decide “TODAY” to take advantage of the offer.

After much back and forth, I consented, signed numerous forms, and got my credit card approved. However, at the cashier, I was rudely interrupted when I tried to clarify the payment details. It turned out the ₱4,400 was actually quarterly, meaning I would have to pay that amount every three months, not monthly as I was led to believe. Nobody informed me that I would also need to call the bank to set up the payment installment. When I inquired about withdrawing after a year, the branch head said I would need to wait two years.

After leaving the office, I felt relieved. However, when I got home and did some research, I found numerous complaints regarding Manila Bankers’ sales tactics and offers. I submitted a cancellation request that afternoon, but received no acknowledgment. I then emailed public assistance, and they quickly responded that my request was under review.

The next morning, I called customer service to follow up on my cancellation. I learned that it could take up to 15 working days and a ₱1,000 admin fee would be deducted from my ₱4,400 payment, leaving me with only ₱3,400 refunded—despite not utilizing any benefits. It felt frustrating that I would need to deal with all this hassle to get my money back.

While they may be a legitimate institution, their offers are misleading, with much of your investment disappearing into insurance costs. They gave me a false impression of their product, lacking transparency. If you’re considering an investment, I strongly advise against Manila Bankers—trust me, their offers aren’t worth it.

Lessons Learned:
– Don’t be tempted by freebies or raffles.
– Always read the fine print before signing anything.