Rumors of closure prompts bank clients to withdraw money

CEBU - Heavy withdrawals plagued a rural bank in the southern town of Argao yesterday because of rumors that the bank would soon close.

The incident prompted the bank manager of Rural Bank of Cebu South to file a complaint with the police against those responsible for spreading the wrong information.

Even after it closed for the day yesterday, some 20 depositors trooped to the bank past 3pm and demanded that they be made to withdraw their deposits.

Bank manager Jhonyrose Sardañas said the depositors panicked because of the reports of closure.

Sardañas said the rumor started circulating when CEBECO failed to encash P7.2 million from its depository bank, the Land Bank of the Philippines.

At that time, Land Bank reportedly asked the rural bank to make additional deposits to fund the Cebeco account but RBCS denied the request because Cebeco’s account is only P3.8M.

“Tungod sa mga sayop nga sulti sa mga tawo dinhi sa Argao, ang mga tawo mituo pod kay nahadlok sila nga matinuod nga manira ang bangko,” Sardañas said.

Sardañas pointed at Argao municipal accountant Deodora Carillo, two CEBECO personnel, and the wife of one of the two employees, as having allegedly helped spread the rumor.

In an interview over dyLA, Carillo vehemently denied spreading the information, but admitted that she made some inquiries about it after hearing from a neighbor that RBCS depositors panicked because of the reported closure.

Carillo said she was just concerned because she is the treasurer of the municipal employees cooperative.

“Nganong gi-apil man intawon ko nga wa man ko manabi, nangutana man lang ko?” Carillo said.

Apparently, the panic among the depositors was fuelled by the recent banks holidays declared by the rural banks under the Legacy Group and the latest closure of the Rural Bank of Subangdaku.

Sardañas said around 50 depositors already withdrew their deposits last Wednesday afternoon.

He, however, assured that RBCS is stable and will continue to allow withdrawals despite yesterday’s incident. — Fred P. Languido/JMO   (THE FREEMAN)