POB and its clients - Solomon Star News

POB and its clients

03 September 2014

Dear Editor – Much has been expressed in the paper about Pan Oceanic Bank (POB).

Some were for and others against.

It is normal with anything that is new that there will be doubts and reservations while others simply take it as it comes.

But just a reminder to those who are flooding that bank since it opened its doors recently, beware of the saying that says, “Not all that glitters is gold”

Take a good look and see if it won’t be another quick buck scheme like the defunct SMI, eyeing your savings at the Solomon Island National Provident Fund (NPF), the only lucrative financial security there is.

It is said that NPF pledges are the most favourable financial security up for grab by the bank.

Fulfilling the CBSI banking requirements and relevant financial regulations does not warrant the safety that you can bank on.

You may get a good financial deal with POB compared with the other three banks that we have for ages. Be reminded that it is better to deal with the devil you know than otherwise.

Good-will is a good gesture or virtue to have in such situation, given that one time or another, one of the three long-time existing banks, could have lent you a helping hand in times of financial need.

Redeeming an existing loan from one bank by another, does not free you from financial debts. Bank is a bank; it must in all circumstances recover its debts by any means, when the going gets tough. That must be noted.

However, there is the notion of free enterprise but beware of “flyby nights” and the risk is an individual matter.

I just wish POB good banking and its customers, easy banking, hope you get the best deal mutually favourable to both partners.

John Tinonibona
Tulagi, Gela