Blocked Tonik Account

How did I discover Tonik?

Tonik is a digital bank I discovered through a post on Reddit. I searched the rank on Google and saw this statement on their website, "Innovation is woven into the DNA of our company. We put customers first." There is a lot of good feedback about the bank on Playstore so I decided to put some money in it and created stashes for my law school tuition and emergency fund. 

My Tonik Account is Blocked

Tonik is a good bank because it offers high (3-4%) savings interest compared to other banks. Unfortunately, my account is blocked. It happened after I purchased a Google domain name using my digital Tonik debit card.

I contacted Tonik's customer support via email 7 days ago, but all I received is an acknowledgment receipt. I was not even aware of the real reason why they blocked my account.

There are remaining balances in my stashes so I reached out to them through the Tonik app's "Chat with an agent" option yesterday and the other day. The agent forwarded my concern to a certain department and said they will just email me. 

I'm still waiting for their email.

My Previous Digital Bank

CIMB offers high savings interest too. Through GCash's GSave, I found CIMB. I linked my account and everything went well until CIMB became stricter with their Know Your Customer (KYC) policy.

I was not able to answer the call from their agent, so my GSave account expired. That was around two years ago. 

In 2021, I tried accessing my CIMB account, but I failed to remember the account name, password, and pin I used to open my CIMB account. 

I tried creating another account, but it failed. I got frustrated so I registered to another bank.

My Current Digital Bank/Wallet  

Unionbank is my current digital bank. I have used it in many transactions, and I did not encounter any major problems (so far). My only problem is the log-in process where I need to enter an OTP every time.

My favorite feature of the Unionbank app is the "Deposit a Check". It is very convenient for me because I live away from the city. There's no bank in the Municipality I am working so this feature is very useful for me.

GCash is the first digital wallet I've used and still using. It's the most convenient financial app for me in my current location. Online transaction is inevitable nowadays especially amid this pandemic. 

With my GScore, I have enjoyed product offers that are limited to specific users of the app. My only problem with it is the GLoan interest. It would have been great if the interest rate is the same with GCredit which is lower when paid earlier.

Lesson Learned

Do some or more research before putting your hard-earned money in a place where people said to give high interest on the money you put.

Be wise in choosing the platform (and people) where you will entrust your money. 

It does not mean that if the majority of the people say it is good, it is truly good. 

Some things are good to others, but may not be good to you because we have different situations.