PDIC Flashcards
PDIC is attached to
BSP
Who is the chairman of PDIC?
BSP Governor
Who is the vice chairman of PDIC?
Secretary of Finance
Function of PDIC
- deposit insurer
- co-regulator of banks
- receiver and liquidator of closed banks
Yes
A bank closed because it was struck by fire. Is it covered as insured deposits?
No (Insured Deposits - covers only closure ordered by monetary board)
Deposits not Entitled to Payment (SHA OU²I)
- Splitting of deposit
- by HO of a foreign bank in its branch in PH
- AMLA
- payable in a place Outside PH
- Unfunded and fictitious
- Unsafe and unsound banking practices
- Investment products
The maximum amount for insured deposit is 500K. I have 4 accounts in BDO which is 10M in total. How much will I get from PDIC?
500K (The rule is “per bank”)
Thus, if that 4 accounts is from 4 different banks, the amount that I will receive is 2M (500K x 4)
Per Depositor, Per Capacity Rule
- Juan “by” Pedro
Who is the depositor?
Juan
Per Depositor, Per Capacity Rule
- Juan “ITF” Pedro
Who is the depositor?
Pedro
Per Depositor, Per Capacity Rule
- Juan “FAO” Pedro
Who is the depositor?
Pedro
If joint account (and/or), divide the amount by the number of persons. What if the joint account is held by Juan and ABC corp?
Insured deposit shall be presumed to belong to ABC corp (juridical corp)
The maximum amount for insured deposit is 500K. Juan may be insured up to 1M. True or False?
True
- 500K (for individual accounts : by, ITF, FAO)
- 500K (for joint accounts : and, or)
My deposit in a bank is 100M. However, the maximum amount for PDIC is 500K. What can I do to the balance?
One can claim it against assets of closed bank (with other depositors)
Those required to file claims
- bank balance above 100K
- have an obligation with closed bank
- incomplete mailing address in the bank records
- maintained under the name of business entities
Yes
