PDIC Act Flashcards
PDIC Act is RA ________
RA 3591 Amended
Functions of PDIC
RCD
Coregulator
Receiver and liquidator
Deposit Insurer
Maximum Insured Amount for Individual and Joint Account
1M
Ind = 500k
joint= 500k
Depositors not entitled to Payment
UHA OSUI
Unfunded
Head Office in the phil branch
AMLA
payable Outside Phil
Splitting within 120 days
Unsound practice
Investment including trust
Period to file claim to PDIC
File: 2 years from actual takeover by PDIC
Not required to file a claim
- 100k or below AND
- no obligation to the closed bank AND
- complete or updated address
Required to file a claim
- any of the three are not satisfied OR
- bank accounts under business entities regardless of amount
Period to enforce claim to PDIC
Claim: 2 years after the 2 year period of filing
Non-filing and non-claiming: Releases the PDIC from liability to the depositor
Period to settle claim by PDIC
Settlement by PDIC:
6 months from the date of filing a claim
Penalty: imprisonment 6 months to one year
Mode of settlement
Cash or bank transfer
Effect of payment: subrogation
Rules for CD under PDIC
GR: not entitled to insurance
Except: he is registered as owner/holder of in the bank books.
Per depositor per capacity
INDIVIDUAL ACCOUNT
A by B : A
A in trust for B : B
A for account of B B
Style for solving
Balance…… share……… Insured
Types of deposits covered
deposit including certificate of time deposit
special savings
demand/ checking account
negotiable order of withdrawal (NOW)
foreign currency deposit
Maximum amount of insurance maybe adjusted
MB finds it necessary
approval by a unanimous vote of PDIC BOD
approval of president of the Philippines
