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RFBT > PDIC Act > Flashcards

PDIC Act Flashcards

1
Q

It shall promote and safeguard the interests of the depositing public by way of providing permanent and continuing insurance coverage on all insured deposits

A

pdic

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2
Q

True or false. The pdic can act as a bank regulator and is empowered to examine and investigate banks

A

true

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3
Q

Who shall control, manage and administer the affairs of a closed back

A

pdic

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4
Q

A man do to any bona fide depositor for legitimate deposits in an insured bank net of any obligation of the depositor to the insured bank as of the date of closure shall not exceed ____________

A

500,000 pesos

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5
Q

The amount of coverage may be adjusted in such amount, for such a period and or or for such deposit products provided

  1. The _______________ has determined that there is a condition that threatens the monetary and financial stability of the banking system that may have systemic consequences as defined by the pdic act
  2. Approval by a ____________ of the board of directors of __________ in a meeting called for the purpose and chaired by the __________
  3. Approval of the __________ of the philippines
A
  1. Monetary board; 2. Unanimous vote, pdic, dof secretary; 3. President
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6
Q

It refers to the possibility of failure of one bank to settlement transactions with other banks that will trigger a chain reaction, depriving other banks of funds leading to a general shutdown of normal clearing and settlement activity. It also means the likelihood of a sudden, unexpected collapse of confidence in a significant portion of the banking or financial system with potentially large will economic effects

A

systematic risk

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7
Q

Deposit accounts not entitled to payment (SHA OUUI)

  1. _______________
  2. Deposit products or money placements by the ________ of a foreign bank in its branch in the philippines because there is only one entity
  3. Deposits that are determined to be the proceeds of an unlawful activity as defined under ________
  4. Deposits payable in a place __________ the philippines like those in foreign branches
  5. Deposit accounts or transactions which are _______ and that or fictitious or fraudulent
  6. Deposit accounts or transactions constituting and or or emanating from ________________, as determined by pdic in consultation with psp after due notice and hearing and publication of a cease and desist order issued by pdic against such deposit accounts or transactions
  7. ________________ such as bonds and securities, trust accounts and other similar instruments
A
  1. Splitting deposits
  2. Head office
  3. Amla
  4. Outside
  5. Unfunded
  6. Unsafe and unsound banking practices
  7. Investment products
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8
Q

The entitlement to deposit insurance is on a ___________ basis.

A

per bank

such that if x has a deposited with a bank and b bank and both banks closed, x is entitled to 500,000 peso insurance coverage for each bank

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9
Q

True or false. All deposits in the bank maintained in the same right and capacity for his benefit either in his own name or in the name of others shall be added together in determining the insured amount, and regardless of the type of account

A

true

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10
Q

Who is the depositor if “john by peter”

A

john

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11
Q

Who is the depositor in “john in trust for peter” and “john for the account of peter”

A

peter

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12
Q

Joint account is one with a conjunction of “and” only. True or false

A

false. “and: “or” “and/or”

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13
Q

A joint account shall be insured separately from any individually own deposit account provided that

  1. If the account is held jointly by two or more natural persons or juridical persons, the maximum insured deposit should be divided into ______________, unless a different sharing as stipulated in the document of deposit
  2. If the account is held by a juridical person or entity jointly with one or more natural persons, the maximum insured deposit shall be presumed to be long entirely to _____________
A

as many equal shares as their or individuals or juridical persons

search juridical person or entity

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14
Q

True or false. The 500,000 entitlement to joint deposits is separate from the 500,000 applicable to the individually owned accounts by the depositor, giving him a maximum of 1 million insurance coverage

A

true

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15
Q

When shall the pdic commenced the determination of insured deposits due to the depositors of a closed bank

A

Upon its actual takeover of the closed bank

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16
Q

The pdic shall publish a notice to the depositors of the closed bank _______ for at least ____________ in a newspaper of a general circulation or when appropriate in a newspaper circulated in the community or communities where the closed bank or its branches or located

A

once a week; three consecutive weeks

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17
Q

True or false. A certificate of deposit shall entitle a depositor to the rights in pdic act

A

false. No owner or holder of any negotiable certificate of deposit shall be recognized as a depository and title to the rights in pdic act unless his name is registered as owner or holder thereof in the books of the issuing bank

18
Q

Period to file claim is ____________ from actual takeover of the closed bank

A

2 years

19
Q

Period to enforce claim is ________ after the 2-year period to file a claim

A

2 years

20
Q

True or false. The period for non filing or non enforcement of claim within the prescribed period can be extended

A

false

21
Q

True or false. All rights of the depositor against the closed bank and its shareholders or the receivership a state to which pdic may have become subrogated revert to the depositor in case of non filing or non enforcement of claim to the pdic

A

true

22
Q

Modes of payment to a depositor can be of any kind. True or false

A

false

  1. By cash
  2. By making available to each depository transferred deposit in another insured bank in an amount equal to insert deposit of such depositor
23
Q

True or false. The pdic may withhold payment of such portion of the insured deposit for the payment of any liability of such deposit or as a stockholder of the closed bank or of any liability of such depository to the closed bank or its receiver, which is not offset against a claim due from such bank, pending determination and payment of such liability by such depositor or any other liable therefore

A

true

24
Q

What is the effect of payment of the pdic to the depositor

A

pdic shall be subrogated to all rights of the depository against the closed bank to the extent of such payment

25
Q

The subrogation of pdic to all the rights of the depository include the right on the part of pdic to receive the same dividends and payments from the proceeds of the assets of such closed bank and recoveries on account of stockholders liability as would have been payable to the depositor on a claim for the insured deposits. True or false

A

true

26
Q

The subrogation to all the rights of the deposit or against the closed bank by the pdic shall include the claim for any uninsured portion of the deposit of the depositor. True or false

A

false. Search depositor shall retain his claim for any uninsured portion of his deposit

27
Q

All payments by pdic of insured deposits in closed banks partake of the nature of public funds, and as such must be considered a preferred credit similar to taxes due to the national government in the order of preference under the article 2244 of ncc provided further that this preference shall be likewise effective upon liquidation proceedings already commenced and pending as of the approval of the pdic act where no distribution of assets has been made

A
28
Q

Period for the pdic to settle claim

A

6 months from the date of filing of the claim

29
Q

Failure to settle the claim within six months from the date of filing of claim for insured deposit, for such failure was due to grave abuse of discretion, gross negligence, bad faith or malice, shall upon conviction subject the directors, officers or employees of pdic responsible for the delay to imprisonment from _________

A

6 months to 1 year

30
Q

The period for the settlement of a cream shall not apply if the validity of the claim requires the resolution of issues of facts and or or low by another office, body or agency. True or false

A

true

31
Q

insurable deposit types (SSD Now TF)

A

savings deposit

special savings

demand or checking account

certificate of time deposit

foreign currency deposit

32
Q

Unless a different sharing is stipulated in the deposit documents the insured amount up to the maximum deposit insurance coverage of 500,000 shall be divided equally or among co-owners of a joint account. True or false

A

true

33
Q

To whom shall a joint account held in the names of a juridical entity and a natural person belong

A

solely to the juridical entity

34
Q

True or false. The total shares of a co-owner in several joint accounts may exceed 500,000 but only be insured up to the maximum deposit insurance coverage of 500,000

A

true

35
Q

A depositor with single accounts and joint accounts we have insured deposits of up to ________________

A

1 million

36
Q

Items that are not covered by the pdic deposit insurance (IT FUA F)

A

Investment products such as bonds and securities, trust accounts and other similar instruments

telegraphic note

unfunded fictitious or fraudulent deposits accounts

emanate from unsafe and unsound banking practices

proceeds of an unlawful activity as defined in the amla

bank deposits in foreign banks operating outside the philippines or bank deposits in foreign branch of domestic bank operating outside the philippine territory

37
Q

Who are required to file deposit insurance claims (100; obligations; address; business; early

A
  1. Depositors with valid deposit accounts with balance as of more than 100,000
  2. Asset or so have outstanding obligations with the closed bank
  3. Deposit words with account balances of less than 100,000 who have no updated addresses in the bank reports or who have not updated their addresses
  4. Depositors who maintained their accounts under the name of business entities
  5. Depositors with accounts not eligible for early payments
38
Q

Who are depositors not required to file deposit insurance claims

A

depositors with valid deposit accounts with balances of 100,000 and below provided they have no obligations with the closed bank and have complete and updated addresses in the bank records

39
Q

Depositors are entitled to immediate or early payment of deposit insurance claim as of pdic initiative to provide convenience to small depositors

A

depositors with less than 100,000 deposit

40
Q

Documents needed in filing the deposit insurance claims

A
  1. Evidence of deposit
  2. One valid photo bearing identification
  3. Birth certificate from the psa if below 18 years old
  4. Original copy of a notarized s.p.a. For claimants who are not signatories in the bank records
41
Q

Who should sign the deposit insurance claim form

a. For depositors 18 years old and above

b. For depositories below 18 years old

c. In the case of by accounts

d. In the case of interest for accounts

e. In the case of joint accounts

A

a. Depositor

b. Parent

c. Agent

d. Trustee

e. Each depositor

RFBT (29 decks)

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