Petition to PDIC: Do NOT mail valid claims payment!
March 14, 2009
Depositors of the closed Legacy rural banks have little reason to rejoice when the Philippine Deposit Insurance Corporation (PDIC) announced on March 9 that all depositors, including those with deposit balances of more than P100,000.00, can now submit claims.
That’s because according to the PDIC, “payment of valid claims shall be mailed.”
Now, it takes only a bit of common sense to know that sending payment cheques via mail is not a good idea.
Let us first remind the PDIC that they are mandated by law to pay insured depositors either through cash or deposit to another insured bank. As per Section 14 of Republic Act 3951 or the PDIC Charter:
Whenever an insured bank shall have been closed by the Monetary Board pursuant to Section 30 of R.A. 7653, payment of the insured deposits on such closed bank shall be made by the Corporation as soon as possible either (1) by cash or (2) by making available to each depositor a transferred deposit in another insured bank in an amount equal to insured deposit of such depositor.
Payment by cheque would be acceptable but sending it via postal service would definitely open a can of worms.
Has not the PDIC heard of mails being lost or stolen? In the past, several Filipino online earners reported that their payment cheques from Google Adsense were stolen — and even encashed by other people in another city!
Is not the PDIC aware that regular mail normally takes weeks, sometimes months, before it reaches the recipient? Are they really intent on prolonging the suffering of Legacy depositors?
Take a stand right now and show PDIC your opposition to this plan. Support the petition of PMT members:
We, the depositors of the closed rural banks of the Legacy Group, vehemently object to any plan of the PDIC to send payment cheques via mail.
The mail delivery system in the Philippines is, regrettably, inefficient and unsafe. If the PDIC decides to mail the claims payment, this would no doubt bring more harm than benefit to Legacy depositors who have already suffered enough.
Add your support to this petition by posting a comment below.
More discussions on Legacy-related issues:
- Online Petition to PDIC: Do NOT mail valid claims!
- Discussion on the closed Legacy Banks (Part 18)
- All about the Legacy Financial Group and its collapse
March 24th, 2009 at %I:%M %p
lisa cañete is the manager of PCRB here in liloan cebu. she is making ‘house-to-house’ visit sort of thing to the people whom she have known who’ve sold a land to deposit their money to the said freakin mad bank, enabling her to have a big percentage of their sum [not to mention she'd bought a car by doing her thing ]..& then, there was this one sole depositor with the penny of 2M [already on the bank] that she meant to distribute the money to the relatives of the owner so that she won’t be scolded coz of the fact that only 250K is the minimum to be given to the depositors. [whatever am i saying..but this is true]
March 28th, 2009 at %I:%M %p
I AGREE, NO TO MAILING OF CHECKS BY PDIC. HOW ROTTEN THE PDIC IS. We want to let PDIC know that we are AWARE of their GAMES and DELAYING TACTICS. if PDIC won’t PAY us. Then, we are SCAMMED TWICE. 1st, by LEGACY. 2nd, by PDIC. and we will NEVER allow PDIC to SCAM us TWICE.
March 31st, 2009 at %I:%M %p
NO TO MAILING OF CHECKS!!! NO WAY!!! I COMPLETELY AGREE THAT THE PHILIPPINE POST OFFICE IS NOT A RELIABLE WAY OF SENDING OUR CHECKS ESPECIALLY CONSIDERING THE AMOUNTS. THERE IS NO GUARANTEE THAT WE WILL BE ABLE TO RECEIVE IT. SO I STRONGLY OPPOSE TO THIS SYSTEM OF CLAIMING!
FREAKING RURAL BANKS TO HASSLE US LIKE THIS! #@!%#$@!
July 8th, 2009 at %I:%M %p
If Section 14 of Republic Act 3951 or the PDIC Charter is stated as such then it goes w/o saying that PDIC shud follow it; unless upper management is that incompetent.
September 2nd, 2009 at %I:%M %p
PDIC is proving that they are also corrupt just like the other gov’t entity in the Phil.
I will never put a dime in any bank anymore. How could the gov’t no step in when PDIC’s mandate is almost over. This only proves PDIC is not oly corrupt but does not care for Filipino people.
Show me the money PDIC before I put dollars again in your country. It is your loss in the long run because all foreigners I know will stay away from Phil banks. They will go to Singapore or China instead. Wake up PDIC. Stop sleepin on the job!!
January 1st, 2010 at %I:%M %p
Seems the PDIC feel they can do anything they like, and no one will challenge them.
They have not complied with their Mandate in the PDIC Charter to pay all Claims as soon as possible, and certainly failed to pay many Depoistors Claims within the 6 month ‘deadline’ given in
Section 14 of the PDIC Charte?.
Sure have 12 x Legacy Group Banks with 135,000 Accounts and Php14.3B Insured Deposit Total is a lot, but 3 Banks have closed in 1 months before and did not take the PDIC some 3 months to announce Claims Acceptance for those and I bet it also did not take another 9 months and claims payments still outstanding.
The huge amount of Bank Records and Documents was made more complicated by removing them from the Banks, without a proper Database set up to receord all the relevant details.
When you ask the PDIC for a Statues update on a articular Claim, they are unable to give you an accurate up to date answer. So bad is their Cl;aims Processing and tracking system they even report ‘NYF’ (Not Yet Filed), when the claims had been filed nearly 9 months ago and there is the Claim Form Triplicate (yellow) copy to prove the CTD or SSD Passbook was surrendered at that time. Even more shocking when one such Claim, marked ‘NYF’ was actually paid out on, 5 months ago!
Section 14 of the PDIC Charter mentions that if delays bey9ond 6 months from submitting a claim, can be proven to be due to say ‘gross negligence’, than PDIC Directors. Officers or employees of the Corporation, upon conviction, could go to Jail from 6 months to 1 year.
I don’t know if it could go to Court and if any Judge would pronounce ‘Gross Negligence’, but you tell me what else can it be, when the PDIC send out the 1st Notice regarding a claim, more than 7 months from submission date. That delay is unacceptable, but worse – the mailing of such late letter, then gets delayed by another 44 days before getting a MAKATI CITY C.P.O, date stamp! Then Philpost then take another 20 days to deliver to claimants Post Office. This has to be down to bad management, carelessness, gross negligence, or malice, since the PDIC have managed to mail other letters in just 2 days from the date of the letter.