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what happen next when the bank declares holiday?

kdy626 · 10 · 2450

kdy626

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Helo. Good fellows. If the bank close down or declares bank holiday  because of mass withdrawal; is it possible for the troubled bank to return the full amount deposits ? Like for example;  I have 1 million in my own account, is it possible the bank can return the whole amount when it closed down? When the PDIC take over? How about the fixed assets or other assets of the bank, ? Please advice po. Kung may nang yari ba na naisauli ang pera ng mga depositors in full amount? Thanks po.
« Last Edit: Nov 24, 2014, 11:39 PM by kdy626 »


rodeo

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Reply #1 on: Nov 25, 2014, 12:30 AM
Helo. Good fellows. If the bank close down or declares bank holiday  because of mass withdrawal; is it possible for the troubled bank to return the full amount deposits ? Like for example;  I have 1 million in my own account, is it possible the bank can return the whole amount when it closed down? When the PDIC take over? How about the fixed assets or other assets of the bank, ? Please advice po. Kung may nang yari ba na naisauli ang pera ng mga depositors in full amount? Thanks po.
limit your deposit to 500k, savings or time deposit account, PDIC is your safety net...  I know some friends who have td accounts with banco filipino before, when the bank declared holiday, they were all paid by pdic, maximum coverage amount at that time is 250k...


palailai

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Reply #2 on: Nov 25, 2014, 12:40 PM
what happen next? BSP will declare the bank closed,  then PDIC will takeover...tapos ang pera if more than the insured amount...


bauer

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Reply #3 on: Nov 25, 2014, 01:25 PM
^ The depositor (who then becomes a creditor) needs to file a claim for the uninsured amount and pray that the PDIC liquidation of tangible assets will result to an excess fund.  The creditor must assume that an excess means that the PDIC (who paid for the insured amount) shall also be among the first to be paid on the liquidation.


brians

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Reply #4 on: Nov 26, 2014, 08:34 AM
if you have 1 million deposit and something happens to the bank you will get pdic of 500k noon pdic 250k.

tips:
1. dont put your money on a rural bank.
2. choose your top 5 banks metrobank, bdo, bpi, landbank, security bank
3. if you are an investor try to invest in mutual funds
4. never put your money in 1 bank always diversify
5. consider trust investments and insurance investment for long term investments


mackygoof

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Reply #5 on: Nov 26, 2014, 08:58 AM
yeah, 500k lang pdic insurance so don't ever exceed that limit specially on not well known banks.


bauer

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Reply #6 on: Nov 26, 2014, 12:12 PM
2. choose your top 5 banks metrobank, bdo, bpi, landbank, security bank
 

^Why did you choose security bank?


bauer

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Reply #7 on: Nov 26, 2014, 12:13 PM
if you have 1 million deposit and something happens to the bank you will get pdic of 500k noon pdic 250k.

tips:
 3. if you are an investor try to invest in mutual funds
 5. consider trust investments and insurance investment for long term investments


^ Above investments are not covered by PDIC guarantees (just for info).


Jayumaster

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Reply #8 on: Nov 30, 2014, 03:26 AM
^Why did you choose security bank?

Maybe because of their name-it's supposed to make you feel that your money is secured. Just kidding but it may be true.

Maybe because they have been successful these past year in keeping their business.
They were awarded best managed bank award 2013.
They were number one on their year end UITF performance 2013.
They are stable and have had a long track record since the early 1960's I think.
Their endorser is Meagan Young.

For a newbie saver/investor, that should be enough to be worth be taken in consideration.


maven_1989

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Reply #9 on: Nov 30, 2014, 03:34 AM
How about choosing conservative commercial, thrift or even rural banks who are quietly contributing to the banking industry? They're here to stay too, I guess. :)
« Last Edit: Nov 30, 2014, 03:36 AM by maven_1989 »


 


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