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Case 1: How much is the effective insurance coverage if Angelo Ramos has the following deposit accounts under his name in the closed ABCD Bank? Account Type Balance Acct #1 Savings Account P 180,000 Acct #2 Checking Account 50,000 Acct #3 Time Deposit 70,000 Total deposits P 300,000 Insured deposits 250,000 Uninsured deposits 50,000 Explanation : The three accounts are owned by one person, Angelo Ramos. Thus, all accounts will be consolidated or added together as they are maintained in the same right and capacity, regardless of account type. Total amount insured cannot exceed P250,000.
Case 2: How much will the effective insurance coverage be if Dave, Diane and Danny Santos have the following accounts in the closed EFGH Bank?Account Holder/s Balance Acct #1 Dave Santos P 280,000Acct #2 Dave Santos ITF Danny Santos 260,000Acct #3 Dave Santos by Diane Santos 290,000 Dave Santos Acct #1 P 280,000 Acct #3 290,000 Total deposits P 570,000 Insured deposits 250,000 Uninsured deposits 320,000 Danny Santos Acct #2 P 260,000 Total deposits P 260,000 Insured deposits 250,000 Uninsured deposits 10,000 Diane Santos : NONE Explanation : Dave Santos is the principal owner of Accounts #1 and #3. Thus, these 2 accounts will be consolidated as they are maintained in the same right and capacity; and insurance is up to P250,000 only. On the other hand, account #2 is owned by Danny Santos with Dave Santos acting as agent. Danny Santos is thus entitled to a separate maximum limit of P250,000.
Case 3: How much is the insurance coverage if Karla, Karen and Kyla Reyes have the following accounts in the closed IJKL Bank? Account Holder/s Balance Acct #1 Karen & Kyla Reyes P 400,000 Acct #2 Karla &/or Karen Reyes 650,000 Karen Reyes Insured Share Uninsured Deposits Acct #1 P 125,000 P 75,000 Acct #2 P 125,000 P 200,000 P 275,000 Total deposits P 250,000 Insured deposits 250,000 Karla Reyes Insured Share Uninsured Deposits Acct #2 P 125,000 P 200,000 Total deposits P 125,000 Insured deposits 125,000 Kyla Reyes Insured Share Uninsured Deposits Acct #1 P 125,000 P 75,000 Total deposits P 125,000 Insured deposits 125,000 Explanation : For deposits in excess of P250,000, the amount shared by the co-depositor is only MDIC of the account, thus for Account #1, the share of Karen is P125,000, likewise for Kyla. Under the new rules for joint ownership, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. Insurance coverage of P250,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.
Case 4: How much is the insurance coverage given the following accounts in the closed MNOP Bank? Account Holder Balance Acct #1 Mamamia, Inc. P 600,000 Acct #2 Mamamia, Inc. &/or Jiang Yu 800,000 Mamamia Inc. Acct #1 P 600,000 Acct #2 800,000 Jiang Yu : NONE Total deposits P 1,400,000 Insured deposits 250,000 Uninsured deposits 1,150,000 Explanation : Joint accounts held by a juridical person with natural person will be presumed to belong to the juridical person. Thus, Accounts #1 and #2 will be consolidated. Total amount of insured deposits will be P250,000.
Case 5: How much is the insurance coverage if Benjamin, Jose and Jonas have the following accounts in the closed QRST Bank?Account Holder/s Balance Acct #1 Benjamin P 200,000 Acct #2 Benjamin and Jose 500,000 Acct #3 Benjamin &/or Jonas 300,000 Acct #4 Benjamin or Jose or Jonas 400,000 Benjamin (for single account) Acct #1 P 200,000Insured deposits 200,000(for joint accounts) Insured Share Uninsured Deposits Acct #2 P 125,000 P 125,000 Acct #3 125,000 25,000 Acct #4 0 133,333 Total Insured deposits P 250,000 Total Uninsured deposits P 283,333 Jose Insured Share Uninsured Deposits Acct #2 P 125,000 P 125,000 Acct #4 83,333 50,000 P 175,000 Total Insured deposits P 208,333 Jonas Insured Share Uninsured Deposits Acct #3 P 125,000 P 25,000 83,333 50,000 P 75,000 Acct #4 Total Insured deposits P 208,333 Explanation : Under the new rules, single account is insured separately to a maximum coverage of P250,000, thus, Account #1 owned by Benjamin is insured for P200,000. For joint ownership, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. Insurance coverage of P250,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.
What specific risks to a bank does PDIC cover?PDIC covers only the risk of bank closure ordered by the Monetary Board. Thus, bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war, are not covered by PDIC.
Who’s afraid of bank runs? BIZLINKS By Rey Gamboa The Philippine Star 09/10/2004 ...Some other relevant provisions stipulated in RA 9302 worth mentioning are: continuing deposit insurance coverage for depositors even if the bank is delinquent in premium payments; stiffer criminal and civil liabilities for erring bank owners and officers; legal indemnification for acts of PDIC officials done in good faith; and enhanced regulatory and liquidation powers which includes the authority to reduce abnormally high interest rates on accounts held by closed banks. ... --------------------------------------------------I got the article from RBAP website. Notice the bolden paragraph i did, it seems that there is indeed a loophole for pdic not to pay depositors in the event that a bank closes down and that is if a bank is delinquent in its insurance payments to pdic. Now I undestood why my sister's father-in-law didn't even receive the 100,000 pdic coverage ( it was only 100k at that time) when he deposited 3 million (if i remember correctly).....so that is the loophole rural banks will not tell.........
R.A. No. 3591, as amendedAn Act Establishing the Philippine Deposit Insurance Corporation, Defining its Powers and Duties and for Other PurposesAssessment of Member BanksSec. 6. (h) The Corporation shall not terminate the insured status of any bank which continues to operate or receive deposits. Should any insured bank fail or refuse to pay any assessment required to be paid by such bank under any provision of this Act, and should the bank not correct such failure or refusal within thirty (30) days after written notice has been given by the Corporation to an officer of the bank citing this subsection, and stating that the bank has failed or refused to pay asrequired by the law, the Corporation may, at its discretion, file a case for collection before the appropriate court without prejudice to the imposition of administrative sanctions allowed under the provisions of this Law on the bank officials responsible for the non-payment of assessment fees. (As amended by R.A. 9302, 12 August 2004)