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Explanation of PDIC Coverage

AMARANTH · 246 · 113593


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sphinxz ,

No can do.  Lest you want to push your luck and see were it goes.

The safest way you can maximize pdic is to only use the names within your family.   Using even your cousins name is to be avoided so need we explain more on non relatives. 

As to the story of the driver that i posted last year, i was able to ask the status of her case just last week in a chance encounter on a restaurant and she still wasn't able to recover the money. 


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thanks freelancer_babe for the the link. :)
thanks too, AMARANTH for the additional info and caring to share the update to that case. :)


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Hello everybody. I remembered last time i read somewhere in the forum that there was a depositor who went to the PDIC and proposed that the advance interest given by the Legacy bank be deducted from his insurance claim so that the payment of the claim will be speed up. Can you please attached the link to that post? Thank you.


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august 26, 2009

I.  statement of policy.

The state thru pdic, safeguards the interest of the depositing public by providing insurance protection on all legitimate deposits held by bonafide depositors.  accordingly, deposit account maintained in the same right and  capacity for the depositors benefit, either in his own name or in the name of others who have no beneficial ownership over the accounts, shall be consolidated and treated as one deposit account for the purpose of deposit insurance coverage.

II.   use or issuance of deposit insurance statement.

the making, use or issuance of bank advertisement, marketing proposals or strategies, and other similar statements or issuances, which directly or indirectly offer, promise, represent or promote    or   (b).  deposit insurance coverage that is (a).  a separate and distinct pdic deposit insurance cover for deposit accounts maintained in the same right and capacity of a depositor, either in his own name or in the name of others, who have no beneficial ownership over the account/s;inconsistent with and otherwise violative of the laws, rules, regulation and/or policies on beneficial ownership and deposit splitting are strictly prohibited.

as used in this issuance, the concept of "beneficial ownership" exist when a deposit is maintained in the same right and capacity for a depositors benefit, whether in his own name or in the name of others.
« Last Edit: Dec 11, 2013, 03:12 PM by AMARANTH »


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paige backer

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Here are definitions of some terms:

Insured deposit refers to the amount due to any depositor for deposits in an insured bank net of any obligation of the depositor to the insured bank as of the date of closure, but not to exceed the Maximum Deposit Insurance Coverage. Effective June 1, 2009, the Maximum Deposit Insurance Coverage is P500,000.00 per deposits per bank.

Single accounts are accounts maintained solely by a depositor (natural person or juridical entity/organization). In-Trust-For (ITF) and By Accounts are also considered single accounts. In the case of account name: (1) Maria ITF Jose; or, (2) Jose By Maria, the owner is Jose for both accounts.

In determining the insured deposit of single accounts, 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. Total insured deposit should not exceed the Maximum Deposit Insurance Coverage of Php500,000. Single accounts are insured separately from joint accounts up to the Maximum Deposit Insurance Coverage of Php500,000.

Joint account is an account held jointly by two or more natural persons, or by two or more juridical persons or entities. Joint account regardless of whether the conjunction “and,” “or,” “and/or” is used, shall be insured separately from any single or singly-owned deposit account.

If the account is held jointly by two or more natural persons, or by two or more juridical persons/entities, the maximum insured deposit shall be divided into as many equal shares as there are natural persons or juridical entities, unless a different sharing is indicated in the deposit document.

If the account is held by a juridical person/entity jointly with one or more natural persons, the maximum insured deposit shall be presumed to belong entirely to such juridical person/entity

The aggregate of the interests of each co-owner over several joint accounts, whether owned by the same or different combinations, shall likewise be subject to the Maximum Deposit Insurance Coverage of Php500,000.


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