Question & AnswerQ&A (PDIC)
An insured bank means any bank the deposits of which are insured in accordance with the provisions of R.A. 3591, as amended.
The term includes banks, commercial banks, savings banks, mortgage banks, rural banks, development banks, cooperative banks, trust companies, branches and agencies in the Philippines of foreign banks, and all other companies, corporations, partnerships performing banking functions in the Philippines.
The maximum deposit insurance coverage is P40,000.00 per depositor for the net amount due after deducting offsets.
The insured deposit is the net amount due for deposits in an insured bank after deducting offsets and any amount over P40,000. All deposits held in the bank in the same capacity and right for the depositor's benefit, either in their own name or others, are added together to determine the amount due.
Cash items are any instrument providing payment of money which the bank has credited to deposit accounts or paid in cash, which are in the process of collection, payable on presentation, not drawn on the reporting bank itself, and not resulting from sale or disposition of bank assets.
There are two methods: (aa) deducting twice the total of cash items held for clearing and forwarded for collection; or (bb) deducting the actual total of cash items held for clearing, forwarded for collection, and in process of collection.
The insured status is terminated if the bank fails or refuses to pay any required assessment and does not correct such failure within thirty days after written notice from PDIC.
PDIC appoints claim agents to investigate and examine claims for insured deposits and make immediate payments of insured deposits. Claimants must provide proof of claims, deliver passbooks or records evidencing deposits, assign claims to PDIC, and furnish identification.
PDIC may pay insured deposits in cash or make available a transfer deposit in another insured bank equal to the insured deposit amount. Transfer deposits are separately insured until claimed or consolidated by the depositor.
Violators are subject to penalties under Sections 9(c), 16(a), (b), (c), and 17 of R.A. No. 3591, with penalties for certain violations not exceeding P100.00 for each day the violation continues. PDIC may also pursue other remedies under existing laws.