Question & AnswerQ&A (Acts No. 1811)
The short title of the Act is 'The Postal Savings Bank Act.'
The purpose of the amendment is to make provision for deposits made under Act Numbered Seventeen hundred and eighty and to clarify rules regarding certificates of deposit, deposit accounts, and interest rates among others.
The proviso added states that the section shall not prevent a person from obtaining a certificate of deposit as provided in Act Numbered Seventeen hundred and eighty.
A person must state his full name, age, residence, duties or occupation; if opening an account for another individual or society, the name, residence or location of that individual or society, and the relationship thereto. He must also declare that he has read or had the rules read to him and is willing to act in accordance with them.
The depositor must sign a statement that he receives no benefit from any other account in the Postal Savings Bank except as a trustee, representative of a deceased depositor, beneficiary or legal holder of a certificate of deposit pursuant to Act No. 1780, or as a member of a charitable, benevolent, or provident society.
Twenty-five percent of all sums deposited to the credit of the person making such false statements shall be liable to forfeiture by due process of law.
Certificates of deposit issued in accordance with Act Numbered Seventeen hundred and eighty must be accompanied by an affidavit stating the certificate is for use in connection with a firearm license. Title to such certificates may only be transferred by endorsement to the Insular Treasurer. The certificate bears interest and can be withdrawn upon proper application.
The legal holder must present the certificate at the Postal Savings Bank, sign an application to withdraw in the presence of an officer who witnesses the signature. The application is forwarded to the chief of the postal savings bank division for verification and authorization before payment is made.
Money in excess of one thousand pesos shall not bear interest except for deposits by charitable and benevolent societies where deposits in excess of two thousand pesos shall not bear interest. This restriction does not affect interest on funds deposited under Act Numbered Seventeen hundred and eighty with certificates of deposit issued.
The Act took effect upon its passage on February 24, 1908.