Question & AnswerQ&A (BOT CIRCULAR NO. 3-98)
The main purpose is to require banks, building and loan associations, and trust corporations to report all deposit balances unclaimed for ten years or more to the Treasurer of the Philippines.
Banks, building and loan associations, and trust corporations are required to report unclaimed deposit balances.
The report must be submitted under oath to the Treasurer of the Philippines (TOP).
The report is required within January of every odd year.
The report must indicate the names and last known residence or post office addresses of the persons, amount and date of the outstanding UB, nature of the deposit, date of death or last transaction if known, interest due, and compliance with notice and posting requirements.
The bank or institution must communicate with the person at their last known residence or post office address before submitting the report.
A copy of the report shall be posted conspicuously at the premises of the bank, building and loan association, or trust corporation for at least 60 days from filing.
The Head Office must submit a consolidated sworn report covering all unclaimed balances held by it and its branches, instead of branches filing separately.
Failure, neglect, or refusal to file the sworn report subjects the offending bank, building and loan association, or trust corporation to penalties prescribed under Section 4 of Act No. 3936, as amended.
Information must be arranged by branches and in alphabetical order, listing names, last known addresses, amounts, dates, nature of balances, date of death or last transaction, and interest due.
A deposit balance is considered unclaimed if it remains inactive or unclaimed for ten years or more.