PDIC to pay depositors of the closed Rural Bank of Initao (Misamis Oriental), Inc. starting May 18, 2018
May 16, 2018
The Philippine Deposit Insurance Corporation (PDIC) will service the deposit insurance claims of depositors of the closed Rural Bank of Initao (Misamis Oriental), Inc. on May 18 and 21, 2018, 8:00 AM to 5:00 PM. Claims of depositors will be serviced at the bank’s premises located in Poblacion Initao, Misamis Oriental.
Filing of claims is waived for depositors with valid deposit balances of PHP100,000 and below; who have no obligations with the bank, have not acted as co-makers of these obligations, are not spouses of the borrowers, have updated and complete mailing address in the bank records or through the PDIC-provided Mailing Address Update Form (MAUF), and have not maintained the account under the name of business entities. Postal Money Order checks (PMO) will be sent to said depositors at their respective mailing addresses.
All other depositors, regardless of the type of their account or account balance, have to file deposit insurance claims. All valid claims will be paid.
When filing claims for deposit insurance, depositors have to personally present their Savings Passbook, Certificate of Time Deposit or other evidence of deposit, and one (1) valid photo-bearing ID with their signature. It is recommended, however, that they bring at least two (2) valid IDs in case of discrepancy in signature.
Depositors who are below 18 years old should be represented by a parent. For these depositors, a photocopy of the child’s Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar is required. The parent should sign the Claim Form and other requirements. However, if the claimant is not the signatory in the bank records, the original copy of a notarized or authenticated Special Power of Attorney (SPA) of depositor or parent of a minor depositor is required.
PDIC will not accept claims which are incomplete or lack the requisite documents. The deposit insurer may also require other documents in the course of processing of claims. PDIC reminds depositors to deal only with PDIC authorized officers.
For more information on the payout process and requirements, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at firstname.lastname@example.org. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). The procedures and requirements for filing of deposit insurance claims are also posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the SPA may also be downloaded free of charge from the PDIC website.
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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is PHP500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.