testPDIC urges depositors to file deposit insurance claims in closed banks before expiry date
Insured depositors have 2 years from date of closure to file their claims
The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Cooperative Rural Bank of Bulacan, Rural Bank of Naval (Leyte) and Rural Bank of Borongan (Eastern Samar) to file their deposit insurance claims either through mail or at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, Monday to Friday, from 8:00 a.m. to 5:00 p.m.
The PDIC made the call after it concluded the on-site claims settlement operations for the three closed banks more than six months ago.
The law provides that depositors have two years from bank closure to file their deposit insurance claims with the PDIC.
In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Cooperative Rural Bank of Bulacan is on May 25, 2015; June 1, 2015 for Rural Bank of Naval; and June 17, 2015 for Rural Bank of Borongan. After the said dates, PDIC, as Deposit Insurer, shall no longer accept any deposit insurance claim and the depositors shall file their claims against the proceeds of liquidation of the assets of the closed banks, if any, with PDIC, as Receiver and Liquidator of the closed banks.
Cooperative Rural Bank of Bulacan was ordered closed by the Monetary Board (MB) and was placed under PDIC receivership by virtue of MB Resolution No. 823.A dated May 23, 2013; Rural Bank of Naval by virtue of MB Resolution No. 866.A dated May 30, 2013; and Rural Bank of Borongan by virtue of MB Resolution No. 962.A dated June 14, 2013.
Depositors of said closed banks are advised to present the general requirements, such as their accomplished Claim Form, original evidence of deposit and two (2) valid photo-bearing IDs with signature of the depositor, to the PDIC representatives when filing their claims. The PDIC will not accept claims which are incomplete or lacking in requirements. Depositors may also file their claims through mail and enclose the same set of required documents.
The PDIC also said that depositors who have been notified of their deficiencies in the requirements for deposit insurance claims should already comply to facilitate release of their claims.
In addition to the general requirements, depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor.
The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the Special Power of Attorney may also be downloaded from the PDIC website.
The PDIC reported that it had paid P1.065 billion for Cooperative Rural Bank of Bulacan, P59.8 million for Rural Bank of Naval and P11.5 million for Rural Bank of Borongan, or an aggregate of P1.14 billion in deposit insurance claims for the three closed banks involving 18,675 accounts as of December 31, 2013. The PDIC reiterated that all valid accounts and claims will be paid. The PDIC also reported that deposit insurance claims collectively amounting to P192.98 million for 25,760 accounts have not been filed by depositors of Cooperative Rural Bank of Bulacan (25,148 accounts), Rural Bank of Naval (539 accounts), and Rural Bank of Borongan (73 accounts).
For more information, 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 at 1-800-1-888-PDIC or 1-800-1-888-7342.
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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 permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 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.