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 Rural Bank of San Fernando (Cebu), Quezon Traders Rural Bank of Candelaria, and Rural Bank of San Jose Del Monte (Bulacan) to file their deposit insurance claims either through mail or at the PDIC Claims Counter, 4 th 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 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 Rural Bank of San Fernando is on July 6, 2015; July 13, 2015 for Quezon Traders Rural Bank of Candelaria; and August 3, 2015 for Rural Bank of San Jose Del Monte. The PDIC made the call after it concluded the on-site claims settlement operations for the three closed banks more than six months ago. After the said dates, PDIC, as Deposit Insurer, shall no longer accept any deposit insurance claim. Instead, the depositors shall file their claims with the PDIC as Receiver and Liquidator of the closed banks based on the realizable value of the assets of the closed banks, if any. Depositors shall be paid following priority and preference of credits.
Rural Bank of San Fernando was ordered closed by the Monetary Board (MB) and was placed under PDIC receivership by virtue of MB Resolution No. 1087 dated July 4, 2013; Quezon Traders Rural Bank of Candelaria by virtue of MB Resolution No. 1122 dated July 11, 2013; and Rural Bank of San Jose Del Monte by virtue of MB Resolution No. 1254 dated August 1, 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 advised depositors who have been notified of their deficiencies in the requirements for deposit insurance claims to 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 P73.07 million for Rural Bank of San Fernando, P31.47 million for Quezon Traders Rural Bank of Candelaria, and P310.85 million for Rural Bank of San Jose Del Monte, or an aggregate of P415.39 million in deposit insurance claims to depositors of the three closed banks involving 7,332 accounts as of January 31, 2014. The PDIC reiterated that all valid accounts and claims will be paid. The PDIC also reported that deposit insurance claims collectively amounting to P26.05 million for 377 accounts have not been filed by depositors of Rural Bank of San Fernando (179 accounts), Quezon Traders Rural Bank of Candelaria (62 accounts), and Rural Bank of San Jose Del Monte (136 accounts).
For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at email@example.com. 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.