Single accounts are accounts maintained solely by a
depositor (natural person or juridical entity/organization).
In-Trust-For (ITF) and By Accounts are also considered
single accounts. In the case of account name: (1) Maria ITF Jose; or,
(2) Jose By Maria, the owner is Jose for both accounts.
In determining the insured deposit of single accounts, all deposits in the
bank maintained in the same right and capacity for his benefit either in his
own name or in the name of others shall be added together. Total insured deposit
should not exceed the Maximum Deposit Insurance Coverage of Php500,000.
Single accounts are insured separately from joint accounts up to the Maximum
Deposit Insurance Coverage of Php500,000.
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