The Philippine Deposit Insurance Corporation (PDIC) announced that it will start paying deposit insurance claims of depositors of the closed Rural Bank of Angadanan (Isabela), Inc. on January 26 until February 3, 2012. The claims settlement operations (CSO) will be held at the bank’s premises located in Centro 2, Angadanan, Isabela.

Starting on January 25, 2012, PDIC representatives will distribute Priority Numbers at the premises of the bank. Depositors are requested to present their evidence of deposit such as passbook or certificate of time deposit before they are issued a Priority Number. The Priority Number corresponds to a specific appointment date or the schedule when the PDIC representatives will service the depositor’s claim. The schedule of appointment dates is posted in the bank’s premises and at the PDIC website, www.pdic.gov.ph. Depositors are requested to proceed to the RB Angadanan on their appointment dates.

Earlier, the PDIC started mailing the Notice of Payments to depositors with valid accounts with balances of P10,000 and below. The filing of claims for accounts with balances of P10,000 and below is waived, when the depositor has no outstanding obligation with the bank, has no other deposits with the bank with balance of above P10,000 and has complete mailing address found in the bank records. Depositors with account balances of P10,000 and below who have not received their Notices of Payment may proceed to RB Angadanan to get their Priority Numbers starting January 25, 2012.

PDIC advised depositors to bring on their appointment dates their accomplished Claim Form, Claim Status Sheet (CSS), original evidence of deposit, and original and photocopy of two valid IDs bearing the signature of the depositors. Depositors below 18 years old are required to submit a photocopy of their Birth Certificates issued by the National Statistics Office (NSO) or duly certified copies from the Local Civil Registrar. Claim Forms and Claim Status Sheets may also be downloaded from the PDIC website, www.pdic.gov.ph.

In case the claimant is not the signatory in the bank records, an original copy of a notarized/authenticated Special Power Attorney (SPA) issued by the depositor or parent of minor depositor is required.

Claims with complete documentation will be processed and paid onsite. Depositors who lack supporting documents will be requested to submit the necessary documents before they are paid.

Depositors who may be issued Priority Numbers beyond the duration of the CSO may still file their claims with the PDIC representatives during the onsite CSO. However, their claims will be processed at the PDIC-Home Office in Makati City and notices of payment will be sent through mail.

Depositors who fail to file their claims within the duration of the CSO at the bank site may submit their claims starting February 13, 2012 either through mail or personally during office hours at the PDIC, 4/F SSS Building., Ayala Avenue, Makati City.

Depositors of RB Angandanan have until November 28, 2013 only to file their claims. Beyond the said deadline, PDIC, as insurer, will no longer accept any claim for insured deposits.

PDIC assured depositors that it will pay all valid deposit insurance claims as soon as possible.

The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591, as amended to provide depositor protection and help main 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.