Five (5) days after takeover, the Philippine Deposit Insurance Corporation (PDIC) announced that it will start servicing claims for insured deposits in the closed Bankwise, Inc. on Wednesday, February 13, starting at 2:00 pm at the Bank's Head Office and branches.

In a statement, PDIC advised the depositors of the closed Bankwise that prior to the Wednesday payout, claim forms will be distributed at the head office and branches starting tomorrow, Tuesday, February 12, at 2:00 pm. The claim form indicates the date when the depositor may file his claim. Depositors should proceed directly to the particular bank branch or head office where they maintained their deposit accounts and present to PDIC representatives their original documents evidencing their deposits such as savings passbook or certificates of time deposit; and two (2) valid identification documents (IDs) with the depositor's signature.

PDIC Officer-in-Charge and Executive Vice President Cristina Q. Orbeta said that PDIC aims to conduct a swift payout of claims for insured deposits in said closed bank in keeping with its commitment to protect the interests of depositors by providing them immediate access to their insured deposits.

Bankwise was taken over by PDIC on February 8, 2008 by virtue of Monetary Board (MB) Resolution No. 157 dated February 7, 2008 that ordered the closure of the bank.

A six-unit bank based in Makati City, the bank's head office is located at 828 5/F Crown Prince Court Bldg., A. Arnaiz Avenue, Brgy. San Lorenzo, Makati City. Its five branches are located in the cities of Mandaluyong, Las Piñas, Cebu, Davao, and Quezon. Latest available records showed that the bank's estimated total deposit liabilities amounted to P1.33 billion as of June 30, 2007.

Under Republic Act 9302 that amended the PDIC Charter effective August 12, 2004, the maximum deposit insurance coverage is now P250,000 per depositor.