The Philippine Deposit Insurance Corporation (PDIC) will start the onsite claims settlement operations (CSO) for depositors of the closed Millennium Bank, Inc. (A Rural Bank) with balances of P10,000 and above on July 25, 2012. The CSO period will be conducted from July 25 to August 1, 2012 at the bank premises. During the CSO, deposit insurance claims will be processed and valid claims will be paid.

The state deposit insurer said that starting on July 24, 2012, PDIC will distribute Priority Numbers which correspond to the depositors’ appointment dates. This is to ensure an orderly CSO. The appointment date is the specific schedule when PDIC personnel will service the claims of depositors. The appointment dates are posted at the premises of Millennium Bank and at the PDIC website, www.pdic.gov.ph. Depositors must present their evidence/s of deposit to be issued a Priority Number. Depositors with Priority Numbers are requested to proceed to the bank premises on their appointment dates.

Earlier, PDIC started paying depositors with valid accounts with balances of P10,000 and below through postal money orders (PMOs) sent via registered mail to the depositors’ addresses in the bank records. These depositors who have no outstanding obligations with the bank and have updated addresses were not required to file claims.

PDIC also advised depositors of Millennium Bank, Inc. with deposit balances of P10,000 and below who have not yet received their Notice of Payment to proceed to the bank premises to secure Priority Numbers and file their claims according to their appointment dates.

PDIC advised depositors to present the following minimum requirements to the PDIC representatives when filing their claims: a) duly accomplished Claim Form and Claim Status Sheet (CSS); b) original evidence of deposit and; c) original and photocopy of two (2) valid photo-bearing IDs with signature of the depositor. Depositors below eighteen (18) years old must present a photocopy of Birth Certificate from the National Statistics Office (NSO) or duly certified copy from the Local Civil Registrar. Meanwhile, if claimant is not the signatory in the bank records, an original copy of a notarized Special Power Attorney (SPA) of depositor or parent of minor must be presented.

Depositors of Millennium Bank who may not be able to file their claims during the CSO period may submit their claims starting on August 13, 2012 either personally at the PDIC Claims Counter located at the 4th Floor, SSS Bldg., Ayala Avenue corner V. A. Rufino Street, Makati City, Monday to Friday, 8:00 AM to 5:00 PM, or through mail. Notices of payment or document deficiencies will be sent to the depositors by mail.

In accordance with the provisions of R.A. 3591, the last day for filing deposit insurance claims in the closed Millennium Bank is on May 26, 2014. After said date, PDIC, as insurer, shall no longer accept any claim for insured deposits maintained with the said closed bank. PDIC assured that all valid deposits and claims shall be paid.

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.