Philippine Deposit Insurance Corporation Official Website

ILLUSTRATIVE CASES ON JOINT ACCOUNTS

JOINT ACCOUNTS

Charter Provision:

A joint account regardless of whether the conjunction “and”, “or”, “and/or” is used, shall be insured separately from any individually-owned deposit account/s.
If the account is held jointly by two or more natural persons, or by two or more juridical persons or entities, the maximum insured deposit shall be divided into as many equal shares as there are individuals, juridical person or entities, unless a different sharing is stipulated in the document of deposit.
If the account is held by a juridical person or entity jointly with one or more natural persons, the maximum insured deposit shall be presumed to belong entirely to such juridical person or entity.

Illustrative Cases:

Case 4: Single Account and Joint Account/s

Computation of Insured and Uninsured Amount:

Breakdown of Insured and Uninsured Amount:

Explanations:

Juan Dela Cruz has three accounts, one is under his name alone (Account No. 1) and the other two are jointly maintained by him and Maria or Pedro Dela Cruz (Account Nos. 2 & 3). For the Savings Deposit individually-owned by Juan Dela Cruz (Account No. 1), he is entitled to a separate deposit insurance of P 500,000.00. The uninsured deposit is P100,000.00.
For the two accounts (Account Nos. 2 & 3) which are jointly maintained by him and Maria or Pedro Dela Cruz, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. The insurance coverage of P500,000.00 will apply to the sum of shares of each co-depositor in the insured portion of each joint deposit account.
For Account No. 2, the maximum deposit insurance is P500,000.00 which shall be divided equally between Juan and Maria. The share of Juan Dela Cruz is P250,000.00. There is no uninsured amount.
For Account No. 3, the maximum deposit insurance is P500,000.00 which shall be divided equally between Juan and Pedro. The share of Juan Dela Cruz is P250,000.00. The uninsured amount is P300,000.00, thus, his share in the uninsured amount is P150,000.00.

Case 5: Accounts Jointly Owned by Individuals or Natural Persons

Computation of Insured and Uninsured Amount:

Breakdown of Insured and Uninsured Amount:

Explanations:

The individually-owned deposit or single deposit of Juan Dela Cruz (Account No. 1) is entitled to a separate deposit insurance of P500,000.00.
For Savings Deposit jointly owned by Juan and Maria Dela Cruz (Account No. 2), the share of Juan and Maria in the MDIC is P250,00.00 each while their share in the uninsured portion is P50,000.00 each.
Shares of each co-owner in each of the joint accounts are added together and insured up to P500,000.00 MDIC.
Juan Dela Cruz has three accounts jointly maintained with Maria and/or Pedro Dela Cruz. All his shares in each of these accounts are added together. Hence, of the P 650,000.00 total shares of Juan, P 500,000.00 is covered by deposit insurance.
Maria Dela Cruz and Pedro Dela Cruz are also entitled to deposit insurance for their respective shares in the accounts.

Case 6: Accounts Jointly Owned by Individuals/ Natural Persons and Juridical Persons or Entities

Computation of Insured and Uninsured Amount:

Explanations:

The deposit insurance for Savings Deposit (Account No. 1) is to be shared equally between Juan and Maria Dela Cruz. Hence, each of them is entitled to P 250,000.00 deposit insurance.
XYZ Corporation is entitled to P500,000.00 deposit insurance for its Time Deposit (Account No. 2).
The Demand Deposit (Account No. 3) maintained in the name of Juan Dela Cruz and ABC Corporation, is presumed to belong entirely to ABC Corporation. Hence, ABC Corporation is entitled to the P 500,000.00 deposit insurance.