It depends on the depositor’s account balance maintained in the closed bank.

The PDIC waives the requirement to file claims for deposit insurance of eligible depositors of closed banks. These are individual depositors and registered entities with valid deposit account balances of ₱500,000 or less, have no outstanding loans with the closed bank, and have complete mailing addresses in the bank records or have updated this information through the PDIC Mailing Address Update Form (MAUF). These depositors no longer need to file a claim for their deposit insurance. The PDIC pays these depositors through postal money orders sent to their respective addresses, or through the Land Bank of the Philippines Visa Debit Cards (LVDC).

Meanwhile, the following are required to file claims for deposit insurance:

1. Individual depositors and registered entities with account balance of more than ₱500,000;
2. Depositors with outstanding obligations with the closed bank;
3. Depositors with incomplete mailing address found in the bank, or failed to update them through the PDIC Mailing Address Update Form;
4. Depositors with accounts under the name of unregistered entities/associations; and
5. Deceased depositors whose filing of claims is through their legal heirs.

Depositors will be advised on the prescriptive date in the filing of claims for insured deposits and the different modes thereof.