Deposits in excess of the Maximum Deposit Insurance Coverage (MDIC) or the so-called uninsured deposits are treated as claims against the assets of the closed bank. Consequently, depositors with uninsured deposits must file their claim for uninsured deposits with the PDIC within sixty (60) days from the publication of the Notice to Creditors by the PDIC.

However, depositors with deposit balance exceeding the MDIC, who have filed their claims for deposit insurance with the PDIC within the 60-day period, are no longer required to file a claim against the closed bank’s assets for the excess deposits. Their claims for uninsured deposits are already deemed by PDIC to have already been filed by the depositor.

Being a claim against the assets of the closed bank, settlement of claims for the uninsured deposits is subject to availability of the closed bank’s assets, approval of the Liquidation Court, and in accordance with the Rules on Concurrence and Preference of Credits under the Philippine Civil Code and other applicable laws.