ALL OBLIGATIONS of a depositor with a closed bank will be deducted from
the depositor's total deposits with a bank before the amount of
insurance will be determined, Philippine Deposit Insurance Corp. (PDIC)
said.
THE COUNTRY's deposit insurer, Philippine Deposit Insurance Corp. issued
new rules in determining the insured deposits from closed banks. -- BW
FILE PHOTO
Regulatory Issuance No. 2011-04, issued by the state deposit insurer and
published in a news daily yesterday, enumerated the obligations of PDIC
after a bank closure for computing the deposit insurance due a depositor.
"For purposes of computing insured deposit, all obligations of the
depositor with the closed bank, as of bank closure, shall be net out
from the depositor's total deposits with said bank," the issuance read.
"The net out is solely for the purpose of determining the net deposit
covered by deposit insurance and does not constitute as payment for any
of the obligations of the depositor..." it further said.
"After netting out, the balance of the deposit, if any, shall be subject
to deposit insurance coverage, which in no case shall exceed P500,000."
A legitimate depositor of an insured bank, is entitled to an insurance
coverage of PDIC worth P500,000. If the amount of deposits of an account
holder exceeds P500,000, the amount out of the maximum deposit insurance
coverage is considered "uninsured deposit."
PDIC said loan oblgations, money accountability, and other sums due from
the depositor shall be netted out from the depositor's total deposits
with the bank.
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