PDIC Quiz

Which of the following is not a function of the PDIC?

• Deposit insurer

• Co-regulator of banks

• Receiver and liquidator of closed banks

• Engage in the lending of funds obtained from the public

Answer explanation

This is a function of banks or banking institutions.

What is the amount of insured deposit?

• Minimum of P500,000, gross

• Maximum of P500,000, gross

• Maximum of P500,000, net

• Minimum of P500,000 net

Answer explanation

The insured deposit is net of any obligation of the depositor to the insured bank as of the date of closure, but not to exceed P500,000.

Juan dela Cruz has the following deposits in Bank 1:

– Individual account in his name:  P600,000 savings deposit

– Joint account in his name AND Maria dela Cruz:  P500,000 time deposit

– Joint account in his name OR Pedro dela Cruz:  P800,000 demand deposit.

Assume that for the joint accounts, there is equal sharing. What is the total insured deposit of Juan dela Cruz?

• P500,000

• P750,000

• P1,000,000

• P1,250,000

Answer explanation

For the single/individual account = P500,000;

for the AND joint account = P250,000 (P500,000 maximum/2);

for the OR joint account = P250,000 (P500,000 maximum/2)

Juan dela Cruz has the following deposits in Bank 1:

– Individual account in his name:  P600,000 savings deposit

– Joint account in his name AND Maria dela Cruz:  P500,000 time deposit

– Joint account in his name OR Pedro dela Cruz:  P800,000 demand deposit

Assume that for the joint accounts, there is equal sharing. What is the total insured deposit of Maria dela Cruz?

• Zero

• P250,000

• P500,000

• None of the choices

Answer explanation

Joint account in his name AND Maria dela Cruz:  P500,000 time deposit

P500,000/2

The portion of the deposit not insured shall

• Be forfeited in favor of the bank

• Be forfeited in favor of the Government

• Become a claim against the asset of the closed bank

• Be written off immediately by the depositor

Deposits in which of the following banks are insured by the PDIC?

I. Commercial banks

II. Savings and mortgage banks

III. Private development banks

IV. Cooperative banks

V. Savings and loan associations

• All except IV

• All except V

• All except IV and V

• All banks enumerated above

The PDIC will not pay deposit insurance on the following accounts or transactions. Which is the exception?

• Investments in bonds

• Deposit products emanating from unsafe and unsound banking practices

• Deposits from unlawful proceeds

• Deposits in foreign currency

Deposits in different banks are added together for the purpose of the P500,000 maximum.

Deposits in different branches of the same bank are insured separately.

• False, True

• True, False

• False, False

• True, True

Answer explanation

Deposits in different banks are separately insured. Deposits in different branches of the same bank are considered as deposits in one bank.

To file for claims on the insured deposits, which of the following is/are not required?

• Original evidence of deposits such as savings passbook

• Claim form

• For all depositors, photocopy of birth certificate and valid ID of the parent

• 1 valid original photo-bearing ID with clear signature of depositor

Answer explanation

This is only required for depositors below 18 years old.

Depositors with valid deposit accounts with balances of ___________________ are not required to file claims, provided they meet other qualifications, as required.

• P100,000 and below

• P150,000 and below

• P200,000 and below

• P250,000 and below