Depositor of a closed rural bank? Read this

ABS-CBN News

Posted at Feb 25 2014 05:43 PM | Updated as of Feb 26 2014 01:43 AM

MANILA, Philippines – Depositors of three closed rural banks are being urged by the Philippine Deposit Insurance Corporation (PDIC) to file their deposit insurance claims before the final deadline.

PDIC said the last day for filing deposit insurance claims for the closed Rural Bank of San Fernando is on July 6, 2015; July 13, 2015 for Quezon Traders Rural Bank of Candelaria; and August 3, 2015 for Rural Bank of San Jose Del Monte.

PDIC will no longer accept any deposit insurance claims for these banks after these dates.

Instead, the depositors should file their claims with the PDIC as receiver and liquidator of the closed banks based on the realizable value of the assets of the closed banks, if any. Depositors will then be paid following priority and preference of credits.

Depositors should file their deposit insurance claims before the deadline either through mail or at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, Monday to Friday, from 8 a.m. to 5 p.m.

The law provides that depositors have two years from bank closure to file their deposit insurance claims with the PDIC.

Rural Bank of San Fernando was ordered closed by the Monetary Board (MB) and was placed under PDIC receivership by virtue of MB Resolution No. 1087 dated July 4, 2013; Quezon Traders Rural Bank of Candelaria by virtue of MB Resolution No. 1122 dated July 11, 2013; and Rural Bank of San Jose Del Monte by virtue of MB Resolution No. 1254 dated August 1, 2013.

PDIC said it has already paid P73.07 million for Rural Bank of San Fernando, P31.47 million for Quezon Traders Rural Bank of Candelaria, and P310.85 million for Rural Bank of San Jose Del Monte, or a total of P415.39 million in deposit insurance claims to depositors involving 7,332 accounts as of January 31, 2014.

Deposit insurance claims amounting a total of P26.05 million for 377 accounts have not been filed by depositors of Rural Bank of San Fernando (179 accounts), Quezon Traders Rural Bank of Candelaria (62 accounts), and Rural Bank of San Jose Del Monte (136 accounts).

Depositors of these closed banks are advised to present the accomplished Claim Form, original evidence of deposit and two (2) valid photo-bearing IDs with signature of the depositor, to the PDIC representatives when filing their claims.

Depositors who are below 18 years old should also submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar.

Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph.

The Claim Form and format of the Special Power of Attorney may also be downloaded from the government website.