Update: New Bank Deposit Insurance of 500 Thousand Pesos
I wrote about the new deposit insurance of 500 thousand pesos last May 2, 2009. I asked the Bank of the Philippine Islands (BPI) as to when this will take effect. Here's their reply:
Kindly be advised that as per feedback from the concerned unit, the new insurance coverage was announced in newspapers last April 30, 2009. However, there are no implementing guidelines yet or any regulatory issuance from PDIC or BSP as of this time.
It seems like it will take some time before this new regulation will take effect. In the mean time, the bank deposit insurance will remain at 250 thousand pesos per depositor.
Important things to know about bank deposit insurance:
(source: http://www.pdic.gov.ph)
1. The maximum deposit insurance coverage is P250,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together.
2. All peso and foreign currency savings deposit accounts, time deposit accounts, current or demand deposit or checking accounts in a bank licensed to operate by the Bangko Sentral ng Pilipinas (BSP) are insured with PDIC. However, deposit insurance coverage is not determined on a per-account basis. The type of account (whether checking, savings, time or other form of deposit) has no bearing on the amount of insurance coverage. Therefore, having several different types of account in the same name in an insured bank will not increase the bank deposit insurance.
3. The depositor of the closed insured bank should file a claim for his insured deposits within twenty-four (24) months from date of bank takeover.
4. Deposits in different banking institutions are insured separately. However, if a bank has one or more branches, the main office and all branch offices are considered as one bank. Thus, if you have deposits at the main office and at one or more branch offices of the same bank, the deposits are added together when determining deposit insurance coverage, the total of which shall not exceed P250,000.
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