PDIC to pay depositors of closed Rural Bank of Caba

The Philippine Deposit Insurance Corporation (PDIC) will start servicing the claims of depositors of the closed Rural Bank of Caba Inc. on January 8, 11 and 12.

The state-run insurer said the payments will happen from 8:00 a.m. to 5:00 p.m. at the bank’s premises in Poblacion Sur, Caba, La Union.
 
Depositors with valid deposit balances of P100,000 and below need not file for claims for deposit insurance, the PDIC noted in a statement Thursday.

However, they must have a complete mailing address on the bank's records or updated through the mailing address update form, without any outstanding obligation, and whose deposits have been evaluated to be eligible for early payment.
 
Depositors with account balances of over P100,000, with outstanding obligations with the bank or with incomplete mailing address, must file for deposit insurance claims.

Those who maintain an account under the name of business entities, and those with accounts not eligible for early payment, regardless of the type of account and account balance, are also required to file for claims.

Claims for deposit insurance must be done personally by the depositor by presenting the original copy of evidence of deposit such as a savings passbook or a certificate of time deposit and two valid IDs with the photo and signature of the depositor.

Minors and parents

Depositors who were not able to come personally may file their claims through mail and enclose the same set of documents with a notarized claim form.
 
Depositors who are below 18 years old must be represented by a parent who should submit a photocopy of the child’s birth certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement. The parent should sign the claim form and the other requirements.

Claimants who are not the signatories on bank records are required to submit an original copy of a notarized special power of attorney (SPA). In the case of a minor depositor, the SPA must be executed by the parent.
 
The procedures and requirements for filing of deposit insurance claims are on the PDIC website. The claim form and format of the SPA may also be downloaded from the site.

The PDIC said it will not accept claims which are incomplete or lack the requisite documents.
 
Depositors who are not able to file their claims during the claims settlement operations period may submit their claims either through mail to PDIC or personally at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City starting on January 25, 2016.
 
In line with the PDIC Charter, the last day for filing deposit insurance claims involving the closed Rural Bank of Caba is on December 11, 2017. After that date, the PDIC will no longer accept any deposit insurance claims.
 
For more information, depositors may contact the Public Assistance Department at (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). – VS, GMA News