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Steps for filing claims for Deposit Insurance with the Philippine Deposit Insurance Corporation (PDIC)
When a bank is ordered closed by the Bangko Sentral ng Pilipinas (BSP), the PDIC pays the closed bank's depositors up to the maximum deposit insurance coverage of PhP 500,000 per depositor.
Who are required to file claims?
Note: Depositors with deposit balances of Php100,000 and below may update their addresses using the MAUF and submit to PDIC representatives stationed at the closed bank premises before the start of the onsite claims settlement operations.
Who are not required to file claims?
Depositors with valid deposit accounts with balances of Php100,000 and below are not required to file claims provided they have no obligations with the closed bank and have complete and updated addresses in the bank records or have updated these through the Mailing Address Update Form (MAUF) issued by the PDIC.
Note: These valid accounts are eligible for early payment through postal money orders or checks sent via registered mail or courier services. Postal money orders or checks amounting to Php15,000.00 and below may be encashed in any of the local post offices or branches of the Land Bank of the Philippines (LBP).
When are claims filed?
Claims are filed during the claims settlement operations period, as announced in the Notice to Depositors published in national or local newspapers. Depositors have two (2) years from PDIC’s takeover of the closed bank to file their deposit insurance claims.
Steps in filing claims
Prepare the following documents:
If filing Personally
The PDIC representatives at the premises of the closed bank during Claims Settlement Operations (CSO) or to the PDIC Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City after the onsite CSO.
If filing through Mail
Send the accomplished and notarized Claim Form and requirements to:
The Claims Processing Department Philippine Deposit Insurance Corporation 4/F SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, Makati City 1226
The Claim Form may be downloaded from the PDIC website, www.pdic.gov.ph. The signature in the Claim Form should tally with the depositor’s signature in the closed bank’s records and in his/ her IDs. The PDIC likewise sends letter-notices to depositors on record who were unable to file their claims during the onsite CSO on how, where and when to file their claims. The Claim Form is conveniently enclosed in the letter-notice.
Follow up claims status through any of the following modes:
Phone: Public Assistance Hotlines
(632) 841-4630/(632) 841-4631
(for depositors in Metro Manila)
Toll Free: 1-800-1-888-7342 or 1-800-1-888-PDIC
(for depositors outside Metro Manila)
Helpdesk/Public Assistance Center
3/F SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino Street, Makati City 1226
Note: In following up a deposit insurance claim, the depositor should have the following information ready for easy reference:
Name of the closed bank
Name of the depositor
Claim Number and/or Account Number
To know more, read my separate blog post: PDIC: Understanding Deposit Insurance
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.