Investing in Philippines: How to file claims for your money in a bankrupt bank

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Wednesday, September 14, 2011

How to file claims for your money in a bankrupt bank



With the recent news about LBC Development Bank's going into receivership and other banks in the Philippines I guess knowing how to file claims for your deposits in such banks must be a know how. I remember a comment by one fellow claimant who is already pissed off with the process as well as to the bank to which she deposited her hard earned money.





source:http://www.manilatimes.net

For young Pinoys and my fellow Pinoys who still invest in banks I hope you be cautious in were you invest your money. Though banks are the traditional ways of investing by way of savings and interest, one should always remember the rule that is "don't put your eggs in one basket." Many say diversify which is good but it should be a well manage diversified investment where a portion is invested in safe investments, a big portion is invested in investments that generate continuous returns or income, a little on risky investments for big returns, and a safety net like insurance or emergency fund readily available when the need comes.

Below are the steps on how to claim your money from a closed bank taken over taken by Philippine Deposit Insurance Corporation(PDIC) to guide us when claiming your money from a closed bank:


HOW TO FILE CLAIMS   
A. HOW TO FILE CLAIMS

Claims may be filed either:

Personally

At the premises of the closed bank where the deposit account was maintained or at a designated site during the period of Claims Settlement Operations (CSO), as announced in the Notice to Depositors or as published in a newspaper of general circulation, or


At the PDIC Claims Counter located at the 4th Flr., PDIC Ayala Extension Office, SSS Building, corner V.A. Rufino St., (formerly Herrera St.), Makati City.


Through mail - to be sent to the following address:

Claims Processing Deparment
Philippine Deposit Insurance Corporation
4th Floor SSS Building
6782 Ayala Avenue cor. V.A Rufino St.
1226 Makati City, Philippines

Note: Filing of claims for insured deposits will prescribe at the end of two (2) years from actual takeover of the closed bank by PDIC.

B. STEPS IN FILING CLAIMS
Secure a Claim Form (CF) and Claim Status Sheet (CSS) from any authorized PDIC representative. The CF and CSS can also be downloaded from the PDIC website.

Important Notice: The CF and CSS are free of charge. Please report to PDIC any information for the sale of the CF and CSS.

Fill up all the entries in the Claim Form and sign the “Signature of Depositor/Claimant over Printed Name”. Ensure that the signature in the Claim Form tallies with the signature of the depositor appearing in the bank records and the documents to be submitted to PDIC.

Signatures of depositor on the CF and CSS should be similar to the valid IDs to be presented.

For minor depositor (below eighteen [18] years old), parent should sign the CF and CSS.

For By or ITF accounts, the agent can sign the CF and CSS.

For joint accounts: “OR, AND/OR, AND”, each depositor in the joint account should accomplish separate claim forms.

Submit the duly accomplished CF and CSS, together with the following documents:

original evidence of deposit such as savings passbook, certificate of time deposit, latest bank statement including unused checks and ATM card. For joint accounts: “OR, AND/OR, AND”, the evidence of deposit should be photocopied as many copies as there are depositors to the account.

Original and enlarged clear photocopies of two (2) VALID PHOTO-BEARING IDENTIFICATION DOCUMENTS (IDs) with clear signature of depositor/claimant such as Driver’s License, SSS/ GSIS ID, Senior Citizen’s ID, Passport, PRC ID, OWWA/ OFW ID, Seaman’s ID, Alien Certification of Registration ID, Voter’s ID, IBP. Please ensure that the ID number is clear and legible.

Original copy and photocopy of the Birth Certificate from the National Statistics Office (NSO) or duly certified copy from the local civil registrar, for depositors below eighteen (18) years old.

PDIC will not accept claims which are incomplete/lacking in requirements.

4. Upon evaluation of your claim and documents submitted, other requirements may be requested by PDIC to complete the processing of your claim.

If the depositor is unable to file by himself, a representative may file in his behalf provided the representative will submit a duly notarized Special Power of Attorney (SPA). If the SPA is executed abroad, it must be duly authenticated by the Philippine Consul near the depositor’s residence.

For personal filing, a copy of the CSS indicating the status and/or additional requirements for the claim shall be issued by PDIC which shall serve as a notice of the status of the claim.

For filing through mail, a letter-notice of the status/requirements of the claim shall be sent by PDIC to the depositor, if additional documents shall be required.

C. HOW TO FOLLOW UP THE STATUS OF CLAIMS
You or your duly designated representative may follow up your pending claim through:

Telephone inquiry by calling the PDIC Hotlines at 841-4630 to 4631.

E-mail at pad@pdic.gov.ph or written communication addressed to:

Public Assistance Department
Philippine Deposit Insurance Corporation
10th Floor, SSS Building
6782 Ayala Avenue, cor. V.A. Rufino St.
1226 Makati City, Philippines
Inquiry in person at the premises of the closed bank, or at the designated site during CSO period or at the PAD Counter located at the 4th Flr., PDIC Ayala Extension Office, SSS Building, corner V.A. Rufino St., (formerly Herrera St.), Makati City.

When inquiring by telephone or letter, ensure that the following reference information are mentioned:

name of the closed bank;
name of the depositor, and
claim number and/or account number.

Downloadable forms:

Special Power of Attorney


I would like to re-iterate what was being told in the TV back there in the Philippines.


INVEST .......... INVESTIGATE!!!



Notice to Depositors of LBC Development Bank on Conduct of Depositors Forum
The Depositors Forum is a venue for PDIC to discuss the procedures and requirements for filing claims. Following is a partial schedule of the Depositors Forums:

LBC DEVELOPMENT BANK BRANCHESDATETIMEVENUE
Head OfficeThursday, Sept. 15, 20112:30PMMakati Coliseum, Mascardo St., Brgy. Singkamas, Makati City
Aklan BranchTuesday, Sept. 20, 20118:30AMAPSTA Teachers' Center 19 Martyr Cor. Mabini Sts., Poblacion, Kalibo, Aklan
Angeles BranchWednesday, Sept. 14, 20112PMSangguniang Panglunsod Session Hall, New City Hall, P. Maragul, Angeles City (near Marquee)
Baguio BranchFriday, Sept. 16, 20119:00AMCAP Development Center Auditorium, 4thFloor CAP Bldg., Post Office Loop, Baguio City
Balanga BranchWednesday, Sept. 14, 20113:00 PMBrgy. Tenejero Covered Court, Balanga, Bataan
Batangas BranchWednesday, Sept. 14, 2011People's Quadrangle, Batangas City (At the back of City Hall)
Cagayan de Oro BranchMonday, Sept. 19, 20119:00 AMBrgy. Camaman-an Covered Court, Cagayan de Oro
Cebu BranchFriday, Sept. 16, 20119:00 AMSinulog Hall, Public Library, Jones Ave., Cebu (in front of Cebu Doctor Hospital)
Iloilo BranchMonday, Sept. 19, 20119:00AMDivision Social Hall & Cultural Hall, Gen. Luna cor. Mabini St., Iloilo (near Mabini Elem. School)
Imus BranchThursday, Sept. 15, 20113:00PM2nd Floor, Bulwagang Ugnayan (Old Imus City Hall)
Laoag BranchMonday, Sept. 19, 2011City Hall Covered Court, Laoag City
Naga BranchWednesday, Sept. 14, 20118:30AMNaga City People's Hall (inside City Hall), J. Miranda Ave., Naga City
OlongapoWednesday, Sept. 14, 20119AMRizal Triangle Multi-purpose Center, West Bajac-Bajac, Olongapo City
San Pedro BranchThursday, Sept. 15, 20119:30AMBrgy. Poblacion Covered Court, 20 Ramirez Ave., Cataquiz 1 Subdivision, Brgy. Poblacion, San Pedro, Laguna
Timog (Quezon City)Tuesday, Sept. 13, 201110AMCovered Court, Barangay Laging Handa, Scout Gandia, Quezon City
Urdaneta BranchThursday, Sept. 15, 20119AMMain Gym, Urdaneta City Convention and Sports Center, (near LTO Office), Urdaneta, Pangasinan
Vigan BranchFriday, September 16, 20112PMCuta Gym, Barangay 9 corner Rivero St. and V. delos Reyes St., Vigan City



  1. Schedule of Depositors Forums for the Head Office and other Branches not covered above will be announced later.
  2. The schedule of claims settlement operations (CSO) will be announced later.
  3. For more information and updates, please get in touch with PDIC through:
    1. PDIC Hotlines (02) 841-4630 and 841-4631
    2. Email at pad@pdic.gov.ph
    3. Website: www.pdic.gov.ph



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