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Explanation of PDIC Coverage

Illustrative Cases Applying the New Maximum Deposit Insurance Cover of P500,000 Single Depositor Account Quote
Case 1: How much is the effective insurance coverage if Angelo Ramos has the following deposit accounts under his name in the closed ABCD Bank? Account Type Balance P 360,000 100,000 140,000

Acct #1 Savings Account Acct #2 Checking Account Acct #3 Time Deposit Total deposits Insured deposits Uninsured deposits

P 600,000 500,000 100,000

Explanation : The three accounts are owned by one person, Angelo Ramos. Thus, all accounts will be consolidated or added together as they are maintained in the same right and capacity, regardless of account type. Total amount insured cannot exceed P500,000.

In trust for (ITF) and By Accounts Quote


Case 2: How much will the effective insurance coverage be if Dave, Diane and Danny Santos have the following accounts in the closed EFGH Bank? Account Holder/s Balance P 560,000 520,000 580,000

Acct #1 Dave Santos Acct #2 Dave Santos ITF Danny Santos Acct #3 Dave Santos by Diane Santos

Dave Santos Acct #1 Acct #3 Total deposits Insured deposits Uninsured deposits Danny Santos Acct #2 Total deposits Insured deposits Uninsured deposits Diane Santos : NONE Explanation : Dave Santos is the principal owner of Accounts #1 and #3. Thus, these 2 accounts will be consolidated as they are maintained in the same right and capacity; and insurance is up to P500,000 only. On the other hand, account #2 is owned by Danny Santos with Dave Santos acting as agent. Danny Santos is thus entitled to a separate maximum limit of P500,000. P 520,000 P 520,000 500,000 20,000 P 560,000 580,000 P 1,140,000 500,000 640,000

Joint Account Quote


Case 3: How much is the insurance coverage if Karla, Karen and Kyla Reyes have the following accounts in the closed IJKL Bank? Account Holder/s Balance P 800,000 1,300,000

Acct #1 Karen & Kyla Reyes Acct #2 Karla &/or Karen Reyes

Karen Reyes Acct #1 Acct #2 Total deposits Insured deposits Karla Reyes Acct #2 Total deposits Insured deposits Kyla Reyes Acct #1 Total deposits Insured deposits

Insured Share P 250,000 P 250,000 P 500,000 500,000 Insured Share P 250,000 P 250,000 250,000 Insured Share P 250,000 P 250,000 250,000

Uninsured Deposits P 150,000 P 400,000 P 550,000

Uninsured Deposits P 400,000

Uninsured Deposits P 150,000

Explanation : For deposits in excess of P500,000, the amount shared by the co-depositor is only MDIC of the account, thus for Account #1, the share of Karen is P250,000, likewise for Kyla. Under the new rules for joint ownership, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. Insurance coverage of P500,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.

Institutional Account Quote


Case 4: How much is the insurance coverage given the following accounts in the closed MNOP Bank?

Account Holder Balance Acct #1 Mamamia, Inc. P 1,200,000 1,600,000 Acct #2 Mamamia, Inc. &/or Jiang Yu Mamamia Inc. Acct #1 Acct #2 Jiang Yu : Total deposits Insured deposits Uninsured deposits P 1,200,000 1,600,000 NONE P 2,800,000 500,000 2,300,000

Explanation : Joint accounts held by a juridical person with natural person will be presumed to belong to the juridical person. Thus, Accounts #1 and #2 will be consolidated. Total amount of insured deposits will be P500,000.

Single and joint accounts Quote


Case 5: How much is the insurance coverage if Benjamin, Jose and Jonas have the following accounts in the closed QRST Bank? Account Holder/s Balance Acct #1 Benjamin Acct #2 Benjamin and Jose Acct #3 Benjamin &/or Jonas Acct #4 Benjamin or Jose or Jonas P 400,000 1,000,000 600,000 800,000

Benjamin (for single account) Acct #1 Insured deposits (for joint accounts) Acct #2 Acct #3 Acct #4 P 400,000 400,000 Insured Share P 250,000 250,000 0 Uninsured Deposits P 250,000 50,000 266,666

Total Insured deposits Total Uninsured deposits Jose Acct #2 Acct #4 Total Insured deposits P

P P

500,000 566,666 Uninsured Deposits P 250,000 100,000 P 350,000

Insured Share P 250,000 166,666 416,666

Jonas Acct #3 Acct #4 Total Insured deposits

Insured Share P 250,000 166,666 P 416,666

Uninsured Deposits P 50,000 100,000 P 150,000

Explanation : Under the new rules, single account is insured separately to a maximum coverage of P500,000, thus, Account #1 owned by Benjamin is insured for P400,000. For joint ownership, each joint account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. Insurance coverage of P500,000 will apply to the sum of shares of a depositor in the insured portion of each joint account.