Community Bank depositors to get paid March 18 – PDIC

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THE Philippine Deposit Insurance Corp. (PDIC) will start paying the deposit insurance claims of depositors of the closed Community Bank (Rural Bank of Alfonso Inc.) on March 18.

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In a statement on Monday, the state-deposit insurer said the servicing of claims for the bank’s head office will be conducted at the bank’s premises at Mabini St., Alfonso, Cavite from March 18 to 23, 2015.

Servicing of claims for depositors of the General Aguinaldo (Bailen) Branch will be conducted at its office premises located at Real St., Poblacion II, General Aguinaldo, Cavite on March 18 to 19, 2015, while servicing of claims for depositors of the Binan Branch will be conducted at its office premises at Unit B, Luiciana Building, Malvar St., San Vicente, Binan, Laguna from March 18 to 20, 2015, it added.

“Depositors with valid deposit balances of P50,000 and below, with complete mailing address found in the bank records or updated through the Mailing Address Update Form, and without any outstanding obligation with the bank, do not need to file claims,” the PDIC said.

Meanwhile, it noted that depositors whose accounts have balances of more than P50,000, and those with outstanding obligations with the closed Rural Bank of Alfonso or with incomplete mailing address, or those who maintain the account under the name of business entities, regardless of type of account and account balance, are required to file their deposit insurance claims.

Furthermore, the PDIC advised depositors to personally present the original copy of evidence of deposit such as Savings Passbook and Certificate of Time Deposit, and two valid photo-bearing IDs with their signature when filing deposit insurance claims.

“Depositors may also file their claims through mail and enclose the same set of documentary requirements,” it said.

On the other hand, the state-deposit insurer said depositors who are below 18 years old will be represented by a parent who will 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 will sign the Claim Form and the other requirements, while claimants who are not the signatories in the 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, it added.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims from the closed Rural Bank of Alfonso is on February 26, 2017.  After this date, PDIC as deposit insurer, shall no longer accept any deposit insurance claim, it said.

As of March 31, 2014, Community Bank had 26,923 accounts with total deposit liabilities of P245.5 million. Estimated total insured deposits amounted to P241.1 million or 98.2 percent of the total deposits.

Community Bank was the first rural bank placed under PDIC receivership this year. The Monetary Board closed a total of 14 rural banks in 2014.

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