PDIC; Truth in lending act & Secrecy of bank deposit CIDRO, KENT KEISER G.

An insured deposit is wherein the depositor of the insured bank (in the Philippines) will receive

an amount of not exceeding 500,000 pesos by this if the PDIC is to pay a beneficiary it will be done thru

Postal Money Orders under 100,000 pesos deposits that are insured. The rule of a joint account is any

depositors of the account can deposit and can withdraw without the need of consent of the other. The

ITF OR In Trust for account is where person who creates an in trust for account can set the rules or

guidelines for how those assets should be managed, should it be for his child, for his family, for a

community or for a country. An assessment rate is a percentage wherein an asset increased or

decreased in value.

In the Article 3765, I have reflected that it is a law which protects the citizens of the Philippines

among inaccurate, and unfair practices of billing in credit cards, by implementing this article it requires

service providers to provide the cost of loans and the cost of services that can inform customers in order

for comparison of in financial terms from different providers to make a good financial decision

depending on their availability and qualifications.

This Article makes the lender read the terms and conditions to the borrower, which makers the

borrower aware of the terms and conditions of agreement. This provision do apply to almost all types of

consumer credits wherein, Truth in Lending Act requires the service provider to disclose pertinent

information, provide details on changes in terms, follow guidelines concerning new applications and

sales pitches, and other changes regarding credit application, service and after service. This article helps

the borrower to cancel loans from unethical lenders that is operating in bad faith or those who impart

negligence to the borrower and take advantage of it.

lending, lending in unfair agreements, and situations wherein only beneficial to lenders.

Any creditor who, in the course of a credit transaction, any information that is disclosed to a

person in contravention of this Act or any rule issued thereunder shall be chargeable to such person in
PDIC; Truth in lending act & Secrecy of bank deposit CIDRO, KENT KEISER G.

an amount not less than P100 or greater than a sum equal to twice the finance charges that such

creditor is expected to pay in conjunction with whichever is larger, with such transaction, with the

exception that such obligation shall not on any credit transaction, surpass P2,000. A recovery action for

such a fine could be brought by the said person within a year of the incident's date violation, in any

court with jurisdiction over the matter. Anytime this subsection is used,

This law is to make a protection for borrowers from the lenders in unfair and unfair practices of

money lending, also it serves as a base of rules wherein lenders follow to continue their operation of

business and avoid fraud, swindling, or negligence. By this the PH citizen will have a good backing in

terms of credits today, like loan sharks, online

The Main purpose of Republic Act 1405 is to encourage the citizens of the Philippines to put

their money in the bank in order for circulation of money, have budgets for loans, and avoid hoarding

which is not good for the economy. In this law it prohibits employees of a banking institution to disclose

information regarding investments, bonds, or any instruments of assets that the bank is handling in

order to have confidentiality. The confidentiality will only be bypassed thru a consent of the owner by

letter of permission or by impeachment proceedings. The Ombudsman has the power to ask AMLC for

help in examining financial transactions and bank accounts of those who are allegedly involved in illegal

activity, also the Commissioner of the BIR has the authority to Inquire into Bank Deposit Accounts and

Other Related information held by Financial Institutions.