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Week 5 Law On Other Business Transactions 1
Week 5 Law On Other Business Transactions 1
3.2. ONE (1) VALID ORIGINAL PHOTO-BEARING IDENTIFICATION DOCUMENT (ID) with
clear signature of depositor/claimant (e.g. Driver's License, SSS/GSIS ID, Senior Citizen's ID,
Passport, PRC ID, OWWA/OFW ID, Seaman's ID, Alien Certificate of Registration ID, Voter's
ID) or PhilID. (IT IS RECOMMENDED TO BRING AT LEAST TWO (2) VALID IDs IN
CASE OF DISCREPANCIES IN SIGNATURE).
3.3. For depositors below eighteen (18) years old, photocopy of birth certificate from the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the local civil registrar, and valid ID
of the parent.
3.4. Original copy of a notarized Special Power of Attorney (SPA) for claimants who are not the
signatories in the bank records. In the case of minor depositor, the SPA must be executed by the
parent. (please click to download the sample Form of SPA).
When filing claim during the onsite CSO period, or during personal filing at the PDIC PAC, a
system generated Claim Form shall be printed by PDIC representative after
interview/processing.
When filing through mail, please download the PDIC Claim Form (Please click to download the
Claim Form). The Claim Form needs to be accomplished, signed, and notarized. Depositors are
required to check one (1) preferred payment option in the Deposit Insurance Payment Option
(DIPO). Depositors must ensure that the signature on the Claim Form and DIPO is similar with
the signature in the bank records and the valid IDs submitted.
2.1. With valid deposit accounts with balances of more than P100,000.00;
2.2. With outstanding obligations with the closed bank either as borrower, co-maker, or as
spouse of borrower;
2.3. With incomplete mailing address found in the bank records, or failed to update them
through the MAUF issued by the PDIC;
2.5. With accounts not eligible for early payment, regardless of type of account and account
balance per advice of PDIC; and
2.6. Who are deceased whose filing of claim is thru the legal heirs.
Remember!
1. Claims should be filed within the two-year prescriptive period after PDIC's takeover of the closed
bank.
2. For depositors below 18 years old, a parent should sign on the Claim form.
For By or ITF accounts, the agent as disclosed in the bank records may sign on the Claim Form.
For joint accounts "OR, AND/OR, AND" each depositor in the joint account should sign separate
Claim Form. For business entities, deceased depositors, and depositors who executed a Special
Power of Attorney (SPA), only the authorized representative/s should sign on the Claim Form
3. The PDIC will not accept claims that are incomplete or lacking in requirements.
4. The PDIC may also require additional documents in the course of claims processing.
6. The PDIC, as Receiver, has the authority to adjust the interest rate on unpaid interests on deposits
if such rate is deemed unreasonably higher compared to market rates.
7. The standard procedures for claims settlement may not apply if the closed bank fails to properly
turn over to the PDIC the closed bank's complete records. Without the complete records, the PDIC
will not be able to conduct the validation process for bank deposits, a requirement before deposit
insurance claims are paid.
e. Calculation of Liability
i. Per depositor, per capacity rule
- 500 maximum na makukuha ng depositor.
ii. Joint accounts
- 500 maximum, pero pwedeng umabot ng 1M yung makukuha ng
depositor, kung meron syang single account sa same na bangko,
kasi hiwalay yung settlement ng joint sa single.
- Hahatiin yung 500k kung ilan sila.
Example:
2. Secrecy of Bank Deposits – RA No. 1405 ((144) LAWS 1043 - Bank Secrecy
Law, Unclaimed Balances Act - YouTube)
a. Purpose – (Sec. 1)
- I-encourage yung mga tao na i-deposit yung pera nila sa bangko at
‘wag ipunin sa bahay, para yung pera umikot at magamit ng banks
for loans para ma-improve yung economic development ng
country.
b. Prohibited Acts – (Sec. 3)
- It shall be unlawful daw for any official or employee ng banking
institutions na i-disclose or ibigay sa kahit sino man yung kahit
anong information concerning said deposits, other than those
mentioned sa section 2 (like government, bureau or office). Bawal i-
disclose yung information.
c. Deposits Covered – (Sec. 2)
- Covered yung government bonds and its instrumentalities, sa
PDIC law hindi. (Peso deposit)
- Yung mga covered ng law na ito ay ang lahat ng deposit of
whatever nature with banks or banking institution na nasa
Pilipinas, kasama yung investments in bonds na in-issue ng
government, its political subdivision and its instrumentalities. Yung
mga nabanggit ay considered na confidential at bawal tignan at
malaman ng kahit sino mang tao.
d. Exceptions – (Sec. 2)
- Merong written permission ng depositor, or
- Merong impeachment, or
- Merong order ng court in cases of bribery or dereliction of duty of
public officials (hindi ginawa yung duty), or
- In cases na yung pera na dineposit or ininvest ay subject matter ng
litigation (lawsuit).
-
i. Other Laws where examination of deposits is allowed
- Upon order ng competent court or tribunal in cases involving
unexplained wealth under RA 3019, or the anti-graft and corrupt
Practices Act.
- Upon inquiry by the Commissioner of BIR for the purpose of
determining the net estate of a deceased depositor.
- Upon order of a competent court or in proper cases by AMLC (anti-
money laundering council) where there is probable cause of money
laundering and in some cases even without court order.
- Disclosure to the Treasurer of the Philippines for dormant deposits
for at least 10 years under the Unclaimed Balances Act (RA 3936)
- Report of banks to AMLC of covered and/or suspicious
transactions.
- Upon order of the CA, examination by law enforcement officers in
terrorism cases under the Human Security Act of 2007 (RA 9372)
- Examination is made in the course of a special or general
examination of bank and is specifically authorized by the Monetary
Board after being satisfied that there is reasonable ground to believe
that a bank fraud or serious irregularity has been or is being
committed and that is necessary to look into the deposit to establish
such fraud and irregularity.
- Examination is made by an independent author hired by the bank
to conduct its regular audit provided that the examination is for
audit purposes only and the result thereof shall be for the exclusive
use of the bank.
3. Truth in Lending Act – RA No. 3765 ((144) RFBT 8.3 Truth in Lending Act -
YouTube)
AN ACT TO REQUIRE THE DISCLOSURE OF FINANCE CHARGES IN CONNECTION
WITH EXTENSIONS OF CREDIT.
a. Purpose – (Sec. 2)
- Protektahan yung mga citizen from a lack of awareness kung ano
talaga yung totoong cost ng credit or nang uutangin nila by
assuring a full disclosure. Kapag magpapautang daw dapat lahat
ng cost na babayaran ng debtor ay id-disclose, like interest rate,
penalties, and the likes.
- (1) the cash price or delivered price of the property or service to be acquired;
- (3) the difference between the amounts set forth under clauses (1) and (2);
- (4) the charges, individually itemized, which are paid or to be paid by such
person in connection with the transaction but which are not incident to the
extension of credit;
- (6) the finance charge expressed in terms of pesos and centavos; and
- (7) the percentage that the finance bears to the total amount to be financed
expressed as a simple annual rate on the outstanding unpaid balance of the
obligation.