Bank Secrecy Law, Unclaimed Balances,

Truth in Lending Act, Maximum Deposit Insurance Act

QUIZ

1) It is the policy of the State to protect its citizens from a lack of awareness of the true
cost of credit to the user by assuring a full disclosure of such cost with a view of
preventing the uninformed use of credit to the detriment of the national economy.
a) Unclaimed Balances
b) Maximum Insurance Act
c) Truth in Lending Act
d) Bank Secrecy Law

2) What is/are the objective/s of Maximum Deposit Insurance Coverage?

a) To help people know how to deposit properly
b) To strengthen the mandatory deposit insurance coverage system to generate,
preserve, maintain faith and confidence in the country’s banking system, and
protect it from illegal schemes and machinations.
c) Help the PDIC to effectively fulfill its vital task of promoting and safeguarding the
interests of the depositing public by way of providing permanent and continuing
insurance coverage on all insured deposits
d) None of the above

3) Republic Act 3936 requires that unclaimed balances shall be forwarded to the
Department of Budget and Management
a) True
b) False

4) Unclaimed deposits shall be in favor of a person who

a) is in another country
b) is dead
c)have not made further deposits or withdrawals during preceding 10 years or more
d) b & c
e) all of the above

5) If the president, cashier or managing officer of the bank, building and loan association,
or trust corporation neglects or refuses to make and file the sworn statement required
by this action, such bank, building and loan association, or trust corporation shall pay to
the Government the sum of five hundred pesos a month for each month or fraction
thereof during which such default shall continue
 a) True
b) False

6) It includes interest, fees, service charges, discounts, and such other charges incident to
the extension of credit as the Board may be regulation prescribe.
a) Personal Charge
b) Finance Charge
c) Service Charge
d) Admission Charge

7) What are the penalties in case of violation of Republic Act 3765 also known as the Truth
in Lending Act?
a) Any creditor is liable in the amount of P100 or in an amount equal to twice the
finance charged required by such creditor in connection with such transaction,
whichever is greater.
b) The creditor is liable for reasonable attorney's fees and court costs as determined
by the court.
c) All of the above
d) None of the above
8) Any bank, building and loan association or trust corporation which shall make any
deposit with the Treasurer of the Philippines in conformity with the provisions of this
Act shall not thereafter be liable to any person for the same.
a) True
b) False

9) Within the Unclaimed balances act, unclaimed balances include credit or deposits of the
following, except?
a) Money
b) Bullion
c) Security
d) Property

10) What is the penalty for violation of Republic Act 1405 Bank Secrecy Law?
a) Imprisonment of more than five years or a fine of more than twenty thousand
pesos, or both
b) Imprisonment of more than five years or a fine of not more than twenty thousand
pesos, or both
c) Imprisonment of not more than five years or a fine of not more than twenty
thousand pesos, or both

11) All deposits with banks or banking institutions in the Philippines including investments
in bonds issued by the Government of the Philippines are hereby considered as of an
absolutely confidential nature according to Republic Act 1405.
a) True
 b) False

12) Under R.A. 3765, No punishment or penalty provided by this Act shall apply to the
Philippine Government or any agency or any political subdivision thereof.
a) True
b) False

13) It shall be lawful for any official or employee of a bank, or for an independent auditor
hired by a bank, to disclose to any person other than a bank director, official or
employee authorized by the bank, any information concerning deposits. *
a) True
b) False

14) Through R. A. 1405, the Government encourage people to deposit their money in
banking institutions and to encourage private hoarding so that the same may be
properly utilized by banks in authorized loans to assist in the economic development of
the country.
a) True
b) False

15) (Deposit) means the amount due to any bona fide depositor for legitimate deposits in
an insured bank net of any obligation of the depositor to the insured bank as of the date
of closure, but not to exceed 500,000 pesos.
a) False
b) Insured Deposit
c) Uninsured Deposit
d) True

16) What Republic Act is Maximum Insurance Coverage?

a) 9567
b) 6795
c) 9576
d) 5976
17) Which of the following situation(s) is an exemption of Bank Secrecy Law?
a) If an immediate family of the depositor requested access to information.
b) None of the choices
c) Upon order of competent court in cases of bribery or dereliction of duty
d) If there is a written permission or consent by depositor.

18) The Truth in Lending Act protects any person against inaccurate and unfair credit billing
and credit card practices.
a) True
b) False
19) All notes, debentures, bonds, or such obligations issued by the Corporation shall not be
exempt from taxation, both as to principal and interest, and shall be fully guaranteed
by the government.
a) True
b) False