Rules on Joint Accounts

Joint Accounts

- regardless of whether the conjunction and, or, or and/or is used, shall be insured separately
from any individually owned deposit account. The maximum insured deposit shall be devided into as
many equal shared as there are account holders, unless a different sharing is stipulated in the document
of deposit.

- if the account is held by a juridical person or entity jointly with one or more natural persons,
the maximum insured deposit shall be presumed to belong entirely to such juridical person or entity

- The agregate interest of each co-owner over several joint accounts, whether owned by the
same or different combinations of individuals, juridical persons or entity, shall likewise be subject to the
maximum insured deposit of 500,000

Example 1

The couple ian and paolo have the ff. account balance with Banco indidoro:

Ian 500,000

Paolo 500,000

Ian and Paolo 500,000

How much is the insured amounts?

- all 3 accounts are insured because the deposits are maintained in different rights and
capacities. A joint account shall be insured separately from any individually-owned deposit account.

How much can Ian recover from PDIC?

- 500,000 + [500,000/2]

- 750,000, the and/or shall be devided into as many entities in whose names the account is
recorded
Example 2

The bank of Bank Pink show the ff. joint accounts and their balances:

Rose and/or Lisa 500,000

Rose and/or Jisoo 500,000

Rose and/or Jennie 500,000

Is each account Insured?

- Yes

How much can Rose recoer from the PDIC?

- 500,000, the agregate interest of each co-owner over several joint accounts, whether owned
by the same or differemt combinations of individuals, juridical persons or entities, shall likewise be
subject to the maximum insured deposit of 500,000

if the deposit account ina closed bank is more than 500,00 what happens to the excess of the maximum
amount of insured deposit?

- The claim for the insured portion of the deposit is a claim against of the closed bank.

what is the mode of payment of the insured deposits?

a. by cash

b. by making available to each depositor a transferred deposit in another insured bank in an

amount equal to the insured deposit of such depositor.

When should the depositor of a closed bank file his deposit insurance claim with the PDIC?

- whithin 2 yrs. from the date of bank takeover. Otherwise, all rights of the epositor with
respect to the insured shall no longer be honored. But he may still make a claim against the asets it the
closed bank