Blawreg quiz 1 pdic - 123 PDF

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Philippine Deposit Insurance Corporation Quiz 1 1.Amanda is a depositor of AAA Bank. She has three (3) deposit accounts all under her name. One, in checking account, one in saving account and another one in time deposit account. Each account has a balance of Php250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. Amanda therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much will Amanda can collect from AAA Bank? Explain. * ANSWER: She can claim PHP.500,000 for all her accounts. PHP. 500,000 is the limit liability for insurer. 2.The government agency granted with the power of supervision and examination over banks and nonbank financial institutions performing quasi-banking functions, to ensure that the conduct of its business is on a sound financial basis that will provide continued solvency and liquidity is * ANSWER: Philippine Deposit Insurance Corporation 3.X maintains a savings deposit in the amount of Php·1 Million with ABC Bank Corporation. X also has obtained a loan from ABC Bank Corporation in the amount of Php1 Million. In case of default, can ABC bank offset the loan from X's deposit? Explain why. ANSWER: Savings account can be set off by the ABC Bank Corporation with the savings account of X. because most banks can transfer cash from your savings accounts to pay off debt. 4.What are the three specific functions of the PDIC? * ANSWER: First, they insured the depositors deposit; second they are the bank co-regulator; third they are the receiver and liquidator of closed banks. 5.What is an insured deposit? * ANSWER: Amount given to the legitimate or bona fide depositors in an insured bank. Amount shall not exceed PHP. 500,000. 6.What types of deposits are insured by the PDIC? Give at least three. ANSWER: (1) Deposits from commercial banks; (2) deposits from savings and mortgage banks; (3) deposits from branches and agencies in the Philippines of foreign banks 7.What is the maximum liability of the PDIC for insured deposits? ANSWER: PHP. 500,000 8.What will be the effect in the maximum liability for PDIC insured deposits if the depositor has more than one account in the same bank? ANSWER: It will be all added together 9.What if the depositor has more than one account but in different banks? ANSWER: Accounts is insured differently 10. Which accounts or deposits will not have deposit insurance? Give four examples

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ANSWER: (1) Investment products; (2) Deposits that emanates from unsafe banking practices; (3) Deposits that proceed from unlawful activity under Anti-Money Laundering Law. 11. What if the depositor has more than one account but in different branches of the same bank? ANSWER: Account can be insured one more time 12. Who are not required to file deposit insurance claims? ANSWER: Those accounts with balance less than PHP. 100,000 13. What happens to uninsured deposit in excess of P500,000? ANSWER: Within sixty days from publication of notice of closure, the claim may be filled in liquidation of the closed bank.  What is the amount of insured deposit? A. Minimum of P500,000, gross B. Maximum of P500,000, gross C. Maximum of P500,000, net D. Minimum of P500,000 net  How shall joint accounts be insured? ANSWER: Joint accounts are insured separately.  A joint demand deposit account in the name of Juan dela Cruz and ABC Corporation in the amount of P500,000 was held in Bank 1. What is the insured deposit of Juan dela Cruz? A. Zero B. P250,000 C. P500,000 D. P100,000...