pdic_UsapangPera_GuideBook
pdic_UsapangPera_GuideBook pdic_UsapangPera_GuideBook
“But Sonny and Tessie,” reminds Aling Lorna, “banks only act as collectors of the amounts written on checks that are used for deposit. That is why banks will normally wait until they receive the actual cash those checks represent, a process called check clearing, before they consider an account successfully opened.” Financial Expert’s Corner Even cashier’s or manager’s checks that are deposited with one bank and drawn from another one go through the normal three-day clearing time. A check that is deposited and drawn from the same bank does not have to go through the clearing system. 32 Depositing Your Money
Financial Expert’s Corner In accordance with the rules of the Bangko Sentral ng Pilipinas, savings deposit accounts that remain inactive for two (2) years will be considered dormant and will be charged the appropriate monthly service fee. The same applies for current or checking accounts that remain inactive for one (1) year. Accounts that are inactive for ten (10) years are escheated in favor of the Treasurer of the Philippines 3 . Savings Accounts “Tatay,” asks Sonny, “together po we have watched a lot of action movies where bad guys rob banks. What will happen to my money if my bank is robbed?” Mang Domeng says, “Anak, money deposited with a bank remains safe and whole even if a bank branch is robbed, burns down or is destroyed by earthquake, typhoons, flood, and even lightning strike. Banks buy insurance for such events.” “On the other hand,” Mang Domeng adds, “up to Php500,000 of a depositor’s money will be safe and kept whole even if the bank where the deposit is kept is closed down by the government. This is called deposit insurance coverage for depositors. This is provided by Philippine Deposit Insurance Corporation or PDIC. Do you remember seeing that sign on our bank that says deposits insured with PDIC? That’s what I’m talking about.” Tessie asks when she will be able to get her own savings account passbook. Aling Lorna replies, “Tessie, you are too young to have your own passbook account. Legally, you are still a minor. But let me talk to your Tatay about it. I believe we can open a savings account in our name and in trust for you. I am certain that it is the same type of account that your BFF has.” 3 Ownership of the deposit account is transferred to the Philippine government through the National Treasury. Depositing Your Money 33
- Page 2 and 3: Copyright 2013 by the Philippine De
- Page 5 and 6: Foreword Through the Philippine Dep
- Page 7 and 8: insured deposits. This Guidebook is
- Page 9 and 10: Table of Contents A Brief History o
- Page 12 and 13: Just like in the United States of A
- Page 14: Table 1 1 Maximum Deposit Insurance
- Page 17 and 18: Money is Important 7
- Page 19 and 20: A Brief History of Money At the hou
- Page 21 and 22: Different Forms of Money Seeing his
- Page 23 and 24: Financial Expert’s Corner They sa
- Page 26 and 27: The Different Life-Event Stages Six
- Page 28 and 29: “In our case, we are saving up fo
- Page 30 and 31: The next life-event stage is where
- Page 32 and 33: How to Save Mang Domeng, as if to r
- Page 34 and 35: Financial Expert’s Corner Saving
- Page 36: Why and How to Save 1. There are ma
- Page 39 and 40: A few minutes later, Tessie is alre
- Page 41: • Suspicious transactions are tra
- Page 45 and 46: Banks may or may not issue an ATM c
- Page 47 and 48: He says that all that bank tellers
- Page 49 and 50: Tessie expresses some concerns. “
- Page 51 and 52: Aling Lorna smiles and continues,
- Page 53 and 54: Located on the upper left hand corn
- Page 55 and 56: Financial Expert’s Corner To avoi
- Page 57 and 58: Mang Domeng says to Aling Lorna,
- Page 59 and 60: Financial Expert’s Corner It shou
- Page 61 and 62: In closing the deposit account, you
- Page 64 and 65: It’s 5:30 AM on a Wednesday, and
- Page 66 and 67: The over-reliance on heuristics giv
- Page 68 and 69: Financial Expert’s Corner Money a
- Page 70 and 71: Financial Expert’s Corner It can
- Page 72 and 73: Ponzi Schemes and Pyramiding Aling
- Page 74 and 75: But before the couple leaves, Harry
- Page 76: More Than Just Interest Rates 1. He
- Page 79 and 80: PDIC is also authorized to investig
- Page 81 and 82: Unable to suppress his smile, Orly
- Page 83 and 84: depositors who have obligations wit
- Page 85 and 86: The agent in a “By” deposit and
- Page 87 and 88: Financial Expert’s Corner Effecti
- Page 89 and 90: 3. How much is Fe Santos’s insure
- Page 91 and 92: Member: PDIC 1. PDIC was created by
“But Sonny and Tessie,” reminds Aling Lorna, “banks only act as<br />
collectors of the amounts written on checks that are used for deposit.<br />
That is why banks will normally wait until they receive the actual cash<br />
those checks represent, a process called check clearing, before they<br />
consider an account successfully opened.”<br />
Financial Expert’s Corner<br />
Even cashier’s or manager’s checks that are deposited with one<br />
bank and drawn from another one go through the normal three-day<br />
clearing time. A check that is deposited and drawn from the same bank<br />
does not have to go through the clearing system.<br />
32 Depositing Your Money
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