pdic_UsapangPera_GuideBook

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Closing the Deposit Account Aling Lorna just remembered, “Tatay, we have an account with another bank that we had not been touching for quite some time. Do you think we should already close it? After all, I find it more convenient dealing with Sir Ed.” Mang Domeng replies, “Why not? We might just end up paying the dormant account charges.” Financial Expert’s Corner Closing a deposit account is a two-way street. A bank can decide to close a deposit account at any time without any obligation to explain the reason to you as the depositor. In doing so, the bank will pay you the proceeds of the closed deposit net of any and all applicable charges. In opening a deposit account, you must consent to giving authority to the bank to automatically close the same deposit account without prior notice if the deposit account is: 1. mishandled with DAUD or DAIF checks; 2. involved in fraudulent or illicit activities; or 3. opened with misrepresentations. 50 Depositing Your Money
In closing the deposit account, you, as the depositor, will also need to consent to holding the bank, together with its officers and employees, free from all liabilities of whatsoever nature arising from such account closing. If you initiate deposit-account closing, you should also ensure that parties transacted with using the closed account are notified ahead of time. It is also your duty to replace post-dated checks. Otherwise, you may face the penalties provided under Batas Pambansa 22 especially if it can be proven that there was the intent of running away from financial obligations by closing the pertinent deposit account. And just like with bank-initiated account closings, the bank cannot be made responsible for liabilities arising from depositor-initiated account closings. Depositing Your Money 51
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Copyright 2013 by the Philippine De
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Foreword Through the Philippine Dep
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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 and 42: • Suspicious transactions are tra
Page 43 and 44: Financial Expert’s Corner In acco
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: Financial Expert’s Corner It shou
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
Page 94 and 95: It is just two weeks before Mang Do
Page 96 and 97: Figure 8 Investment Risk Profile* I
Page 98 and 99: cash or near cash account. Such acc
Page 100 and 101: Financial Expert’s Corner For lon
Page 102 and 103: Ed says, “In their simplest form,
Page 104 and 105: Stocks Mang Domeng notices a bewild
Page 106 and 107: “You see, Nanay, although they ar
Page 108 and 109: Financial Expert’s Corner The adv
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Other Places to Put Your Money 1. W
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It is just one more week before Man
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Loads have a validity of one year f
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3. Know Your Bank’s Service Fees
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time deposit automatically renewed
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6. Be Informed About PDIC Deposit I
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“Orly, I am an OFW,” Mang Domen
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Mang Domeng excitedly replies, “S
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The Power of Information 1. You, as
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Accrued interest - earned but still
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Ponzi Scam - an illegal financial s
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Determining If Your Expenses Are Ju
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Annex B Regulatory Issuance No. 201
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3. Granting high interest rates whe
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ANNEX A: Deposit-Related Activities
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BSP Circular No. 640 (Activities Wh
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Sample Claim Form (Page 1) Annex D
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Sample Claim Status Sheet Annex E 1
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Annex G Republic Act No. 9505 Augus
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(g) “PERA Investment Product” r
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Sec. 7. Separate Asset. -The PERA s
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(d) Disclosure requirements on the
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entitled hereto, shall be subject t
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