pdic_UsapangPera_GuideBook
pdic_UsapangPera_GuideBook pdic_UsapangPera_GuideBook
cash or near cash account. Such accounts are classified as liquid. These include: • Savings accounts with banks, cooperatives, savings and loans associations and other similar government-regulated institutions • Checking accounts with banks • Time deposits with banks, cooperatives, savings and loan associations and other similar institutions • Special deposit accounts (SDAs) • Special savings accounts (SSAs) “And what do you mean by marketable?”, asks Aling Lorna. Ed replies, “Marketability refers to an account’s quality of being easily sold and converted to cash but not necessarily without loss of principal and/or significant transaction cost”. Years of experience have taught Ed to also caution his clients about potential risks. Thus, Ed adds, “Please note that not all of the cash or near cash accounts are covered by deposit insurance. The Philippine Deposit Insurance Corporation (PDIC) insures only the following accounts: • Savings • Special Savings • Demand/Checking • Negotiable Order of Withdrawal (NOW) • Negotiable/Non-negotiable Certificate of Time Deposits” 88 Other Places to Put Your Money
Again with utmost concern for his client, Ed explains that there is a difference between special savings accounts and special deposit accounts. He says, “Special savings accounts are deposit liabilities of banks. Special deposit accounts or SDAs are placements made indirectly with the Bangko Sentral ng Pilipinas exclusively through Investment Management Accounts or IMAs of banks’ Trust Departments. Only special savings accounts of banks are covered by the PDIC. Since SDAs are not deposit liabilities of banks, they are not covered by the PDIC. The Bangko Sentral ng Pilipinas guarantees payment of the interest and repayment of the principal of SDAs.” Did You Know? By BSP regulation, IMAs must be opened with the Trust Department of a bank at a minimum amount of Php1 million. Because of this regulation, placements in SDAs must also be a minimum of Php1 million. Moreover, SDAs must be held up to maturity. As of this writing, the longest SDA tenor is 30 days. Other Places to Put Your Money 89
- 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
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- Page 66 and 67: The over-reliance on heuristics giv
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- 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
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- 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 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
- Page 110 and 111: Other Places to Put Your Money 1. W
- Page 112 and 113: It is just one more week before Man
- Page 114 and 115: Loads have a validity of one year f
- Page 116 and 117: 3. Know Your Bank’s Service Fees
- Page 118 and 119: time deposit automatically renewed
- Page 120 and 121: 6. Be Informed About PDIC Deposit I
- Page 122 and 123: “Orly, I am an OFW,” Mang Domen
- Page 124 and 125: Mang Domeng excitedly replies, “S
- Page 126 and 127: The Power of Information 1. You, as
- Page 128 and 129: Accrued interest - earned but still
- Page 130 and 131: Ponzi Scam - an illegal financial s
- Page 132 and 133: Determining If Your Expenses Are Ju
- Page 134 and 135: Annex B Regulatory Issuance No. 201
- Page 136 and 137: 3. Granting high interest rates whe
- Page 138 and 139: ANNEX A: Deposit-Related Activities
- Page 140 and 141: BSP Circular No. 640 (Activities Wh
- Page 142 and 143: Sample Claim Form (Page 1) Annex D
- Page 144 and 145: Sample Claim Status Sheet Annex E 1
- Page 146 and 147: Annex G Republic Act No. 9505 Augus
Again with utmost concern for his client, Ed explains that there<br />
is a difference between special savings accounts and special deposit<br />
accounts. He says, “Special savings accounts are deposit liabilities<br />
of banks. Special deposit accounts or SDAs are placements<br />
made indirectly with the Bangko Sentral ng Pilipinas exclusively<br />
through Investment Management Accounts or IMAs of banks’ Trust<br />
Departments. Only special savings accounts of banks are covered by<br />
the PDIC. Since SDAs<br />
are not deposit liabilities<br />
of banks, they are not<br />
covered by the PDIC.<br />
The Bangko Sentral ng<br />
Pilipinas guarantees<br />
payment of the interest<br />
and repayment of the<br />
principal of SDAs.”<br />
Did You Know?<br />
By BSP regulation, IMAs must be<br />
opened with the Trust Department of<br />
a bank at a minimum amount of Php1<br />
million. Because of this regulation,<br />
placements in SDAs must also be a<br />
minimum of Php1 million. Moreover,<br />
SDAs must be held up to maturity. As<br />
of this writing, the longest SDA tenor<br />
is 30 days.<br />
Other Places to Put Your Money 89
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