PDIC Flashcards
(27 cards)
The Philippine Deposit Insurance Corporation (PDIC) has the following roles except:
a. Deposit Insurance
b. Co-regulator of Banks
c. Arbiter of conflict between depositor(s) and closed banks
d.Liquidator of closed banks
C. Arbiter of conflict between depositor(s) and closed
It refers to an order issued by the Monetary Board of the BSP, based on the bank examination report submitted by the Corporation, after due notice and hearing, and after finding the said report meritorious by the Monetary Board, prohibiting a bank, its directors, officers, employees, and/or agents concerned, from performing and continuing to perform certain acts, concerning the bank’s deposit operations that is determined to be unsafe and unsound banking by the Corporation.
a. Monetary Board Circular
b. Cease and Desist Order
c. Interlocutory Order
d. Executive Order
B. Cease and Desist Orde
Under the PDIC law, the following are composition of Deposit Insurance Fund (DIF), except:
a. The Permanent Insurance Fund, which is the total capital provided by the NG (National Government)
b. Assessment Collections, net of the expenses and charges
c. Revaluation surplus
d. Reserves for insurance and financial assistance losses
c. Revaluation surplus
The PDIC shall not pay deposit insurance for the following accounts or transactions, except:
a. Investment products such as bonds and securities, trust accounts, and other similar instruments which do not fall under the definition of a Deposit.
b. Deposit accounts or transactions which are fictitious or fraudulent, as determined by the Corporation
c. Deposit accounts or transactions constituting unsafe and unsound banking, as determined by the Corporation, in consultation with the BSP, after due notice and hearing, and publication of a directive to cease and desist issued by the BSP against such deposit accounts, transactions or unsafe and unsound banking.
d. None of the foregoing
d. None of the foregoing
The following are the composition of the board of directors of the Philippine Deposit Insurance Corporation (PDIC), except:
a. Secretary of Finance
b. Chairperson of Securities and Exchange Commission (SEC)
c. President of the PDIC, who shall be appointed by the President of the Philippines
d. Governor of the BSP
b. Chairperson of Securities and Exchange Commission (SEC)
The following are the qualifications of the board of directors of the PDIC, except:
a. Good moral character
b. Unquestionable integrity and responsibility
c. At least 45 years old
d. Recognized competence in economics, banking and finance, law, management administration or insurance
c. At least 45 years old
Which of the following is NOT a function of the PDIC?
a. Insurance
b. Bank examination
c. Corporate rehabilitation
d. Receivership of closed banks
c. Corporate rehabilitation
Statement I – The PDIC shall insure deposits of all banks and investment houses.Statement II – the PDIC shall promote and safeguard the interests of the depositing public by providing insurance coverage on all insured deposits and helping maintain a sound and stable banking system.
a. Only Statement I is true
b. Only Statement II is true
c. Both Statements are true
d. Both Statements are false
a. Only Statement I is true
Statement I – A joint account regardless of the whether the conjunction “and”, “or”, “and/or” is used shall be insured separately from any individually-owned deposit account.
Statement II – The aggregate of the interest of each co-owner over several joint accounts whether owned by the same or different combinations of individuals, juridical persons or entities, shall likewise be subject to the maximum insured deposit of P500,000
a. Only Statement I is true
b. Only Statement II is true
c. Both Statements are true
d. Both Statements are false
c. Both Statements are true
Under the PDIC Law, the following are classification of deposit insurance by account, except:
a. Single account
b. Joint account
c. Negotiable order of withdrawal (NOW) account
d. Account “by”, “In trust for” or “for the account of” another person
c. Negotiable order of withdrawal (NOW) account
Under R.A. 10846 (Amendments to PDIC law), all payments by the Corporation of insured deposits in closed banks partake of the nature of public funds, and as such, must be considered a/an:
a. Deferred credit
b. Preferred credit
c. Uninsured account
d. Equitable mortgage
b. Preferred credit
The following are requirements for claiming the insured deposits under the PDIC law, except:
a. Original evidence of deposits such as savings passbook, certificate of time deposit, bank statement, used or unused checks, or ATM card
b. One (1) valid original photo-bearing identification document (ID) with clear signature of depositor/claimant
c. Original copy of a notarized General Power of Attorney (GPA) for claimants who are not the signatories in the bank records.
d. For depositors below eighteen (18) years old, photocopy of birth certificate from the Philippine Statistics Authority (PSA) or a duly certified copy issued by the local civil registrar, and valid ID of the parent
c. Original copy of a notarized General Power of Attorney (GPA) for claimants who are not the signatories in the bank records.
PDIC covers only the risk of a –
a. bank losses due to theft
b. bank closure ordered by the Monetary Board
c. bank losses due to fire, closure by reason of strike
d. banks losses due to existence of public disorder, revolution or civil war
b. bank closure ordered by the Monetary Board
The insurance premium assessed against the bank under the PDIC law is:
a. 1/5 of 1% per annum of the assessment base of the bank
b. 1/5 of 2% per annum of the assessment base of the bank
c. 1/4 of 1% per annum of the assessment base of the bank
d. 1/4 of 2% per annum of the assessment base of the bank
a. 1/5 of 1% per annum of the assessment base of the bank
The depositor of the closed insured bank has ____________ to file his deposit insurance claim.
a. 6 months from date of bank takeover
b. 9 months from date of bank takeover
c. 12 months from date of bank takeover
d. 24 months from date of bank takeover
d. 24 months from date of bank takeover
The depositor account per bank record shows “Juan Dela Cruz for the account of Maria Dela Cruz”. Who is the depositor in this case?
a. Juan Dela Cruz
b. Maria Dela Cruz
c. Both Juan Dela Cruz and Maria Dela Cruz equally
d. Neither A nor B, because it is not allowed by law
b. Maria Dela Cruz
The depositor account per bank record shows “Juan Dela Cruz in trust for Maria Dela Cruz”. Who is the depositor in this case?
a. Juan Dela Cruz
b. Maria Dela Cruz
c. Both Juan Dela Cruz and Maria Dela Cruz equally
d. Neither A nor B, because it is not allowed by law
b. Maria Dela Cruz
The depositor account per bank record shows “Juan Dela Cruz by Maria Dela Cruz”. Who is the depositor in this case?
a. Juan Dela Cruz
b. Maria Dela Cruz
c. Both Juan Dela Cruz and Maria Dela Cruz equally
d. Neither A nor B, because it is not allowed by law
a. Juan Dela Cruz
The following are not covered by insurable deposit, except?
a. Unit Investment Trust Fund (UITF)
b. Mutual fund
c. Time deposit
d. Fictitious bank account
c. Time deposit
Iya is a depositor of Drew 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. Eachaccount has a balance of P250,000. Drew Bank became insolvent. Philippine DepositInsurance Corporation closed the Bank. Hailey therefore is unable to withdraw from all of theaccounts. She then filed her claims with the Philippine Deposit Insurance Corporation. Which statement is most accurate?
a. Iya can claim a total of P500,000 for all the three (3) accounts.
b. Iya can only claim from one (1) account of P250,000.
c. Iya can claim a total of P750,000 from all the three (3) accounts.
d. Iya cannot claim anything from any of the deposit accounts.
a. Iya can claim a total of P500,000 for all the three (3) accounts.
Keisha maintains a savings deposit in the amount of P1 Million with ABC Bank Corporation. Keisha also has obtained a loan from ABC Bank Corporation in the amount of P1 Million, In case of default,
a. Deposit accounts are usually earmarked for specific purpose hence offsetting is not legally possible.
b. ABC Bank can set-off the loan from the savings account being maintained by Keisha with ABC Bank.
c. Off-setting is not possible because the obligation of Keisha is a “simple loan”.
d. Set-off is not possible because legal compensation is not allowed in bankingtransaction.
b. ABC Bank can set-off the loan from the savings account being maintained by Keisha with ABC Bank.
Hubby and his wife, Wiffy, opened and maintained 3 deposit accounts (Savings, Checking and Time) with Allied Bank Recto with P200,000 each account and maintained the same deposits with the same amount in Allied Bank Makati. If Allied bank becomes insolvent the Philippine Deposit Insurance Corporation will be bound to be liable to the spouses for its insurance liability equivalent to:
a. Two deposits
b. One deposit
c. Six deposits
d. Three deposits
b. One deposit
Under the PDIC law, a bank can be placed under receivership when, if allowed to continue inbusiness, its depositors or creditors would incur:
a. Possible losses
b. Inevitable losses
c. Probable losses
d. A slight chance of losses
c. Probable losses
Under the PDIC law amendments, may PDIC pay the insured deposits of a depositor without netting out depositor’s loan obligation with the closed bank?
a. Yes, but only using the closed bank’s records alone.
b. Yes, even based on evidence of deposits and not on the closed bank’s records alone.
c. No, because it will violate the principles of legal compensation.
d. No, because it will violate of the right to due process of the bank.
b. Yes, even based on evidence of deposits and not on the closed bank’s records alone.
