PDIC claim, rural bank went belly up

**Vodka** · November 7th, 2014 12:53 AM

so there's this rural bank w/ great interest rates that has been around since the late 70's. now bankrupt

fortunately we pulled out most of the cash earlier this year so we're within the P500,000 protection per depositor from PDIC

have any of you guys been through a PDIC claim? how fast/slow do they give you back your money?

**dreamur** · November 7th, 2014 09:30 AM

Hvnt tried but I heard it is going to be tedious as the receivership needs time to fix it up! Good luck.

**boybi** · November 7th, 2014 10:13 AM

Originally Posted by Vodka

so there's this rural bank w/ great interest rates that has been around since the late 70's. now bankrupt

fortunately we pulled out most of the cash earlier this year so we're within the P500,000 protection per depositor from PDIC

have any of you guys been through a PDIC claim? how fast/slow do they give you back your money?

When did the bank close? You should be able to withdraw the insured deposit within the first month after the bank closed. The PDIC people will be at the bank's branches processing the claims. You will receive a check with the amount of your deposit within the day.

If you haven't processed your claims within this period, you will need to go to PDIC's main office in Makati to claim your insured deposit.

**Elroi** · November 7th, 2014 11:35 AM

i think depende sa situation ng bank na nagsara.. happened to me back in 2010. i've been making time deposits to this rural bank for almost 2years kase ang rate nila ay 5-6%..

good thing a month before magsara ay naipull-out ko yung 2 account. unfortunately may natira pa 1 acct na 300k+.. 2 weeks after closing, PDIC started processing claims dun sa branch. IIRC that was july, then nareceive ko yung check around december na so it took them 5 months bago nabalik yung pera ko.

**boybi** · November 7th, 2014 12:16 PM

Originally Posted by Elroi

i think depende sa situation ng bank na nagsara.. happened to me back in 2010. i've been making time deposits to this rural bank for almost 2years kase ang rate nila ay 5-6%..

good thing a month before magsara ay naipull-out ko yung 2 account. unfortunately may natira pa 1 acct na 300k+.. 2 weeks after closing, PDIC started processing claims dun sa branch. IIRC that was july, then nareceive ko yung check around december na so it took them 5 months bago nabalik yung pera ko.

Ngayon they process and release the checks at site.

**Vodka** · November 8th, 2014 02:15 AM

Originally Posted by boybi

When did the bank close? You should be able to withdraw the insured deposit within the first month after the bank closed. The PDIC people will be at the bank's branches processing the claims. You will receive a check with the amount of your deposit within the day.

If you haven't processed your claims within this period, you will need to go to PDIC's main office in Makati to claim your insured deposit.

yep the PDIC folks are currently at the bank

the bank closed late last month

we just filled out the claim forms and are scheduled to return to the bank next week. PDIC says we'd be issued LandBank cheques that same day

so should i be worried? hahaha

**boybi** · November 8th, 2014 09:06 PM

Originally Posted by Vodka

yep the PDIC folks are currently at the bank

the bank closed late last month

we just filled out the claim forms and are scheduled to return to the bank next week. PDIC says we'd be issued LandBank cheques that same day

so should i be worried? hahaha

No. If your deposit is within the coverage of the insurance, then you'll be able to get your money up to the last cent. Just go to your branch and bring with you the passbook and IDs.