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Pdic-Example Computation

The document provides examples of how deposit insurance coverage is calculated for different types of accounts. In the first example, a single account owned by an individual is insured up to P500,000 with any amount over being uninsured. The second example shows that for a sole proprietorship, the individual owner's accounts are combined with the business account and insured up to P500,000 total. In the third example, different types of "by" and "ITF" accounts with the same owner are combined and insured up to P500,000 each for the principal owners.

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Andrei Nicole Rivera
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225 views

Pdic-Example Computation

The document provides examples of how deposit insurance coverage is calculated for different types of accounts. In the first example, a single account owned by an individual is insured up to P500,000 with any amount over being uninsured. The second example shows that for a sole proprietorship, the individual owner's accounts are combined with the business account and insured up to P500,000 total. In the third example, different types of "by" and "ITF" accounts with the same owner are combined and insured up to P500,000 each for the principal owners.

Uploaded by

Andrei Nicole Rivera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ILLUSTRATIVE CASES ON DEPOSIT INSURANCE COVERAGE

SINGLE ACCOUNTS / SOLE PROPRIETORSHIP /


"BY" ACCOUNTS / "ITF" ACCOUNTS

Charter Provision: Sec. 4 (g):

"x x x In determining such amount due to any depositor, there


shall be added together all deposits in the bank maintained in
the same right and capacity for his benefit either in his own
name or in the name of others. x x x"

Illustrative Cases:

Case 1: Single Account/s

Computation of Insured and Uninsured Amount:

Explanations:

• All the four deposit accounts (i.e., Account Nos. 1 to 4)


are owned by the same person, Juan Dela Cruz, and maintained
in the same Bank (Head Office and all its Branches), thus,
the balance of the accounts will be added together, as they
are maintained in the same right and capacity, regardless of
account type and banking unit/branch. Total amount of
insured deposit cannot exceed P 500,000.00, the Maximum
Deposit Insurance Coverage (MDIC).

• Of the total balance of P 900,000.00, the amount insured is


P 500,000.00 and the uninsured amount is P 400,000.00.
Case 2: Single Account/s and Sole Proprietorship

Computation of Insured and Uninsured Amount:

Explanations:

• The first three deposit accounts (i.e., Account Nos. 1 to 3)


are owned by the same person, Juan Dela Cruz, hence, the
balance of the accounts will be added together.

• A sole proprietor is wholly owned by the owner, hence, the


Dela Cruz Flower Shop (Account No. 4) owned by Juan Dela
Cruz will be added to his first three accounts as all of
them (Account Nos. 1 to 4) are maintained in the same right
and capacity. The total amount insured cannot exceed
P500,000.00.

• Of the total balance of P 900,000.00, the amount insured is


P 500,000.00 and the uninsured amount is P 400,000.00.
Case 3: Single, "ITF" and "By" Accounts

Computation of Insured and Uninsured Amount:

Explanations:

• Juan Dela Cruz is the principal owner of three accounts


(i.e., Account Nos. 1, 3 & 4). As these are maintained in
the same right and capacity, these accounts will be
consolidated.

The single account (Account No. 1) is under his name alone


and the other two are "By" accounts (Account Nos. 3 and 4)
which are owned by him as the PRINCIPAL DEPOSITOR or
BENEFICIAL OWNER while Maria Dela Cruz and Pedro Dela Cruz
ACTED AS HIS AGENTS only. Thus, the total insured amount
payable to Juan Dela Cruz is P 500,000.00 and the uninsured
amount is P700,000.00.

• Antonio Dela Cruz on the other hand has only one account
(Account No. 2), an "ITF" account in which Antonio is the
PRINCIPAL OR BENEFICIAL OWNER and Juan acted as AGENT. Thus,
Antonio Dela Cruz is entitled to a separate deposit
insurance of P 400.000.00 for his savings deposit.
JOINT ACCOUNTS

Charter Provision:

• A joint account regardless of whether the conjunction "and",


"or", "and/or" is used, shall be insured separately from any
individually-owned deposit account/s.

• If the account is held jointly by two or more natural


persons, or by two or more juridical persons or entities,
the maximum insured deposit shall be divided into as many
equal shares as there are individuals, juridical person or
entities, unless a different sharing is stipulated in the
document of deposit.

• If the account is held by a juridical person or entity


jointly with one or more natural persons, the maximum
insured deposit shall be presumed to belong entirely to such
juridical person or entity.
Illustrative Cases:

Case 4: Single Account and Joint Account/s

Computation of Insured and Uninsured Amount:

Breakdown of Insured and Uninsured Amount:

Explanations:

• Juan Dela Cruz has three accounts, one is under his name
alone (Account No. 1) and the other two are jointly
maintained by him and Maria or Pedro Dela Cruz (Account Nos.
2 & 3). For the Savings Deposit individually-owned by Juan
Dela Cruz (Account No. 1), he is entitled to a separate
deposit insurance of P 500,000.00. The uninsured deposit is
P100,000.00.

• For the two accounts (Account Nos. 2 & 3) which are jointly
maintained by him and Maria or Pedro Dela Cruz, each joint
account is considered equally shared among co-depositors
unless otherwise indicated in the deposit document. The
insurance coverage of P500,000.00 will apply to the sum of
shares of each co-depositor in the insured portion of each
joint deposit account.

• For Account No. 2, the maximum deposit insurance is


P500,000.00 which shall be divided equally between Juan and
Maria. The share of Juan Dela Cruz is P250,000.00. There is
no uninsured amount.

• For Account No. 3, the maximum deposit insurance is


P500,000.00 which shall be divided equally between Juan and
Pedro. The share of Juan Dela Cruz is P250,000.00. The
uninsured amount is P300,000.00, thus, his share in the
uninsured amount is P150,000.00.
Case 5: Accounts Jointly Owned by Individuals or Natural
Persons

Computation of Insured and Uninsured Amount:

Breakdown of Insured and Uninsured Amount:

Explanations:

• The individually-owned deposit or single deposit of Juan


Dela Cruz (Account No. 1) is entitled to a separate deposit
insurance of P500,000.00.

• For Savings Deposit jointly owned by Juan and Maria Dela


Cruz (Account No. 2), the share of Juan and Maria in the
MDIC is P250,00.00 each while their share in the uninsured
portion is P50,000.00 each.

• Shares of each co-owner in each of the joint accounts are


added together and insured up to P500,000.00 MDIC.

• Juan Dela Cruz has three accounts jointly maintained with


Maria and/or Pedro Dela Cruz. All his shares in each of
these accounts are added together. Hence, of the P
650,000.00 total shares of Juan, P 500,000.00 is covered by
deposit insurance.

• Maria Dela Cruz and Pedro Dela Cruz are also entitled to
deposit insurance for their respective shares in the
accounts.
Case 6: Accounts Jointly Owned by Individuals/ Natural Persons
and Juridical Persons or Entities

Computation of Insured and Uninsured Amount:

Explanations:

• The deposit insurance for Savings Deposit (Account No. 1) is


to be shared equally between Juan and Maria Dela Cruz.
Hence, each of them is entitled to P 250,000.00 deposit
insurance.

• XYZ Corporation is entitled to P500,000.00 deposit insurance


for its Time Deposit (Account No. 2).

• The Demand Deposit (Account No. 3) maintained in the name of


Juan Dela Cruz and ABC Corporation, is presumed to belong
entirely to ABC Corporation. Hence, ABC Corporation is
entitled to the P 500,000.00 deposit insurance.

LAZY NOTES by: PATRICK UY YOUNG, MBA

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