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Lazo, Milani Joy T.
2019137591
Section 18
PDIC
1. What is an insured deposit?
- An "insured deposit" is the net amount paid to any depositor for deposits
made at an insured depository institution. To any real depositor for valid
deposits in an insured bank, the sum less the depositor's obligations to an
insured bank as of the closing date, to just not exceed P500, 000.00.
2. What is the rule on joint account?
- It is expected that joint accounts were separate from every individual bank
deposits and are insured separately. As opposed to this, if a bank account is held
by two or more than two entities, and two or more citizens, or both, the max
insured deposit will be divided into as many equal portions as there are
participants in the account. Except if a different portion is specified within that
deposit agreement, legal individuals or businesses.
