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Unclaimed Balances

This document outlines the procedure for reactivating unclaimed balances, or dormant deposits, held by covered institutions in the Philippines under the Unclaimed Balances Law. It details the following steps: 1) A letter request from the depositor or creditor along with authentication; 2) A letter from the covered institution to the Bureau of the Treasury; 3) A deed of undertaking absolving the Bureau of Treasury of liability; 4) A letter of authority issued by the Bureau of the Treasury to reactivate the account; 5) Requirements for the requesting party to be a juridical person and provide corresponding board resolutions; and 6) Approving authorities within the Bureau of the Treasury based on the amount being reactivated.

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Carmencita Tabunda
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129 views1 page

Unclaimed Balances

This document outlines the procedure for reactivating unclaimed balances, or dormant deposits, held by covered institutions in the Philippines under the Unclaimed Balances Law. It details the following steps: 1) A letter request from the depositor or creditor along with authentication; 2) A letter from the covered institution to the Bureau of the Treasury; 3) A deed of undertaking absolving the Bureau of Treasury of liability; 4) A letter of authority issued by the Bureau of the Treasury to reactivate the account; 5) Requirements for the requesting party to be a juridical person and provide corresponding board resolutions; and 6) Approving authorities within the Bureau of the Treasury based on the amount being reactivated.

Uploaded by

Carmencita Tabunda
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 DOCX, PDF, TXT or read online on Scribd
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UNCLAIMED BALANCES LAW (PD 679) PROCEDURE FOR REACTIVATION OF UNCLAIMED

BALANCES
Unclaimed Balances (dormant deposits)
- credits or deposits of any person known to be dead or A. Letter request of depositor/creditor
who has not made further deposits for at least 10 years B. Authentication
C. Letter request of covered institution
Covered Institutions – all banks, trusts, savings, o Depository bank  BOT
mortgage, mutual building and loan associations which D. Deed of undertaking
reported to Treasurer of PH as unclaimed the account o BOT free from any liability
being applied for reactivation E. Letter of authority to reactivate
o Issued by BOT
ACT REQUIRING COVERED INSTITUTIONS TO F. Entity requirements
TRANSFER UNCLAIMED BALANCES HELD BY THEM o Requesting party is a juridical
TO TREASURER OF PHILIPPINES person/entity: corresponding board
resolutions and/or Secretary’s
- Duty of treasurer to inform SOLGEN certificate showing signatory for
- For escheat proceedings, it is filed, thru reactivation
petition, by SOLGEN in Court of First Instance G. Approving authority
where deceased last resided or in which he
had estate if he resided out of the Philippines
Division Chief or Head Law &
<100k
Litigation Division Legal Service
Affidavit of Undertaking – sworn statement by a bank
Director, Legal Service 100K-500K
officer absolving Bureau of Treasury from any liability
that may arise due to granting of applicants’ request for Deputy Treasurer of PH <500K-1M
reactivation Treasurer of Philippines <1M

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