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Activity 7: Which Statement Is Correct Regarding Secrecy of Bank Deposit?

The document contains multiple choice questions about bank deposits, deposit insurance, and the Philippine Deposit Insurance Corporation (PDIC). Some key points covered include: - The PDIC insures deposits in banks up to P500,000 per depositor. It collects insurance premiums from banks. - When a bank closes, depositors have up to 24 months to file claims with the PDIC to recover their insured deposits. - The PDIC's functions include acting as deposit insurer, receiver and liquidator of closed banks, but not as a bank co-regulator or administrator of closed banks for depositors. - Unclaimed balances in banks can be consolidated by the Bureau of Treasury for publication to

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Leo Sandy Ambe Cuis
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51 views5 pages

Activity 7: Which Statement Is Correct Regarding Secrecy of Bank Deposit?

The document contains multiple choice questions about bank deposits, deposit insurance, and the Philippine Deposit Insurance Corporation (PDIC). Some key points covered include: - The PDIC insures deposits in banks up to P500,000 per depositor. It collects insurance premiums from banks. - When a bank closes, depositors have up to 24 months to file claims with the PDIC to recover their insured deposits. - The PDIC's functions include acting as deposit insurer, receiver and liquidator of closed banks, but not as a bank co-regulator or administrator of closed banks for depositors. - Unclaimed balances in banks can be consolidated by the Bureau of Treasury for publication to

Uploaded by

Leo Sandy Ambe Cuis
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ACTIVITY 7

Which statement is correct regarding secrecy of bank deposit? *


1 point

a. The Government is always not allowed to disclose the deposit of any depositors
b. AMLA can always inquire from the bank on deposit on suspected money launderer
c. The BIR can inquire on the bank deposit in spite of Bank Secrecy Law, if the depositor is already deceased
and the heirs would want to withdraw from the deposit of the decedent.
d. The BSP is always authorized to inquire on the deposit at the bank for being the bank regulator

When should the depositor of a closed insured bank file his claim with the PDIC after the bank
closure? *
1 point

a. He has 24 hours to file claim


b. He has 24 weeks to file claim
c. He has 24 months to file claim
d. He has 24 days to file claim

Op
a. P500,000
b. P3,000,000
c. P400,000
d. P600,000
e. P4,400,000

The insurance premium for bank deposit is paid by: *


1 point

a. Depositors
b. Banks
c. BSP
d. PDIC

The deposit insurance premium is assessed at: *


1 point

a. ¼ of 1% per annum of the assessment base computed by the BSP


b. 1/5 of 1% per annum of the assessment base of the bank
c. 1/10 of 1% per annum of the assessment based computed by the BSP
d. Some other percentage and base

Who is considered insured under the PDIC under the present PDIC Law? *
1 point

a. Branches of local bank in foreign countries


b. Branches and subsidiaries of foreign banks licensed by the BSP to perform banking activities in the
Philippines
c. a only
d. b only
e. a and b

This government agency is authorized to consolidate unclaimed bank balances for publication
to the national newspaper twice with circulation the Philippines for purposes of informing the
bank balance owner and hasten the claim processes. *
1 point

a. Bangko Sentral ng Pilipinas


b. Bureau of Local Government Finance
c. Bureau of Treasury
d. Department of Finance

The term “insurable deposit” means the amount due to any bonafide depositor for legitimate
deposits in an insured bank net of any obligation of the depositor to the insured bank as of the
date of closure, but not to exceed: *
1 point

a. P50,000
b. P1,000,000
c. P500,000
d. P750,000

It shall include credits or deposits of money, bullion, security or other evidence of


indebtedness of any kind, and interest, thereon with banks in favor of any person known to be
dead or who has not made further deposit or withdrawal during the preceding ten (10) years or
more. *
1 point
a. Unclaimed Cash substitute
b. Hidden wealth
c. Unclaimed balances
d. Dormant investment

The functions of the of the PDIC are the following, except: *


1 point

a. Deposit insurer
b. Co-regulator of banks
c. Receiver and Liquidator of closed banks
d. Administrator of closed bank for the depositors

The maximum insurable deposit of P500,000 to the PDIC has took effect on:  *
1 point

a. January 1, 2009
b. June 1, 2009
c. January 1, 2018
d. Dec. 31, 2012

Jose has maintained the following savings accounts. Bank A P500,000 Bank B P1,000,000
Bank C P250,000. All the three (3) banks were closed by the BSP on the ground of bankruptcy.
How much Jose could collect from PDIC? *
1 point

a. P500,000
b. P1,500,000
c. P750,000
d. P1,250,000

How much the wife is entitled to recover from PDIC? *


1 point

a. P625,000
b. P1,300,000
c. P500,000
d. P1.350,000

*
1 point
a. P900,000
b. P500,000
c. P1,200,000
d. P1,250,000

Under the PDIC law, the following are the insurable deposits. Which deposit is not included?  *
1 point

a. Savings deposit
b. Time deposit
c. Investment products such as bonds, securities and trust accounts
d. Dollar denominated deposit

The following are the reasons why deposits in the bank is prohibited to be disclosed, which is
not the reason among them? *
1 point

a. Encourage people to deposit in the bank


b. Discourage private hoarding of cash
c. Prevent the creditors to ascertain the amount of the depositors in case of litigation (d sure)
d. In order for the bank to utilize the money for economic development of the country

The following are the authorities of the PDIC, which is not one among them?  *
1 point

Help depositors have quicker access to their insured deposits should their bank close;
b. Resolve problems with banks while still open;
c. Require the banks to pay their obligations with the BIR and BSP;
d. Hasten liquidation process for closed banks; and
e. Mete out stiffer sanctions and penalties against those who engage in unsafe and unsound banking
practices.

When the unclaimed balances are credited in favor o for government, the process is called:  *
1 point

a. Eminent domain process


b. Confiscation of unclaimed balances ( d din sure)
c. Escheat
d. Forfeiture proceeding

Under RA#9576, PDIC will not pay deposit insurance for the following accounts of
transactions: *
1 point

a. Deposits that are determined to be proceeds of an unlawful activity as defined under AMLA
b. Deposit accounts which are unfunded, fictitious or fraudulent
c. Deposit account of unmarried man and woman
d. a and b only
e. a, b and c

PDIC is an attached agency of: *


1 point

a. Bangko Sentral ng Pilipinas


b. Securities and Exchange Commission
c. Department of Finance
d. Board of Bank Liquidators

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