Question 1 Which of the following is not a function of the PDIC? A. Deposit insurer B. Co-regulator of banks C. Receiver and liquidator of closed banks D. Engage in the lending of funds obtained from the public Answer: D. This is a function of banks or banking institutions.
Question 2 What is the amount of insured deposit? A. Minimum of P500,000, gross B. Maximum of P500,000, gross C. Maximum of P500,000, net D. Minimum of P500,000 net Answer: C. The insured deposit is is net of any obligation of the depositor to to the insured bank as of the date of closure, but not to exceed P500,000. Question 3 True/False. Joint True/False. Joint accounts shall be insured separately f rom any individually-owned deposit account. Answer: True. Case 1 (for questions 4 to 8) Juan dela Cruz has the following deposits in Bank 1: account in his name: P600,000 savings deposit – Individual account account in his name name AND Maria dela Cruz: Cruz: P500,000 time deposit – Joint account account in his name name OR Pedro dela Cruz: Cruz: P800,000 demand deposit – Joint account Assume that for the joint accounts, there is equal sharing. (Source: PDIC) Question 4 What is the total insured deposit of Juan dela Cruz? A. P500,000 B. P750,000 C. P1,000,000 D. P1,250,000 Answer: C. For the single/individual single/individual account = P500,000; for the AND joint account = P250,000 (P500,000 (P500,000 maximum/2); for the OR joint account = P250,000 (P500,000 maximum/2) Question 5 What is the total uninsured deposit of Juan dela Cruz? A. P100,000 B. P250,000 C. P500,000 D. P600,000 Answer: B. For the single account account = excess of P100,000; for the AND joint account account = no excess; for the OR joint account = excess of P150,000 (P300,000/2) Question 6 What is the total insured deposit of Maria dela Cruz? A. Zero B. P250,000 C. P500,000 D. None of the choices Answer: B. P500,000/2 Question 7 What is the total insured deposit of Pedro dela Cruz?
A. Zero B. P250,000 C. P400,000 D. P500,000 Answer: B. Maximum P500,000/2 Question 8 What is the total uninsured deposit of Pedro dela Cruz? A. Zero B. P100,000 C. P150,000 D. P250,000 Answer: C. Excess of P300,000/2 Case 2 (questions 9 to 10) In addition to the accounts in Case 1, assume that, the following joint account is also maintained by Juan dela Cruz in the same bank: – Joint account in his name or Maria dela Cruz or Pedro dela Cruz = P450,000 (equal sharing) Question 9 What is the total of insured deposit of Juan dela Cruz? A. P500,000 B. P1,000,000 C. P1,150,000 D. None of the choices Answer: B. The joint accounts will be insured separately from the individual account. However, the share of Juan dela Cruz in the joint accounts shall not exceed P500,000 total (which has been reached already in Case 1 Question 4). This means that the additional P150,000 share (P450,000/3) will become uninsured deposit. Question 10 What is the total of insured deposit of Pedro dela Cruz? A. P250,000 B. P400,000 C. P500,000 D. P600,000 Answer: D. Share in joint OR account = P250,000 (maximum of P500,000/2); share in 3-way joint OR account = P150,000 (P450,000/3) Question 11 The portion of the deposit not insured shall A. Be forfeited in favor of the bank B. Be forfeited in favor of the Government C. Become a claim against the asset of the closed bank D. Be written off immediately by the depositor Answer: C Question 12 Deposits in which of the following banks are insured by the PDIC? I. Commercial banks II. Savings and mortgage banks III. Private development banks IV. Cooperative banks V. Savings and loan associations A. All except IV B. All except V C. All except IV and V D. All banks enumerated above
Answer: D. Question 13 True/False. Foreign currency deposits are also insured by the PDIC. Answer: True. This is pursuant to RA No. 6426 and Central Bank Circular No. 1389. Question 14 The PDIC will not pay deposit insurance on the following accounts or transactions. Which is the exception? A. Investments in bonds B. Deposit products emanating from unsafe and unsound banking practices C. Deposits from unlawful proceeds D. Deposits in foreign currency Answer: D. Question 15 True/False. Deposits in different banks are added together for the purpose of the P500,000 maximum. True/False. Deposits in different branches of the same bank are insured separately. A. False, True B. True, False C. False, False D. True, True Answer: C. Deposits in different banks are separately insured. Deposits in different branches of the same bank are considered as deposits in one bank. Question 16 To file for claims on the insured deposits, which of the following is/are not required? A. Original evidence of deposits such as savings passbook B. Claim form C. For all depositors, photocopy of birth certificate and valid ID of the parent D. 1 valid original photo-bearing ID with clear signature of depositor Answer: C. This is only required for depositors below 18 years old. Question 17 Depositors with valid deposit accounts with balances of ___________________ are not required to file claims, provided they meet other qualifications, as required. A. P100,000 and below B. P150,000 and below C. P200,000 and below D. P250,000 and below Answer: A. Question 18 A joint demand deposit account in t he name of Juan dela Cruz and ABC Corporation in the amount of P500,000 was held in Bank 1. What is the insured deposit of Juan dela Cruz? A. Zero B. P250,000 C. P500,000 D. P100,000 Answer: A. The deposit is presumed to belong entirely to ABC Corporation, the juridical person or entity in the joint account. Source.
