Practice question
Bea and Carlo hold one legitimate joint deposit of P1.6 million at a bank closed in 2026. The deposit document states a 70%-30% sharing. Neither has another joint account there. Using the P1 million joint-account maximum, how is that maximum allocated?
- P700,000 to Bea and P300,000 to Carlo
- P1 million to each automatically
- P500,000 to each despite the documented sharing
- P1.6 million to Bea alone
- Nothing because unequal shares are forbidden
Legal references
- RA 11840, Sections 4 and 11, amended PDIC Charter Sections 5 and 13: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
- PDIC official notice: maximum deposit insurance coverage increased to P1 million per depositor per bank effective March 15, 2025: https://www.pdic.gov.ph/files/ccd/Notice%20to%20the%20Public%20on%20the%20New%20MDIC.pdf
Answer this question in flashcards to review your response and continue practicing.