Practice question
Dina’s interests in several qualifying joint accounts with different co-owners at the same closed bank total P1.3 million after applying each account’s sharing rules. She claims each change of co-owner supplies her another P1 million limit. What controls?
- Every combination creates an unlimited new limit
- Her aggregate interest across the joint accounts remains subject to the P1 million maximum
- Only the last account counts
- All joint accounts become individual accounts
- Changing and to or defeats aggregation
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
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