Practice question
A has three legitimate joint accounts at one bank with B, C, and D respectively. Each account holds P 1 million, all owners are natural persons, and equal shares apply. The bank closes in 2026. A's share is P 500,000 in each account. Ignoring other adjustments, what is A's aggregate joint-account insured amount?
- P 1.5 million because every co-owner combination gives an unlimited new cap.
- P 3 million because A appears on every account.
- P 1 million because A's P 1.5 million joint interests at the same bank are subject to the applicable aggregate joint-interest cap.
- Zero because joint accounts cannot be insured.
- P 500,000 because only one joint account may be counted.
Legal references
- PDIC Charter as amended by RA11840, Sections5 and12–16: https://lawphil.net/statutes/repacts/ra2022/ra_11840_2022.html
- PDIC official Q&A on new MDIC, effective March15 2025: https://www.pdic.gov.ph/files/ccd/Q%26A%20on%20the%20New%20MDIC.pdf
- PDIC official insured-deposit guidance, June13 2025: https://chs.pdic.gov.ph/hc/en-us/articles/47915865936153-Estimated-Insured-Deposit
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