Practice question
A person presents a purported bank certificate of deposit. What statutory safeguard is relevant before recognizing the holder as an insured depositor?
- The holder's signature alone conclusively proves bank issuance.
- Any notarized photocopy automatically binds PDIC regardless of bank authenticity.
- PDIC must determine that the evidence is an authentic document or record of the issuing bank.
- A social-media advertisement is sufficient evidence of bank liability.
- The certificate must be issued by a foreign insurer instead of the bank.
Legal references
- RA 11840, Section 4 amending PDIC Charter Section 5(k): https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/95626
- PDIC official 2025 guidance, PHP1 million coverage effective March 15, 2025: https://www.pdic.gov.ph/files/ccd/PR-038-25%20New%20maximum%20deposit%20insurance%20coverage%20of%20P1%20Million%20takes%20effect%20on%20March%2015.pdf
- PDIC, Understanding Deposit Insurance brochure: https://www.pdic.gov.ph/files/Understanding%20Deposit%20Insurance%20Brochure.pdf
Answer this question in flashcards to review your response and continue practicing.