Bank holiday

Fifteen years ago I bought a pre need plan for my one year old baby. The name of the pre need company is Scholaprship Plans Inc (SPPI). Five years later when I finished paying the insurance premuims I was offered by the insurance agent to convert my Insurance Policy to a time deposit with Rural Bank of Paranaque. In exchange, I was given 4 time deposit checks due to mature when my daughter will enter college. The checks are spread in 4 years. My daughter is third year high school now, that means I have to wait for two more years before maturity.

Two days ago I read in the papers that Rural Bank of Paranaque is under receivership. I frantically went to my college books to refresh myself what happen when a bank is under receivership. I realized, my books were already more than twenty years old.

SOS. Can you please enlighten me what are sensible steps to do for my time deposit? Under the new banking laws what can I expect for my money?

Thank you.

I closely follow your column for a long time now. I never imagined that one day I would be writing you to relate a personal experience.

Desperately seeking for my moneys worth,

Letty Catalan

Ang natatandaan ko noon pabalik-balik sa Banco Filipino ang mom ko kasi may account siya doon. Tapos natatandaan ko rin mayroon akong mga Happy Savers bag, shirts, etc.

I also experienced that just recently with the rural bank of Paranaque. Thank goodness there is PDIC to the rescue or else I'll be totally devastated.

it's good that i always get advance information on big banks in trouble and i know i'm not at risk since i don't have more than P250k stashed in a single bank...

i love holidays but not bank holidays!

Hello Letica,

How much are your total deposits with RBOP and is it a joint account? Our deposits are insured up to 250k per depositor. So if your time deposit is 250k or less your are fully covered. Also if it's a joint account, you are each covered for 250k. For example if it's in your name, your husband and you child. You are all covered up to 750k, for more information please visit the PDIC website http://www.pdic.gov.ph/

are time deposits covered by pdic?

Hello don2x,

Savings, current and time deposit accounts are covered by PDIC so depositors have nothng to worry about.

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Self imposed holidays can be torturing, it sounds like power abuse to me. Just imagine if someone was in grave danger and needed money, won't the banks be responsible for any untoward incident? We understand the state and plight of bank workers, how they don't take leave and even if they took how they'd come back to work at the earliest. This shows their dedication but they cannot often impose their rules on us.

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