How to File Insurance Claims for Closed Bank Account

by Gily Tenorio on December 11, 2011

in Banking


Last time, I made a post about Philippine Deposit Insurance Corporation (PDIC) and its function as a government corporation. I assumed that you heard or read the acronym PDIC in TV, radio or newspaper. Its primary function is to insure the bank deposits of each deposit that they made in the PDIC-bank members. You probably know that the maximum insurance covered per depositor is up to P500,000.

In the past months, there are several Philippine banks that were closed because of mismanagement like Banco Filipino and LBC Bank. So it is very important to choose a bank that is already a member of PDIC to protect your deposit from losing if in any case the bank files bankruptcy.

How to File Insurance Claims for Closed Bank Accounts

Basically, there are two ways on how to file insurance claims for closed bank accounts: personal visit to the bank or PDIC office and through sending mail. Please take note that filing of claims for insured deposits will take in effect at the end of two (2) years from the actual takeover of the closed bank by PDIC.

If you want to personally file a claim, you can go directly to the branch of the closed bank where your account is located during the period of Claims Settlement Operations as indicated in the ” Notice to Depositors” or published announcements in TV, radio, newspaper or Internet. You may also file a claim by visiting PDIC office at Claims counter. Their office is located at 4th Floor, PDIC Ayala Extension Office, SSS building, corner V.A. Rufino St., Makati City.

Another way to claim insurance is by sending all the documents and forms via registered mail at this address:

Claims Processing Deparment
Philippine Deposit Insurance Corporation
4th Floor SSS Building
6782 Ayala Avenue cor. V.A Rufino St.
1226 Makati City, Philippines

What are the Procedures in Filing Claims?

Just like opening a bank savings account, filing of insurance claims also has procedure to be followed so that it will be easier for you to complete the claim. I listed below the procedures which you can follow. You may download all forms here:

1. Get a Claim Form (CF) and Claim Status Sheet (CSS) from any authorized PDIC representative or it can be downloaded from the PDIC website. Both are free of charge. If you know any information for the sale of the CF and CSS, you can report it to PDIC.

2. Complete all the entries in the Claim Form and sign it with your signature and your printed name. Make sure your signature in the Claim Form is the same with the signature appearing in the bank records and documents and valid IDs you submitted to PDIC. For depositor below 18 years old, parent or legal guardian should sign the CF and CSS. In addition, if the account is For By or ITF accounts, the agent should sign the CF and CSS. In case of joint accounts: “OR, AND/OR, AND”, each depositor must accomplish separate claim forms.

3. Submit the completed CF and CSS, together with the following documents. Take note PDIC will not accept claims which are incomplete or lacking in requirements.

  • original proof of deposit like savings passbook, certificate of time deposit, latest bank statement including unused checks and ATM card. For joint accounts: “OR, AND/OR, AND”, the proof of deposit should be photocopied with the same number as depositors to the account
  • Original, enlarged and clear photocopies of two (2) valid photo-bearing IDs with clear signature of depositor/claimant like Passport, Driver’s License, Senior Citizen’s ID, SSS/ GSIS ID, PRC ID, Alien Certification of Registration ID, Seaman’s ID, OWWA/ OFW ID, Voter’s ID, etc.
  • Authentic copy and photocopy of the Birth Certificate from NSO or duly certified copy from the local civil registrar for claimant below eighteen (18) years old

4. After review of your claim and the documents you submitted, PDIC may request additional requirements to complete the processing. For claimant who cannot file by himself, he can authorize a representative with a notarized SPA. It must be authenticated by Philippine Consul if it is made outside the country.

If the claimant will visit the PDIC office, a copy of CSS will be issued to serve as a notice of the status of the claim. If filling is through mail, a letter-notice will be sen tto the depositor.

How to Follow-up the Status of Claims

After completing the processing of claims, you should follow-up it to know when you will receive the insurance for your deposit. If you are inquiring through phone or mail, you must mention the following information:

  • name of the closed bank
  • name of the depositor
  • claim number and/or account number

You or your representative can follow up by calling PDIC client service at (02)841-4630 to 31. Other means of communication are also available. You may send email to PDIC at [email protected] or you can send snail mail at:

Public Assistance Department
Philippine Deposit Insurance Corporation
10th Floor, SSS Building
6782 Ayala Avenue, cor. V.A. Rufino St.
1226 Makati City, Philippines

In addition, you may inquire by visiting the office of the closed bank or the designated site during CSO period. You may also go to PAD Counter located at the 4th Flr., PDIC Ayala Extension Office, SSS Building, corner V.A. Rufino St., (formerly Herrera St.), Makati City.



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