18 Questions
What are the primary functions of the PDIC as stated in the text?
Insuring deposits with covered institutions
According to the PDIC law, what is considered a deposit?
Unpaid balance of money received by a bank in the usual course of business
Which of the following obligations of a bank is NOT considered a deposit under the PDIC law?
Loan taken from another financial institution
In the context of deposit insurance coverage, what is excluded from being considered a deposit according to the PDIC law?
Foreign currency deposits
What does the PDIC law require regarding deposit liabilities of a bank?
They should be determined and prescribed by the board of directors
What evidence is required under the PDIC law to prove a deposit?
Certificate of Deposit issued by BSP rules
What happens to any excess in the insured amount of P500,000.00?
It is a claim against the assets of the closed bank.
What obligation arises out of the Truth in Lending Act?
Disclosing finance charges clearly to credit recipients.
In what situation does the six-month period for claims not apply under PDIC regulations?
When a claim requires fact and law resolution by another entity.
What does the Truth in Lending Act aim to prevent?
Uninformed use of credit detrimental to national economy.
What is the consequence of an uninsured deposit obligation?
Claim against the closed bank's assets.
Under PDIC regulations, what should a creditor provide prior to extending credit according to the Truth in Lending Act?
A statement disclosing finance charges clearly in writing.
What type of accounts or transactions are excluded from deposit insurance coverage under the PDIC law?
All of the above
Which of the following is NOT an excluded deposit under the PDIC law?
Foreign currency deposits
According to the PDIC law, which deposits may be insured if approved by the Board of Directors?
Only deposits payable at branches outside the Philippines
Which deposits are considered excluded from PDIC insurance due to their association with unsafe banking practices?
Deposits constituting unsafe banking practices
Under the PDIC law, what type of deposit liabilities are considered for insurance coverage if approved by the Board of Directors?
Deposit obligations payable at specified branches outside the Philippines
Which of the following is NOT a reason for exclusion from deposit insurance coverage under the PDIC law?
'Trust accounts' status as defined under Republic Act No. 9160
Learn about the Philippine Deposit Insurance Corporation (PDIC) Charter, including the state policy, important terms, deposit insurance coverage, and the primary functions of PDIC. Explore what constitutes deposits under the PDIC Law as amended.
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