Rural Bank of Subangdaku (RBS)

[Coyotes]

i dunno if this is true, it sounds like what i guessed, BUT! the word "deterred" means nothing, "forbidden" or "not allowed" is clear. Deterred means, to me, a loop hole that exists and i guess, depending on your standing in society here, will depend on if it's forbidden!! per account holder, that sucks!!

some accounts, and i speak only what i know in the uk, you can have as many as u like, if the bank is sold, you get a share windfall, per account number, regardless if u have 1 or 100 accounts in the same name.

ignorance is bliss, except in the philippines!!

[Union Jack]

Originally Posted by Coyotes

some accounts, and i speak only what i know in the uk, you can have as many as u like, if the bank is sold, you get a share windfall, per account number, regardless if u have 1 or 100 accounts in the same name.

ignorance is bliss, except in the philippines!!

True but the same does NOT apply when the Bank fails.
Indeed, the Bank of England will only protect the account holder so if you were unwise and put all your money in the proverbial one basket you would only be protected up to the maximum amount of cover. Furthermore, banks which belong to the same Group of Banking count as one, so you are also to be carefull where you open your accounts!
Cheers

[Teacher]

I need to check RCBC see how it is holding up I have my money there. Maybe it is better to keep money in different Banks. Not one bank with different accounts.

Placed under PDIC receivership:
Bank of East Asia in Cebu
Philippine Countryside Rural Bank in Cebu
First Interstate Bank in Tacloban City.
Banks that had declared a holiday, meaning they were unable to serve clients.
Rural Bank of Calatagan
San Pablo City Development Bank
Nation Bank in Bacolod City.
Earlier closed and placed under receivership of the PDIC were Rural Bank of Parañaque,
Rural Bank of Bais in Negros Oriental,
Pilipino Rural Bank in Cebu
Rural Bank of San Jose in Batangas.

[Union Jack]

Originally Posted by Teacher

I need to check RCBC see how it is holding up I have my money there. Maybe it is better to keep money in different Banks. Not one bank with different accounts.

That is, from my point of view,definetively the most secure way, at least if one bank was to fail you would not loose all your money.

[yani]

Originally Posted by Union Jack

Hello all, what is the current status of the Rural Bank of Subangdaku (RBS)?
It appears it has gone into administration / bankruptcy on the 6th of January 2009, after suspending all withdraws of cash from depositors as far back as 16th December 2008 and falsily sending reassuring signals to investors that all was well.
I believe that the PDIC or Philippine Deposit Insurance Corporation will be stepping in to cushion the loss to the investors or so I was told.
What is its role in the instance of a Bank going bust, how much is covered by the PDIC, how long does it normally take to get hold to funds provided by it and does it cover savers with multiple accounts in the same bank or is there a maximum amount allocated to name of savers, irrelevantly to the fact that the money was split into different accounts.
I'm asking because a friend is now in dire straits and asking for help but I want to know the facts before committing....such as, will I ever get my money back?

As per PDIC guidelines, the insurance coverage of PHP 250,000 shall be the maximum amount of coverage a particular individual can get out from the bankcruptcy of any bank for that matter (RBS for example). The PHP250,000 is the maximum you can get even though you might have several accounts with said bankrupt bank. Say you might have 5 accounts summing up to PHP500,000, the maximum amount PDIC would pay you on your claims would only be PHP250,000 as this is the amount so "INSURED". Any remaining claims, ie, the remaining "NOT INSURED" portion might still be recovered, provided the remaining assets of the liquidated bank can cover the unsecured portion. Usually, its not the 100% unsecured portion that you can get, but a pro-rated amount, per peso for all unsecured claims.

[Union Jack]

Right, now that we established that lots of people will lose lots of money, I was just curious to hear about the pitch used by the reps to induce prospective savers to deposit thei cash with them and also how they persuaded them that it was safe to open a number of saving accounts so to be covered by the insurance. If all this was put in writing, could it be possible to launch a Court Case against the individual rep? Food for thought........

[Union Jack]

Hello all, just wondering if any progress was made over the past few months with regards to the RSB going into receivership and money if any, being paid to account holders of this bank by the PDIC.