Rural Bank of Subangdaku (RBS)

[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?

[Coyotes]

A friend of mine is in the same boat, from reading articals on the www it appears that 250,000php is covered by the insurance thing, and it's not clear if that is per name or per account, to me that sounds total rubbish as i'm sure there will be accounts with the same name, that's why they're given a bloody number also!

my friend has been to the bank and yes the "receivers" are in and not being very helpful at all.
Best of luck getting your cash back.

[garbonzo]

Just about everything you want to know, or don't want to know, is on the PDIC website:

Philippine Deposit Insurance Corporation Official Website

Looks like quite a few rural banks have gone down recently....

[Union Jack]

Hello Coyotes, I've got the feeling you're absolutely right, I also thought that any insurance will only pay each individual investor, irrespectedly of how many accounts he or she holds in that particular bank. The only clever thing would have been to open accounts under different names, wife, husband, children so on, so that they all are considered individual investors.
There are rumours that the group of Rural Banks associated with the Legacy Group were actually running kind of a pyramid schemes, double your money in two years thing,definetevly illegal as they are a scam and because of their connections were never investigated by the Authorities.......I did not say this, just read all articles on the web that proclaimed so, before issueing a bounty on my head
The thing is a serious one though and will bring ruin to many poor people.
Now I've got a dilemma in my hands.......

[garbonzo]

Yes, have to be a little cautious on this topic - last thread disappeared. Rural banks are bad news though...Seen a list somewhere of how many have collapsed in recent years...and it wasn't a short list..I feel very sorry for the many Legacy customers that were sucked in - often by smooth talking expat shills.

[bold.and.beautiful]

DAILY STAR: Negros Oriental

This article should interest those who have transactions with the Rural Bank of Subangdaku.

[Union Jack]

Now their website is down.........more doom in sight.
One thing I wanted to establish is if the maximum sum assured of 250,000 pesos applies to each investor only or to all saving accounts opened by each investor, even though I fear I know the answer already.......The reason I'm asking is because I believe many investors were duped into believing that it would guarantee every single account they opened !!

[bold.and.beautiful]

Union Jack,

You are just a text away from Rural Bank of Subangdaku. It is advising clients to call mobile nos. 0920-7255899, 0927-6284172 and 0905-2653353 for inquiries, a press statement said.

[Coyotes]

as far as i can see it still don't say if it's per name or per account.
the bonds my friend has are in and/or there names, and they told her that she needs power of attorney to get his half back, he's in US so not that easy.

and/or means to me either can withdraw the fund with no hassle at all.
but obviously not in PH so anything goes on the name or account number depending i guess how they feel monday morning or what they had for supper of a friday night perhaps?

[garbonzo]

It's very obvious that PDIC insures 250,000 pesos per account holder..not per account. Furthermore, as the law currently is in the lovely islands, I've zero doubt that joint accounts get factored into the equation at 50% ratios per account holder (and nullified if the 250,000 limit has been breached by single accounts) - so joint accounts are not a safety valve - contrary to the shill schemes...and one I'm sure the shills bloody well knew about...

Had a couple offers to join in myself using their 'clever strategies for protection' and I saw thru them easy enough....

'The law also promotes greater market discipline as depositors are deterred from splitting large deposit balances in a bank to get around the insurance limit. The new ceiling is now to be applied on the sum of all the shares of a depositor in all joint accounts in a closed bank.' From PDIC website and law since 2004.