PDIC starts insurance claims processing for clients of closed Synergy Rural Bank

MANILA, Philippines - Depositors of the closed Synergy Rural Bank Inc. in Batangas will be able to get their insurance claims as early as next week, the Philippine Deposit Insurance Corp. said.

In a statement, PDIC said it will start processing deposit insurance claims on Nov. 25 and 26 at the shuttered bank’s premises.

Synergy Rural Bank is a single unit bank in Lipa City, with 3,839 deposit accounts worth P45.72 million, latest bank records showed.

 “All valid claims will be paid. For deposits to be considered valid, it must be recorded in the bank’s records and must have evidence of inflow of funds, based on the results of PDIC examination,” the state deposit insurer said.

 “PDIC, as receiver, has the authority to adjust the interest rate on unpaid interests on deposits of a bank if such rate is deemed unreasonable,” it added.

The PDIC reiterated bank clients with balances of P50,000 and below will receive their insurance claims via mail if they do not have outstanding loans with the bank and they have complete addresses in bank records.

For those who need to file deposit insurance claims, the PDIC advised the bank clients to personally present their claim forms, original copy of the evidence of deposit such as savings passbook or certificate of time deposit, and two valid IDs.

At the same time, depositors may file their insurance claims through mail.

The PDIC reminded depositors under 18 years old to submit a photocopy of their birth certificate. A special power of attorney, meanwhile, is required for claimants who are not signatories to the bank records.