ILLUSTRATIVE CASES ON SINGLE ACCOUNTS

SINGLE ACCOUNTS / SOLE PROPRIETORSHIP /

BY ACCOUNTS / ITF ACCOUNTS
Charter Provision: Sec. 4 (g):

x x x In determining such amount due to any depositor, there shall be added together all deposits in the bank maintained in
the same right and capacity for his benefit either in his own name or in the name of others. x x x
Illustrative Cases:
Case 1: Single Account/s
Computation of Insured and Uninsured Amount:

Explanations:

All the four deposit accounts (i.e., Account Nos. 1 to 4) are owned by the same person, Juan Dela Cruz, and maintained in the
same Bank (Head Office and all its Branches), thus, the balance of the accounts will be added together, as they are
maintained in the same right and capacity, regardless of account type and banking unit/branch. Total amount of insured
deposit cannot exceed P 500,000.00, the Maximum Deposit Insurance Coverage (MDIC).
Of the total balance of P 900,000.00, the amount insured is P 500,000.00 and the uninsured amount is P 400,000.00.

Case 2: Single Account/s and Sole Proprietorship

Computation of Insured and Uninsured Amount:

Explanations:

The first three deposit accounts (i.e., Account Nos. 1 to 3) are owned by the same person, Juan Dela Cruz, hence, the balance
of the accounts will be added together.
A sole proprietor is wholly owned by the owner, hence, the Dela Cruz Flower Shop (Account No. 4) owned by Juan Dela Cruz
will be added to his first three accounts as all of them (Account Nos. 1 to 4) are maintained in the same right and capacity.
The total amount insured cannot exceed P500,000.00.
Of the total balance of P 900,000.00, the amount insured is P 500,000.00 and the uninsured amount is P 400,000.00.

Case 3: Single, ITF and By Accounts

Computation of Insured and Uninsured Amount:

Explanations:

Juan Dela Cruz is the principal owner of three accounts (i.e., Account Nos. 1, 3 & 4). As these are maintained in the same right
and capacity, these accounts will be consolidated.
The single account (Account No. 1) is under his name alone and the other two are By accounts (Account Nos. 3 and 4) which
are owned by him as the PRINCIPAL DEPOSITOR or BENEFICIAL OWNER while Maria Dela Cruz and Pedro Dela Cruz ACTED AS
HIS AGENTS only. Thus, the total insured amount payable to Juan Dela Cruz is P 500,000.00 and the uninsured amount is
P700,000.00.
Antonio Dela Cruz on the other hand has only one account (Account No. 2), an ITF account in which Antonio is the PRINCIPAL
OR BENEFICIAL OWNER and Juan acted as AGENT. Thus, Antonio Dela Cruz is entitled to a separate deposit insurance of P
400,000.00 for his savings deposit.

ILLUSTRATIVE CASES ON JOINT ACCOUNTS

JOINT ACCOUNTS
Charter Provision:

A joint account regardless of whether the conjunction and, or, and/or is used, shall be insured separately from any
individually-owned deposit account/s.
If the account is held jointly by two or more natural persons, or by two or more juridical persons or entities, the maximum
insured deposit shall be divided into as many equal shares as there are individuals, juridical person or entities, unless a
different sharing is stipulated in the document of deposit.
If the account is held by a juridical person or entity jointly with one or more natural persons, the maximum insured deposit
shall be presumed to belong entirely to such juridical person or entity.

Illustrative Cases:
Case 4: Single Account and Joint Account/s
Computation of Insured and Uninsured Amount:

Breakdown of Insured and Uninsured Amount:

Explanations:

Juan Dela Cruz has three accounts, one is under his name alone (Account No. 1) and the other two are jointly maintained by
him and Maria or Pedro Dela Cruz (Account Nos. 2 & 3). For the Savings Deposit individually-owned by Juan Dela Cruz (Account
No. 1), he is entitled to a separate deposit insurance of P 500,000.00. The uninsured deposit is P100,000.00.
For the two accounts (Account Nos. 2 & 3) which are jointly maintained by him and Maria or Pedro Dela Cruz, each joint
account is considered equally shared among co-depositors unless otherwise indicated in the deposit document. The insurance
coverage of P500,000.00 will apply to the sum of shares of each co-depositor in the insured portion of each joint deposit
account.
For Account No. 2, the maximum deposit insurance is P500,000.00 which shall be divided equally between Juan and Maria.
The share of Juan Dela Cruz is P250,000.00. There is no uninsured amount.
For Account No. 3, the maximum deposit insurance is P500,000.00 which shall be divided equally between Juan and Pedro.
The share of Juan Dela Cruz is P250,000.00. The uninsured amount is P300,000.00, thus, his share in the uninsured amount is
P150,000.00.

Case 5: Accounts Jointly Owned by Individuals or Natural Persons

Computation of Insured and Uninsured Amount:

Breakdown of Insured and Uninsured Amount:

Explanations:

The individually-owned deposit or single deposit of Juan Dela Cruz (Account No. 1) is entitled to a separate deposit insurance
of P500,000.00.
For Savings Deposit jointly owned by Juan and Maria Dela Cruz (Account No. 2), the share of Juan and Maria in the MDIC is
P250,00.00 each while their share in the uninsured portion is P50,000.00 each.
Shares of each co-owner in each of the joint accounts are added together and insured up to P500,000.00 MDIC.
Juan Dela Cruz has three accounts jointly maintained with Maria and/or Pedro Dela Cruz. All his shares in each of these
accounts are added together. Hence, of the P 650,000.00 total shares of Juan, P 500,000.00 is covered by deposit insurance.
Maria Dela Cruz and Pedro Dela Cruz are also entitled to deposit insurance for their respective shares in the accounts.

Case 6: Accounts Jointly Owned by Individuals/ Natural Persons and Juridical Persons or Entities
Computation of Insured and Uninsured Amount:

Explanations:

The deposit insurance for Savings Deposit (Account No. 1) is to be shared equally between Juan and Maria Dela Cruz. Hence,
each of them is entitled to P 250,000.00 deposit insurance.
XYZ Corporation is entitled to P500,000.00 deposit insurance for its Time Deposit (Account No. 2).
The Demand Deposit (Account No. 3) maintained in the name of Juan Dela Cruz and ABC Corporation, is presumed to belong
entirely to ABC Corporation. Hence, ABC Corporation is entitled to the P 500,000.00 deposit insurance.