Which statement about PDIC insured deposit payments is false?

Which statement about PDIC insured deposit payments is false?

• A. The depositors of the closed insured bank has twelve months from date of bank takeover to file his deposit insurance claim.
• B. Payment may be made in cash or through making available to each depositor a transferred deposit in another insured bank in an amount equal to insured deposit of such depositor.
• C. The six month period shall not apply if the documents of the claimant are incomplete or if the validity of the claim requires the resolution of issues of facts and law by another office, body or agency, independently or in coordination with PDIC.
• D. The claim for insured deposit should be settled within six months from the date of filing provided all requirements are met but the claim must be filed within twenty four months after bank turnover.

Answer: (A)

The key concept is the timing of PDIC insured deposit claims after a bank is closed: depositors have a window to file claims, and PDIC aims to settle those claims within a set period once filing occurs. The filing window runs for 24 months from the bank turnover date, not 12 months. After a claim is filed, PDIC generally aims to settle it within six months, provided all requirements are met. That six-month period can be extended or not apply if documents are incomplete or if the validity of the claim requires resolution by another office or agency. Additionally, PDIC can pay either in cash or by transferring a deposit to another insured bank in an amount equal to the insured deposit. So the statement that the filing window is twelve months is not correct; the correct filing window is twenty-four months. The other statements align with PDIC practices: payments can be cash or a transferred deposit, the six-month settlement rule has the noted exceptions, and the twenty-four-month filing window from turnover is the standard.

The key concept is the timing of PDIC insured deposit claims after a bank is closed: depositors have a window to file claims, and PDIC aims to settle those claims within a set period once filing occurs. The filing window runs for 24 months from the bank turnover date, not 12 months. After a claim is filed, PDIC generally aims to settle it within six months, provided all requirements are met. That six-month period can be extended or not apply if documents are incomplete or if the validity of the claim requires resolution by another office or agency. Additionally, PDIC can pay either in cash or by transferring a deposit to another insured bank in an amount equal to the insured deposit.

So the statement that the filing window is twelve months is not correct; the correct filing window is twenty-four months. The other statements align with PDIC practices: payments can be cash or a transferred deposit, the six-month settlement rule has the noted exceptions, and the twenty-four-month filing window from turnover is the standard.