Depositors of closed bank to get insurance payments

By Vince Jacob Visaya

CAUAYAN CITY, Isabela -- The Philippine Deposit Insurance Corp. (PDIC) said that it has started paying through Postal Money Orders (PMOs) depositors of the closed United Consumers Rural Bank Inc. in Isabela.
    Eligible for outright payment of deposit insurance are individual depositors with valid deposit balances of P100,000 and below who have no outstanding loans with the closed bank and have complete mailing addresses in the bank records or updated information.
    PMOs amounting to P15,000 and below may be encashed either with the local post office or with the nearest branch of the Land Bank of the Philippines.
    Meanwhile, money orders above P15,000 may be deposited to the depositor's account in any local bank, the PDIC said.
United Consumers Rural Bank Inc. was ordered closed by virtue of Monetary Board Resolution 930.B dated July 20, 2023.
    It is a single-unit rural bank located on National Highway Centro, Santa Rosa, Aurora, Isabela.