What is the basic obligation of a depository bank to its depositor?Enumerate and explain the different kinds of deposit.X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking account, one in saving account and another in time deposit account. Each account has a balance of P250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. X therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much can X claim for all the three accounts? Explain.ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the Philippine Deposit Insurance Corporation? Explain.

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Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter12: Money, Banking And The Financial System

Section: Chapter Questions

Problem 12QP

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What is the basic obligation of a depository bank to its depositor?
Enumerate and explain the different kinds of deposit.
X is a depositor of AAA Bank. She has three deposit accounts all under her name. One, in checking account, one in saving account and another in time deposit account. Each account has a balance of P250,000. AAA Bank became insolvent. Philippine Deposit Insurance Corporation closed the Bank. X therefore is unable to withdraw from all of the accounts. She then filed her claims with the Philippine Deposit Insurance Corporation. How much can X claim for all the three accounts? Explain.
ABC Bank was forced to close because its building was destroyed by fire. Mr. A, one of its depositors filed an insurance claim with the Philippine Deposit Insurance Corporation. Will the claim prosper? Answer with reasons.
A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the Philippine Deposit Insurance Corporation? Explain.

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