Sunday, September 11, 2011

LBC Bank Bankruptcy, Under PDIC Receivership

A few months ago there was the "subok na matibay, subok na matatag" in Banco Filipino who closed shop and put under receivership by the Philippine Deposit Insurance Corporation (PDIC), now here's LBC Bank.

I received the latest news of LBC Bank bankrupt and placed under PDIC receivership from trusted contacts in the banking industry. LBC Bank shutdown their system yesterday.

Question: how can LBC bank clients and depositors get their money back?
Answer: Just wait for announcements from PDIC or posted on your LBC Bank branch for announcements. You can get your money back PhP500,000.00/accound holder (not per account) but in excess of 500k, you need to wait and cross your fingers if LBC still has funds left to pay you as the maximum insurance is really PhP500k/depositor.

stay tuned for other LBC Bank news later

2 comments:

  1. makukuha mo ba lahat if 140,000 ang pera mo sa lbc???

    ReplyDelete
  2. what happen to employees of closed banks? do they get separation pay and other monetary entitlements as in the regular termination of employment?

    ReplyDelete