E-wallets not insured by PDIC
BEFORE e-wallet users become too comfortable with the system, here’s a piece of warning.
The Philippine Deposit Insurance Corporation (PDIC) clarified that e-wallets, e-money system, and shopping applications with deposit features, along with interest accrued, are not insured nor protected by the agency.
This was clarified by PDIC Vice President for Corporate Affairs Jose Villaret Jr. in a press conference with mediamen, saying that only digital banks and banks with physical offices are under PDIC protection.
He clarified further that while there are digital banks insured by PDIC, not all digital and online banks are insured by the agency.
Villaret urged the public to consider digital banks insured by PDIC and regulated by the
Bangko Sentral ng Pilipinas, as account holders may also reap benefits the same way one benefits from a physical bank.
“Makikinabang din po ang mga account holders sa digital bank, if ever magsara po ang isang digital bank na member ng PDIC, insured po ang kaniyang savings up to five hundred thousand pesos”, said Villaret.
Meanwhile, Villaret advised to know more about the bank and its bank products, bank’s services and fees, and should keep the bank records safe and updated. (Ahikam Pasion)
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