State-owned Philippine Deposit Insurance Corp. said it started mailing postal money orders to all depositors eligible for early payment who maintained deposits with the closed World Partners Bank (A Thrift Bank) Inc. on Sept. 4, or 13 working days after the bank’s takeover on Aug. 11.
Eligible for early payment of deposit insurance are depositors with valid deposit balances of P100,000 and below who have no outstanding loans with the closed bank, and have complete mailing address in the bank records or updated the information through the PDIC mailing address update form.
PMOs amounting to P15,000 and below may be encashed either with the local postal office or with the nearest branch of the Land Bank of the Philippines. Meanwhile, PMOs above P15,000 may be deposited to the depositor’s account in any local bank.
World Partners Bank was ordered closed by the Monetary Board through Resolution No. 1340 dated Aug. 11, 2017. It is a five-unit thrift bank with head office in Poblacion, San Pedro City, Laguna. Its four branches are located in Meycauayan and Sta. Maria in Bulacan, San Pablo City in Laguna and Tanauan City in Batangas.