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Section 3 also states that, “It shall be unlawful for any official or employee of a
banking institution to disclose to any person other than those mentioned in
Section two hereof any information concerning said deposits.”
In the event of data breach, it is best to move your deposits to a bank with
stronger data protection in place.
The deposit is considered tax-exempt if it’s P200,000 or below, and the spouse
or dependent only needs to submit documents such as marriage certificate,
birth certificate, and certificate of deposit (e.g. a passbook) to withdraw the
account. However, if the amount deposited is more than P200,000, it is subject
to Estate Tax, and the spouse or dependent is mandated by law to pay a certain
percentage for the amount deposited. When it’s paid, a Certificate of Tax
Clearance will be provided to the spouse or dependent. It should be submitted
along with the Deed of Extra-Judicial Settlement of the Estate, and other
document requirements stipulated by the bank.
–Kristel Serran