||Opening of Account: The account is opened subject to the presentation by the DEPOSITOR of references acceptable to the BANK, the submission in due form to the BANK of such documents as may be required under the circumstances, as well as the verifications by the BANK of the DEPOSITOR’s identity and signature/s or the signature/s of the DEPOSITOR’s duly authorized representative’s.
||Personal Identification Number (PIN): The DEPOSITOR acknowledges that Personal Identification Number (PIN) is strictly confidential. The DEPOSITOR shall accept full responsibility for all transactions processed through the use of PIN (and Card, in case of Automated Teller Machine [ATM] accounts) whether or not processed with his/her knowledge or by his/her authority. The DEPOSITOR therefore authorizes the BANK to debit his/her account with the amount of any withdrawal or transfer in accordance with the BANK's record of transactions.
||Receipt of items for Deposit or Payment: In receiving check deposits, the BANK obligates itself only as a DEPOSITOR's collecting agent assuming no responsibility beyond the exercise of due care. No drawings shall be allowed against uncollected deposits. Receipt of checks for deposit shall be governed by the rules of PCHC. The Bank may refuse to accept if:
Post-dated/Stale Dated Checks: The BANK does not allow the negotiation of post-dated/stale dated check/s for clearing purposes. The Current Account DEPOSITOR therefore agrees to refrain from issuing or negotiating thru its account with the BANK such check/s. If through inadvertence, the BANK has negotiated, honored or paid out post-dated/stale dated check, or dishonored for any reason other than its being post-dated, it is absolved from claims resulting therefrom.
Responsibility for Endorsement: The DEPOSITOR assumes full responsibility for the correctness, genuineness and validity of all endorsement appearing on all checks or other items deposited. If any deposit is returned or dishonored, it may be transmitted by messenger or by mail to the DEPOSITOR at his last known address. All deposits shall be received by the BANK subject to later verification.
||Service Charge: The account, whether active or dormant shall be subject to service and maintenance charges heretofore adopted by the BANK and now in effect. The BANK reserves the rights to impose new service and maintenance charges and change existing charges within the limits allowed by law or pertinent regulations. Such charges shall be deducted from the DEPOSITOR's account and the BANK shall not be liable for the dishonor, as a result thereof, of checks, drafts, notes or other instruments because of insufficient funds.
Other Charges: The BANK is hereby authorized to charge this deposit and/or apply such amount thereof as shall be sufficient to pay any and all obligations of the depositor or any or all the joint "and" or joint "or" depositors to the BANK including loans, interest, penalties, charges and other receivables from him/her, whether or not covered by promissory notes or other credit agreements, and the BANK shall not thereafter be liable for withholding or applying to the payment of said obligations any or all amount of this deposit or for the dishonor of checks, notes, drafts or other instruments for insufficiency of funds or other consequences of foregoing.
||Passbooks/Certificates: DEPOSITOR's acceptance of the passbook/certificate or DEPOSITOR's signature on the BANK's signature card, will constitute valid assent to these guidelines and to any amendment of these guidelines as herein provided. DEPOSITOR is advised to give extra care to DEPOSITOR's passbook/certificate. Should it be lost, stolen or destroyed, the DEPOSITOR shall notify the BANK promptly so that a new one can be issued to the DEPOSITOR provided BANK requirements are complied with.
||Checkbooks. The BANK furnishes Checkbooks within a reasonable time after a request and the DEPOSITOR therefore makes payment. Charges for the Checkbook requisition shall be automatically debited from client's Current Account. For the purpose of collecting the above charges, the DEPOSITOR authorizes the BANK to debit the amount of charges from DEPOSITOR's Current Accounts. It is incumbent upon the DEPOSITOR to check the correctness and completeness of the checkbook before acknowledging receipt thereof. The DEPOSITOR shall likewise safeguard all unutilized checks with utmost care to preclude any possible loss and/or pilferage. Any lost unissued check or booklet shall be reported immediately to the BANK using Stop Payment Order Form.
All blank spaces on checks drawn must be completed and no alterations. The BANK may dishonor checks if signatures are not in accordance with specimen registered with the BANK.
||Stop Payment: Should the DEPOSITOR desire to stop payment of any check issued against his/her account, complete instructions fully identifying the check should be communicated to the BANK in writing using the BANK's form. The DEPOSITOR shall furnish the BANK with any further documents necessary for the purpose of effecting the DEPOSITOR's instruction. The Stop Payment order shall be effective for six (6) months from the date of check, renewable upon execution of another Stop Payment Order. Therefore, the DEPOSITOR, must, at all times, exercise care in handling and issuing checks to preclude possible losses.
The DEPOSITOR understands and agrees: a) To indemnify the BANK against any loss, damage, suit, costs and expenses resulting from non-payment of the check(s) under an SPO; b) Not to hold the BANK responsible or liable should said check(s) be paid though inadvertence, accident, mistake or oversight; c) To notify the BANK promptly in writing if the said check(s) under SPO has/have been/are recovered or destroyed, or if for any reason the SPO given is being cancelled or lifted. It is understood that once the SPO request is made and processed, it shall remain so, unless and until a written notice to the contrary is received by the BANK; d) To notify the BANK in writing before issuance of any replacement item and to inscribe on the face of such item the word "REPLACEMENT" and a number and a date different from that appearing on the check(s) under SPO; e) Any mistake committed by the DEPOSITOR in the SPO request or in any other request through this service shall be for the account off responsibility of the DEPOSITOR.
||Statement of Account: For non-Passbook accounts, an itemized statement of account will be rendered monthly to the DEPOSITOR by the BANK. Unless otherwise specified, bank statements shall be delivered/ mailed at DEPOSITOR's last known address on file. (Only the printed image of cancelled checks shall be provided the DEPOSITOR when statements are dispatched) The DEPOSITOR should promptly notify the BANK of non-receipt of statements or any exceptions to statement or advice rendered, otherwise, the DEPOSITOR shall be deemed to have accepted the correctness of the statements or advice thirty (30) calendar days from date thereof. All "hold" statements of accounts not picked up by the DEPOSITOR within four (4) months from availability date shall be forwarded by messenger to the DEPOSITOR at the BANK's option.
||Improperly Handled Accounts/Closure of Account: the account will be automatically closed by the BANK without need of prior notification to the DEPOSITOR in case the account is mishandled by the issuance of unfunded or insufficiently funded check/s without prior arrangement with the BANK. The BANK's Manager's Check for the balance of DEPOSITOR's account shall be issued, and the DEPOSITOR shall be required to return to the BANK any unused checks in DEPOSITOR's possession.
The BANK reserves the right to close the account if it conducted in any other manner not satisfactory to it. The BANK further reserves the right to close the account without need of prior notification to the DEPOSITOR if said DEPOSITOR is found to be involved in fraud or an attempt to defraud or is a defendant in court cases involving sums of money.
In the event the account is closed for the reason/s above stated, the BANK is further authorized to report such closure and the reason/s therefore to the BAP-NFIS, CMAP and Credit Information Corporation (CIC) or to any central monitoring entity or body established by the CIC to keep record of and monitoring the members of the CIC of mishandled deposit accounts.
The BANK is not liable for damages, claims and demands of whatever kind or nature, in connection with or arising from (a) the closing of the account and/or (b) the dishonor of any check thereunder which may be presented to the BANK after closing of the account and/or (c) the reporting by the BANK of the closing of the account and the reason/s therefore to the BAP-NFIS, CMAP and CIC to keep record of, monitor, and update members of the BAP-NFIS, CMAP and CIC of mishandled deposit accounts.
||Returned Checks: The BANK is under no obligations to notify the DEPOSITOR, before returning to the paying bank (thru PCHC), checks drawn on it and which cannot be accepted because of insufficiency of funds or technical defects, e.g. post-dated, amount in words and figures differ, etc. Further, the BANK shall not be held liable for any damages, which may arise out of its failure to notify the DEPOSITOR of any check deposit returned by drawee banks for whatever reason.
||Interest: Deposits with a minimum balance as prescribed by the BANK shall earn interest based on the prevailing rates at such time or times as may be determined by the BANK under its existing policies or practices. However, the amount of said minimum balance that will earn interest, the interest rates and the period at which said interest shall be paid or become due are subject to change in accordance with the regulations issued or promulgated by the BANK from time to time.
Interest will be computed based on the Average Daily Balance (ADB) of the deposit and shall be credited to form part of the principal on the last day of the interest period (interest payment date). No interest shall be paid on Savings Accounts closed prior to the prescribed interest payment date even if these deposits meet the required minimum balance to earn interest at the time of closure. All interest earned shall be subject to the prevailing withholding tax rates.
||Minimum Deposit Required: The BANK requires the DEPOSITOR to maintain a minimum monthly ADB not lower than the minimum balance prescribed by the BANK from time to time. The BANK may at any time, with due notice to the DEPOSITOR, change the minimum balance requirements. Accounts falling below the required minimum monthly ADB for two (2) consecutive months shall be subject to the service charge prevailing at that time.
||Dormant Accounts: Accounts without activity for specific periods shall be considered dormant and applicable service fees and charges shall be assessed and deducted from such accounts. The accounts shall be closed when the same has no balance amount.
||Unclaimed Balances. Pursuant to R.A. 3936 as amended by P.D. 679, all unclaimed balances held by the BANK in favor of any person known to be dead or who has not made further deposits/withdrawals for a period of ten (10) years or more shall subject to escheat proceeding in favor of the Treasurer of the Philippines.
||Changes: DEPOSITOR must promptly notify the BANK in writing of any change of information such as, but not limited to, change of address, surname, and/or phone numbers. Any service not delivered and/or transaction not properly concluded as a result of failure to communicate these changes shall be for the account/responsibility of the DEPOSITOR. Further, correspondence sent to the last address given shall be deemed to have been received by the DEPOSITOR.
||Joint Accounts: All money which may hereafter be deposited by either or both or all of the joint DEPOSITORS for credit to their joint account with the BANK shall be received and held by the BANK on the understanding and upon the condition that said money so deposited without reference to previous ownership, and all interest, dividends and credit thereon, shall be owned by the DEPOSITOR jointly. This joint ownership shall be binding on the DEPOSITORS, their heirs, executors, administrators, and assigns.
Withdrawals from the account of the DEPOSITORS will need the signatures of both of them jointly or both of their respective duly appointed attorneys-in-fact authorized by their joint consent in writing (in the case of joint "and" accounts): or of both or either of them or of both or either of their respective duly appointed attorneys-in-fact as authorized by their joint consent in writing (in the case joint "or" accounts). Any payments made from these accounts under any of the foregoing circumstances shall be valid and shall completely release and discharge the BANK from any liability. No change or modifications of this joint ownership shall be affected unless reduced in writing and signed by the DEPOSITORS JOINTLY (in the case of joint "and" accounts) or by either one (in case of joint "or" accounts). Provided however, that such notice from only one or either of the "or" signatories shall automatically convert the "or" account to an "and" account and subject to withdrawal upon the joint signatures of all the DEPOSITORS.
||Deposits and Withdrawals: Deposits made for "IN TRUST FOR" (ITF) account/s, the DEPOSITOR hereby acknowledges that he/she is the owner or has full-control of all the amounts deposited in this account.
Deposits made by a corporation, partnership or association may be withdrawn by such officer or employee designated in the by-laws or resolution of the Board of Directors of such corporation, partnership or association, Deposits and withdrawals may be made in person or through an authorized representative upon presentation of DEPOSITOR's Savings Passbook.
The BANK reserves the right to require thirty (30) days written notice in advance for any withdrawal whenever the BANK's interest so require.
||Secrecy of Deposits: For the protection of both the DEPOSITOR and the BANK under the provision of R.A. 1405, otherwise known as the Law on Secrecy of the Bank Deposits, R.A. 6426 or Foreign Currency Deposit Act of the Philippines and R.A. 8791 - General Banking Law of 2000, the BANK will not entertain any inquiries or instructions over the phone, mail , SMS (text messaging) or any other electronic facility regarding a DEPOSITOR's account nor through a representative unless authorized in writing by the DEPOSITOR.
||Extraordinary Inflation or Deflation: In case an extraordinary inflation or deflation of the currency stipulated shall supervene during the effectivity of this Agreement, the value of the currency at the time of the establishment of this obligation shall be the basis for payment as provided for in Article 1250 of the New Civil Code of the Philippines.
||Attorney's Fees and Costs in the event the BANK is compelled to institute judicial or extra-judicial action or proceedings to enforce collection of the indebtedness arising out of this Agreement, DEPOSITOR agrees and shall be bound to pay the BANK an additional amount equivalent to twenty percent (20%) of the total amount due, but in no case less than five thousand pesos (PHP 5,000.00) including accrued interest, as attorney's fees, in addition to cost of suit. In case a litigation arises here from, venue shall be set either in Makati City or in the place where the Branch of the BANK is located in the discretion of the BANK.
||Other Contracts Superseded: This Document supersedes all prior contracts or agreement entered into by and between the DEPOSITOR and the BANK with respect to and in connection with the deposit account opened herein.
||Governing Law, Applicable Rules and Regulations: All transactions between the BANK and the DEPOSITOR shall be governed by the laws of the Republic of the Philippines, rules and regulations as may be imposed by the Bangko Sentral ng Pilipinas, Chamber of Thrift Banks, Philippine Clearing House Corporation, Philippine Deposit Insurance Corporation and other regulatory agencies relative to the establishment and operation of deposit accounts.
||The above Terms and Conditions may be amended by the BANK at any time through customer letters to be sent together with DEPOSITOR's bank statement and/or by posting notice of such amendment sixty (60) days prior to implementation in any conspicuous place at the office of this BANK where the deposit account is domiciled.
||Separability Clause: If any or some of the terms and conditions herein enumerated is declared invalid, the others will not be affected thereby.