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About Us | ||
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TERMS AND CONDITIONS BPI DIRECT SAVINGS BANK, INC. PRODUCTS, SERVICES, FACILITIES AND CHANNELS |
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I. |
INTRODUCTION |
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The terms “you” and/or “your” shall refer to the accountholder(s) of any of the Bank of the Philippine Islands or BPI Family Savings Bank, Inc. or BPI Direct Savings Bank, Inc. The term “Bank”, “we” and/or “our” shall refer to any of the said Bank of the Philippine Islands, or BPI Family Savings Bank, Inc. or BPI Direct Savings Bank, Inc. The terms “Account” and/or “Accounts” shall refer to each or such product(s), service(s) or facility(ies) of the Bank which you opened and/or availed. |
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II. |
TERMS AND CONDITIONS |
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1. |
Applicability of / Conformity to Terms and Conditions; Amendments and Effectivity – You agree that any current, savings, time deposit and/or other accounts (whether in local or foreign currency) which you opened and/or maintained with the Bank, shall be considered as part of the Bank’s Accounts, products, services and facilities, which may be accessed through various channels. Such Accounts, products, services, facilities and channels shall be subject to and governed by these terms and conditions and any amendments, modifications and revisions hereto.
All terms and conditions of existing current, savings, time deposit and/or such other account agreements with the Bank, insofar as not inconsistent with the terms and conditions governing all the other Bank products, services, facilities and channels, shall remain in full force and effect. You further agree that the Bank shall have the right to add, revise, amend or cancel, in whole or in part, any of the Accounts and such other products, services, facilities and channels, as well as the terms and conditions thereof, such as but not limited to terms and conditions on minimum balance requirement to earn interest; tiered rates of interest and corresponding placement brackets; and relevant charges. Any such addition, revision, amendment or cancellation will take effect and become binding on you from such time written notice or electronic email thereof is sent by the Bank or the same is published, displayed, advertised or posted in Bank premises and/or its website, whichever is applicable. New Accounts and such other products, services, facilities and channels may be introduced by the Bank from time to time. These Accounts products, services, facilities and channels may come with offers or features provided by the Bank, its Subsidiaries, Affiliates or partner institutions. By using these new Accounts and such other products, services, facilities and channels when they become available, you agree to be bound by the terms and conditions covering the same including any and all amendments, modifications and revisions thereof. The existing terms and conditions governing the Accounts and such other products, services, facilities and channels already availed may likewise govern the availment of upgraded/expanded/improved versions, as well as variants or affiliated versions thereof, in addition to any other or new terms and conditions, insofar as not inconsistent therewith. Any Accounts and such other products, services and facilities and/or its upgraded/expanded/improved versions, variants and/or affiliated versions thereof which are availed and/or covered under the appropriate terms and conditions may automatically be activated and/or enrolled by the Bank, at its option, in the pertinent delivery system or channel of the Bank without need of further notice or advice to you. In case the Accountholder is a minor, it is agreed that the parent(s), guardian(s) and / or the person(s) exercising parental authority over the minor: (i) have read and understood and are bound by these terms and conditions; (ii) have explained to the minor the use and operation of the Accounts, products, services, facilities and channels; and (iii) undertake to explain to the minor the use and operation of any new Accounts, products, services, facilities, channels and any enhancements/new features thereof, as well as any new terms, conditions and changes thereto. The parent(s), guardian(s) and/or person(s) exercising parental authority acknowledge that they have principal and solidary liability with the Accountholder and, as such, hold the Bank free and harmless and indemnified from damages, liabilities, claims, suits and causes of action arising from the use and operation of the Accounts, products, services, facilities and channels. If any terms and conditions or its modifications, additions, revisions or supplements thereto is declared to be invalid or unenforceable, the remaining portions or provisions thereof shall nevertheless remain in full force and effect. |
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2. |
Other Governing Laws, Rules and Regulations - The terms and conditions herein shall be governed by and construed in accordance with the applicable laws of the Philippines and by the Bank’s by-laws, regulations and practices which shall be brought to your attention by publication, display, advertisement, posters or otherwise and you submit to the non-exclusive jurisdiction of Philippine courts.
All circulars, rules and regulations and guidelines of Bangko Sentral ng Pilipinas (BSP), Philippine Deposit Insurance Corporation (PDIC), Anti-Money Laundering Act (AMLA) and such other regulatory bodies on, among others, deposit accounts/investment placements shall form part of and be incorporated by reference to these terms and conditions. You also agree that all the Accounts and such other products, services, facilities and channels shall likewise be governed by all applicable circulars, rules and regulations of the BSP, PDIC, AMLA and such other regulatory bodies. |
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3. |
Account Opening and Maintenance – The Accounts may be opened and maintained at the sole discretion of the Bank, upon your compliance with all the account opening/maintenance requirements as may be required/imposed by the Bank from time to time such as, but not limited to, "Know Your Customer" ("KYC") as required by the AMLA, the submission of duly completed and executed account opening forms, the appropriate Board Resolutions, for corporate accounts, and such other supporting documents and delivery of the initial deposit amount.
You agree to nominate a branch of convenience, which may be any Bank branch which will: (a) identify, assist and orient you in your account opening; and (b) facilitate your over-the-counter transactions. Whenever required for certain Accounts, you shall designate a Settlement Account which shall be the source and recipient of remittances or fund transfers. The designated Settlement Account may be changed only upon your written authorization or authorized notice to the Bank. |
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4. |
Representations and Warranties – You represent and warrant to the Bank that: |
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(a) |
You have secured all approvals and authorizations (for corporate accounts) necessary to make the terms and conditions of the Accounts, products, services, facilities and channels as well as any modifications, additions, revisions and/or supplements thereto, binding and enforceable;
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(b) |
You shall not misuse, abuse nor employ any of the Accounts, products, services, facilities and channels for purposes other than the intended use thereof;
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(c) |
Nothing in the terms and conditions of the Accounts, products, services, facilities and channels shall interfere with, or result to a breach of the provisions of any other agreements binding upon you.
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(d) |
All particulars, data and documents which you provided or submitted to the Bank are accurate and true to your best knowledge, and you shall immediately notify the Bank in writing of any changes thereto.
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5. |
Banking Days - “Banking Days” are from Monday through Friday, except for banking, legal and/or special holidays, whenever such term is used in reference to (i) banking days of regular branches; (ii) determining period of time i.e, notices, performance of action etc., or (iii) days of the week when Bank transactions are posted into the Bank's system.
The Bank may choose to open selected Express Banking Centers / BPI Family Savings Bank Branches on weekends to open Accounts and cross-sell specific identified Bank products. |
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6. |
Acceptance of Deposits - The Bank may accept your deposits in cash or check, or similar instruments such as money orders/ treasury warrants. In the case of check deposits, the Bank acts only as your collecting agent in receiving your checks and other items/documents for collection. You further agree to assume full responsibility for the correctness, authenticity and validity of all endorsements appearing on the checks or other items deposited to the Bank. Drawings may not be made against such check deposits, until actual payment has been
received by the Bank, or full proceeds has been collected from correspondent banks, in accordance with: (i) existing BSP/Philippine Clearing House Corporation (PCHC) rules and regulations; or (ii) clearing or collection arrangements made with correspondent banks, in case of checks denominated in foreign currency. However, the Bank may still charge back any spurious, defective, erroneous or lost item credited to the Account regardless of the time that has elapsed, whether or not the item itself can be returned. Second endorsed checks are not allowed. Deposits made through the Bank’s night depository facility or through deposit pick-up service, shall be subject to the Bank's final count and verification, the findings of which shall prevail over the figures/amounts you indicated in the deposit slip. The Bank shall notify you of any discrepancy.
For certain Accounts, deposits in cash, checks or similar instruments such as money orders / treasury warrants are not allowed. Deposits to this type of Account shall be via remittances or funds transfer through any of the following channels: internet, mobile and phone banking. The Bank may likewise accept credits to/debits from the Accounts (i.e. payroll accounts, remittances or fund transfers or suppliers'/distributors' accounts). In case of credits/payments to your Account, you represent that you are entitled to receive such credits/payments from the payor. In case of debits/payments from your Account, you represent that you have authorized such debits/payments to the payee. The Bank is authorized to effect any adjustments on what has been credited to/debited from the Accounts to, among others, correct any error or mistake committed, without need for any further instrument, deed, consent or authorization. Should the Account balance be insufficient to allow debit of such amount in order to correct said error or mistake, you hereby authorize the Bank to debit the said amount plus interest and charges, if any, from the time the amount becomes due to the Bank, from any other Account in your name, whether singly or jointly with others, or whether maintained with the Bank or any member of the BPI Unibank or any of their subsidiaries or affiliates. This is without prejudice to the Bank's right to consolidate, transfer and set-off your Account balances as set forth hereinbelow. |
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7. |
Interest on Accounts - Interest on your Accounts will be calculated based on such Accounts' daily balance provided that your balance does not fall below the required balance to earn interest. Interest earned shall be credited according to the Bank-determined interest rate as are/will be reflected on the “Pricing Structure” and as may subsequently be changed/amended. |
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8. |
Minimum Account Balance - You shall maintain account balances at the agreed/required monthly average daily balance (ADB) computed as follows: |
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The Bank may impose and collect service charges and/ or maintenance fees on Accounts, whether active or dormant, where the Account balances: (i) have fallen below the required minimum monthly ADB, for dormant accounts; and (ii) have fallen below for at least two (2) consecutive months, for active accounts. Any Account with zero balance, regardless of status, may automatically be closed by the Bank. You agree not to close the Account within one (1) month from Account opening and hereby authorize the Bank to immediately and automatically effect a one (1) month partial hold-out on your Account, in an amount equivalent to a maintenance fee as specified in an attachment herein which shall be made an integral part hereof, or in such other amount as may subsequently be prescribed. You agree that in the event that the Account is closed within one (1) month from Account opening, the maintenance fee shall immediately be paid and the amount subject of the partial hold-out shall automatically be applied to the payment of said fee. You ensure that you are always aware of the details of the required minimum monthly ADB, and all the applicable service charges, maintenance fees, and penalties, which are available upon request or published/posted within the Bank’s premises and/or its website, whichever is applicable. The Bank may waive the maintenance of the monthly ADB. The Bank, however, retains the option to lift/cancel such waiver for whatever reason. The current service charges, and / or maintenance fees and the required minimum monthly ADBs for various types of Accounts, products, services, facilities and channels, as well as changes and updates thereof, are/will be included herein as attachment(s) and made integral part(s) hereof. Likewise, such current charges and fees, including changes or updates thereof may be available through, among others, the various Bank channels, or otherwise, and may be posted on the Bank's websites, ATM on-screen messages and in conspicuous places within the Bank premises and other places near the Bank's ATM. Any change in the terms and conditions for the imposition of service charges and maintenance fee, e.g. increase in the amount of such charges and fees or increase in the required minimum monthly ADB shall take effect only after due notice to the depositor. Provided, that information by regular mail, statement of account messages, electronic mail, courier delivery and /or other alternative modes of communication on the depositor's last known address at least sixty (60) calendar days prior to implementation or posting of notices for a period of sixty (60) calendar days prior to effectivity in prominent places within the Bank, shall be considered sufficient notice. Provided, further, that failure of the depositor to manifest or register his objection to the new service charges and maintenance fees or any change in their terms and conditions in writing within thirty (30) calendar days from receipt of written notice of amendment shall be deemed to constitute acceptance of such changes. |
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9. |
Inactive Accounts – In compliance with BSP rules and regulations, any of your Accounts which remains inactive or where no client-initiated transactions were performed [i.e. two (2) years for Savings Accounts and one (1) year for Current Account], will be considered dormant for which a corresponding monthly service/ dormancy fee, as specified in an attachment herein which shall be made an integral part hereof, or in such other amount as may subsequently be prescribed, will be imposed until reactivated by a deposit or withdrawal of funds. Moreover, Accounts inactive for ten (10) years shall be escheated in favor of the Treasurer of the Philippines.
You shall be informed by registered mail with return card on your last known address at least sixty (60) calendar days prior to the imposition of service / dormancy fee. |
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10. |
Authority to Impose Charges - You hereby authorize the Bank to impose, now or in the future, service charges and such other charges on any or all its Accounts and such other products, services, facilities and channels within legal and regulatory limits. |
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11. |
Account Withdrawals - Only signatures appearing on the signature cards on file will be honored by the Bank for withdrawals and transfer of funds. Such withdrawals/ transfer of funds from your Accounts shall be subject to the following terms: |
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(a) |
Savings Accounts – You agree that the Bank shall not be liable for payments made to any person who shall present such savings passbook. No entries other than those effected by the Bank shall be recorded in the Savings Passbook.
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The savings passbook is issued to assist you in monitoring your transactions and account balance. However, since your Account allows you to transact business even without the savings passbook, through your ATM and such other Bank channels, the amount of balance shown therein will not be conclusive, unless updated and verified by the Bank after comparison with its records.
In the event of any discrepancy between the entries in the savings passbook and the Bank’s records, the latter shall prevail. Savings passbooks are not transferable. Only duly accomplished withdrawal slips containing signatures, using the English or any other Anglicized alphabet, in ink or other means of writing with a character of permanence shall be honored. For certain Accounts, no over-the-counter withdrawal transactions are allowed. Withdrawals from this type of Account shall be via remittances or funds transfer through any of the following channels: internet, mobile and phone banking. |
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(b) |
Current Accounts – Withdrawals from Current Accounts made thru checks should be duly executed by you. Only checks containing signatures, using the English or any other Anglicized alphabet, in ink or other means of writing with a character of permanence shall be honored.
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(c) |
Time Deposits – Time deposits (TD) are deemed automatically paid/terminated at maturity date with proceeds credited to a settlement account you designated upon your TD account opening pursuant to your instruction appearing on your TD certificate. Presentation of the certificate will no longer be necessary to effect auto-payment on maturity date/last maturity date. If terminated prior to maturity date/last maturity date, the original certificate shall be endorsed and surrendered for payment, proceeds of which will be credited to your designated settlement account.
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(d) |
Foreign Currency Deposits - Withdrawals in foreign currency notes are subject to availability of such notes. Fractions of foreign currencies may, at the Bank’s discretion, be paid in pesos. Conversion rates from one currency to another will be based on the Bank’s prevailing buying and selling rates. Service fees may be charged for foreign currency cash withdrawals/deposits. The Bank shall have the right to pay your withdrawal in the currency you require and/or such other currency at the Bank’s absolute discretion.
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12. |
Signature Cards - You agree to complete and submit signature cards containing your specimen signatures or those of your authorized signatory(ies) and Customer Information Sheet (CIS) and other required bank forms in such manner and in such frequency as may be required by the Bank, laws, and/or applicable BSP and AMLA regulations.
For certain Accounts that you will open and which will require a Settlement Account, you authorize the Bank to: |
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(i) |
Secure a copy of your designated Settlement Account’s signature card on file at the time of Account opening;
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(ii) |
Use the same as the specimen signature card for your new Account. By this authorization, you waive you rights under the Bank Secrecy Law which waiver is further provided for in Section 15 hereunder.
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13. |
Reliance - You hereby authorize the Bank to: |
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(a) |
Rely and act, without liability on the Bank's part, upon:
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(i.) |
all instructions received by the Bank, such as but not limited to, telephoned instructions, faxed instructions and transaction triggers, including encoded data or uploaded files, which shall be deemed conclusive and properly authorized by you;
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(ii.) |
the genuineness of the documents submitted, and the signatures and seals on such documents; and
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(iii.) |
all instructions, information, orders, requests and communications (collectively, the “Information”) received by the Bank from you or any of your authorized third-party by whatever medium.
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(iv.) |
all instructions which the Bank believed originated from you by the use of your Express Teller Card / Data / Number.
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(b) |
Accept such Information as correct, accurate and duly authorized by you.
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The Bank will process your transactions based on the information you have provided. The Bank shall not be held liable for transactions that have been completed based on erroneous requests including but not limited to : (i) Erroneous and Invalid data, such as but not limited to, Mobile Number, Account / Reference Number, Merchant name or scheduled dates for payment/ funds transfer inputted; or (ii) Erroneous Amount inputted. As such, the Bank will not be responsible for the verification and accuracy of Information received by the Bank. The Bank's records and books shall be conclusive evidence of such Information. |
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14. |
Joint Accounts – You agree that for Joint “AND” Accounts, the signatures of all Accountholders are required for all transactions relating to the Accounts.
Likewise, for Joint “AND/OR” account, you agree to be governed by the following terms and conditions: |
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(a) |
Each person who is a signatory for a Joint Account shall be deemed an Accountholder of such joint Account.
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(b) |
Each of you represent that you are of legal age or have the capacity to open a deposit account or enter into legally binding contracts.
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(c) |
Any balance credited to your Joint Account(s), presently or in the future, is and will be owned by you as Joint Accountholders.
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(d) |
Express Teller Cards may be issued to some or all of you. In such cases, the Bank may implement debit instructions for such Accounts which are received from any one of you using any of the Express Teller Cards. Further, you authorize the Bank to honor, at its sole discretion, any withdrawal, fund transfer or disbursement effected by any one of you through the Bank’s products, services, facilities and channels, and all checks, telephone instructions, directions, other instruments and transactions signed and effected by any one of you without restriction, unless otherwise specifically instructed by all of you.
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(e) |
Each of the surviving Accountholders shall immediately notify the Bank in writing of the death of any one of the Accountholders. If the surviving Accountholders fail to give such written notice of death and the Bank allows withdrawals on the Joint Account before receipt of said notice, it is deemed that the surviving Accountholders have exercised the right of survivorship. Upon receipt of the written notice of death, the Bank may hold in the name of the surviving Accountholders all moneys and items standing to the credit of, or by way of security for, any service or product in the name of the surviving Accountholders,
it being agreed that as joint owners of the Joint Accounts, you have the right to survivorship, subject to such applicable provisions / requirements of law including, among others, payment of taxes, and any claims / debts which the Bank or any heir or third party may have. The surviving Accountholders hereby hold the Bank free and harmless and indemnified from any and all taxes, claims / debts and liabilities arising from or in connection with this survivorship provision.
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(f) |
Notice to any one of you shall be deemed sufficient notice to all of you.
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(g) |
If the Bank, prior to acting on instructions, written or otherwise, received from any of you, receives contradictory instructions, written or otherwise, from another Joint Accountholder, the Bank shall thereafter exercise its option to act only on the written instructions of all of you.
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(h) |
Whenever one of you withdraws/effects fund transfers/draws against the Accounts, you are doing so on the basis of your continuing declaration and representation, under penalties of perjury, that all the Joint Accountholders (for consistency of language used) are still living as of the date you effect the withdrawal/fund transfer/drawing against the Accounts, and the Bank may, at its discretion rely on such continuing declaration and representation.
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(i) |
Your obligations or any amount including whatever fees, charges, or taxes, which may be due and owing to the Bank, its subsidiaries and/or affiliates, shall be joint and several and the Bank may set-off the same from any Account jointly held by you or any Account held individually by any of you.
You further agree that for Joint “AND” Accounts, and Joint “AND/OR” Accounts, all instructions, directions and transactions to be made by any one of you through any of the Bank’s products, services, facilities and channels are deemed done with the consent of your Joint Accountholders. |
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15. |
Waiver of Rights Under the Bank Secrecy Law/Disclosure of Information – You agree to be serviced by third persons/entities engaged by the Bank. Further, you agree and authorize the Bank to make disclosures of information regarding your Account(s) to: (i) third persons and entities to facilitate implementation of the Bank products, services, facilities and channels; or (ii) such bodies/agencies having regulatory authority over the Bank, or having regulatory authority or jurisdiction where your checks, deposits, withdrawals or fund transfers pass / are cleared / transmitted or delivered; or (iii) such other persons or entities the Bank may deem as
having authority or right to such disclosure of information, as and when required by the circumstances, as in the case of: (a) the Bank’s participation in any ATM network, electronic fund and/or credit card network; or (b) resulting from the Bank's outsourcing of its functions, such as but not limited to, compliance with Know Your Client ("KYC") requirements, completion of signature cards and Customer Information Sheets ("CIS"), signature verification, distribution of account opening kits, remittance to and remittance from your Account(s) and printing/processing of bank statements. As such, you expressly waive your right under the Bank Secrecy Law and allow access to any information regarding your Account(s).
You likewise agree that the Bank may share information relating to your loan and credit card Accounts with other banks and/or credit rating/information agencies unless you specifically instruct otherwise in writing. |
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16. |
Waiver of Article 1250 of the New Civil Code - You expressly waive the provisions of Article 1250 of the New Civil Code (which relates to cases of extraordinary inflation or deflation of foreign currency and stipulates that unless agreement exists to the contrary, the basis of payment shall be the value of the currency at the time of establishment of the obligation) and hereby agree that said article shall not be applicable. |
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17. |
Dishonor and Return of Checks - Return of checks drawn against insufficient funds (DAIF) or drawn against uncollected deposits (DAUD), or with technical defects shall be governed by the rules and regulations of the PCHC and the BSP and/ or the clearing arrangements entered into by the Bank for the clearing of foreign currency denominated checks. The Bank reserves the right to dishonor and return checks, at its discretion, without prior notification at any time and you agree that the Bank shall have no liabilities arising from said dishonor and return. |
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18. |
Stop Payment Order (SPO) - You acknowledge and agree that: |
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(a) |
You can request a stop payment order (SPO) of your check before the check has been paid or accepted or certified for payment by giving clear written instructions to the branch where your Account is maintained, or through the Bank channels. You agree that the SPO is accepted on the assumption that the check has not yet been negotiated as of the date and time you issued the SPO and that stale dated checks cannot be accepted for SPO.
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(b) |
You also acknowledge that SPOs, for dated and undated checks, are valid for a period of six (6) months from the date of the Bank’s receipt of the SPOs, unless sooner renewed/extended in writing for another six (6) months. Such renewal/extension shall be effective from the Bank’s receipt of the request for renewal/extension. Furthermore, you agree that the SPO issued on the undated checks will be void and ineffective six (6) months after the date of your SPO and will, therefore, be automatically cancelled by the Bank without need for further notice. Lifting of an SPO can only be made upon your written request if the SPO is to be revoked prior to the expiration period.
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(c) |
You further undertake to notify the Bank promptly in writing of any change in the conditions which give rise to your request for SPO.
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19. |
Checkbooks: Use, Reorder --- You acknowledge and agree that: |
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(a) |
You can request for checkbook reorder in the branch where your Account is maintained or through the Bank channels. You agree that:
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i. |
You can only request a maximum of four (4) checkbooks within a month. |
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ii. |
The checkbook you ordered will be for pick-up at your maintaining branch on the date specified by the branch or as stated in the Bank channels' confirmation receipt of checkbook reorder. You hereby authorize the Bank to destroy checkbooks which are not picked up within a reasonable time and which the Bank may no longer continue to safekeep due to storage space constraints. | |||||||||
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iii. |
Your Account will be debited for the cost of the checkbook(s) without need for further demand, notice or consent. You agree to submit a letter of authorization if such checkbook(s) will be picked-up by a representative. | |||||||||
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iv. |
You shall notify the Bank promptly in writing of any change in the conditions which give rise to your request for checkbook reorder.
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(b) |
Your use of the MICR checks printed by, or secured from, entities other than those accredited by the Banker’s Association of the Philippines (BAP) Accreditation Board shall constitute a waiver on the part of the drawer/issuer of the rights to claim for reimbursement/refund or damage of any kind including, but not limited to, those arising from fraudulent acts.
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(c) |
You shall maintain your checkbooks in a secure and safe place accessible only to you and your authorized signatory(ies), and you shall ensure that it is only you or your duly authorized signatory(ies) who draw(s) or issue(s) the same. Any alterations on your checks shall be confirmed in writing by you or your authorized signatory's(ies')/representative’s(s') signature.
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(d) |
You likewise acknowledge the need to exercise due care when drawing checks and agree not to release/deliver incompletely drawn checks nor to draw checks by any means which may enable a check to be altered in a manner which is not readily detectable.
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(e) |
When drawing checks, you are bound by the conditions to which checkbooks are issued, including the following: (i) clearly state the amount in words and figures in the spaces provided on the check; (ii) write words and figures close to the left-hand margin so that other words and figures cannot be inserted; (iii) countersign alterations to checks with full signature without which the Bank reserves the right to return checks that have been altered.
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(f) |
You shall provide security measures for the safekeeping and use of your checks and check records. You shall exercise diligence to obtain your cancelled checks and bank statements and inform the Bank in case of non-receipt of your bank statements within a reasonable time from your statement cut off date.
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20. |
Credit Accommodations – The Bank, at its sole discretion, may from time to time, and subject to the terms and conditions in the Bills Purchase Application, grant you a credit accommodation by purchasing checks payable to you and advancing the amount of the check. You agree that you shall be responsible for and pay the resulting advance or credit thereby created and for all related charges. |
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21. |
Deposit Insurance |
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(a) |
Deposits are insured by the PDIC up to a maximum amount per depositor, as specified in an attachment herein which shall be made an integral part hereof, or in such other amount as may subsequently be prescribed.
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(b) |
PDIC shall presume that the name(s) appearing on the deposit instrument is/are the actual/beneficial owner(s) of the deposit, except as provided herein.
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(c) |
In case of transfers or break-up of deposits, PDIC shall recognize actual/beneficial ownership of transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor.
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(d) |
In case of (a) deposits in the name of, or transfers or break-up of deposits in favor of, entities, either singly or jointly with individuals, and (b) transfers or break-up of deposits in favor of non-qualified relatives, whenever such transfers/break-up will result in increase deposit insurance coverage, PDIC shall recognize beneficial ownership of the entity or transferee provided that the deposit account records show the following:
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i. |
details or information establishing the right and capacity or the relationship of the entity with the individual(s), or
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ii. |
details or information establishing the validity or effectivity of the deposit transfer, or
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iii. |
copy of Board Resolution, order of competent government body/agency, contractor or similar document as required/provided by applicable laws.
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(e) |
In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to consolidation with the other deposits of the transferor.
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(f) |
PDIC may require additional documents from the depositor to ascertain the details of the deposit transfer or the right and capacity of the transferee or his relationship to the transferor.
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22. |
Statements of Accounts – Statements of Accounts showing the transactions and balances in relation to your Account(s) and such other banking products, services and facilities may be provided by the Bank, at its option and as may be allowed by laws and regulations: (i) by mail, to your last recorded mailing address or electronic address; or (ii) in your maintaining branch, through “anytime Bank statement”; or (iii) through the Bank channels or any one of them. You agree that if within ten (10) calendar days from your statement cut-off date,
such statement has not been received, it is your obligation to go to your maintaining branch to ask for such copy or avail of applicable channels to view, print or download such statement. Otherwise, the same shall be considered received by you. Moreover, you agree that if the Bank does not receive any complaint from you within twenty (20) calendar days from statement cut-off date, said statement and all transactions therein shall be considered correct and any claim against the Bank shall be deemed waived.
You shall examine the bank statements and the paid checks or check images enclosed therein to ascertain if: (a) any and all the entries in the bank statements are correct; (b) the amount(s), payee(s) and other data indicated on the paid checks are true and accurate and there are no discrepancies therein; (c) there are any fraudulent, altered, forged signatures or endorsements on the checks or the checks are defective. You shall notify the Bank of any complaints or questions on the Bank statements or the enclosed paid checks or check images within twenty (20) calendar days from the Bank statement’s cut-off date. Failure to make the examination or the notification within the aforesaid period shall be deemed a conclusive admission of the correctness of the Bank statements and the enclosed paid checks or check images. |
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23. |
Notices, Statements and Communications - Notices, statements, account information and other matters and communication shall be mailed or delivered to your last known mailing or electronic address appearing on the records of the Bank or picked-up from the Bank or sent to you via SMS. All communications sent by mail or e-mail addressed to the latest address registered with the Bank or sent to you via SMS shall be deemed to have been duly delivered to you. Notice to one shall be considered as notice to the other co-depositors/obligors. We can also communicate to you through the Bank channels or any one of them.
For some Accounts, the Bank shall issue an Information Card each for you and your co-depositor/s which shall contain the Account Number, Card Number and Joint Account Indicator (JAI). |
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24. |
Offer to Participate in Promos - You hereby authorize the Bank and its partner institutions to offer you participation in promos, etc. by communicating to you in writing or through the Bank channels or any one of them.
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25. |
Closure of Accounts - The Bank retains the right to close, at its sole discretion, any or all your Accounts for any reason whatsoever at any time and without obligation to disclose the reasons for such closure.
The Bank is authorized to close Accounts even without prior notice in case said Accounts are: (a) mishandled by the issuance of unfunded or insufficiently funded check(s); or (b) involved in any fraudulent or illicit activities; or (c) there was/were misrepresentation(s) in the opening of the said Accounts and to report such closure and the reason(s) therefore to BAP, BSP, or to any central monitoring entity or body established by the BAP or BSP to keep record of and report mishandled deposit account. You agree that in connection with the closing of a current Account, you shall surrender all unused checks, whenever required by the Bank. The Bank shall pay you the proceeds of your closed Accounts via Manager’s Check net of all applicable charges, fees and/or taxes and/or such amounts which shall answer for your outstanding contingent liabilities under any of the products, services and facilities availed of by you. The Bank also reserves the right not to release checkbooks, Automated Teller Machine (ATM) cards or other items paid in advance for Accounts the Bank decided to close. You will hold the Bank and its officers and employees free and harmless from all liabilities, claims and demands of whatever kind in connection with or arising from: (a) the closing of Accounts; and/or (b) the dishonor of any check thereunder which may be presented to the Bank after the closing of the Accounts; and/or (c) the reporting of the closure of Accounts and the reason(s) therefore to the BAP, BSP, or any central monitoring entity or body established by the BAP or BSP to keep record of and monitor mishandled accounts. |
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26. |
Termination/Suspension of Agreement/Use - The Bank reserves the right to terminate or suspend the agreement covering the products, services, facilities and channels or to terminate or suspend your current or future use of the same in whole or in part, if, among others, you provide any information that is untrue, inaccurate, not current or incomplete, or the Bank has reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete or for any cause whatsoever, at any time without prior notice.
Your use of the Express Teller Card is subject to revocation and/or repossession upon notice for violation of any of the terms and conditions stated therein and for any other reason(s) which, in the opinion of the Bank, would prejudice the interest of both yourselves and the Bank. You agree to return the Express Teller Card at the Bank's request. You acknowledge that the Bank may withdraw, disable and/or suspend the Express Teller Card or services offered in connection therewith without prior notice. The arrangement between the Bank and any of its affiliated merchants in Bank products, services and facilities may be cancelled /terminated at any time without prior notice of cancellation/termination to you. |
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27. |
Consolidation/Set-Off/Transfer - You authorize the Bank to, without liability, combine or consolidate the outstanding balance in any of your Accounts with any of your other Accounts which you maintain with the Bank and its subsidiaries and affiliates, and set-off and/or transfer any moneys standing to the credit of such other Accounts in, or towards, satisfaction of your liabilities, including whatever fees, charges, taxes and/or any amount which may be owed or owing to the Bank, its subsidiaries and/or affiliates. You agree that this right
to set-off/transfer applies whether or not the outstanding obligation is in a currency different from the currency of the moneys intended for setting-off/transfer, or is held at a branch in a different jurisdiction, or held by you jointly with other persons. For such purpose, the Bank shall be entitled to convert the balance in such other Account into the same currency as the outstanding obligation, including change of Account number. The Bank’s rights hereunder shall not be affected by your death or subsequent legal incapacity. |
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28. |
Right to Dispose and Destroy Documents - The Bank reserves the right to dispose and destroy any documents relating to the Accounts or your instructions within a period of time as may be allowed under relevant laws, rules and regulations and / or after microfilming or having them imaged.
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29. |
No Liability / Indemnity -
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(a) |
The Bank shall have no obligation or liability for any reduction due to taxes or depreciation in value of funds credited to or maintained in your Accounts.
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(b) |
All expenses and legal costs, associated with the Bank’s rights hereunder or the enforcement of your obligations under these terms and conditions shall be for your account and may be debited against any of your Accounts.
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(c) |
The Bank shall incur no liability if it is unable to process your transaction because of the existence of any one or more of the following circumstances:
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i. |
If, through no fault of the Bank, your nominated payment Accounts does not contain sufficient funds to complete the transaction. Only cleared and withdrawable balances of said Accounts shall be considered and made available for payment. In case of insufficient funds in your nominated payment Accounts, your payment or reloading request will automatically be cancelled by the Bank;
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ii. |
If there are security concerns, or if the nominated payment Account does not maintain the required Average Daily Balance (ADB), or has been suspended or has expired, or if the Enrolled Credit Card Account's credit limit has been exceeded.
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iii. |
The facility is not working properly and you know or have been advised of the malfunction before you execute the transaction;
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iv. |
The merchant mishandles or delays a payment sent through the Bank channels. You understand that the Bank will make arrangements with the merchants so that the payment or reloading of your Accounts with the merchants will be done immediately. However, this is not within the control of the Bank. Delays in payment or reloading by slow responding merchants, may take longer to be credited by the merchants to your said Accounts.
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(d) |
The Bank shall not be liable for: (i) your non-compliance with the provision(s) of these terms and conditions; (ii) your failure to transact during offline situations or during such other instances as the Bank may determine; (iii) for any loss or damage, whether the same is caused or is due to unauthorized or fraudulent access or utilization of your Express Teller Card, any service, facility or channel, or is attributable (directly or indirectly) to any dispute or any other matter or circumstances. These include, but is not limited to, the failure of any computer, machine, data processing system or transmission link or the Express Teller Cards or ATM, as well as, the discontinuance or unavailability of ATM services in other
countries (which services will be governed by local regulations), the temporary insufficiency of funds in such machines or otherwise; or (iv) any delay or failure to post any payments, or any misposting due to, among others, your error in encoding the Account/ATM Numbers, Mobile Numbers or Reference Numbers, as well as any discrepancy between the billing amount and the paid amount. The same shall be resolved between you and the payee-companies and/or individuals; or (v) Bank's failure to (a) effect any payment transaction, or (b) provide any of the Bank's products, services, facilities and channels, or (c) carry out your instructions, including telephone instructions or send a monthly statement to you.
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(e) |
The Bank shall be reimbursed/indemnified against, and shall be held harmless from all liabilities, actions, claims, damages, costs, taxes, fees, charges, expenses and suits, which may be brought against the Bank or suffered or incurred by the Bank and which shall have arisen either directly or indirectly in connection with the Bank’s implementation of these terms and conditions, or in performing its obligations hereunder, including: (i) implementation of SPOs or payment contrary to the request for SPOs, if the same occurs through inadvertence or accident only or payment by the Bank effected over-the-counter under an offline environment even after SPO was acknowledged by the Bank; (ii) the Bank's reliance on your declaration and/or
representation or in accepting or implementing or acting by the Bank, at its sole discretion, based on your requests and/or instructions which the Bank believes came or originated from you, or acting or failing to act thereon unless due to the willful default of the Bank; or (iii) any and all errors inadvertently committed, as well as, any computer related errors in the handling or processing of transactions that may arise in your availment of any Bank's products, services, facilities and channels or the acceptance of the benefits thereon. This provision shall continue notwithstanding the termination of any of the Bank’s products, services, facilities and channels.
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III. |
Channels for the Accounts and such other Bank's Products, Services and Facilities |
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You may access your Accounts and various Bank products, services or facilities, through different channels, better known by their respective brand names as set forth below. To access the Accounts and such other Bank products, services or facilities, Access Data/Number as specified below are required. For the ATM and POS channel, an Express Teller Card is necessary. |
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Channel Automated Teller Machine (ATM) Point of Sale (POS) Telephone Internet Mobile Phone |
Brand Name Access Data/Number Express Teller Personal Identification No. (PIN) Express Payment System (EPS) PIN Express Phone Access Number & Telephone Identification No. (TIN) Expressonline for Individuals and User ID & Password Expresslink for Corporate Mini-key & Password Express Mobile Mobile Phone Identification No. (MPIN) & Enrolled SIM Number |
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1. |
Use and Security of Express Teller Card, Access Data and Access Number
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(a) |
The Bank shall provide you with instructions on how to use the various channels. You can access any, some or all of your opened/enrolled/nominated Accounts with the use of the applicable / relevant channel's Express Teller Card / Data / Number.
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(b) |
You can access your Accounts through your Express Teller Card / Data / Number 7 days a week, 24 hours a day. For purposes of dating your transactions on these 7x24 channels, a bank cut-off time has been implemented. All transactions done before the designated bank cut-off shall be posted to your Account on the same day. Transactions after cut-off on a banking day or completed on a Saturday, Sunday or banking holiday, will be posted on the next banking day.
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(c) |
For the ATM/POS channel, you may be issued, at the sole discretion of the Bank, a Express Teller Card which you may use to access your Accounts through the Bank's or its affiliated ATMs or POS terminals/networks and effect such permitted transactions in relation therewith. You agree to sign the Express Teller Card promptly upon receipt thereof and to keep the Express Teller Card secure at all times.
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(d) |
You acknowledge that withdrawals/purchases/inquiries on your Accounts through ATMs or POS can be made only by using a valid Express Teller Card together with your correct Personal Identification Number (PIN). A card is valid when it has the correct Joint Account Indicator (JAI), and Sequence Number. For Express Teller Cards issued after May 14, 2004, an additional requirement for a card to be considered valid is that it should have the correct Card Verification Code (CVC).
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(e) |
For ATM/POS channel, you acknowledge that you were provided a Temporary PIN together with the Express Teller Card. This Temporary PIN will allow you to nominate your own personalized PIN as your first ATM transaction. You further acknowledge that this Temporary PIN will not allow you to do any withdrawal/purchase/balance inquiry transaction on your Accounts from any ATM or POS. Full access to your Account may only be made with your personalized PIN. You agree to personally nominate your own PIN promptly upon release of the Express Teller Card and its Temporary PIN. You acknowledge that failing to nominate your PIN within two (2) banking days from date of Express Teller Card release shall automatically deactivate the Express Teller Card's operating status, and in such case, you are required to personally request the branch where the Account is maintained to have the Express Teller Card reactivated.
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(f) |
For Express Phone channel, you or your Company Users need to nominate a TIN to be able to do self-service transactions.
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(g) |
For Express Online, you ensure that you properly log out from your Accounts at the end of each session. You will be liable for any loss arising from your failure to comply with this provision.
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(h) |
The Express Teller Card / Data / Number are being issued for your exclusive use. They are non-transferable and cannot be lent for the temporary use of another person nor can the same be pledged as security in any manner whatsoever.
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(i) |
You agree to assume full responsibility for maintaining the confidentiality of your Access Data/Number and for all transactions made in your Accounts through the use of your Access Data/Number. The Access Data/Number is known only to you and as such, any transaction effected using your Access Data/Number shall be conclusively presumed to be done by you or authorized by you.
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(j) |
You further agree and undertake to change your Access Data/Number from time to time as you deem necessary and whenever the Bank requires you to do so. Should you feel that your Access Data/Number has been compromised, you shall immediately change your Access Data/Number through the Change Access Device facility.
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(k) |
You agree and undertake to immediately call 89-100 or report to your maintaining branch, loss or theft of any Express Teller Card issued to you or any unauthorized use of your Express Teller Card/Data/Number or any of your Accounts or any other breach of security within twenty-four (24) hours from such occurrence. Further, cards that are captured for no apparent reason in any ATM must likewise be reported promptly within twenty-four (24) hours from card capture. Any loss due to withdrawal/purchase/transfer of funds using any lost/stolen Express Teller Card prior to receipt by the Bank of your written confirmation or stop payment order shall be for your account. You acknowledge that the Bank has no obligation to issue a replacement Express Teller Card to you following the loss or theft of the Express Teller Card originally issued to you.
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2. |
Internet Banking; Nomination/Enrollment of Account
It is agreed that you personally nominate/enroll each and every nominated payment Account and third party Accounts that you indicated in the Express Online enrollment form, and that you request that these Accounts be given the functionalities of Express Online. You further agree that should you nominate any of your Accounts as a nominated payment Account in Express Online, the Bank, at its option, may automatically enroll all your other Accounts which may be linked with your nominated payment Accounts in Express Online, without need for further authorization or consent on your part. |
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3. |
Bank Products, Services or Facilities - By availing of Bank products, services or facilities through some or all of the channels you agree to be further bound by the terms and conditions, rules and reminders of the channel you are transacting in. For Internet Banking, you may agree to the terms and conditions by checking the “I Agree” option. The following are some of the Bank products, services or facilities: |
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(a) |
Acceptance of ATM Deposits - You agree that the receipt electronically generated at the time a deposit transaction was made represents what you purport to have deposited. Your cash deposit via Cash Acceptance Machines (CAMs) shall be credited to your Account after electronic verification. However, your cash and check deposits via regular ATMs shall be credited to your Account after proper manual verification by two (2) authorized Bank personnel.
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(b) |
Express Payment System (EPS) – The Express Teller Card allows you to use the facility, known as the “Express Payment System” (EPS), for payment of goods and services purchased from participating merchants. The purchased amount is automatically debited from your Account through the POS.
Any EPS transaction which may be questioned shall be subject to Bank investigation, which may include among others, the verification of transaction records and confirmation with you and / or the merchant. The Bank has the right and is hereby authorized to automatically, without need of any further notice, act or deed, debit / credit the Account and the merchant’s account depending on the results of the said investigation, which results shall be final, conclusive and binding. |
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(c) |
International ATM/POS Access – The Bank has existing arrangements with international networks that would allow Express Teller Cards to be used outside the Philippines. Any withdrawal or purchase made with an Express Teller Card against your Account in the Philippines constitutes a disbursement of the Account in the Philippines and a remittance to the country where the transaction was effected and shall be subject to the laws and regulations of both the Philippines and the country where such transactions were made.
Cash withdrawals and purchases outside the Philippines shall be in the currency of the institution owning the ATM or POS from where such transactions were made. Cash withdrawals and purchases are also subject to exchange controls, regulations or limitations in effect in the country where the ATM / POS is situated and will be converted at the exchange rate prevailing at the time of the transaction. You also acknowledge and agree that your transactions at non-BPI / BPI Family Savings Bank ATMs in the Philippines that display the Maestro and/or Cirrus brand marks are international in nature. These cash withdrawals, purchases and transactions are subject to international fees and service charges as determined by the international network through which the transactions were coursed and are likewise subject to exchange rate prevailing at the time of the transaction. |
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(d) |
Transactions in Other ATM/POS Networks – You agree that the Bank does not have any control over the participants of the ATM or other network through which you may access your Accounts, or the ATM themselves, or the procedures or controls such ATM or other network participants adopt in regard to data/information processing. Transactions coursed through any of these networks shall be subject to transaction fees as determined by the networks through which transactions were coursed.
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(e) |
Account Balance Inquiry – You can access the Available Balance or the withdrawable balance of each or your Accounts as of the date and time of your inquiry exclusive of uncleared check deposits and any amount on hold and the Total Balance as of the date specified inclusive of check deposits and any amount on hold. Likewise, you can also access the balance of your investment accounts as of the date and time of your inquiry. Auto and housing loan information are also available as of the date and time of your inquiry. The loan information that you can access are outstanding balance, total amount due and next due date of your loan portfolio. Credit card balance is also available as to usage and outstanding balance.
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(f) |
Account Details Access – You can access transaction occurring within the preceding sixty (60) calendar days from date of last statement. You may, however, request for a copy of the bank statement or account details for transactions that occurred prior to the said sixty (60) - day period. This statement shall be sent to the mailing address specified in your Signature Card for the particular account or any designated electronic address.
Completed Immediate Funds Transfers are reflected immediately in the withdrawable balance of your Accounts. You may view the details of the transactions in the Current Transactions screen. The Account History Screen shall reflect the transaction details on: |
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(g) |
Check-Free Payments and Express Prepaid – You may avail of Check-Free Payments and Express Prepaid by enrolling your card number at your branch of account or through the applicable channels by accomplishing the enrollment form indicating therein the Reference Numbers of the companies and/or individuals you wish to pay. All Check-Free Payments and/or Express Prepaid merchants that you pre-enrolled via any channel may, without need for further notice, other instruments or any other acts, automatically be enrolled for your other channels.
A Check-Free Payment and Express Prepaid is a bill payment and reload of prepaid accounts, respectively. Prepaid accounts may include Prepaid Mobile Phone Accounts via debit from any nominated payment Account. Such payment or reload may be made via Express Teller, Express Phone, Express Online or Express Mobile. Check-Free Payment transactions may be effected immediately or scheduled in advance. These are subject to the cut-off times and processing schedules of the channel. Only cleared and withdrawable balances of your nominated payment Accounts shall be considered and available for such payment. You shall notify the Bank of any and all changes in your enrolled Reference Number/Merchants. Any misposting, delay or failure to post any payments, as well as any discrepancy between the billing amount and the paid amount shall not involve the Bank. Instead the same shall be resolved between you and the payee-companies and/or individuals. The Bank is authorized to disclose to any of the payee-companies any matter pertaining to your Accounts as may be necessary for the operation of the Check-Free Payments and Express Prepaid. Payment shall be for current bills only. Payments for past due or overdue account with service disconnection/termination or lapse of policy/contract shall be made directly to the collection offices of the payee-companies. Payment procedures/stipulation imposed by your payee-companies and/or individuals not inconsistent herewith or with any of the terms and conditions hereof or any related documents or instruments executed by you and the Bank shall be incorporated herein and made part of the enrollment form. |
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(h) |
Funds Transfers – You can only transfer funds to and from your enrolled Savings and Checking Accounts that are in your name and enrolled third party Accounts. The Bank may include additional types of Accounts and additional foreign currencies Accounts that may be eligible for Funds Transfer. The amount of funds transferred shall be deducted from your nominated payment Account where the transfer came from and will be added to the Account where it is transferred to.
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a. |
Funds Transfer may be effected immediately or scheduled in advance. These are subject to the cut-off times and processing schedules of the channel.
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b. |
Funds Transfer can originate from your savings or current accounts.
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c. |
Only cleared and withdrawable balances of your nominated payment Account shall be considered for Funds Transfer. In case of insufficient funds in said Account, your Funds Transfer request will automatically be canceled and no further attempt will be made by the Bank to make the transfer. The Bank shall have no obligation or liability if it does not complete a transfer due to insufficiency of funds in your nominated payment Account. In all cases, you are responsible for making alternate arrangements for the transfer.
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d. |
In the case of multiple Funds Transfer coming from a nominated payment Account and the Account has only enough balance to make some but not all funds transfer, the Bank, in its sole discretion, may determine which of your transfer requests to complete.
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e. |
You agree that the recipient's Account name and / or Account Number may be revealed to you and / or indicated in your Statement of Account. Further, you agree that your Account name and /or Account Number may be revealed to the recipient and/ or indicated in the recipient's Statement of Account.
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f. |
Foreign currency Funds Transfer are subject to the limitations set by the Bank or any governing body as to the type of currency, amount, frequency, types of accounts, trading period and rates.
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(i) |
Other Special Services
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1. |
You can make other service requests and inquiries such as but not limited to, SPO, Checkbook Reorder, Address Change, Application Status Inquiries, ATM and Credit Card-related Requests and Inquiries, Loan Services Inquiries, Remittance-related Inquiries and Enrollment Procedures Inquiries.
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2. |
Should any of the above special services be received by the Bank in the form of electronic mail or e-mail, you agree that these will be governed by the provisions herein on electronic mail.
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(j) |
Availability of Services
Some services may not be available for certain Accounts. |
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4. |
Proofs of Transactions
Each successful banking transaction shall be evidenced for records purposes and may be used by the Bank as basis in investigating any complaints lodged by the depositor, by a system-generated: |
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a. |
Transaction Record for Express Teller or EPS;
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b. |
Transaction Slip for EPS;
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c. |
Confirmation Number for Express Online;
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d. |
Acknowledgment Number for Express Phone; and
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|
e. |
Trace ID/Reference Number for Express Mobile.
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