The accountholder (individually the “Accountholder” and collectively, the “Accountholders”) hereby stipulates and agrees to be governed and bound by the following terms and conditions governing the opening and maintenance of the deposit account (the “Deposit Account”).
Further, the ACCOUNTHOLDER hereby stipulates and agrees to be bound by pertinent laws, rules and regulations of the Bangko Sentral ng Pilipinas (BSP), Bankers Association of the Philippines (BAP), as well as any subsequent amendments or supplements thereof and any new laws or rules to be promulgated which are applicable to the Deposit Account.
1. Deposits. Deposits shall be credited to the Deposit Account after verification by the Bank. The amount verified shall be deemed to be the correct amount deposited by the Accountholder. Any discrepancies noted shall be communicated to the Accountholder.
2. Loss or theft of Deposit Item. The Bank shall not be responsible for any payment it may make on any deposit item prior to its notice of loss/ theft of deposit item and such payment shall have the same effects as if made to the Accountholder personally except in case of patently discernable acts of forgery or irregularity.
3. Deposit Account Balance. Except for manifest error, the Accountholder agrees that the outstanding balance of the Deposit Account appearing in the records of the bank is accurate and conclusive and shall be binding upon him. The Accountholder specifically waives his rights under the provisions of Article 1250 of the New Civil Code insofar as it concerns the Deposit Account.
4. Joint and Several Account (“OR Accounts”) – The Accountholders agree with one another and with the bank that all moneys heretofore, now or hereafter deposited by them or any of them to the credit of this Deposit Account are and shall be received and held by the Bank with the understanding and upon the condition that said moneys deposited without reference to previous ownership shall be the property of the Accountholders as solidary owner.
5. Bank’s right to close the Deposit Account. The Bank reserves the right to close the Deposit Account at anytime without prior notice to the Accountholder if the same is improperly handled or for misrepresentation by the Accountholder or for any other reasonable or justifiable cause as determined by the Bank. The Bank is authorized to report such closure and reasons therefor to the BAP, BSP or to any monitoring body established by BAP or BSP. The Accountholder shall hold the Bank free and harmless from all liabilities, claims and demands arising from the above actions by the Bank.
6. Set-off. The bank is hereby authorized to and may, at any time in its discretion, with or without notice to the Accountholder, charge the Deposit Account and/or apply such amount thereof as shall be sufficient to pay any and all obligations of the Accountholder to the Bank, including loans, interest, penalties, charges and other receivables from the Accountholder whether covered by promissory notes or other credit agreements or arising from erroneous credits, and the Bank shall not thereafter be liable for withholding or applying to the payment of said obligations any or all amount of the Deposit Account or for the dishonor of checks, notes, drafts or other instruments for insufficiency of funds or other consequences of the foregoing.
In case of OR Account or AND Account, the Accountholders hereby authorize the Bank to set-off all amounts in the Deposit Account and/or apply such amount thereof as shall be sufficient to pay any and all obligations of any of the Accountholders to the Bank, including loans, interest, penalties, charges and other receivables from any or all the Accountholders whether or not covered by promissory notes or other credit agreements and the Accountholders hereby hold the Bank free and harmless from any and all liabilities arising from the withholding or application to the payment of said obligations any or all amount of the Deposit Account or for the dishonor of checks, notes, drafts or other instruments for insufficiency of funds or other consequences of the foregoing.
7. Deposit Insurance. Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum amount of P500,000.00 per Accountholder or such other amount as may be set by law. 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. In case of transfer 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. The relationship of the transferor and the transferee shall be proven by relevant documents such as, but not limited to, birth certificates and marriage certificates.
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 increased deposit insurance coverage, PDIC shall recognize beneficial ownership of the entity or transferee provided that the deposit account records show the (1) details or information establishing the right and capacity and the relationship of the entity with the individual/s; or (2) details or information establishing the validity or effectivity of the deposit transfer; or (3) copy of a board resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws. In the absence of any of the foregoing, PDIC shall deem the outstanding deposit maintained for the benefit of the transferor although in the name of the transferee, subject to consolidation with the other deposits of the transferor. PDIC may require additional documents from the Accountholder to ascertain the details of the deposit transfer or the right and capacity of the transferee or his relationship to the transferor.
8. 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 of the Deposit Account and shall be credited to form part of the principal on the last day of the interest period (the “Interest Payment Date”). No interest shall be paid on savings and/or demand deposit accounts closed prior to the prescribed Interest Payment Date even if these Deposit Accounts meet the required minimum balance to earn interest at the time of closure. All interest earned shall be subject to the prevailing withholding tax rate except those with a certification of exemption from the Bureau of Internal Revenue (“BIR”).
9. Fees and Charges. A fee shall be charged on the following:
a. Active Deposit Accounts falling below the required minimum monthly Average Deposit Balance (ADB) for two (2) consecutive months;
b. Dormant Deposit Accounts (defined as accounts with no deposit or withdrawal for a continuous period of two (2) years for savings accounts and one (1) year for current accounts) falling below the required minimum monthly ADB;
c. Deposit Accounts closed within a month after opening;
d. Request for the issuance of certification of account balances;
e. Replacement of lost passbook;
f. Stop payment requests for check/s;
g. Other services related to the maintenance of the Deposit Account depending on whatever policy the Bank may adopt in the future.
The service fees/penalty charges shall be in accordance with existing regulations of the Bank. The fees/charges under items (a), (b) or (c) shall be automatically debited by the Bank from the affected Deposit Account (regardless of whether the Deposit Account is owned singly, or a corporate account or is an Or Account or And Account of the Accountholder). In case the affected Deposit Account is insufficient to answer for the fees/charges, the Bank shall deduct the said amounts from the other Deposit Accounts of the Accountholder with the Bank. The Accountholder hereby authorizes the Bank to debit the said fees/charges from the affected Deposit Account or the other Deposit Accounts of the Accountholder with the Bank. The fees/charges under items (d), (e), (f) or (g) may either be paid directly by the Accountholder to the Bank or deducted from the Deposit Account. In case of automatic debit of the said fees/charges, the provisions of the foregoing paragraph shall apply.
10. Average Daily Balance. The Accountholder shall maintain, at all times, the required minimum monthly Average Daily Balance (ADB) relative to the Deposit Account. The Bank shall notify the Accountholder, through the system, of the dormancy of the Deposit Account at least sixty (60) days prior to the date of dormancy and the possible imposition of dormancy fee in case the Deposit Account is not updated.
The Bank shall likewise notify the Accountholder of any changes in the required minimum monthly ADB and the imposition of service and maintenance fees in case of non- updating, at least sixty (60) days prior to the imposition of said fees or charges. Said notice shall be delivered to the Accountholder as appearing in the records of the Bank via the digital application system, statement of account messages or other alternative modes of communication. Failure of the Accountholder to inform the Bank of his/her/their objections to the imposition of service and maintenance fees within thirty (30) days from receipt of said notice shall be deemed an acceptance of the imposition of such fees and charges.
The cost of said notification shall be for the account of the Accountholder and shall be debited by the Bank from the Deposit Account.
11. Unclaimed Balances. Pursuant to Act 3936 as amended by PD 679 of April 2, 1975, 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 be transferred to the credit of the Republic of the Philippines.
12. Authority to withhold, sell and/or set-off. The Bank is hereby authorized to set-off or withhold as security for any and all obligations with the Bank, all monies, properties or securities of the Accountholder now in or which may hereafter come into the possession or under the control of the Bank, whether left with the Bank for safekeeping or otherwise, or come into the hands of the bank in any way, for so much thereof as will be sufficient to pay any or all obligations incurred by the Accountholder under the Deposit Account or by reason of any other transactions between the same parties now existing or hereafter contracted, to sell in any public or private sale any of such properties or securities of the ACCOUNTHOLDER, and to apply the proceeds to the payment of any of his obligations heretofore mentioned.
13. Anti-Money Laundering. The Deposit Account is further subject to the provisions of Republic Act No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001”, including any and all amendments, rules or regulations pertaining thereto. The Accountholder hereby agrees to keep the Bank, its directors, officers and employees, free and harmless from any and all liabilities for any action it has taken or for refraining from taking any action in compliance therewith.
Deposit Account or the Beneficiary of the Deposit Account (hereinafter collectively referred to as “Accountees”) warrant that their accounts of whatever nature such as but not limited to remittances, deposits, investments or trust accounts (hereinafter the “Account” irrespective of number) shall not be utilized for money laundering activities nor for funding terrorism and that the funds thereof, including all increments and additions thereto, shall not emanate from illegal/or criminal activities or sources.
Any rule or law to the contrary notwithstanding, the Accountees agree that regulatory authorities of the Philippines as well as all countries where the funds or money originate or be remitted may conduct reasonable examination of the Deposit Account or otherwise require submission of pertinent data and papers for the purpose of removing any doubt and suspicion that the Deposit Account is involved in money laundering activities or terrorist financial activities or other illegal activities.
Accountees allow, consent, permit and authorize the Bank and its branches, agencies and instrumentalities to participate in any such examination, investigation or inquiry and to submit pertinent data and paper relevant to the objectives of such examination or inquiry.
For this purpose, the Bank, agencies and instrumentalities are authorized to disclose such data and papers as required by regulatory agencies, whether in the Philippines or abroad, in connection with Anti-Money Laundering regulations without incurring any criminal, civil or administrative liability.
14. Disclosure of Information. The Accountholder acknowledges that the Philippine Government, United States Government, and governments of other foreign jurisdictions where transactions pertaining or incident to the Deposit Account may transpire, may require the Bank, its branches and agencies, and all of the BANK’s subsidiaries, affiliates or correspondent banks to disclose or produce information concerning the Deposit Account. For purposes of compliance with such governmental requirements, the Accountholder hereby waives his/her/its rights under Republic Act 1405 (Law on Secrecy of Bank Deposits), Republic Act 6426 (Foreign Currency Deposit Act of the Philippines), RA 8791 (otherwise known as the General Banking Law of 2000), or any other pertinent law or regulation, as the same may be amended from time to time, and hereby authorizes the Bank, its branches and agencies, and all of the BANK’s subsidiaries, affiliates or correspondent banks, without prior notice or reference to the Accountholder, to make any and all disclosure of information regarding the Deposit Account as may be required by the Philippine Government, the United States Government or such other foreign governments. The Accountholder hereby holds the Bank, its directors, officers, employees and other duly authorized representatives free and harmless against any and all liability arising from any loss or damage which the Accountholder may incur or suffer as a result of such disclosure.
15. Non-residents with Peso Accounts. Non-residents may open a Peso Deposit Account subject to approval by the Bank and to applicable laws and regulations of the Republic of the Philippines, including those requiring all Peso Deposit Accounts by non- residents to be funded only by inward remittances of foreign exchange or the proceeds of conversion of properties located in the Philippines. The Accountholder shall be responsible for and assume any and all taxes with respect to the Peso Deposit Account that may be required under applicable laws and regulations. Any outward remittance of funds from the Peso Deposit Account shall comply with applicable Philippines laws, rules and regulations.
A non-resident Accountholder shall: (ii) provide his/her taxpayer identification number in the country where he is a citizen or a legitimate resident; and (iii) comply with documentation requirements for opening a deposit account per the regulations of his/her country. The Accountholder further declares under penalties of perjury that: (i) the taxpayer identification number provided by the Accountholder is true and correct; and (ii) the Accountholder waives any bank secrecy, privacy or data protection rights related to the Deposit Account.
16. Notice. All communications and notices required to be given to the Accountholder shall be delivered or transmitted via electronic mail or via digital application system to the Accountholder at his/her/its email submitted in his registration or such other address that may hereafter be given in writing by the Accountholder to the Bank. Except as otherwise specified herein, all notices shall be deemed received by the Accountholder: (a) if delivered personally, upon delivery; (b) if sent by postage prepaid registered mail, the date five (5) days after posting; (c) if sent by facsimile transmission, upon receipt of the facsimile transmission report; or (d) if sent by electronic mail, upon successful transmission of the message based on the e-mail record of the Bank.
17. Binding Effect These terms and conditions are binding on each and all of the Accountholders and their respective heirs, executors, administrators and assigns.
18. Governing Law. These terms and conditions shall become effective upon the opening of the Deposit Account and shall be deemed to have been made under and shall be governed by the laws of the Republic of the Philippines, in all respects, including without limitation, matters of title, construction, validity, performance and discharge and shall not be waived, altered, modified, or amended as to any of its terms or provisions except in writing duly signed for and on the Bank’s behalf. In the event that any provision of these terms and conditions, the Supplements or the passbooks shall be declared invalid, illegal or unenforceable by competent court, the other provisions of these terms and conditions, the Supplements or the passbooks not affected thereby shall remain valid and enforceable.
The client certifies and attests that all the information provided herein and the Supporting Documents submitted are TRUE, CORRECT, ACCURATE, COMPLETE and UPDATED.
In the event that the Bank discovers that the client hereby waives his rights of confidentiality under applicable law and the Bank and its authorized representative(s) are hereby absolute and unconditionally authorized to report and disclose to the U.S. IRS or Philippine Regulatory Agencies (e.g. Bureau of Internal Revenue, Bangko Sentral ng Pilipinas, and the like) and/or any third party authorized to receive FATCA information, any and all information regarding the client’s account that shall be required.
In the event of any change in the client’s circumstance which may affect his/her status, the client undertakes and warrant(s) that he/she will inform the Bank in writing of such change within thirty (30) calendar days from occurrence of such change.
The client shall indemnify and hereby holds the Bank, its directors, stockholders, officers, employees, representatives, agents or other relevant units of the Bank, free and harmless from and against any and all liabilities, actions, damages, proceedings, losses and/or any claims of whatever nature which may be suffered or incurred by the Bank as a result of or in any way arising from or connected with any false, inaccurate, incomplete or invalid information/documents provided to the Bank.
Product Disclosure Statement: https://www.netbank.ph/pds-eplayment