Terms & Condition

The depositor agrees that this current account is governed by the laws and regulations, as well as future amendments thereof, adopted and issued by the Legislators Monetary Board of the Bangko Sentral ng Pilipinas and by the Rural Banks Board of Directors

This current account passbook must be presented every time a deposit is made

The depositor should ensure that the correct current account number is indicated on all transactions (deposit slip) over their account. The bank will not be liable for errors in bookkeeping caused by an incorrect/missing account number, notwithstanding the presence of their correct name on the transaction

Deposits shall earn interest at such rate determined by the Bank in accordance with the pertinent regulations/guidelines issued by the Bangko Sentral ng Pilipinas. Computation of interest is based on actual daily/cleared balance compounded and credited quarterly. However, if the balance falls below the required average daily balance (ADB) to earn interest on any day, the account will not earn interest during the day. Note: The required ADB to earn interest is subject to change upon prior notice to depositors

Any claim by the depositor against any erroneous entry in this passbook must be made by him before leaving the bank or on the occasion when the entry is made.

All current account that fall below the required ADB for at least two consecutive months, shall be charged a monthly maintenance fee. The service fee shall be automatically debited from the current account balance

Current account showing no activity for one (1) year shall be classified as Dormant. Additionally, dormant current account that falls below the required monthly ADB shall be charged with a monthly dormancy fee of Thirty Pesos (PhP30.00) if account shows no activity for five years and the balance has fallen below the required minimum monthly ADB. The service fee shall be immediately debited from the dormant savings account. Note: The required maintaining ADB is subject to change upon prior notice to depositors.

The depositor agrees and acknowledges the implementation of the electronic presentment of checks under the Check Image Clearing System of the Philippine Clearing House Corporation (PCHC) and PCHC rules.

The bank shall collect penalty charge for all returned or dishonored checks due to unfunded or improperly funded accounts at such amount determined by the Bank in accordance with the pertinent regulations/guidelines issued by the Philippine Clearing House. Further, the bank shall collect penalty charges for late deposits made for funding of issued checks

The bank reserves the right to initiate immediate closure of all mishandled and/or repeatedly mishandled current accounts after serving due notice thereof. Upon closure of such account, the bank shall not be held liable for damages, claims and demands of whatever kind or nature in connection with or arising from the closure of such account and/or the dishonor of any check thereunder which may be presented to the bank after the closing of such account

Current account with no activity during the preceding ten (10) years or more shall be escheated in favor of the Treasurer of the Philippines pursuant to Republic Act No. 3936 otherwise known as the Unclaimed Balances Law.

Updating of records and specimen signature/s shall be done regularly by the accountholder/s pursuant to banking regulations. Any update in the depositor’s information/documents shall be reported to the bank.

Reactivation and closure of accounts shall require the presence of all the accountholder/s and ensure updated information and records.

Depositor must, under no circumstances, write anything on the passbook, as the Bank will not be responsible for any sum not properly recorded and acknowledged thereon. No entries in the passbook shall be made except by the Bank. The passbook is not conclusive evidence of the balance of this account.

Notify the bank immediately in case of loss or destruction of this passbook

The depositor, upon signing his/her specimen signatures and making the initial deposit shall be deemed to have agreed and consented to the above Terms and Conditions. Depositors are presumed to have read and accepted the foregoing Terms and Conditions. These Terms and Conditions are considered integral part of the Contract of Deposit between the depositor and this bank.

Deposit Insured with Philippine Deposit Insurance Corporation in the maximum amount of five hundred thousand pesos (PhP500, 000.00)