 | THE ACCOUNTS | |
| 1. | Account Opening
Accounts may be opened by and maintained at the sole discretion of the Bank, upon your compliance with all the account opening/maintenance requirements as may be imposed by the Bank from time to time such as, but not limited to, duly completed and executed account opening forms, supporting documents and delivery of the initial deposit amount.
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| 2. | Acceptance of Deposits
The Bank may accept your deposits in cash or by check. In the case of check deposits, the Bank acts only as your collecting agent in receiving your checks and other items/documents for collection, and drawings may not be made against such deposits, as the case may be, until actual payment has been received by the Bank in accordance with existing Bangko Sentral ng Pilipinas (BSP)/Philippine Clearing House Corporation (PCHC) rules and regulations. However, the Bank may still charge back any defective 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 and you agree to keep the Bank free and harmless for any non-compliance with this provision. Deposits made through the Bank’s night depository facility or through deposit pick-up service, shall be subject to final count and verification, the finding of whom shall take precedence over the figures/amounts you indicated in the deposit slip. The Bank shall notify you of any discrepancy at the soonest possible opportunity.
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| 3. | Interest on Accounts
Interest on your savings and/or current account(s) will be calculated based on such account’s daily balance, provided, that your balance does not fall below the required balance to earn interest. Interest earned shall be credited according to the prevailing Bank-determined interest rate applicable. For details, please see “Pricing Structure” as well as subsequent notices of changes/amendments that may be posted in conspicuous places in the bank premises.
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| 4. | Minimum Account Balance
You shall maintain account balances at the agreed/required monthly average daily balance (ADB) computed as follows:
ADB = (Day 1 ending balance + Day 2 ending balance ... + Day 30/ 31 ending balance)
................................... No. of days in the month (i.e. 30/31 days)
Otherwise , a service charge will be deducted/debited at the end of each month against any of your deposit accounts with the Bank. Any account with zero balance, regardless of status, may be automatically closed by the Bank. You shall ensure that you are always aware of the details of the monthly average daily balance and all the applicable service charges, fees, penalties which are available upon request or published/posted within the Bank’s premises. You further agree that in closing the account, the Bank will not be held for any liabilities arising from such closure.
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| 5. | Inactive Accounts
In compliance with BSP rules and regulations, any of your Accounts which remains inactive (no transactions were performed), two (2) years for savings accounts and one (1) year for current account, will be considered dormant for which a corresponding monthly service fee 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.
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| 6. | 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/fund transfers from your Account(s) shall be subject to the following terms:
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| | a.Savings Accounts
You should be aware that possession of the savings passbook raises the presumption of ownership
and the Bank shall not be liable for payments made to any person who shall present such Savings
Passbook unless the Bank has received, prior to such payment, a notarized affidavit of loss. No
entries other than those effected by the Bank shall be recorded in the Savings Passbook.
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| | b.Current Accounts
Withdrawals/fund transfers from current accounts made thru checks should be duly executed
by you. Only checks containing signatures 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 deposit account you designated upon your TD account opening pursuant to your
instruction appearing on the duplicate copy of 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 deposit 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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| 7. | Signature Cards
You agree to complete and submit signature cards containing your specimen signatures or those of your authorized signatory(ies) in such manner and in such frequency as may be required by the Bank and/or applicable BSP regulations. The Bank will not be liable for transactions negotiated thru signatures that differ from your specimen signatures on file.
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| 8. | Use of Checkbooks
You acknowledge and agree that:
(a) You shall maintain your checkbooks in a secure and safe place accessible only to you and your
authorized signatories, and you shall ensure that it is only you or your duly authorized signatory
who draws or issues the same. Any alterations on your checks shall be confirmed by you or your
authorized signatory/representative’s signature and you agree to keep the Bank free and harmless
for any non-compliance with this provision.
(b) 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. You further
acknowledge that the Bank will not be liable for losses arising from check alterations or unauthorized
insertions therein.
(c) 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.
(d) Your use of the MICR checks printed by, or secured from, entities other than those accredited
by the Banker’s Association of the Phil. (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.
(e) You may only stop payment of your check (SPO) by giving clear written instructions to the
Bank and branch where your account is maintained, before the check has been paid or accepted
or certified for payment. You also acknowledge that such order will expire on the 180th day from
receipt by the Bank/branch unless otherwise renewed. Revocation shall be in writing if to be lifted
prior to the six-month expiration period. The Bank reserves the right to charge service fees for the
filing of the SPO request.
(f) Return of checks drawn against insufficient funds (DAIF), drawn against uncollected deposits
(DAUD), or with technical defects shall be governed by the rules and regulations of the PCHC
and the BSP. 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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| 9. | Closure of Account(s)
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, and to pay you the proceeds of your closed accounts via Manager’s Check(s) net of all applicable charges, fees and/or taxes and/or such amounts which will answer for your outstanding contingent liabilities under any of the services or products 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 decides to close.
You further agree that the Bank is authorized to close account(s) even without prior notice in case said account(s) 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 account and to report such closure and the reason(s) therefor 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 accounts. You will hold BPI 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 account(s) and/or (b) the dishonor of any check thereunder which may be presented to the Bank after the closing of the account(s) and/or (c) the reporting of the closure of account(s) and the reason(s) therefor 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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| 10. | Automatic Transfer of Funds
You agree that in availing the automatic transfer of funds from savings to current account, you are bound by the terms and conditions embodied in the fund transfer agreement. Only collected, cleared and unencumbered funds credited to your Account(s) shall be available for transfer to your other Account(s).
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| 11. | Diminution of Account Balance/Value
The Bank shall have no obligation nor liability to you for any reduction due to taxes, or depreciation in value, of funds credited to or maintained in your Account(s).
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| 12. | Statements of Accounts
The Bank will send to your last recorded address Statements of Account showing the transactions and balances in relation to your Account(s) and such other banking services as may be specified by the Bank. You agree that if within 10 days from your statement cut-off date, such statement has not been received, it is your obligation to go to your branch of account to ask for such copy. Otherwise, the same shall be considered received by you. Moreover, you agree that if the Bank does not receive any complaint from you 20 days from statement cut-off date, said statement and all transactions therein shall be considered correct and any claim against the Bank shall be waived.
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| 13. | Applicability of Terms and Conditions to Other Accounts
You agree that any savings, time deposit, current or other account (whether in local or foreign currency) opened and/or maintained by you with the Bank, shall be considered as part of the Bank’s products and services (and each such account shall be an Account for the purpose hereof) and shall be subject to and governed by these terms and conditions and any amendments hereto, such as but not limited to the rate of interest, manner of computation, and the various charges relative to your deposit account, and the posting of such amendments in conspicuous places in the Bank’s premises.
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| 14. | Joint Accounts
You agree that for Joint (AND) accounts, the signatures of all accountholders are required to operate the account. Likewise, for Joint (AND/OR) account you agree to be governed by the following terms and conditions:
(a) each person who is a signatory for a joint account shall be deemed an account holder of
such joint account,
(b) each of you represent that you are of legal age, and has the capacity to enter into legally
binding contracts,
(c) any balance credited to your joint account(s), presently or in the future, is and will be owned
by you as joint accountholders,
(d) 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 telephone banking facilities and/or
ATMs, 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
or you,
(e) on the death of any one of you, each of the surviving accountholders shall immediately notify the
Bank in writing of such fact and the Bank may hold all moneys and items standing to
the credit of, or by way of security for, any service or product to the order of the survivor(s),
it being understood that as joint owners of the joint account(s), you have the right of survivorship,
subject to such applicable provisions/requirements of law and any claims which the Bank or any
third party may have,
(f) delivery of notice to any one of you shall be deemed sufficient notice to all of you,
(g) if the Bank, prior to acting on instructions received from any of you, receives contradictory
instructions from another joint accountholder, the Bank shall thereafter act only on the
instructions of all of you,
(h) whenever one of you withdraws/effects fund transfers/draws against the Account(s),
you are doing so on the basis of your continuing declaration and representation,
under penalties of perjury, that all your co-depositors are still living as of the
date you effect the withdrawal/fund transfer/drawing against the Account(s), and that
the Bank may, at its discretion rely on such continuing declaration and representation
and you agree to keep the Bank free and harmless for its reliance on such continuing
declaration and representation, and
(i) your obligations for whatever fees, charges, taxes and/or any amount which may be
due and owing to the Bank 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.
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| 15. | Disclosure of Information
You agree and authorize the Bank to make disclosures of information regarding your Account(s) to persons having regulatory authority over the Bank, or having regulatory authority in the jurisdictions through/under which your checks, deposits, withdrawals or fund transfers pass or are cleared or transmitted or delivered, or to 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 the Bank’s participation in any ATM network, electronic fund and/or credit card network, the outsourcing of the printing/processing of bank statements and the like.
You likewise agree that the Bank may share information relating to your loan and credit card Account(s) with other banks and/or credit rating/information agencies unless you specifically instruct otherwise in writing.
You agree that the Bank shall not be liable for any loss or damage arising from its disclosure of account information.
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| 16. | Credit Accommodations
The Bank, at its sole discretion, may from time to time, grant you a credit accommodation by purchasing checks payable to you, or decide to carry out your instructions notwithstanding inadequacy of funds in your Account(s) by advancing the amount required, without need of seeking prior approval from, or notice to, you and 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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| 17. | General Terms and Conditions
(a) You authorize the Bank to, without liability, combine or consolidate the outstanding balance
in any of your Account(s) with any of your other Account(s) 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 to the Bank. 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.
The Bank’s rights hereunder shall not be affected by your death or subsequent legal incapacity.
(b) You agree that the Bank shall have the right to add, revise, amend or cancel, in whole or in part,
any of the products and services provided by the Bank and any of the terms and conditions
pertaining to any product or service. Any such addition, revision, amendment or cancellation will
take effect and become binding on you from such time the same is published, displayed,
You further agree that any change in the following shall be announced
to you by means of posters duly displayed in a conspicuous place
within the premises of the Bank:
(i) minimum balance requirement to earn interest;
(ii) tiered rates of interest and corresponding placement brackets;
(iii) relevant charges.
(c) You agree that the Bank and its partner institutions have the right to offer you participation
in promos, etc. by writing to you.
(d) 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.
(e) You agree that the Bank shall not be liable for inadvertently committed errors in the handling
or processing of transactions.
(f) You agree that all expenses, including 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 Account(s).
(g) You shall be liable for all taxes, fees and charges due on any and all transactions which the
Bank executes upon your instructions and/or that which arise in connection with your availment
of the Bank’s products and/or services, or the acceptance of the benefits thereof.
(h) You agree that where particular transactions, products or services are subject to specific terms
and conditions agreed upon between you and the Bank, or that are applicable thereto, such
terms and conditions shall take precedence and these terms and conditions shall be of
suppletory character to such transaction(s), products or services.
(i) The Bank shall not be liable for any failure to provide any service or to perform any obligations,
or for any loss or damages howsoever caused or in any way whatsoever, and whether such
loss or damage is attributable (directly or indirectly) to any dispute or any other matter
or circumstances whatsoever including but not limited to the failure of any computer,
machine, data processing system or transmission link or the ATM Cards or ATM, the withdrawal
of ATM services in other countries (which services will be governed by local regulations), the
temporary insufficiency of funds in such machines or otherwise howsoever, or to carry out the
Accountholder’s telephone instructions or to send a monthly statement to the Accountholder.
(j) The terms and conditions herein shall be governed by and construed in accordance with the
applicable laws of Philippines and by the Bank’s by-laws, regulations and practices in effect
for the time being brought to your attention by display, advertisement or otherwise and you
submit to the non-exclusive jurisdiction of Philippine courts.
(k) You agree to keep the Bank indemnified at all times against, and to save the Bank
harmless from, all actions, proceedings, claims, losses, damages, costs and expenses
which may be brought against the Bank or suffered or incurred by the Bank and which shall
have arisen either directly or indirectly out of or in connection with the Bank’s performing its
obligation hereunder or accepting instructions, including but not limited to telephone instructions,
and acting or failing to act thereon unless due to the willful default of the Bank. Such indemnity shall
continue notwithstanding the termination of any of the Bank’s products or services.
(l) The Bank shall have the right, at its absolute discretion and without need of prior notice to you,
to refuse to pay when demanded, or when the same falls due, any of the Bank’s indebtedness to
you at that time, and such of the Bank’s indebtedness shall remain outstanding on substantially the
terms and conditions in effect immediately prior to such exercise, or on such terms as the Bank
may, at its absolute discretion, consider appropriate in the circumstances.
(m) The Bank reserves the right to destroy any documents relating to the Account(s) or your
instructions within one (1) year from the relevant transaction date or after microfilming the same,
whichever comes first.
(n) All communications sent by mail addressed to the latest address registered with the Bank shall be
deemed to have been duly delivered to you.
(o) You warrant that all particulars given to the Bank are, to the best of your knowledge, accurate and
true, and undertake to immediately notify the Bank of any changes thereto in writing.
(p) All other BSP rules and regulations on deposit accounts/investment placements shall form part of
and be incorporated by reference to this Agreement.
(q) You agree that where particular transactions, products or services are subject to specific terms
and conditions agreed upon between you and the Bank, or that are applicable thereto, such terms
and conditions shall take precedence and these terms and conditions shall be of suppletory character
to said transaction(s), products or services.
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| THE ATM CARDS | |
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The following provisions on ATM cards shall be known as the BPI Express Teller agreement. | |
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| 1. | Issuance of ATM Cards
You may be issued, at the sole discretion of the Bank, Automated Teller Machine (ATM) Card/s which you may use to access your Account(s) through the Bank’s, or its affiliated ATMs or Point of Sale (POS) terminal networks and effect such permitted transactions in relation therewith. You agree to keep the ATM Card(s) in a secure and safe place and to sign the ATM Card(s) immediately upon your receipt thereof.
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| 2. | Ownership of ATM Cards
The ATM Card(s) shall at all times remain the property of the Bank and is subject to revocation and/or repossession by the Bank 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 ATM Card(s) to the Bank upon the Bank’s request. You acknowledge that the Bank may withdraw/suspend the ATM Card(s) or services offered in connection therewith without prior notice.
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| 3. | Non-Transferability
The ATM Card(s) are issued to you for your exclusive use and are non-transferrable and cannot be lent for the temporary use of any other person nor can the same be pledged or charged as security in any manner whatsoever.
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| 4. | Joint Account Cards
If any Account is in the name of more than one person, the Bank may issue the ATM Cards to some or all of you. In such cases, the Bank may implement transfer/debit/withdrawal instructions for such Account/s which are received from any one of you using any of the ATM Card(s) issued even though the joint account instructions are different, or terminated, until all ATM Cards issued to all of you have been returned to the Bank.
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| 5. | Report of Loss/Theft of ATM Cards
You agree and undertake to immediately call 89-100 or report to the Bank where the account is maintained, loss or theft of any ATM Card issued to you. Any losses due to withdrawal/debit/transfer of funds using any lost/stolen ATM 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 replacement cards to you following the loss or theft of the ATM Card(s) originally issued to you.
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| 6. | Personal Identification Number (PIN)
You acknowledge the advanced technology and superior security features of the Bank’s ATMs, and POS, that access to/withdrawals on your Account through the ATMs/POS can be made only using your ATM Card and encoding thereon your Personal Identification Number (PIN). You likewise acknowledge that your PIN is known only to you, not to anyone else, nor to the Bank. You are required to keep your PIN confidential at all times and you shall not divulge the same to any other person. Your non-compliance with this provision shall relieve the Bank of any accountability for any loss arising from the use of your PIN to effect any transaction relating to your Account(s). Any transaction effected using your PIN shall be conclusively presumed to be authorized by you.
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| 7. | Acceptance of ATM Deposits
You agree that the receipt electronically generated at the time the deposit transaction was made represents what you purport to have deposited. Your deposit shall be credited to your account after proper verification. Deposit envelopes will be opened in the presence of two (2) authorized personnel. 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.
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| 8. | International ATM/POS Access
The Bank has arranged with its correspondent banks outside of the Philippines the facility of effecting withdrawals abroad from your Account(s) in the Philippines. Any withdrawal outside the Philippines made with an ATM card against your Account in the Philippines constitutes a disbursement of the account in the Philippines and a remittance to the country where the withdrawal is effected, and shall, therefore, be subject to the laws and regulations of both the Philippines and the country where the withdrawal is made. Cash withdrawals outside the Philippines using ATM cards shall be in the currency utilized by the institution which owns the ATM from where the withdrawal is made and up to the maximum amount for cash withdrawals permitted by that institution. Cash withdrawals are also subject to any 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. Transactions shall be subject to transaction fees as determined by the international network through which the transaction was coursed. Such transaction fees shall be subject to the exchange rate prevailing at the time of the transaction.
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| 9. | ATM Network (Express NET)
You understand and agree that the Bank does not have any control over the participants of the ATM or other network through which you may access your Account(s), or the ATMs themselves, or the procedures or controls such ATM or other network participants adopt in regard to data/information processing. Hence, the Bank shall not be liable for any loss or damage of whatever kind or nature incurred by you
(i) in instances where you are unable to use your ATM Card or to avail of any service due to
disruption or failure of the ATMs, the ATM or other network or communication facilities linking
the same, or
(ii) arising out of any failure, delay or rejection regarding the use of your ATM Card or availment
of any service, or
(iii) when caused or due to unauthorized or fraudulent access or utilization of your ATM Card or
any service. You understand and agree that 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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| TELEPHONE BANKING SERVICES | |
| The BPI EXPRESS PHONE, the Bank’s telephone banking service, covers both self-service and phonebanker-assisted transactions.
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| 1. | Products and Services
Following are some of the self-service transactions available in BPI EXPRESS PHONE:
(a) transfer of funds between your linked accounts;
(b) inquiry of account balances and last transactions;
(c) report of lost ATM card;
(d) change of telephone ID number;
(e) requests for statements and checkbooks;
(f) stop payment orders; and,
(g) such other types of banking services as the Bank may from time to time introduce or permit.
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| 2. | Telephone Transactions and/or Instructions
You agree that the Bank, at its sole discretion, is entitled to act on the telephone transactions and/or instructions which the Bank reasonably believes emanated from you by the use of your Telephone Identification Number (TIN). You agree further that the Bank shall not be liable for acting in good faith based on the telephone instructions, which it believes emanated from you. The Bank shall not have any duty to verify the identity of the person(s) giving telephone instructions by any means other than through the use of the TIN or a form of identification that the Bank may require.
For joint accounts, you agree that all telephone transactions and/or instructions to be made via BPI EXPRESS PHONE are done with the consent of your co-depositor.
You hereby hold the Bank free and harmless from all liabilities, claims, demands, suits of whatever nature, for any error inadvertently committed including any computer-related error on account of any telephone banking transaction that you may undertake via the BPI EXPRESS PHONE.
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| 3. | Telephone Identification Number
You need to nominate a TIN to be able to do self-service transactions. The TIN should be known only to you and as such, any transaction effected using your TIN shall be conclusively presumed to be authorized by you. You further agree and undertake to change your TIN from time to time as you deem necessary and should you feel that your TIN has been compromised, you shall immediately change your TIN via Express Phone.
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| 4. | Checkbook Reorder
You understand that the checkbooks you ordered through the BPI EXPRESS PHONE will be for pick-up at your maintaining branch (where you opened the account) four (4) weeks from date of your reorder.
You agree that your Account will be debited for the cost of the checkbook(s) without need for further demand, notice or consent. Further, you agree that a letter of authorization is required if such checkbooks will be picked up by a representative.
You also agree to hold the Bank free and harmless from any and all claims and liabilities and you undertake to reimburse/indemnify the Bank for all such costs, payments, damages and expenses which the Bank may be liable for or which the Bank may incur or have incurred by reason of the Bank’s implementation of your checkbook reorder(s); and you further undertake to 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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| 5. | Stop Payment Order (SPO)
You understand and agree that the BPI EXPRESS PHONE accepts your SPO(s) on the assumption that the checks(s) has/have not yet been negotiated as of the date and time you issued the SPO(s). You also agree that staledated checks cannot be accepted for SPO(s) and lifting of an SPO can only be made upon your written request at your maintaining branch.
You also understand that all SPO(s), for dated and undated checks, issued through BPI EXPRESS PHONE are valid and effective for a period of six (6) months from date of the Bank’s receipt of the SPO(s) 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 understand that the SPO(s) issued on the undated checks will be void and ineffective six (6) months after the date of your SPO(s) via the BPI EXPRESS PHONE and will therefore be automatically cancelled by the Bank without need for further notice; and that you hold the Bank free from any liability for payment subsequent to the automatic SPO cancellation of the undated check(s).
You hold the Bank free and harmless from any and all claims and liabilities and you undertake to reimburse/indemnify the Bank for all such costs, payments, damages and expenses which
(i) the Bank may be liable for or which the Bank may incur or has incurred by reason of the
Bank’s implementation of said SPO(s);
(ii) the Bank may be liable for or which the Bank may incur or has incurred on account of
payment contrary to the request for SPO(s), if same occurs through inadvertence
or accident only;
(iii) result on account of payment by Bank before the date and time when the SPO was
placed; and
(iv) result from payment by the Bank effected over-the-counter under an offline environment
even after SPO was issued; and that you further undertake to notify the Bank promptly in
writing of any change in the conditions which give rise to your request for SPO(s).
You also agree that the Bank may in the future impose charges on these services within legal and regulatory limits.
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| 6. | General Terms and Conditions
You agree as follows :
(a) All BSP rules and regulations on deposit accounts and/or investment placements shall form part of
and be incorporated by reference to this agreement.
(b) You agree that where particular transactions, products and services are subject to specific terms
and conditions agreed upon between you and the Bank, or that are applicable thereto from
time to time, such terms and conditions shall take precedence.
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| PAYMENT FACILITY | |
| As a depositor, you may avail of the Bank’s CHECK-FREE PAYMENT Facility by enrolling your card number at your branch of account by accomplishing the enrollment form indicating therein the Reference Number(s) of the company(ies) and/or individual(s) you wish to pay. In this connection, you likewise agree to be governed by the following terms and conditions:
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| 1. | A CHECK-FREE PAYMENT is a debit from any of the your linked account(s) and credit to the payee-company/individual’s account. Such payment may be made via Express Teller or via BPI EXPRESS PHONE. If via BPI EXPRESS PHONE, you shall have to nominate a TIN at your branch of account.
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| 2. | Payments made after the Bank’s cut-off time (for both Express Teller and Express Phone) shall be considered as payments for the following day.
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| 3. | Only cleared and withdrawable balances of your linked accounts shall be considered and available for such payment.
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| 4. | The Bank shall be notified of any and all changes in your enrolled Reference Number(s).
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| 5. | 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-company(ies) and/or individuals.
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| 6. | The Bank is authorized to disclose to any of the payee-companies any matter pertaining to your account(s) as may be necessary for the operation of this CHECK-FREE PAYMENT arrangement.
For this purpose, the Bank is hereby held free and harmless from any and all liabilities, claims, demands, suits of whatever nature, arising out of or in connection with such disclosure.
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| 7. | Payment shall be for current/due bills only. Payments for past due or overdue accounts with service disconnection/termination or lapse of policy/contract shall be made directly to the collection offices of the payee-company(ies).
Payment procedures/stipulations imposed by your payee-company(ies) 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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| 8. | The Bank shall not be held liable for any adverse actions/consequences instituted by any of your payee-company(ies) and /or individuals for payments made on overdue or past due accounts, including payments for service disconnection/termination, lapse of contract/policy, and/or the like, or for violation of Item no. 7 above.
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| 9. | The CHECK-FREE PAYMENT arrangement between the Bank and any of its affiliated payee-company(ies) and/or individuals may be cancelled at any time by either party without any written prior notice of termination to you.
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| 10. | This arrangement shall be governed by all applicable rules and regulations of the BSP.
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| 11. | The Bank may in the future impose charges on this arrangement within legal and regulatory limits.
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| 12. | All terms and conditions of existing current/savings account agreement(s) with the Bank insofar as not inconsistent herewith shall remain in full force and effect.
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| 13. | For joint accounts, it is hereby understood and agreed that all transactions to be made by any one of you through this CHECK-FREE PAYMENT arrangement are deemed done with the consent of all the co-depositors.
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| 14. | You hold the Bank and other members of the BPI Unibank as well as any of their officers and representatives free and harmless from any and all liabilities, claims, demands, suits of whatever nature, arising out of or in connection with the implementation of this arrangement, including any and all errors inadvertently committed resulting to the Bank’s failure to effect any payment transaction that you may undertake via the CHECK-FREE PAYMENT arrangement.
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