General Terms and Conditions Governing

EastWest Bank Accounts

COVERAGE

1. Agreement. These Terms and Conditions shall form part of the specific terms and conditions of EastWest Bank's individual products and services and such other rules and regulations governing your account/s with the Bank and shall be applicable to any future account that you may open with us.

   As used in the succeeding paragraphs, "we", "our", "us", the "Bank" and "EastWest Bank" refer to East West Banking Corporation. The terms "you" and "your" refer to every person who has an account or opens an account with EastWest Bank.

2. Acceptance. In signing our relationship initiation forms, signature cards, issued cards or by using our services and facilities, you agree to be bound by these Terms and Conditions, which shall govern your relationship with us on all accounts opened and maintained, as well as all transactions from time to time concluded with or through you.

RELATIONSHIP INITIATION AND CUSTOMER INFORMATION

3. Relationship Initiation. Relationship initiation or application will be subject to our minimum customer information, minimum and maximum loan or credit amounts, initial deposit and maintaining balances and any other applicable requirement, be it for each product or service type or for the total relationship that you have with us. You understand that the extension of any Bank product or service to you is dependent on the results of any and all processes and screening requirements of each individual product or service that you are applying for and that any account opening shall be at the sole discretion of EastWest Bank.

4. Disclosure of Information. You certify that all information that you have provided or will provide to us (through Bank Documents, supporting documents, etc.) are complete, true and correct and that all signatures on these documents are genuine.

   You agree to waive confidentiality of information and records relating to you that we may obtain from third parties, including government agencies, your employer, business associates and other entities as we may deem proper and sufficient in the conduct of our business.

   You consent to us using and disclosing information or data relating to you, your applications, loan accounts and Bank transactions to any of our subsidiaries and affiliates, agents, members of the Filinvest group of companies, other banks, credit card companies, financial institutions and credit information bureaus, third-party service providers and to selected persons in connection with sales and marketing programs (including other products of the Filinvest group) as well as other third-parties authorized by us to receive such information, wherever situated (including outside of the Philippines), for confidential use in connection with our exercise of our functions or for any business purpose (including but not limited to sales and marketing, credit investigation and collection, information technology systems, data processing and storage, and statistical, risk, product utilization and other analysis and other purposes). You agree that such disclosure or exchange of information will not be the basis of any claim against us or the persons receiving such information. You further agree that such person or entity to which disclosure is made may use such information or data in the course of any business carried by him or it.

   You acknowledge that we may be required by law, competent courts or government or regulatory bodies or other offices or agencies authorized by law to disclose information or data relating to you, your applications, bank accounts and transactions with us. You understand and agree that we may be required to report your accounts, including the handling thereof, to the Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, credit bureaus and/or any other governmental or regulatory body. You authorize us to report and/or disclose information as required to any bank or credit card association, credit bureau or institution or other appropriate person, if any of your loan accounts become delinquent or any of your deposit or loan accounts are not operated appropriately.

5. Customer Information Update. We, at our sole discretion, may update any and/or all your existing records with us using the latest customer information that we derive from you. Latest customer data may be received by the Bank through any of the following means: (i) application or account opening forms of any of the Bank's products and/or services; and (ii) customer record updates received through duly-signed customer information update forms, face-to-face contact, postal mail, phone, facsimile, email, internet banking and other electronic means.

DEPOSIT PRODUCTS AND SERVICES

6. Checking Accounts. Issuance of checks shall be governed by the rules and regulations imposed by the Philippine Clearing House Corporation (PCHC) and the Bangko Sentral ng Pilipinas (BSP).

   • Documentary Stamps Tax. Cost of checks and documentary stamps will be for your account.

   • Returned/Dishonored Checks. Return of checks drawn against insufficient funds (DAIF), drawn against uncollected deposits (DAUD), or due to technical defects will be governed by the rules and regulations of the PCHC and the BSP. We may dishonor checks in accordance with applicable laws, regulations and bank policies. We will have no liabilities arising from the said dishonor.

   • Mishandled Accounts. We are authorized to close account/s even without prior notice in case said account/s are mishandled by the issuance of unfunded or insufficiently funded check/s or involvement in any fraudulent or illicit activities and to report such closure and reason/s thereof to the BSP, the Banker's Association of the Philippines (BAP), or to any central monitoring entity or body established by the BAP to keep record of and monitor mishandled deposit accounts of member banks. You shall keep us and our 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; (b) the dishonor of any check/s thereunder which may be presented to us after the closing of the account/s; and/or (c) the reporting of the closure of account/s and the reason/s thereof to the BAP or to any central monitoring entity or body established by the BAP.

   • MICR Checks. Your use of MICR checks that were not issued to you by the Bank and were printed or secured from entities other than those accredited by both the Bank and the BAP Accreditation Board for drawing against your current account with us, shall constitute a waiver on your part of the rights to claim reimbursement/refund or damage of any kind arising therefrom.

7. Time Deposit. Time deposits cannot be assigned or transferred by endorsement of the Certificates of Time Deposit (CTD). The time deposit certificate is non-negotiable and will be payable only to the person/s named therein (account name) or to his/her/their heirs, in case of death, subject to the rules and policies on deceased depositors.

   Time deposit proceeds are deemed automatically renewed at maturity date. Presentation of the certificate will no longer be necessary to effect auto-renewal. However, pursuant to your instructions, time deposit may be paid/terminated or credited to a deposit account at maturity date. If the deposit is withdrawn before maturity date, the applicable pre-termination rates shall be used as basis for computation. Certificates presented to the Bank on or after time deposit account closure will be cancelled and forfeited by the Bank.

   We reserve the right to charge you with the payment of the Documentary Stamp Tax (DST) and other applicable taxes imposed on your time deposits with us.

8. Foreign Currency Deposits. You warrant that your Foreign Currency Deposits: (a) shall not be funded by foreign currency required to be sold and/or surrendered under the rules and regulations of the BSP then in effect; and (b) shall be funded purely by foreign currency receipts eligible for deposit under the rules and regulations of the BSP then in effect. You shall hold us free and harmless from liability for any deposits you make in violation of any law, rules or circulars.

   • Items for Collection. Checks denominated in foreign currency received as deposits and sent to a foreign correspondent bank for collection/clearing shall be governed by the following special conditions: (1) we are acting only as your collection agent; (2) we shall not be liable for any loss, damage, or delay due to causes beyond our control, acts of God, civil disturbances, mail delays / fraud, equipment /systems failures, or other events of force majeure; and (3) we shall not be liable for any claim for non-payment of any item unless the non-payment results from our proven gross negligence or willful misconduct.

     Check deposits previously presented and subsequently returned by the drawee banks cannot be re-deposited. We reserve the right to charge clearing and/or collection charges for checks denominated in foreign currency for deposit/collection. You authorize us to immediately debit any of your foreign currency or peso accounts for returned checks, our minimum charges and other amounts the foreign collecting bank may impose for any returned check.

   • Income Tax. Interest income from foreign currency deposits of Philippines residents is subject to tax in accordance with Philippine law.

9. Rebates and Rewards Points. When applicable, you may only redeem rebates and rewards points in relation to your deposit accounts and your use of debit cards and other electronic banking services linked to your accounts if said deposit accounts are active in status (i.e. not dormant or escheated) and are not below the requisite minimum maintaining balance upon actual redemption. Said rebates and rewards points will automatically be forfeited in our favor upon your or our initiated account closure.

10. Joint "OR" Accounts. The funds in your joint "or" account(s) are owned entirely by any one of you jointly and severally, and shall be payable to and collectable by any one or more of you.

    • Transactions. Your joint "or" account authorizes us to allow deposits, withdrawals, check transactions or written payment orders, with any number or all of the individuals who are joint account holders and whose signatures are indicated in the specimen signature card, and automatically vests in any of you to do whatever is desired with the funds without the consent of the other co-account holders. These may include checks or credits in favor of the one who signed for these withdrawals. If we receive any of these without an endorsement, we shall endorse them on your behalf and credit these to your account. We will process all these without inquiry or regard to disposition, even in cases where your account is overdrawn as a result of bank charges, and you agree to hold us free and harmless from any liability arising therefrom. Any number or all of you will be jointly and severally liable for any overdrafts on your account, as well as other interest charges we may have to impose in the course of the operation of your account. We may, however, require the written consent or approval of any or all of you for fund transfers from your joint account to any individual account(s) with us, whether owned by any, all or none of you.

    • Client Instructions. At our discretion, and in the absence of instructions to the contrary, we shall credit any and all funds we receive, which purport to belong to any one or more of you, to your joint "or" account.

      In case we receive contradictory instructions from your co-account holder(s), we may, at our option, require all co-account holders to provide us with common instructions. In the absence of the latter, we may opt to either freeze the account until all co-account holders arrive at common instructions or deliver the proceeds of the account to the appropriate court in an action for interpleader to resolve your respective claims thereat. You agree to reimburse us for the cost of suit, attorney's fees, and other expenses that we incur in doing so.

      All of you hereby hold us free and harmless from and against any and all liabilities which may arise by reason of our implementation of any of your instructions or refusal to pay any proceeds of your joint "or" account without the requisite discharge by all of you given to our satisfaction.

    • Withdrawals. Whenever one or more of you withdraw from your joint "or" account, you are doing so with the explicit and sworn declaration under pain of perjury, that all your co-accountholders are still living on the date of withdrawal.

      Upon the death of a co-accountholder, the withdrawal or release of the funds in your joint "or" accounts shall be subject to applicable Philippine laws, regulations, and orders of courts of competent jurisdiction.

    • Internet Banking Transactions. It is understood that all transactions made by any one to your joint "or" accounts via our internet banking facility are done with the consent of all co-account holders.

11. Joint "AND" Accounts. The funds in your joint "and" account are co-owned by all of you equally, and shall be payable to and collectible by all of you jointly during your lifetime. All of you will be jointly and severally liable for any overdrafts on your account, as well as for other interest charges we may have to impose in the course of the operation of your account.

    • Transactions. Your joint "and" accounts authorize us to allow deposits, withdrawals, check transactions or written payment orders only with written consent, approval or signature of all the co-account holders of the Joint "and" Account.

    • Client Instructions. We shall only act on the instructions given or agreed by all of the co-account holder(s) of the joint "and" account. In the event that no common instructions are given by all of the co-account holder(s), we may, at our option, either freeze the account until all co-account holders arrive at common instructions or deliver the proceeds of the account to the appropriate court in an action for interpleader to resolve your respective claims thereat, it being understood that you shall reimburse us for the cost of suit, attorney's fees, and other expenses that we incur.

      All of you hereby hold us free and harmless from and against any and all liabilities which may arise by reason of our implementation of any of your instructions or refusal to pay any proceeds of your joint "and" account without the requisite discharge by all of you given to our satisfaction.

    • Withdrawals. Whenever one or more of you withdraw from your joint "and" account, you are doing so with the explicit and sworn declaration under pain of perjury, that all your co-accountholders are still living on the date of withdrawal.

      Upon the death of a co-accountholder, the withdrawal or release of the funds in the joint account shall be subject to applicable Philippine laws, regulations and orders of courts of competent jurisdiction.

    • Internet Banking Transactions. Joint "AND" accountholders are not allowed to access their deposit accounts via our internet banking facility.

12. For-the-Account-Of (FAO) or In-Trust-For (ITF) Accounts. In opening an FAO or ITF account, you declare and acknowledge that the funds covered by the FAO/ITF account are being held by you as trustee, in trust for and for the sole benefit of the beneficiary(ies) named in the account opening form of the FAO/ITF account.

    You shall provide all documents that we require to establish the identity of the beneficiary(ies), the creation of the trust and the purpose of the opening of the FAO/ITF account. The FAO/ITF account shall be subject to such other terms as we may require. We shall be entitled to disclose any information regarding the account to your beneficiary(ies).

    You warrant and represent that the FAO/ITF account, including payment or release of the funds, is established for a legitimate purpose. You shall hold us free and harmless from any and all claims of whatever kind or nature arising out of or in connection with the establishment, release and/or disposition of the FAO/ITF account.

    • Revocability. You may designate the FAO/ITF account as revocable or irrevocable. Under a revocable FAO/ITF account, you reserve the right at any time to close or terminate the account or withdraw any amount therefrom in accordance with these Terms and Conditions, without the consent of, or notice to, any beneficiary. Under an irrevocable FAO/ITF account, you relinquish your right to close or terminate the account and no part of the funds therein shall revert to you or may be withdrawn by you. In the absence of your written instruction, we shall process the FAO/ITF account as revocable.

    • Deceased Depositor. Whatever funds remain in the FAO/ITF account upon your death shall be beneficially owned by the beneficiary(ies) and shall accordingly be released by us to the said beneficiary(ies) or to the latter's legal guardians or representative(s) upon presentation of the appropriate identification and the required tax clearance. We may require your beneficiary(ies) to provide us with an acceptable indemnity agreement, court order on appointment of legal guardian, and any other document that we may deem necessary.

13. Corporate and Partnership Accounts. In opening a partnership or corporate account, you shall submit to us a Secretary's Certificate of a Resolution of the Partners of your partnership or of the Board of Directors of your corporation, in accordance with your articles of partnership or incorporation and by-laws, designating us as the depository bank of your partnership or corporation as well as the name and title of the signatories authorized to sign on behalf of your partnership or corporation. You shall provide us with certified true copies of your Registration Certificate with the Securities and Exchange Commission (SEC) and your articles of partnership or incorporation and by-laws, which we will retain in our records.

    Treasurer-In-Trust-For (TITF) Accounts. An account opened by the treasurer-in-trust for a corporation in the process of incorporation may be terminated by us should the corporation fail to submit to us the requisite documents within six (6) months from the opening of the account. During the period from the opening of the account until the submission of requisite documents or closure of the account, we may, at our discretion, decline any transactions on the account. Notice of the termination of the accounts shall be sent to the treasurer-in-trust at his last known mailing address appearing in our records. The funds in the account shall be released to the treasurer-in-trust who opened the account and payment to such treasurer-in-trust shall be sufficient to discharge us from any responsibility for the account.

14. Non-Resident Accounts. As a non-resident, you shall comply with all applicable laws, rules and regulations for the funding and registration of your accounts, outward remittance of funds from your accounts, foreign exchange investments and all other transactions relating to your accounts with us. You shall assume any and all taxes with respect to the accounts that you may open, which shall be deducted and withheld from the appropriate account to which they pertain to.

15. Acceptance of Deposits. Cash and check deposits will only be credited after our verification. Checks will be accepted on a collection basis only and may be withdrawn only after the prescribed clearing period under the existing BSP / PCHC or international clearing house rules and regulations, as applicable. Until such time that we receive actual payment, we may immediately charge back to your account any defective or lost item credited to the account, regardless of the time elapsed whether or not the deposited item can be returned.

    We will not be liable for loss of items in transit nor for checks drawn on us which are not paid because of insufficiency of funds, forgery, stoppage of payment, or any other reason.

    You assume full responsibility for the genuineness and validity of all items deposited and all endorsements thereof. You also assume full responsibility for the accuracy of the information filled out in the deposit slip or transaction screens of the Bank's electronic kiosks, internet banking facility or other electronic banking channels and agree to hold us free from any liability for losses resulting from inaccurately filled-out deposit slips or transaction screens. We shall not be liable for claims of forgery and/or any other defect on honored checks if not reported within (10) days from your receipt of the statement.

16. Waiver of Protest. You agree to waive presentment, protest and notice of dishonor on all checks, orders for payment, bills of exchange, promissory notes, securities, notes, electronic debits or credits or any other payment instruments ("Instrument/s") that we receive in any way for discount, deposit, collection or acceptance on your account. You are liable to us for any Instrument received for your account as if it were presented, protested and given notice of dishonor in the usual way.

17. Withdrawals. Over-the-counter withdrawals must be made personally by you or by your duly-authorized representative during banking hours. You likewise have the option of withdrawing funds through our and other banks' (subject to applicable charges) Automated Teller Machines (ATM) within and outside regular banking hours.

18. Funds Transfer. In availing yourself of our funds transfer facility, you are bound by the terms and conditions embodied herein and in any other funds transfer agreement of the Bank. Only collected, cleared, and unencumbered funds credited to your account(s) shall be available for transfer to your other account(s) or to any other bank account, as we may allow.

19. Auto-Debit Arrangement. You may enter into an auto-debit arrangement with us whereby we shall automatically debit from your enrolled regular savings or current account the amount due to us (e.g., for EastWest Bank loan amortizations, etc.) or to companies or establishments enrolled in our auto-debit arrangement facility. You shall be required to provide us with your written authorization through our auto-debit authorization form. In case the balance in your designated account is insufficient, we may, at our option, not make any debit/deduction or debit any amount that we can from your account. You, on the other hand, shall directly be responsible for paying any amount still due to the concerned party.

20. Foreign Exchange Transactions. For transactions that involve an exchange of foreign currencies (e.g., buying and selling of U.S. dollars), the exchange rate shall be determined/provided by us in accordance with the applicable rules and regulations. You shall be responsible for all taxes, fees, and charges due on these transactions.

21. Bank Checks. We shall not issue manager's checks, certified checks, cashier's checks or similar instruments payable to cash, bearer, fictitious payee or numbered accounts.

    Lost Checks. In case a Manager's check, certified check, cashier's check or similar instrument issued by us is lost, stolen or destroyed, you shall execute an Affidavit of Loss by Purchaser/Payee detailing the incident and provide us with an indemnity agreement or an acceptable indemnity bond before we issue a replacement check or a refund of the amount on the check to protect us from any liability that may arise from the lost, stolen or destroyed check.

22. Checkbook Reorder. Checkbooks may be linked to your deposit account or credit line maintained with us. Upon receiving any checkbook issued by the Bank, you shall piece-count the checks to ascertain its completeness and immediately notify us of any discrepancy. You must ensure proper safekeeping of your checkbook to avoid loss and/or usage by unauthorized individuals.

    Checkbooks may be ordered through depository branch request, internet banking request or through any other electronic banking service that provides you with this option. Checkbook delivery may be through depository branch pick-up or through courier delivery at your latest mailing address per our records. You agree to have us debit your deposit account or credit line for the cost of checkbooks reordered on order date. Should the available funds in your concerned account be insufficient to cover for this cost, we reserve the right to debit the amount from any bank account that you maintain with us at any other time. You further agree that if you are to send a representative to pick up your requested checkbook(s), said representative should either have a letter of authorization from you or a check re-order slip with his name on it duly-signed by you.

    You agree to hold us free and harmless from any and all claims and liabilities and undertake to reimburse/indemnify us for all such costs, payments, damages and expenses which we may be liable for or which we may incur or have incurred by reason of our implementation of your checkbook reorder(s). You further undertake to notify us promptly in writing of any change in the conditions which give rise to your request for checkbook reorder.

23. Stop Payment Orders (SPO) will be made by you in writing through our branches. SPO requests may also be coursed through our Call Center, internet banking or any other electronic channel upon availability, subject to our defined SPO procedures per channel. Upon requesting for an SPO, you agree to the following:

    • You will hold us free and harmless from any liability whatsoever and howsoever caused.

    • You shall reimburse us for all costs, damages, expenses and injury for which we may be liable by reason of (1) non-payment of the check (2) payment contrary to the SPO if such payment occurred through inadvertence, accident or oversight (3) payment made before date and time when the SPO was received by the Bank.

    • We shall return the check/s for the reason "SPO-DAIF" (drawn against insufficient funds) if such will be the case, regardless of SPO.

    • We shall debit your account for payment of fees and charges in relation to the SPO. You may likewise opt to pay these in cash.

    • You will notify us promptly (subject to the applicable SPO cancellation procedures) if the check/s is/are paid, recovered or destroyed or if for any reason the SPO may be cancelled.

    • For dated checks, the SPO will be in effect for six months from the date of the check/s unless you earlier cancel or renew it, as check dated more than six months upon presentation shall automatically be rejected for the reason "stale dated".

    • For undated check/s, the SPO will be in effect for one (1) year, reckoned from the date of the request, unless otherwise cancelled or renewed.

    SPO revocation or cancellation through our branches will also be in writing. SPO cancellation requests may also be coursed through our Call Center, internet banking or any other electronic channel upon availability, subject to our defined SPO cancellation procedures per channel. Requests for SPO cancellation within the SPO period will take effect only upon our receipt of your instructions.

    We reserve the right to charge a fee for the filling of the SPO request and for an SPO cancellation order.

    Checks drawn against a closed account will be returned for the reason "Account Closed" regardless of SPO instructions.

24. Payment of Interest. Where the account type requires the payment of interest, we will compute the interest based on the collected daily balance at the prevailing and applicable rates that we prescribe. Interest earned will be credited at the end of the product-defined payment period. We reserve the right to change the interest rate and the basis of the computation and mode of payment at any time. The prevailing interest rate basis of computation and mode of payment and any amendments thereto will always be posted in a conspicuous place in our branches or in our website. No interest will be paid to an account closed prior to our set interest payment dates.

25. Passbook. You may be furnished with a passbook depending on the type of current or savings account that you open with us. Transactions made to your account shall be recorded in this passbook. You must carefully keep and guard the passbook issued to you.

26. Bank Statements. For accounts with bank statements, the bank statements shall be generally available on a monthly basis, except when specifically stated in the account product type. We shall send you statements through postal mail, email or any other electronic means. Should you request for statements of account at other times, a nominal charge shall be collected from you for each additional statement furnished. If no complaint is received from you within ten (10) days from the time that we send you the statement, said statement and all transactions therein will be considered correct and any claim against us will be deemed waived. Printed copies of unclaimed bank statements within an aggregate period of three (3) months will be destroyed/disposed. Any request for a copy of the same may be made only within a period of six (6) months and upon payment of a nominal charge. We may entertain requests after the six (6) months period at our discretion and for a nominal charge.

27. Lost Passbooks, Checkbooks, Certificates of Time Deposit (CTD). In case your passbook, checkbook or CTD is lost, stolen or destroyed, you shall inform us immediately by submitting to us an Affidavit of Lost Passbook/Checkbook/CTD which shall serve as your authorization for us to either close the account and open a replacement account or simply issue a new passbook, checkbook or CTD. You hereby agree to hold us free and harmless from and to indemnify us for any loss that we may sustain by reason of such issuance as therein requested.

28. Change of Address and Contact Numbers. You shall promptly notify us of any change regarding any of your addresses, contact numbers or other non-financial data that we have on record.

29. Signature Update. You should update your signatures every five (5) years or sooner when required by us. Should you need to update your specimen signature/s or authorized signatories earlier, a written request from you in the form acceptable to us will be required. For joint accounts, the written request should be signed by all co-account holders. For corporations, associations, clubs and other unincorporated organizations, the written request must be supported by a board resolution. For partnerships, the written request must be signed by all partners.

30. Minimum Balance. You shall maintain (a) the required minimum average daily balance as may be prescribed by us and which may increase or decrease from time to time upon due notice to you. We reserve the right to close any account with zero balance for over a period prescribed by us, which may change from time to time.

31. Deposit Accounts for Children. Deposit accounts should be opened by persons of legal age for the benefit and under the name of children below seven (7) years of age. Accordingly, all indemnities/undertakings/representations that are supposed to have been made by the child in respect to these Terms and Conditions will be deemed to have been made by the person of legal age acting as Principal to the deposit account.

    Consequently, if you open a deposit account for a minor, you agree, confirm and undertake that:

    • You are solely and exclusively bound by these Terms and Conditions

    • You further agree, confirm and undertake that you are solely and exclusively liable and responsible for all charges/expenses/other monies incurred/due and payable on the deposit account and debited by us from the said deposit account.

    Children from 7 to 17 years of age may be allowed to open a savings or time deposit account as principal depositor (subject to P.D. No. 734).

32. PDIC Insurance. In compliance with Regulatory Issuance No. 2009-03 (Determination of Beneficial Ownership of Legitimate Deposits) of the Philippine Deposit Insurance Corporation (PDIC), you are informed of the following:

    • Deposits are insured with the PDIC up to a maximum amount of Five Hundred Thousand Pesos (Php500,000.00) per depositor.

    • PDIC shall recognize the registered owner/holder of a Legitimate Deposit in our books as the depositor entitled to deposit insurance, except where our records show that the Legitimate Deposit is maintained in the same right and capacity for the benefit of another depositor, in which case PDIC shall recognize the latter as the beneficial owner of the account entitled to deposit insurance.

    • In cases (1) where a deposit account/s with an outstanding balance of more than the statutory maximum amount of insured deposit is/are broken up and transferred into one or more account/s; or (2) for deposit accounts and deposit transfers made in favor of individuals or of entities, either singly or jointly with individuals, from an account in the name of corporation, partnership, association, or unincorporated entity, the PDIC shall recognize the transferee/s as the beneficial owner/s of the account/s when:

      • The transfer was made with all of the following conditions present:

        1. The break-up and transfer of deposit to the transferee is for a Valid Consideration;

        2. The details or information for the transfer, which establish the validity of the transfer from the transferor to the transferee, are contained in any of our Deposit Account Records; and

        3. Copies of documents, which show the details or information for the transfer, such as but not limited to contracts, agreements, board resolutions, audited financial statements, orders of the courts or of competent government body/agency, are in our custody or possession upon takeover by PDIC.

      • The transferee/s is/are the Qualified Relative/s of the transferor. Qualified Relatives are transferees within the second degree of consanguinity or affinity of the transferor. Relationship shall be proven by relevant documents such as, but not limited to, birth certificates and marriage certificates.

    • Deposit Splitting occurs whenever a deposit account/s with an outstanding balance of more than the statutory maximum amount of insured deposit maintained under the name of natural or juridical persons is/are broken down and transferred into two or more accounts in the name/s of natural or juridical persons or entities who have no Beneficial Ownership on transferred deposits in their names within one hundred twenty (120) days immediately preceding or during a bank-declared bank holiday, or immediately preceding a closure order issued by the Monetary Board for the purpose of availing of the maximum deposit insurance coverage.

    • Upon the determination by the PDIC of Beneficial Ownership or Deposit Splitting, the outstanding Legitimate Deposit/s in the closed bank maintained for the benefit of the beneficial owner/transferor, although in the name of another person/s or entity/entities, shall be subject to consolidation with the other Legitimate Deposits of the beneficial owner/transferor in said closed bank for deposit insurance purposes.

33. Dormant Accounts. Accounts will become dormant if they are inactive (no client-initiated transactions) for two (2) years for savings accounts and one (1) year for checking accounts. You may reactivate your dormant accounts by giving us your personal instructions. You have to be physically present at the branch of account to update your specimen signature card and to make an over-the-counter transaction (deposit or withdrawal). We need to fully establish your identity before reactivating your account and will therefore require you to present valid IDs before processing reactivation, posting any transaction or closing your dormant account.

    Accounts which remain dormant for ten (10) consecutive years shall be escheated in favor of the Treasurer of the Philippines. If the "unclaimed balance" has been deposited by the Bank to the Treasurer of the Philippines, you will have to go directly to the government to file for any claim on the funds.

34. Garnished and Freezed Accounts. Upon our receipt of a notice or order from a court or other competent authority directing the garnishment, attachment, freezing, sequestration or receivership of your accounts, we shall automatically place the amount required to be garnished in your accounts on hold and no withdrawals from it shall be allowed until such order is lifted. Time deposits that are included in any garnishment, freezing, sequestration or receivership order shall be treated as a regular savings account upon maturity, in accordance with existing regulations, and shall likewise be placed on hold until said order is lifted.

35. Deceased Depositor. We may freeze your deposit account upon the notice of your or your co-account holders' (for joint accounts) death until necessary legal documents are presented. Claimants shall likewise comply with procedures that we set forth in claiming such deposits with us.

36. Bank-Initiated Account Closure. We may, at any time, return to you the whole or any part of your deposit(s) together with any interest due thereon minus any unpaid charges/obligations due or payable to us and net of applicable taxes. We, at our option, may notify you either personally, by mail, email, SMS or any other electronic means, of our intention on your account, and interest, if any is due, shall cease from the date of such notification.

37. Debits to Account. We reserve the right to debit, without need of prior notice to you, your account/s for all applicable taxes, fees, duties, penalties and other charges due to us or as may hereafter become due at the rate and in the manner provided by applicable laws and the rules and regulations issued by the Bureau of the Internal Revenue (BIR), BSP or any government authority.

38. Pledges on Deposit Accounts. You undertake to advise us in writing of your intention to assign or pledge deposits as collateral for an obligation. You agree to comply with the requirements that we will impose for such assignments or pledges.

39. Hold Deposit. Should you desire to put a portion or all your funds with us on hold for a certain period of time, you shall provide us with written and signed instructions in the form that is acceptable to us. During this hold period, you will not be able to withdraw or cause any withdrawal against said funds. Withdrawal shall include but not be limited to over-the-counter, internet banking or ATM/POS transactions and the issuance or drawing of checks that will reduce the amount on hold. You hereby hold us free and harmless from any and all liability arising from our compliance with your hold deposit instructions, including but not limited to dishonored checks made payable during the holding period and for which service fees shall be automatically charged against your deposit account.

ALTERNATIVE CHANNELS BANKING SERVICES

40. Alternative Channels Banking. More commonly known as e-banking, virtual banking and/or online banking, this is a service or facility that allows you to access information pertaining to your bank accounts, conduct financial and non-financial transactions, make deposits, withdrawals and pay bills through the internet or any other electronic means (e.g., Automated Teller Machine or ATM, telephone, mobile phone etc.) without having to physically visit our branches.

41. Access Codes. The following are collectively termed as Access Codes:

    • Account Number – a set of numbers assigned to your account to identify it in our system(s)

    • Card Number – a set of numbers assigned to identify your card in our system(s)

    • CVC or CVV – Card Verification Code or Card Verification Value. A three or four-digit code found at the back your debit/prepaid card that provides a cryptographic check of the information embossed on your card. This code helps ascertain that a customer transacting via any electronic channel actually possesses the credit/debit card and that the card account is legitimate. Each credit card company has its own name for the CVV code, but it functions the same for all major card types.

    • Password – an unspaced sequence of characters used by our system(s) to identify a user who is authorized to transact and gain access to any account maintained with us.

    • PIN – Personal Identification Number. Similar to a "password", A PIN is also an unspaced sequence of characters used by our system(s) to identify a user who is authorized to transact and gain access to any account maintained with us.

42. Cards and Access Codes Security. You are responsible for the care and control of "Cards" (including but not limited to ATM cards, debit cards and prepaid cards) that we issue to you. You shall treat and handle such Cards as "cash." You are likewise responsible for ensuring the security and confidentiality of Access Codes that allow you access to and control of your accounts maintained with us.

    At any given time, you should take every reasonable precaution to maintain the confidentiality and security of your Cards and Access Codes by:

    • Keeping possession of your Cards at all times

    • Never keeping a written record of your Passwords and PINs

    • Avoiding Passwords and PIN combinations that may be easily determined by others such as your name, birthday, phone number, address, SSS numbers, etc.

    • Not disclosing or not leaving any trace of your Access Codes to anyone else, including but not limited to family members, friends, Bank employees or law enforcement agencies

    • Ensuring that no one sees your Access Codes while you are keying it in or logging into any of our Electronic Banking Services.

43. Lost or Stolen Card or Access Codes. You should notify us immediately if:

    • Your Card is lost or stolen or if you suspect that it is lost or stolen or someone else has used it.

    • Your Access Codes have become known to someone else or you suspect that it has become known to someone else or that your Access Code/s have been compromised.

44. Client Transaction Liability. You are absolutely and unconditionally liable for the full amount of all activity/ies on your account completed through our Electronic Banking Services resulting from:

    • Your use of your Access Codes or the use of these by any person to whom you have made the Access Codes available, directly or indirectly, knowingly or unknowingly

    • Your failure to notify us as soon as you become aware that your PIN or password may have been compromised or may have become known to someone else or your Card has been lost, stolen or misused

    • An entry error or a fraudulent transaction made through our Electronic Banking Service

45. Payment Facilities. The following form the suite of our payment facilities: (i) Debit Card, (ii) Prepaid Card, (iii) ATM, (iv) Internet Banking and (v) Mobile Phone Banking. These facilities allow you to pay for services and items availed of with funds derived from your deposit account/s or credit line/s with us. These facilities do not, in any way, represent the merchants from which the items and services were sourced from. As such, any dispute that you may have on goods purchased or services availed of should be raised directly with said merchant/s.

    We do not guarantee the quality of the merchandise or service subject of any sales/transaction slip. Any defect or damage on the merchandise or service shall not affect or excuse your obligation to pay for the transaction.

    We may, at any time and at our sole discretion, choose to add to or discontinue any of these payment facilities without need of prior notice to you.

ALTERNATIVE CHANNELS BANKING FACILITIES

46. Enrollment. You will be automatically enrolled in our internet banking facility upon opening any type of deposit or credit card account or upon availing any type of bank service that may be accessed via our internet banking facility. To activate this service for the first time, you will receive an activation code together with the activation procedures through your recorded email address with us.

47. Authentication and Identification. You hereby accept all the terms and conditions governing the use of the internet banking facility and agree to authenticate in the prescribed format manually or electronically or in such other manner as we may, from time to time, specify. You further agree to provide information as we may reasonably specify to identify you.

48. System availability. You can access your accounts in our internet banking facility twenty four hours a day, seven days a week (24/7). However, regular system maintenance activities or other unforeseen or fortuitous events such as but not limited to prolonged power outages, breakdown in computers, software, operating systems and telecommunication facilities, typhoons, floods, public disturbances, calamities and other similar or related cases may render some or the entire suite of internet banking services unavailable during certain periods. System downtime for maintenance may occur as early as 7:00 PM (Philippine time).

    We shall post any online transaction initiated through internet banking before system downtime on a banking day to your account on the same day. All internet banking transactions completed after this system downtime on a banking day or completed on a Saturday, Sunday or banking holiday, will be posted on the next banking day.

49. Alternative Channels. These are electronic services of the bank that allows you to access your funds and do banking transaction anywhere and anytime. All transactions done using alternative channel facilities will be subject to the individual terms and conditions of these products and services. Some of these transactions include

    • Fund transfer
    • Bills payment
    • Checkbook re-order
    • Check stop payment
    • Statement of account download
    • Time deposit opening/termination/rollover

50. Online Bills Payment. Online Bills Payment covers a debit from any of your linked accounts and a credit to the payee-company's account. Payments made after our cut-off time shall be considered as payments made the following day. This arrangement may be cancelled at any time by either party without written notice of termination. We shall not be held liable for any adverse actions/consequences instituted by any of your payee–company(ies) and/or individual(s) for payments made on overdue or past due accounts, including payments for service disconnection, termination of contract, lapse of policy and/or the like.

51. Self-Services Facility. You can make other service requests and inquiries through EastWest Online Self-Service Facility, such as but not limited to:

    • Customer contact information update
    • Link Credit Card
    • Reset Password
    • Security Question Update
    • Email the Bank (e.g. service complaints, etc.)

DEBIT AND PREPAID CARDS

52. Card Expiration. The card is valid from the date of issuance until the last day of the month indicated on the face of the card or until the expiration date communicated by the bank, as applicable: except in the following instances: (1) if card was voluntarily cancelled or returned by the Cardholder in accordance with Section 63 below; (2) if card was terminated by EastWest prior to such date pursuant to Section 64 below: Transactions using an expired card is not allowed. Depending on the features of the card product availed, the remaining funds on an expired card may no longer be redeemed by the Cardholder

53. Card Renewal. A Cardholder may request for card renewal, depending on the features of the card product availed. The Bank reserves the right to issue a renewal card with its corresponding applicables fees.

54. Card Features. We have the sole discretion to issue the Card (Debit or Prepaid), which remains our property. The Card is not transferrable and you shall be responsible for the Card from receipt thereof. The Card shall remain valid until the last day of the month indicated thereon, unless otherwise suspended or terminated. You will immediately surrender the Card to us upon request. Unless earlier terminated or cancelled, the Card shall automatically be renewed and replaced before its expiry date. We reserve the right to collect fees in relation to card replacement from you.

55. Card and PIN Mailer Delivery. You may personally or through an authorized representative receive your debit or prepaid card through any of the following means:

    • Branch pick-up
    • Delivery to your latest mailing address per our records

    If the Card/PIN mailer is to be delivered to you, it is understood that you authorize us or our official courier to deliver the Card/PIN Mailer to you or, in your absence, to any member of your household, any authorized representative or third party that we allow under our existing delivery policy. Your representative will be required to present a letter of authorization from you together with required government issued identification (ID) cards upon claiming your Card/PIN mailer. You agree to hold us free and harmless from any claim, loss or liability whatsoever arising from the delivery of the Card/PIN Mailer to your authorized representatives.

56. Card Activation. Activation of your Card is subject to our activation policy and procedures. We reserve the right to decline your Card activation request without any obligation to disclose the reason therefore. You shall hold us free and harmless for any claim arising from the non-activation of your Card.

57. Debit Card. A debit card is a card linked to your deposit account with us that allow you access to your deposited funds 24/7 through withdrawals, purchases and other transactions done through the internet, ATMs or Point-of-Sale (POS) terminals. Debit cards may either be automatically supplied with certain deposit accounts of the Bank or supplied upon your request.

    • Linked Deposit Accounts. You may request for a debit card that may be linked to a single or to multiple deposit accounts and, in case of the latter, subject to a maximum number of accounts and a maximum number of debit cards per account as we may allow.

    • Debit Card Installment Transactions. Installment transactions using the debit card will only be allowed at Point-of-Sale (POS) if the available funds in your linked deposit account are sufficient to cover for the full purchase price of the item/service being purchased. Should your available funds be insufficient, the transaction will be declined. Installment transactions will be paid in the prescribed installments (e.g. equal, successive, staggered, monthly, semi-annually, etc.), in the amount and for the tenor indicated in the installment application form or installment sales slip. The first monthly installment due shall be debited from your deposit account immediately upon completion of the installment transaction. The remaining installment balance will be put on hold in your deposit account until succeeding installments become due, are debited against and fully consume this hold amount.

58. Prepaid Card. A prepaid card is a payment card that is pre-loaded with your own money. Similar to a debit card, the prepaid card allows you access to your money loaded into the card 24/7 through cash withdrawals, purchases and other transactions done through the internet, ATMs or Point-of-Sale (POS) terminals.

    • Non-Transferability. Your prepaid card is non-transferable.

    • PDIC Insurance. Unlike a debit card, a prepaid card is not linked to any of your deposit accounts and therefore funds loaded into it are not considered deposits and are not insured with the PDIC.

    • Interest and Rewards. Prepaid card balances may only be redeemed at face value. The balance will not earn interest nor rewards and other similar incentives convertible to cash, or be purchased at a discount.

    • Loading of Funds to Prepaid Cards. You may reload funds to the prepaid card anytime with the exception of non-reloadable prepaid cards, as we identify. The aggregate load limit per client per month is subject to applicable laws, particularly BSP Circular 649 (Guidelines Governing the Issuance of Electronic Money) and any amendments thereto. We may refuse to accept additional reloading if the resulting monthly load would exceed the said monthly aggregate limits. We reserve the right to charge a fee for reload transactions. Method of fee collection will be dependent on the reload channel and will be charged to you on top of your desired reload value.

      Reloading is via:

      • Over-the-counter (OTC) cash reloading through any EastWest Bank branch

      • Fund transfer through EastWest Bank Internet Banking, EastWest Bank ATMs or BancNet ATMs

      • Other channels as we may introduce in the future

    • Re-loading Limits. The reloading limit refers to the monthly aggregate amount that you may load to any and all of your Prepaid Cards. Should you exceed this load limit, we will place the exceeded amount on hold for subsequent release on the first banking day of the following month, once the monthly load limit of the Prepaid Card falls below the load limit.

    • Prepaid Card issuance to Minors. The Prepaid Card account should be opened by the Parent/Guardian for the benefit and under the name of the minor client concerned. Accordingly, all indemnities/undertakings/representations that are to be made by the minor client in respect to these Terms and Conditions will be deemed to have been made by the Parent/Guardian acting as Principal to the Prepaid Card.

      Consequently, should you open a prepaid card account under the name of a minor, you agree, confirm and undertake that:

      • We are issuing the Prepaid Card to the minor client solely upon your specific instruction and at your sole risk and liability

      • You are the biological, legally adoptive parent or the legal or court-appointed guardian of the minor

      • You are solely and exclusively bound by the Terms and Conditions for the issuance of the Prepaid Card to the minor and you further agree, confirm and undertake that you are solely and exclusively liable and responsible for all charges/expenses/other monies incurred/due and payable on the Prepaid Card that we debit from the Prepaid Card account

    • Inactivity, Auto Closure and Card Cancellation of the Prepaid Cards. Your Prepaid Card accounts will become dormant if they are inactive (no client-initiated transactions) for one (1) year. Charging of the inactivity fee shall start from the 13th month of inactivity. In the event that the balance covering your Prepaid Card becomes negative due to the charges of inactivity fees, your Prepaid Card shall be automatically closed. Prepaid cards that remain dormant for ten (10) consecutive years shall be escheated in favor of the Treasurer of the Philippines.

    • Account Closure (Pagsara ng Account). You may redeem the remaining balance of your Prepaid Card account through our branch that issued you the prepaid card (over-the-counter) or any of our or BancNet's ATMs. Redemptions will be subject to transaction fees, as we determine and 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. (Kung nais mong ipasara ang iyong Prepaid Card account, maaring kunin ang natitirang balance mula sa EastWest Bank branch na nag-bigay sa iyo ng Prepaid Card o sa saan mang EastWest Bank o BancNet ATM. Maaaring may bayad ang pagkuha ng balance depende sa network na ginamit sa pagkuha nito. Maaari ring magkaroon ng karagdagang bayad mula sa foreign exchange rate kung sa labas ng bansa ginawa ang transaksiyon).

    • Client Complaints (Mga Reklamo ng Kliyente). You may communicate any complaint regarding the use of your Prepaid Card and Prepaid Card transactions to us through any of the following:

      • Our 24-Hour Customer Service Hotline at service@eastwestbanker.com or contact nos. (+632)-8888-1700, Domestic Toll-Free no. 1-800-1888-8600 and U.S. Toll-Free no. 1-866-828-6295

      • Our branch that issued the prepaid card to you

        If we deem it necessary, we will conduct an investigation on the complaint for its prompt resolution and communicate its findings to you. You agree to fully cooperate with any such investigation by providing the necessary data, information and documents. (Maaring ipagbigay-alam ninyo sa amin ang inyong mga reklamo tungkol sa Prepaid Card sa pamamagitan ng pag-email sa 24 oras na Customer Service sa service@eastwestbanker.com o kaya pagtawag sa (+632)-8888-1700, Domestic Toll-Free no. 1-800-1888-8600 at U.S. Toll Free no. 1-866-828-6295. Maari mo ring ipaabot ang reklamo sa EastWest Bank branch na nagbigay sa iyo ng Prepaid Card. Kung kinakailangan, maaari naming pa-imbestigahan ang reklamo at ipaalam ang resolusyon sa iyo sa tamang panahon. Nangangako kang tutulong sa anumang imbestigasyon sa pamamagitan ng pagbibigay ng kinakailangang impormasyon at mga dokumento.)

    • BSP Circular No. 649. To the extent applicable, these terms and conditions shall be subject to BSP Circular No. 649 Series 2009 (Guidelines Governing the Issuance of Electronic Money) which is deemed incorporated herein by reference.

59. Card Use. The Card is issued for your use only, subject to these Terms and Conditions as well as the Card's security features in connection with facilities that we make available from time to time at our absolute discretion, primarily: (i) cash withdrawal; (ii) the payment for purchases of goods and/or services; and (iii) installment facilities subject to requirements of and pre-arrangements that we make. The Card shall not be used for any prohibited or unlawful transactions under any applicable law.

60. Contactless Card. The card issued to me by the Bank may have a contactless feature which I may use to carry out contactless card transactions at applicable partner merchants with contactless terminals. The card may be used by tapping or waving the card on a contactless reader. I understand that transactions below two thousand Philippine Pesos (Php2,000) will not require my signature. I further understand that in using contactless card, I shall be bound to such terms and conditions as the Bank and Visa may set from time to time.

61. ATM Network. You understand that the Card may be used in our ATMs/POS terminals and in the ATM/POS terminals of the ATM network participants. You understand that we do not have control over the participants of the ATM network through which you may access your account/s, their ATMs and their procedures or controls in regard to data/information processing. Hence, we shall not be liable for any loss or damage of whatever kind or nature that you incur as a result of or in connection with (1) your inability to use or delay in the use of your Card or inability to avail yourself of or delay in the availability of any ATM service due to disruption, breakdown or failure of the ATM or other networks, communication facilities linking the same, or (2) unauthorized or fraudulent access or utilization of your Card or any ATM service. You understand and agree that transactions coursed through any of these networks shall be subject to transaction fees as determined by us and the ATM network participants through which the transactions are coursed.

62. International Transactions. We have existing agreements with our correspondent banks and card networks (e.g. VISA, MasterCard, etc.) abroad. This allows you to make withdrawals and/or payment transactions with the use of your Card in ATMs/POS located in other countries, from your or involving your account with us. Any withdrawal or payment transaction that you make outside the Philippines through the use of your Card against your said account constitutes a disbursement from said account and a remittance to the country where the withdrawal or payment transaction was effected. These transactions will therefore be subject to the applicable laws, government rules and regulations of both the Philippines and the country where the withdrawal or payment transaction was made. Cash withdrawals or payment transactions outside the Philippines using your Card will be in the currency allowed by the institution that owns the ATM/POS terminal from where the withdrawal/payment transaction was made and up to the maximum amount permitted by and subject to other limitations imposed by that institution. Cash withdrawals or payment transactions are also subject to any exchange controls, regulations or limitations in effect in the country where the ATM/POS terminal is situated and will be converted at the exchange rate in effect on a date determined by us, which may be different from the date when you perform the transaction. Transactions shall be subject to transaction fees as determined by both us and the international network through which the transaction was coursed. Such transaction fees shall also be subject to the exchange rate in effect on a date determined by us, which may be different from the date when you perform the transaction. Should there be a need to reverse a foreign currency transaction, you agree that you will be responsible for any cost and absorb any loss or gain, or charges associated with the currency exchange and we may charge any of these costs to your account.

63. Transaction Corrections and Reversals. You further authorize us, our employees and our representatives, to effect correction or reversal of any confirmed error or misposting on the account without us incurring liability as a consequence thereof.

64. Client-initiated Card Suspension or Termination. You may request us to terminate or suspend the use of your Card through any of the following:

    • Your duly-signed written instructions delivered to and received by us
    • Phone instructions given to our authorized representative
    • Facsimile
    • Email
    • Internet banking
    • Other electronic means

    We will, on a best efforts basis and to the extent practicable, immediately effect the requested cancellation or termination. You will remain responsible for any transaction made on your account(s) until the time that we effect the termination or suspension of the use of your Card.

65. Bank-initiated Card Suspension or Termination. We may terminate or suspend the use of your Card at any time, with or without notice to you and without us incurring any liability as a consequence of such termination or suspension, if:

    • You have breached these Terms and Conditions;
    • If, in our reasonable opinion, your account is mishandled as determined pursuant to our existing policies and procedures, or if your account or your Card is being used for any unlawful or illegal activity or transactions;
      
    • In case of closure, termination, suspension, garnishment, hold-out or other similar restrictions on your account
    • If we have reason to believe that your Card or account has been compromised or that there has been fraudulent or unauthorized use of your Card or account or any information pertaining thereto; or
    • We consider that there exists other reasonable ground/s to do so.

66. International Credit Card Corporations. We have agreements with different international credit card corporations whereby your Card bearing the logos/labels of such corporations shall be honored at all their accredited establishments worldwide at all times. However, we shall not be liable to you if, for any reason, any of their accredited establishments do not honor your Card. You agree to hold us free and harmless from any and all claims or liabilities as a result of the refusal of any accredited establishment to honor your Card.

    Liabilities beyond Card Termination. These terms and conditions and any and all of your accrued but unpaid obligations to us will survive the termination of your right to use your Card.

PRODUCT AND SERVICE OFFERS

67. Product and Service Offers. We may, from time to time, introduce products, programs, privileges, benefits, facilities or services to be governed by their specific terms and these Terms and Conditions. The introduction, terms and conditions, restrictions, termination or withdrawal, duration and/or change of such programs will be at our sole discretion and you may not compel us to offer any programs to you. You agree and authorize us to send promotional advertisements of our products and services to you through postal mail, short messaging services, multimedia messaging services, email and other forms of electronic communication.

CLIENT TRANSACTIONS

68. Client Instructions. You will be liable for any risk, loss or expense resulting from our implementation of your instructions. Neither we nor any of our employees and agents may be obliged to compensate you for such losses or expenses.

69. Electronic Communications. The term "electronic communication" refers to any communication of instructions by telex, telephone, wire, electronic mail ("e-mail"), short messaging system ("SMS" or "text"), chatting, social media postings/messaging or other method of telecommunication or electronic transmission, including a facsimile transmission or personal computer.

    We will consider electronic communication that we authenticate and receive from you or in your name through any of our official electronic channels to be duly-authorized by you. You, on the other hand, agree to authorize us to rely and act on any such communication. If we try to verify the validity of any instruction electronically communicated by you (though we are not obliged to do so) and are unable to do so to our satisfaction, we may delay in acting on or refuse to act on such instructions.

    We may, upon your request, forward copies of any statements, instruments or other documents by facsimile or other electronic transmission to you using the number or address that you provide us from time to time.

    For our mutual protection, we may, at our sole discretion, record all telephone calls that relate to the use of or include instructions for using our products and services.

    You agree that our records regarding any electronic communication will be admissible in any legal, administrative or other proceedings as if such records were original written documents. Our records will be conclusive proof of the information contained in such electronic communications.

    You understand that we, in any electronic communication emanating from us, will never ask you to disclose your user name, PIN or any other electronic key to access your accounts and/or make transactions. Should you disclose such information, you do so at your own peril and you agree to hold us free and harmless for any damages that you may suffer in case of such disclosure.

70. Fax and E-Mail Indemnity. We may be requested and authorized, but are not obliged, to rely upon and act in accordance with any notice, instructions or other communication that you may give us by facsimile or by e-mail ("Fax/E-Mail Instructions"). We are not obliged to inquire or look into the authority or identity of the person making or purporting to make the Fax/E-Mail Instructions or the conditions pertinent to or circumstances prevailing at the time of the Fax/E-Mail Instructions. We are entitled to treat Fax/E-Mail Instructions as fully authorized by and binding upon you. We shall be entitled, but not bound, to perform such acts in reliance upon Fax/E-Mail Instructions as we may in good faith consider appropriate, whether such Fax/E-Mail Instructions include orders to pay money or debit or credit any account. You will hold us free and harmless from any and all losses, claims, actions, proceedings, demands, damages, costs and expenses that we incur or sustain of whatever nature and howsoever arising, out of or in connection with Fax/E-Mail Instructions, provided only that we act in good faith, except if such arise from our willful negligence.

FEES AND CHARGES

71. Fees and Charges. We will charge you with our current fees and charges for products and services that you avail yourself of. Schedule of fees and charges may be found posted in our website or in our branches. You agree to pay service charges of any other financial institution or entity as may be imposed as a result of any Bank product or service that you may use. You authorize us to debit the appropriate account with the amount of tax, fee, charge or expense payable by you. Our fees and charges are subject to change from time to time with notice to you in accordance with Clause 83 of these Terms and Conditions.
    
    Deposits. An account that falls below our set minimum balance will be subject to a service charge. Dormant accounts will be subject to a dormancy charge. The minimum balance required and the rules and rates of service/dormancy charges will be subject to change from time to time with prior notice to you and will be posted in a conspicuous place in our branches or in our website.

    Card Fees. We shall provide you with a Fee Schedule prior to or upon delivery of your Card to you. You will pay the following fees and charges in amounts or rates set forth in the Fee Schedule.

    • Retrieval Fee. This may be charged for the retrieval of any charge slip or sales invoice copy.
    • Foreign Currency Conversion Fee. This will be charged on transactions made in foreign currencies/merchants. The posted peso equivalent amount of your foreign currency transactions is inclusive of the Foreign Currency Conversion Fee.
      
    • Annual Membership Fee. This will be charged for the Card facilities and services that are or that we may make available to you while your Card is not cancelled or terminated.
    • Card Replacement Fee. This will be charged per replacement Card.
    • Other Fees and Charges. You agree to pay such other fees and charges that may be imposed on your Card account.

72. Costs and Legal Fees. You agree to recompense us for costs incurred in our effort to recover amounts that you owe us. These include but are not limited to collection fees and attorneys' fees. You agree to indemnify us for attorneys' fee of at least 10% of the amount due plus accrued interest. Should you be unable to pay, these costs and fees will be charged against your account.

REGULATORY COMPLIANCE

73. AMLA. You authorize us to make the necessary verifications, records, reports, submittals and other processes, as well as to perform such acts for the purpose of complying with the Anti-Money Laundering Act (Republic Act No. 9160, as amended), its implementing regulations, and other laws or rules regulating your accounts and you hereby waive your rights under Republic Act No. 1405, as amended, Republic Act. No. 6426, as amended, Section 55.1 of Republic Act No. 8791 and other applicable laws or regulations in this regard.

    You agree to indemnify us against any losses and claims in connection with the above. We, our owners and our employees will not be liable for any direct or indirect loss incurred by you or any person (including loss of anticipated income or interest payment) if such loss resulted fully or partially from our fulfillment of the requirements related to AMLA.

GENERAL PROVISIONS

74. Right to Set off. You hereby irrevocably constitute and appoint us as your attorney-in-fact, with full power and authority and without prior notice, to set-off or apply to the payment of your obligations any funds which you may have deposited with us, or which we may have in our possession or control, including all or any interests or other income which may accrue thereon, including but not limited to time deposit accounts and/or long-term investments, which we are hereby authorized to pre-terminate accordingly, to convert the funds into Philippine peso if denominated in foreign currency at the prevailing exchange rate at the time of set-off or pre-termination, it being understood that you shall shoulder all taxes, expenses and charges arising from the pre-termination of the account or investment.

75. No Implied Waiver. The exercise of the rights, privileges, and remedies in any agreement with you shall be at our discretion and option. Our acceptance of payment for any loan, installment or amount due or any part thereof after any due date shall not be considered as extending the time for such payments or as a modification of the conditions thereof. No failure, omission, or delay on our part in exercising any of our rights, privileges and remedies shall operate as a waiver thereof. No modification or waiver of any provision or consent by the Bank shall be effective unless the same is reduced to writing.

    Tolerance, neglect or waiver by us in the enforcement of these Terms and Conditions shall not preclude us from thereafter strictly enforcing the same.

76. Notice. Notice is effectively given through branch announcements, mail (whether registered or not), email, or any other form of electronic communication at your latest contact information in our records, regardless of your receipt.

    All correspondences relative to any of our products and services, including demand letters, will be sent to you through any of the media listed above. The mere act of sending any correspondence will be valid and effective notice to you for all legal purposes and the fact that any communication is not actually received by you or that it has been returned unclaimed to us or that no person was found at the address given or the address cannot be located, shall not relieve you from the effect of such notice.

    If you keep any card (e.g. debit card, prepaid card, etc.) that we issue, including renewal or replacement cards, or use these or any of your Access Codes, or avail yourself of any of our services after we have posted any notice, this will mean acceptance of the changes and/or conditions in the notice as of the effective date set out in the said notice.

77. Document Authenticity. Where any suspicions arise as to the authenticity of documents, we will be entitled to send such documents to the respective authorized body of expertise to prove authenticity. Any and all costs incurred for such authentication shall be for your account. We will not be liable for any loss that you incur due to the delay caused by such actions.

78. Right to Refuse Documents. We reserve the right to refuse documents that you present or submit to us for any bank transaction so long as these differ from the ones we approved and use.

79. Suspension or Termination of Account or Service. If you fail to observe and comply with these Terms and Conditions, as well as any supplement thereto which forms an integral part of our agreement, we may suspend or terminate any of your accounts, investments or our services and products provided to you and your obligations to us shall become due and payable without demand or notice.

    We may close your account in case your account is improperly handled by: (a) using it to perpetrate fraud or illicit activities, (b) drawing, issuing or endorsing checks to said account without funds to support the checks, or against insufficient funds; (c) your issuance of a check in an amount that is grossly disproportionate to the present balance/ADB of the account; (d) your previous involvement in fraud or an attempt to defraud as indicated by reports of any nature; (e) your issuance of checks with signatures that differ from the specimen signatures on file; (f) other similar or analogous acts or omissions which we deem unsatisfactory; or (g) for other grounds prescribed by law, clearing house regulation, or regulation of any government agency. We may impose and deduct from your accounts an amount to cover penalties, fines and charges.

    In case we suspend, close or terminate one or more of your accounts, or investments, or our services or products, you agree to hold us completely free and harmless from any and all liabilities, claims and demands arising from the suspension or termination of the account, investment, service or product, or the dishonor of any check presented to us after account closing.

80. Cancellation of Agreements. We reserve the right to discontinue providing any product and/or service to you and/or refuse to provide you with any product and/or service without need of prior notice. The discontinuance of any product or service notwithstanding, you will, in all cases, not be relieved of your obligations to us until all amounts owed to us have been paid in full including any interest, service charges, penalties, fees or costs that may be due to us.

81. Liability Limits. We will not be liable for any loss, damage (including special, indirect or consequential damages) or delay resulting from any force majeure circumstance including failure, error, malfunction or inaccessibility of any of our systems and machines.

    Our liability for oversight, operating errors and similar acts of inadvertence shall be limited to proved damages but in no case exceed Php10,000.

82. Amendments. We may change any of the provisions in these Terms and Conditions and the fees and charges of our products and/or services from time to time. We shall notify you of such changes and you shall be deemed duly notified of such changes if we send notice through any of the following means, at our sole discretion: (i) mailed and/or emailed notices (sent to your mailing or email addresses indicated in our records), (ii) notices posted at our branches or (iii) notices in our website.

83. Civil Code Article 1250. The provisions of Article 1250 of the Civil Code of the Philippines shall not be applicable.

ENFORCEMENT PROVISIONS

84. Governing Law. These Terms and Conditions are governed by Philippine law and rules and regulations applicable on the matters now existing or which may hereinafter be enacted, issued or enforced, including issuances by the BSP, BIR, PDIC, Chamber of Thrift Banks, the PCHC, and such other agencies regulating, monitoring or supervising banking operations.

85. Venue. Venue for actions brought under these Terms and Conditions shall be in the city where our principal office may be located.

86. Separability Clause. In case any portion of these Terms and Conditions is declared invalid or unenforceable for any reason or should we decide to terminate or cancel any of the products or facilities or services which we provide, it shall not affect the other provisions of these Terms and Conditions which shall remain valid and binding.