1. The Bank shall be notified immediately of any and all changes in my/our reference/policy number(s);
2. I/We agree to waive the application of R.A. 1405 (Secrecy of Bank Deposits Law) and hereby authorize the bank to disclose to the mentioned Company/Institution/Beneficiary on the reverse side of this form any matter pertaining to my/our linked or depository accounts (listed on the reverse side of this form) as may be necessary for the operation of this Auto Debit Arrangement;
3. Only the cleared and withdrawable balance of the account shall be debited; in the event that there is no withdrawable balance on debit date, my account/s can be redebited as necessary. If no payment was debited from my account by the bank due to whatever reason, I understand that the mentioned Company/Institution/Beneficiary will not consider that the amount due had been paid. This is without prejudice to my making a separate arrangement with the Company/Institution/Beneficiary for the settlement of my amount due;
4. Any discrepancy between the billing amount and the debited amount shall be resolved with the mentioned Company/Institution/Beneficiary;
5. Payments made shall be for amounts due;
6. In case of card replacement due to credit limit upgrade/downgrade or loss, the bank is authorized to automatically enroll the replacement card and the related accounts in ADA facility.
7. The Auto Debit Collection Arrangement between the bank and the mentioned Company/Institution/Beneficiary may be cancelled at anytime by either party without need of prior written notice of termination to me/us;
8. This agreement shall be governed by all applicable rules and regulations of the Bangko Sentral ng Pilipinas;
9. The bank may in the future impose charges on this arrangement within legal and regulatory limits.
10. All terms and conditions of my/our existing current/savings account agreement(s) with the bank insofar as not inconsistent herewith shall remain in full force and effect;
11. The banks shall not be held liable for any adverse actions/consequences instituted by the mentioned Company/Institution/Beneficiary for payment made on overdue or past due accounts, policy lapses, and/or the like;
12. I/We hold the Bank and other members of the Bank 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 and/or omissions inadvertently committed resulting to the Bank’s failure to effect any payment transaction that I/We may undertake via the Auto Debit Collection Arrangement.
13. The depositor may terminate this authority upon thirty (30) days written notice to the mentioned Company/Institution/Beneficiary.
14. I/We hereby agree to waive separate notice of debit other than that reflected in the Bank’s statement.