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Appendix D
Disclosure Requirements
Security Bank certifies that in adopting a responsible privacy policy and information practice that it shall provide clear and readily understandable disclosures in writing or in any form to our consumers to inform them of their rights and responsibilities. At a minimum, these disclosures include:
1. Information on the duties of the banking institution and customers.
2. Information on who will be liable for unauthorized or fraudulent transactions.
3. Mode by which customers will be notified of changes in terms and conditions.
4. Information relating to how customers can lodge a complaint, and how a complaint may be investigated and resolved.
5. Disclosures that will help consumers in their decision-making (e.g., PDIC insured, etc.)
6. For internet environment, information that prompt in the bank’s website to notify customers that they are leaving the banking institutions’ website and hence they are not protected by the privacy policies and security measures of the banking institutions when they hyperlink to third party’s website.
7. Proper advertising disclosures are made (e.g. whether the product is insured or not by the PDIC; fees and charges associated with the product or services, etc.). Advertisements should be monitored to determine whether they are current, accurate, and compliant.
8. For banks that issue various products like stored value cards, e-wallets, debit cards and credit cards, we provide information to consumers regarding the features of each of these products to enable consumers to meaningfully distinguish them. Additionally, consumers would find it beneficial to receive information about the terms and conditions associated with their usage. Examples of these disclosures include:
- PDIC insured or non-insured status of the product.
- Fees and charges associated with the purchase, use or redemption of the product.
- Liability for lost.
- Expiration dates, or limits on redemption.
- Toll-free telephone number for customer service, malfunction and error resolution.
9. Whenever e-banking services are outsourced to third parties or service providers, bank should ensure that the vendors comply with the disclosure requirements of the BSP. The information enumerated in this certification is true to the best of our knowledge and ability and we accept the corresponding regulatory and bank penalty and sanction for failure to do so.