TERMS AND CONDITIONS – INDIVIDUAL

TERMS AND CONDITIONS

I have read, understood and hereby agree to Security Bank Corporation’s (BANK) terms and conditions for opening and maintaining accounts as set forth on the website www.securitybank.com which may be amended from time to time and I agree to abide by the same;

By opening an account online with the BANK, I am fully aware that this involves the transmission of personal data and information through the Internet and I fully assume all risks involved relevant to this transaction;

I agree to provide the necessary KYC documents and information required for account opening and warrant the same are genuine, true, accurate, and valid at the time of submission to the BANK. I undertake to immediately inform the BANK of any changes in the above.

Any document and information that I provide online through the Security Bank Online Application (SBOL) or the Security Bank Webpage shall be used by the BANK for Know-Your-Customer (KYC) validation for purposes of account opening;

The BANK shall send me a reference number and shall validate the KYC information and documents that I provided online through its customer service and/or mobile application, at the discretion of the BANK. Once validated, the BANK will confirm the account opening through electronic mail, video or phone call, or SMS.

For limited or restrictive accounts only: I confirm that I have not opened any such accounts with any other bank, and I do not have valid identification required by the BANK’s KYC policy. I further acknowledge that I have been informed of the limitations of accounts so opened until the completion of the KYC process namely-

(1) Aggregate Balance up to P100,000.00 only on all deposit accounts.

(2) Prohibition on receipt of foreign wire transfers/remittance

In case of non-submission of the valid ID and non-compliance with the complete KYC process within a year of account opening, I understand that my account(s) shall be closed without further notice.

The BANK reserves the right to limit the use or close the account upon failure of the customer to submit the necessary KYC documents and information, violation of the terms of declaration and terms and conditions in item 1, or non-compliance with the regulations of the Bangko Sentral ng Pilipinas and the Anti-money Laundering Council (AMLC).

The right in the preceding section is without prejudice to the other rights and remedies available to the BANK under this Agreement and existing provisions of law. Notwithstanding any contrary provision, I agree to indemnify and hereby render the BANK free and harmless from any liability whatsoever which may arise as a result of or in connection with my non-compliance with my undertakings herein.

 

GENERAL TERMS AND CONDITIONS

The following are the general terms and conditions that apply to accounts opened, and any future accounts that the Depositor may open with Security Bank Corporation through any of its branches or by way of its online account opening channel. By signing the required account opening forms, the Depositor agrees that our account/investment relationship shall be governed and bound by these Terms and Conditions. Security Bank Corporation and the Depositor, our customer, agree that the word “BANK” shall refer to any and all units and branches of Security Bank Corporation. The word “DEPOSITOR” or “CLIENT” shall refer to the person or persons opening and maintaining the account/investment relationship with the BANK.

The word “ACCOUNT” shall refer to one or all accounts opened, maintained, and existing, whether Active or Dormant, by the Depositor. Security Bank Corporation, and the Depositor, our customer, agree that “Debit” means deduction from the Depositor’s account, and “Credit” means addition to the Depositor’s account.

UPDATING OF CLIENT INFORMATION ACROSS ALL PRODUCTS 

The Depositor agrees and authorizes the Bank to update and apply the latest personal, employment, and other relevant information submitted by the Depositor, whether for a specific product, service, or general record update, across all accounts, products, and services maintained with the Bank. This includes information provided during account opening, maintenance, or any subsequent transaction. The Depositor acknowledges that such updates shall be made to ensure consistency and compliance with regulatory requirements, and that the Bank shall not be liable for any discrepancy arising from the Depositor’s failure to provide accurate and current information. The Depositor further undertakes to promptly notify the Bank of any material changes to his/her information to avoid misrepresentation or incorrect classification of accounts. Any such update shall be subject to the verification procedures of the Bank and will only be accepted if made through secure and authorized channels. The Depositor further accepts responsibility for safeguarding their information and holds the Bank free and harmless for any unauthorized updates resulting from the Depositor’s negligence.

SUBMISSION OF DOCUMENTARY REQUIREMENTS

The Depositor agrees that the BANK shall open the account upon complete submission of all regulatory and bank documentary requirements. By opening the account, the Depositor agrees to be bound by the BANK’s policies, together with the terms and conditions stipulated in this agreement, including all other existing laws and regulations. Should the BANK agree to provisionally open an account pending the completion of the documentary requirements, the BANK reserves the right to unilaterally close the account if the pending requirements are not received by the BANK within 20 calendar days, for Individual clients or 45 calendar days for business clients.  In any case, the BANK reserves the right to close automatically, freeze, or place in an inoperative status any account, should the Depositor fail to

1) submit documentary requirements for account opening within the extension period after provisional account opening,

2) update/reply to the BANK’s formal request for status updates on pending government applications which would change the client’s account status, or

3) if the BANK has reasonable grounds to believe that the account is being misused, or the individual/entity operating the account was known subsequently to pose undue risks to the BANK.

 

FAILURE OF VERIFICATION

The BANK shall exert efforts in ascertaining the accuracy of the information given by the Depositor in the Customer Information Form (CIF) or Account Opening Form (AOF) Folder. Should the BANK have reason to believe that any of the information furnished by the Depositor therein is false, inaccurate, erroneous or is otherwise not capable of verification, the BANK shall have the right and is so hereby authorized to close the account without notice to the Depositor. The BANK shall not be liable for whatever losses or damages that may arise against the Depositor as a result thereof.

 

DISCLOSURE OF DEPOSITOR INFORMATION

The BANK shall treat information relating to the depositor, deposit account, and transactions on the deposit account as confidential. However, in order to facilitate banking transactions and subject to remain in effect for five (5) years after account closure, the Depositor authorizes the Bank to disclose information relating to the depositor, deposit account, and transactions on the deposit account, to the following:

(1) Other banks, financial institutions, credit agencies, or credit bureaus for the purpose of profiling, credit evaluation/reference checks, verifying the authenticity of the information provided by the Depositor or addressing queries relating to anti-money laundering due diligence on transactions that were coursed through the BANK.
(2) Counterparties and their respective banks in relation to fund transfers, payments, drawing of checks, and other transactions;
(3) Agents, contractors, or third-party service providers who provide operational services to the BANK, such as courier services, telecommunications, information technology, payment, payroll processing, training, market research, storage, archival, customer support investigation services, or other services to the BANK;
(4) Regulatory or government agencies to comply with existing laws, rules, and regulations.

 

DISCLOSURE OF INFORMATION TO SERVICE PROVIDERS AND DATA PRIVACY NOTICE

I authorize the BANK to process, transfer, share and disclose any information relating to my credit data, information which are not classified as Personal Identifiable Information (PII) and which are shared to third parties (e.g., score, income prediction, performance data for DPD, credit card usage, in case of partnerships), social networking score data, telecom or mobile usage data or “telco score” to credit info data providers or credit scoring service providers (i.e. Globe Telecom, Inc., Smart Telecommunications, Inc., and other telecommunications service provider), third party open API providers such as Brankas, etc. for the purpose of credit verification, collection, credit review and credit scoring/analytics, and statistical and risk analysis. This provision shall apply only if I gave my consent for Security Bank Corporation to share and process any information relating to my account/s to any member of the Security Bank Corporation Group (Security Bank Corporation and its affiliates and subsidiaries reported as part of Security Bank Corporation’s conglomerate map/group structure as defined under BSP Circular 749) or their authorized Service Providers and representatives, and Bancassurance companies or their authorized Service Providers and representatives, for purposes of cross-selling products and services, profiling and credit evaluation/reference checks, audit and account balance confirmation, courier services, and allow them to contact me for this purpose (i.e. by e-mail, SMS, call), or in case of audit where my account is chosen as a sample for account balance confirmation.

 

USE OF ACCOUNT

The Depositor agrees that the account is strictly for personal use and shall not be used for business or commercial purposes whatsoever. The Depositor further agrees that it shall not, at any time, make transactions involving the deposit or transfer of funds from the Depositor’s business account to its personal account or vice versa. The Bank reserves the right to close the account at any time without prior notice to the Depositor if the Depositor is found to have violated this provision.

 

DEPOSITS/PLACEMENTS/PAYMENTS

A Current Account/Savings Account may be opened with a minimum initial deposit in the amount set by the BANK.

All deposits must be made by the Depositor personally or by his authorized representative by filling out the appropriate deposit slip or Universal Transaction Slip (UTS). The BANK shall consider any person depositing for and on the Depositor’s behalf, as duly authorized by the Depositor to perform the deposit transaction.

The BANK shall accept deposits, investments, or payments either in cash, check, or debit from another account/s. In accepting checks as deposits, the BANK shall act merely as a collecting agent and shall have no responsibility beyond the exercise of due care in transmitting the items electronically via the Check Image Clearing System (CICS) of PCHC, where the physical check is not included in the collection or return process, as a payment instrument.  The Depositor shall not be credited for nor shall the Depositor be allowed to withdraw the amount corresponding to the said checks until cleared funds have been actually received by the BANK. Checks received after the BANK’s cut-off time shall be processed on the next banking day.

For acceptance of crossed checks payable to one depositor for deposit to a joint “AND” or “OR” account of said depositor, the depositor commits and undertakes to indemnify the BANK in the event that the issuer of the said check or any affected third party complains, objects, or otherwise files a claim against the BANK as a result of said accommodation. Should the BANK accept for deposit, checks that are not endorsed by the payee, the depositor holds the BANK free and harmless from any and all liabilities, claims and demands of whatever kind and nature that may arise from said accommodation.

For acceptance of checks denominated in a foreign currency deposited in the BANK, the depositor agrees to reimburse and authorizes the BANK to debit the value of the check, together with any other charges, fees, costs, and damages caused to the Bank in the event that the same will be held liable by the foreign correspondent bank or any affected third party for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed.

All endorsements or lack of endorsements on the checks deposited with the BANK are guaranteed by the Depositor. Proceeds of deposit or collection items shall be credited to the Depositor’s account, net of service charges that may be collected by the BANK or by the drawee/collecting bank. The BANK shall not be liable for items lost in transit. The Depositor shall have full responsibility for the correctness, genuineness, and validity of all items deposited as well as of all endorsements, signatures, and information found thereon. For all deposits including, but not limited to, deposits subject to count arrangement or for later verification, the Depositor acknowledges that the BANK’s count is deemed accurate and final. All notes and coin deposits must be sorted according to denomination and the BANK’s prescribed number of pieces per bundle/bag prior to acceptance. The BANK has the right to debit automatically, the Depositor’s account for any shortages or discrepancies due to counterfeit or out-of-circulation cash notes/coins, insertion, and/or errors in counting, which were found after our receipt of cash items, despite any machine-validated or manually-signed acknowledgment receipt and transaction slip.

At its discretion, the Bank may accept an initial deposit via check. In case of return of the check for whatever reason, the Client shall fund the account by depositing the amount depending on the required initial deposit of the product opened plus an amount to cover possible charges, if any. The Bank shall inform the Client of the total amount required to be deposited to prevent the closure of the account.

For check/s deposited whether as an initial deposit or in the course of the banking relationship, the Client agrees to reimburse and indemnify the Bank and authorizes the Bank to debit the value of the check, together with any other charges, fees, claims, costs and damages caused to the Bank in the event of any suit, liability, responsibility or claim by any third party or government institution/agency for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed. The Client undertakes to hold the Bank free and harmless and undertakes to defend the Bank, its stockholders, directors, officers, employees, and agents, from such suit, responsibility, or claim, at the Client’s expense unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

For bulk or large cash deposits, the Depositor agrees to call the servicing branch before bringing the deposit. For purposes of complying with any applicable BSP regulations, the Bank may require the client to submit documentary requirements prior to its acceptance of bulk or large cash deposits.

The BANK reserves the right to refuse any deposit contemplated herein should such refusal be necessary to protect the BANK’s own interest. The BANK shall be held free and harmless from any claim or dispute arising from the execution and implementation of the present Terms and Conditions unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

In making a deposit, the Depositor agrees to assume full responsibility for the accuracy and correctness of the information filled out in the deposit slip, and the Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any discrepancy therein, such as but not limited to, the statement of an incorrect account number although the name of the Depositor is correctly written. The Depositor agrees that for Foreign Currency accounts that the Depositor opens, these shall be funded purely by foreign currency receipts eligible for deposit under CB Circular No. 960 as amended by CB Circular No. 1318, and the Depositor undertakes to hold the BANK free and harmless from liability for deposits made in violation of said law, rules, and circulars. The BANK shall endeavor to keep on hand an updated balance of the Depositor’s account. It is however the duty of the Depositor to periodically ascertain from the BANK the actual balance based on cleared funds. The BANK has the right to offset the deposit against any indebtedness owed by the Depositor to the BANK with notice to said depositor. Deposits under hold-out, garnishment, sequestration, with adverse claim, or any other legal/contractual impediment, are not subject to withdrawal up to the amount covered by the lien or claim. Nevertheless, should the Depositor succeed in withdrawing the levied amount, in whole or in part, the Depositor shall deposit back the amount corresponding to the amount withdrawn not later than three (3) business days from notice by the BANK. When the account is closed, whether by the BANK or by the Depositor, the BANK may require the Depositor to surrender all unused checks before the balance of the account is released. The BANK shall not be liable for any loss or damage incurred by the Depositor or a third party due to computer programming defects, errors due to faulty communication lines, or any defect in the material or workmanship of any computer equipment unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT. Article 1250 of the Civil Code of the Philippines shall not apply to the account.

 

ARTICLE 1250 OF THE CIVIL CODE OF THE PHILIPPINES

Article 1250. In case an extraordinary inflation or deflation of the currency stipulated should intervene, the value of the currency at the time of the establishment of the obligation shall be the basis of payment, unless there is an agreement to the contrary.

For extraordinary inflation (or deflation) to affect an obligation, the following requisites must be proven:

1. that there was an official declaration of extraordinary inflation or deflation from the Bangko Sentral ng Pilipinas (BSP);
2. that the obligation was contractual in nature; and
3. that the parties expressly agreed to consider the effects of the extraordinary inflation or deflation.

 

WITHDRAWALS

Withdrawals or funds transfers must be made by the Depositor personally or through an authorized representative upon presentation of the passbook, a duly accomplished withdrawal/debit slip via over-the-counter or through the use of other available facilities (ATMs, Phone Banking, Internet Banking, etc.). The signature of the representative should be duly authenticated by the Depositor on the withdrawal/debit slip and the signature of the Depositor, and its authorized representative is validated by the Teller. Withdrawals must not exceed the withdrawable balance, which represents the Depositor’s ledger balance less uncollected check deposits and deposit with lien, except for bills purchase transactions where, at the BANK’s discretion, withdrawals may be made in amount/s exceeding the withdrawable balance. For any withdrawal of foreign currency notes or a large amount of local currency notes or coins (i.e., PHP1 million and above), the BANK may require prior written notice of at least three (3) banking days, or such other period as the BANK may reasonably deem necessary. The Depositor is allowed a certain number of withdrawals/funds transfers from his account in any given month (depending on the product), in excess of which, the BANK reserves the right to impose a service charge or a lower interest rate specifically in GoalSetter.  The BANK does not warrant the availability of foreign currency notes at all times to meet withdrawal requirements. In case of non-availability of currency notes, withdrawals may be in the form of telegraphic transfers, demand drafts, mail transfers or in the currency which is legal tender in the Philippines. If the Depositor opts to withdraw in the form of telegraphic transfer, demand draft or mail transfer, the same shall be construed as an application for such services and may be subject to the usual processing fees.

 

SECURITY BANK ATM CARD / MASTERCARD DEBIT CARD

The SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD  (“CARD”)  is issued to the Depositor (“the cardholder”) together with a corresponding PIN Mailer to be used on the BANK’s or other bank’s Automated Teller Machine (ATM). The card can also be used as a debit card to make purchases with or without a PIN CODE on any physical or online Point of Sale (POS) terminal networks or any other electronic devices and online facilities installed by the BANK in which the card is applicable. For security purposes, the cardholder should immediately affix his signature at the back of the ATM Card upon receipt. For the cardholder’s protection, the Depositor agrees, at all times, to (a) immediately change the computer-generated PIN upon receipt; (b) safely keep the ATM Card and PIN in the Depositor’s sole possession; (c) not disclose the PIN, record it on the ATM Card or otherwise make it available to anyone under any circumstance.

The cardholder (except for cards in relation to SSS pension) may assign an authorized representative to receive the Card on his/her behalf subject to the submission of the following requirements (i) authorization letter signed by the cardholder, naming therein the person who is authorized to receive the Card on his/her behalf; (ii) 1 valid Primary ID or 2 Secondary IDs of the cardholder and his/her authorized representative. SSS ATM Card must be personally received by the depositor/pensioner.

For payroll accounts and accounts opened online, the card may be released to a person 18 years old and above, residing at the same address as the cardholder, who provides 1 valid Primary ID or 2 Secondary IDs upon delivery. 

 

LOSS OF THE SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD

The Cardholder shall immediately make a phoned-in report to the BANK for any loss, theft, and known or suspected unauthorized use of the Card. The Cardholder shall be liable for all authorized and unauthorized ATM or Debit Card transactions, including any withdrawals and purchases using the Card. The phoned-in report shall automatically free the Cardholder from any liability but any unauthorized charges made against the lost/stolen CARD prior to the phoned-in report shall be for the exclusive account of the Cardholder.

 

FOREIGN CURRENCY TRANSACTIONS  

For transactions made in foreign currencies in the Philippines or abroad, the manner of conversion from the transaction currency to the payment currency (Philippine Pesos) would be automatically made by Security Bank at posting date. All foreign currency transactions will be converted using the applicable card network’s-currency conversion rate at the time of posting, plus an assessment fee, the rate of which may be adjusted from time to time. 
 
In case a foreign currency transaction is voided or cancelled, the transaction amount will be reversed. However, there may be a slight discrepancy between the original transaction amount and the reversal amount since the reversal amount shall be computed based on the prevailing rate at the time when it is reversed.

 

FUNDS TRANSFER

Any funds transfer to the own account or third party account, made by the individual or corporate clients through the branch should be documented in writing via transfer application form or client’s letter of instruction and signed by the Depositor/s, following the account’s signature rules. Fund transfers made via e-channels (SBOL, DigiBanker, ATM) are confirmed by the depositor to have been made or authorized by encoding PIN or password, known only to the client. Should the requested transaction be incapable of being performed by the BANK in the manner instructed by the Depositor, without the BANK disclosing details about the Depositor and/or the Depositor’s account, the execution of the funds transfer request shall be deemed as the Depositor’s express authority to the BANK to make such disclosure within the terms of the applicable regulation, and without any need for any prior notice or further consent or documentation. By the foregoing authority, the BANK shall not be in violation of any of the secrecy laws for making such disclosures. Further, the Depositor warrants that the funds subject to any funds transfer transaction originate from bonafide transactions and shall be used for legal purposes. Further, for any funds transfer credited to the Depositor’s account, the BANK should be notified in writing within one (1) day from the date of credit in case the Depositor does not want to accept the credit and stating the reason thereof. The BANK shall be free and harmless from any liability or complaint arising for any funds transfer credited made to the Depositor’s account unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

 

AUTOMATIC FUNDS TRANSFER SERVICES

For automatic funds transfer services, the Depositor shall be required to accomplish and sign the Individual/Corporate Fund Transfer Application and Maintenance Form, which shall support the Depositor’s standing instruction to avail of any of the following specific type of Funds Transfer services:

1. Security Check Protector – is a fund transfer facility, that enables clients to transfer their money to their Checking Accounts in order to avoid the hassle of insufficient funds, linking to a maximum of three (3) other movement (Checking/Savings) source accounts. Under this facility, recipient accounts obtain funds from the source accounts every time the Checking Account balance falls short in funding in-clearing checks or other debit transactions.
2. Security Scheduler – is a fund transfer facility which enables the system to transfer automatically a specified amount from a client’s enrolled movement account (Checking/Savings Accounts) to another designated account at a  specified  time  or  frequency  to  settle  obligations,  transfer allowances or meet funding requirements for his business. Under this facility, the client may enroll various recipient accounts to be linked to his personal/source accounts or vice versa. Frequency and amount to be transferred can be set to each recipient account as dictated by the client.
3. Security Maximizer – is a fund transfer facility, which enables the client to transfer automatically excess/surplus funds from his account to other accounts. Under this facility, the client may enroll a source account to as much as three (3) receiving accounts wherein he may set the minimum and maximum amounts to be transferred to each recipient whenever there are excess funds from the source account.

Whenever a fund transfer to be made in this facility falls on a Saturday, Sunday or public holiday under the Laws of the Republic of the Philippines, such transfer may be made in the next succeeding banking day.

Joint accounts can be enrolled provided that all Accountholders sign on the required application form.  Linking of third-party accounts may be allowed provided said third party accounts shall be receiving accounts only. The owners of the third-party accounts to be enrolled shall be required to sign in the enrollment portion of the required application form. Instructions for any changes, cancellation, and/or revisions relating to the conduct of the Fund Transfer Services shall remain in force unless sooner revoked by the Depositor/s in writing. The Fund Transfer Services shall be made / used for legitimate purposes and shall not be used for Money Laundering or for any other illegal purposes. The BANK may, at any time and for whatever reason, reject any transaction without incurring any liability. The BANK shall not be held liable for any indirect, incidental or consequential loss, loss of profit, or damage suffered by the Depositor by reason of error or failure to complete or effect transaction if said error or failure resulted from accident, force majeure, strike, war, viruses, tampering, fraudulent use, or misuse or the Depositor’s noncompliance with the stated procedures unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

 

POSTING OF TRANSACTIONS

All transactions posted to a Depositor’s account shall be validated on a bank’s transaction slip (i.e. deposit slip, withdrawal/debit slip, MTAF, etc.) and are for the account of the Depositor.

PROOF OF TRANSACTIONS

The Bank shall issue a Universal Transaction Slip (UTS) as proof of each successfully completed transaction. A UTS may be generated in either paper or digital format.  

 In compliance with applicable Bangko Sentral ng Pilipinas (BSP) rules and regulations, the Bank shall provide proof of transaction immediately after completion. By default, the Bank shall send the UTS to the client’s registered email address following a successful transaction. Clients have an option to receive the UTS either via their registered email address or printed copy immediately after transaction completion.  

 The Bank shall ensure that all transaction records, whether paper or digital, are securely stored and accessible to the client in accordance with applicable laws, rules and regulations.

 

HOLD AND AUTOMATIC DEBIT OF ACCOUNTS

The Depositor represents and warrants that he or she is duly authorized to receive any funds that may be credited to his or her account and that the said funds are subject of a lawful transaction.  In this regard, the Depositor hereby authorizes the bank to place on hold and/or automatically debit the Depositor Account without the express authority from the Depositor and without prior written demand and notice from the Bank in the following instances: (1) Technical and human errors from either the Bank, Depositor or Remitter that results in mis posting, erroneous posting or discrepancy in posting of cash, check or funds transfer to the Depositor’s account; (2) Remittance and fund transfers where there is a dispute and request from the remitter to stop credit, hold or investigate the fund transfer and remittance;  (3) Where the Bank suspects that any transaction on the account is fraudulent or represents the proceeds  and is otherwise subject of, any unlawful activity; (4) Failure of the Depositor to update or provide complete KYC information and supporting documents under Anti-money Laundering and Terrorist Financing Regulations; (5) Upon order of a competent court, the Anti-money Laundering Council or any government body. (6) Any situation similar and analogous to the foregoing. The Depositor agrees to indemnify and hold the Bank free and harmless and without any liability in the Bank’s implementation of the above hold and debit of the Depositor’s account under this section.

 

SECURITY BANK ONLINE SERVICES

The Depositor acknowledges that once the Terms and Conditions detailed on the Security Bank Online enrolment page has been accepted during enrolment in the facility, he is deemed to have agreed thereto. Among others, the Depositor agrees and accepts, that:

1. The Depositor understands the corresponding risks entailed in availing of the services in Security Bank Online. The Depositor understands that all other Terms and Conditions governing the services offered in Security Bank Online shall remain in full force and effect. The Depositor is bound by any and all laws, rules, regulations and official issuances applicable to Security Bank Online now existing or which may thereafter be issued or communicated by the BANK through whatever means, as well as such other Terms and Conditions governing the use of other facilities, benefits, or service which the BANK may make available to the Depositor in connection with Security Bank Online. The Depositor likewise agrees that the Depositor’s continued use of Security Bank Online thereafter shall constitute the Depositor’s acceptance of the modifications and revised Terms and Conditions.
2. By accepting the terms and conditions and by using Security Bank Online, the Depositor is bound by the Terms and Conditions governing the same, its nature, present and future functionalities and operating features, and to pay any applicable fees associated with the use of the same. Acceptance of the terms and conditions online would amount to acceptance in writing.

 

MINIMUM MONTHLY AVERAGE DAILY BALANCE (ADB)

A minimum maintaining average daily balance as set by the BANK shall be required for all accounts. A monthly service fee as posted in the bank premises and at the bank website (www.securitybank.com) shall be charged to the account whenever its balance falls below the minimum average daily balance requirement for two (2) consecutive months. The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein.  The formula to compute for monthly ADB is, as follows:

 

ADB = (Day 1 ending balance + Day 2 ending balance … + Day 30/31 ending balance

Number of days in the  month (i.e. 30/31 days)

 

The Bank may waive the maintenance of the monthly ADB and to lift/cancel such waiver for whatever reason, at any time and at its sole discretion.

 

SERVICE CHARGES

The Depositor agrees that the Depositor’s account/s, whether active or dormant, shall be subject to such service charges imposed by the BANK. The BANK shall have the right to deduct such charges against the account/s and such right shall have preference over the payment of any checks/drafts, which may have been drawn from the Depositor’s account/s. Thus, the BANK shall not be liable for the dishonor of the Depositor’s checks/drafts because of insufficient funds caused by such deduction. Checks drawn against insufficient funds or uncollected deposits shall be subject to service charges whether subsequently funded or returned. A nominal charge shall be collected on accounts that are closed within 30 days from the date of opening. A monthly service charge imposed by the BANK shall be charged if the daily balance of the Depositor’s account/s falls, at any time during the month, below the minimum maintaining balance required by the BANK. Accounts with zero balance due to service charges or other causes may be closed by the BANK without prior notice to the Depositor. Such service charges to be imposed by the BANK shall be provided to the client as an Attachment to the Terms and Conditions to be sent via Statement of Account (SOA) or Thank you Letter, and posted on the bank premises and on the bank website (www.securitybank.com). The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein.

FEES AND CHARGES: https://www.securitybank.com/personal/accounts/fees-charges/

DORMANT ACCOUNTS

Current / Checking accounts with no activity (deposit/withdrawal/encashment) for one (1) year and Savings accounts with no activity for two (2) years shall be classified as dormant. Dormant accounts shall be subject to a minimum monthly service charge if they fall below the required minimum monthly balance. The minimum monthly service charge may be amended by the BANK from time to time as circumstances may warrant. Accounts with zero or negative balances due to service charges or other causes may be closed by the BANK. Deposits remaining dormant for more than ten (10) years shall be escheated in favor of the National Treasury as provided by law.

Checks issued from a dormant account, even if such account has enough funds to cover the amount of the check, shall be returned and the reason for the return of the check shall be indicated as “Drawn Against Dormant Account.

 

MISHANDLED ACCOUNTS

The BANK reserves the right to close the account at any time without prior notice to the Depositor if the account is, in the BANK’s opinion, not maintained in a satisfactory manner, when the account is being used as a tool for the commission of fraud or any other crime or when the continued existence of the account with the BANK would prejudice its interest in any way. Should closure of the account be effected by the BANK as a result of improper handling through the issuance of insufficiently unfunded check/s, the BANK is authorized to report such closure and the reason/s thereof to the Bankers Association of the Philippines (BAP), or to any central monitoring body established by the BAP to record and monitor the mishandled deposit accounts of its member banks. The Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any or all liabilities, claims, or demands of whatever kind and nature in connection with or arising from (a.) The closure of the account and/or (b.) The dishonor of any check thereunder which may be presented to the BANK after the closure of the account and/or (c.) Reporting by the BANK of the closure of the account and the reason/s thereof to the BAP.

.

CLOSURE OF ACCOUNTS

For client-initiated closing of an account, a withdrawal/debit slip/MTAF/Check Issuance/UTS shall be filled out for the entire amount of the balance outstanding in such account. The BANK may close an account at any time with prior notice to the Depositor, if the deposit balance becomes zero, due to collection of service charges by the BANK or withdrawal by the Depositor, or for violation of existing rules and regulations of the BANK, the Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, Bankers’ Association of the Philippines, or any other agency to which the BANK may be affiliated, or for such other reason which the BANK may deem reasonable for the protection of its interest. A nominal charge shall be collected on accounts that are closed within 30 days from the date of opening. The BANK may, at any time, return to the Depositor his deposit together with the interest due. The Depositor/s may be notified either personally or by mail of the BANK’s intention to close the account and the interest will cease from the date of such notification. Deposits may be withdrawn only in the manner provided therein.

The BANK retains the right to close, at its sole discretion, with prior notice to the Depositor, any of your account/s for reasons which the BANK may deem reasonable for the protection of its interest at any time and without obligation to disclose the reason for such closure. The depositor agrees to hold the Bank and its officers and employees free from harm from any and all liabilities, claims, and demands of whatever kind or nature in connection with or arising from the closure of your account.

 

INTEREST

The account shall earn interest net of applicable withholding tax if it meets the required minimum balance set by the BANK. Interest earned shall be credited to the Depositor’s account at the end of every month or quarter, whichever is applicable. A reduced interest rate may apply if the account fails to meet the required frequency of withdrawal per quarter. A check item accepted for deposit does not earn interest until after the proceeds of such item have been cleared and fully credited to the account. No interest shall be paid on the account if (a) for ten (10 ) consecutive years there is no deposit, withdrawal, or notice from the Depositor; or (b) the account is closed before the end of the month. No interest shall be paid on dormant accounts or when the BANK has requested the Depositor to close his account in which case, the account stops accruing interest as soon as the BANK transfers the balance to Accounts Payable or issued a Manager’s Check in favor of the Depositor.

 

INTEREST COMPUTATION

Interest rates are computed as follows:

 

Daily accrued gross interest = End of Day Cleared Balance x Applicable Interest Rate x 1/365

Interest payout (net of tax) = Sum of all accrued interests for the month or for the quarter less Applicable Tax Rate

 

Note, however, that: a) Payout of interests for CASA is either monthly or quarterly, depending on the product type; and b) The computation above does not include special bonus interests or penalty interests’ rules for certain deposit products.

 

STATEMENT OF ACCOUNT

The Statement of Account (SOA) serves as the official record of the account’s transactions and balances. It is provided to the Depositor through the official online banking channels of the Security Bank or pick-up from the Depository branch. If any discrepancies are noted in the statement, the Depositor should promptly notify the BANK through the 24-hour Customer Service hotline at (632) 888-791-88 or email at [email protected] within twenty (20) calendar days from receiving the statement. Failure to do so will be considered as the Depositor’s acceptance of the statement’s accuracy.

In the case of a change in the provided email address, the Depositor must inform the BANK immediately. Requesting an SOA before the cycle date will incur a processing fee. Special statements can be picked up at the Depository branch by the Depositor or their authorized representative.

The BANK retains the right to dispose of monthly bank statements, including any related canceled/paid checks and debit/credit memos, left unclaimed for 90 calendar days from the time the SOA was made available for pick-up or download in the official online banking channels of Security Bank.

The Depositor assumes all risks associated when choosing to receive the eSOA via official online banking channels of Security Bank. This includes risks such as the account information being exposed to unknown third parties, the account being hacked, and other inherent risks in online banking channels.

If a client fails to view or download their Statement of Account (eSOA) through the official online banking channels, clients are encouraged to follow these steps: (1) Report the non-availability of eSOA. Clients should notify their preferred branch or customer service channels immediately, preferably within the specified timeframe mentioned in the terms and conditions (2) KYC, and provide the necessary information. When reporting the non-availability of the eSOA, clients may be required to provide specific details, such as their account information, any relevant transaction details, and the period for which the statement was not visible (3) Request SOA anytime and anywhere at Depository Branch.

The Depositor acknowledges that electronic Statements of Account (eSOA) are available exclusively for viewing and download through the official online banking channels provided by Security Bank. The Depositor may opt to pick up a physical copy of the Statement of Account (SOA) at any depository branch of the Security Bank. The Depositor understands and agrees that it is their responsibility to regularly check their online banking account for the availability of eSOA or to visit a depository branch to obtain a physical copy of the SOA if necessary.

 

CHECKBOOK

Checkbooks shall be issued only to the accountholder personally, or to an authorized representative. The Depositor shall exercise care in requisitioning for additional checkbooks. To ensure a continuous supply of the checkbooks, the requisition by the Depositor must be made at least one (1) month in advance of the expected delivery. Checkbooks shall be issued to the Depositor for a fee to be debited from the account of the Depositor upon checkbook order (via automatic checkbook re-order facility, over-the-counter request, or alternate channels). Charges are subject to increase with prior notice to the client. Checkbooks requested through different alternate channels are deemed final. Checkbook requests made using other available facilities (ATM, Phone Banking, etc.) shall be processed accordingly. It is understood, however, that requests made by accounts with insufficient balance to cover the cost of the checkbook shall not be processed. Ordered checkbooks must be claimed within 90 calendar days from the date of requisition, otherwise, these checkbooks shall be destroyed. The Depositor shall safeguard all utilized checks with utmost care to preclude any possible loss and/or pilferage. Checkbook loss should be reported to the BANK immediately in writing. The BANK shall not be held liable for lost checks which are honored by the BANK before written notice of loss is received. The Depositor shall be fully responsible for all checks issued under the Depositor’s account. Neither the BANK nor its correspondent bank(s) shall examine the checks for any irregularity. The BANK also reserves the right not to release the checkbooks ordered if the account is deemed improperly handled. The BANK would not be liable for any bank charges, such as but not limited to, Returned Checks and Other Cash Items (RCOCI) charges and minimum monthly Average Daily Balance (ADB) charges that shall arise as a result of the debit of the checkbook charges.

 

STOP PAYMENT ORDER (SPO)

The SPO shall take effect on the next banking day from the date of the acceptance of the Depositor’s request for an SPO. The Depositor shall not hold the BANK liable if payment is made or accrued before the SPO is effected. No SPO or the renewal thereof shall bind the BANK unless: (i) made in writing; (ii) the check is described in all particulars; and (iii) served upon any Authorized Officer of the BANK’s branch where the account is maintained. The service of a request for stop payment, or its renewal, upon the branch of account, shall not constitute notice, actual or constructive, to any other branch. The SPO shall be effective for 180 days counted from receipt by the BANK of the request, renewable for no longer than another period of 180 days counted from receipt by the BANK of the request for renewal. By directing the BANK to stop payment on a check, the Depositor agrees to indemnify and hold the BANK harmless against, and from any and all losses, claims, damages, or expenses which the Depositor or any person shall suffer as a result of the non-payment of any check under the Depositor’s SPO. In case of joint “or” accounts, the SPO shall be made only by the drawer of the check. On-Us Check/s payable to the BANK, i.e., Security Bank, SB, Security Bank Corporation, SBC, the BANK, Security Bank and Trust Company, SBTC or any of its affiliates and subsidiaries, such as but not limited to, Security Bank Savings, SB Cards Corporation, SB Cards, SB Capital Corporation, among others, shall not be accepted for SPO.

 

PASSBOOK OR RECORD BOOK

The Depositor shall be furnished with a Passbook or Recordbook where the BANK shall, upon presentation of the Passbook or Recordbook, record all deposits/withdrawals made. No entries in the Passbook or Recordbook shall be made except by the BANK. However, mere possession of the Passbook or Recordbook shall not be presumed or deemed as acceptable proof of the balance of the account as deposits and withdrawals may be allowed at the BANK’s discretion, without presentation of the Passbook or Recordbook. The Passbook or Recordbook is neither transferable nor assignable and cannot be pledged or assigned as security in favor of any party other than the BANK (for Passbook). Except for computer-generated entries, typewritten or manual entries, and any other alteration, superimposition or erasure on the passbook shall render said entries void and invalid. In case of any discrepancy or inconsistency between the entries in the Passbook or Recordbook and Bank Records, the latter shall prevail and shall be the basis for allowing withdrawals and other transactions.

 

JOINT ACCOUNTS

In the payment of funds or transaction of other business on the account, during the lifetime of all the joint accountholders, the BANK shall follow the authority given by the Depositors in the Account Details Form (ADF)thus, any one, any two, any three, all, etc. Any of the Depositors may deposit and endorse for deposit in the account, checks, drafts, bills of exchange, and/or other instruments for the payment of money payable or purporting to belong to any one or more of the Depositors. The BANK is authorized to honor and pay any debit from the account instruction, issued checks, or other written orders by any one, any two, or all of the Depositor/s in accordance with the authority so given by them in the ADF, all without the need of inquiry by the BANK as to the use or disposition of the funds so withdrawn. The Depositors are jointly and severally liable for the payment of any obligation to the BANK in connection with the operation of the account.

In the event of the death of a Depositor, the BANK shall freeze or hold any withdrawal from an account maintained by such Depositor upon knowledge of said Depositor’s death.  The release of the hold shall be subject to the submission of the other requirements of the BANK for deceased Depositor accounts and collection of 6% FWT from the total proceeds, as may be applicable, pursuant to R.A. 10963 (TRAIN LAW) and its implementing rules and regulations.

If the deceased Depositor owns the account jointly with other persons, each surviving co-depositor can be allowed to withdraw up to their proportionate share in the account, in the absence of proof to the contrary, provided that a certified true copy of the death certificate of the deceased depositor is submitted.  The Bank shall freeze or hold any withdrawal from the share of the deceased Depositor until the requirements of the Bank for deceased Depositor accounts are complied with. The collection of the 6% FWT, as may be applicable, pursuant to R.A. 10963 (TRAIN LAW) and its implementing rules and regulations shall be based on the proportionate share of the deceased Depositor. I and/or person(s) exercising parental or legal authority acknowledge that they have principal and solidary liability with the Depository and, as such, hold the Bank free and harmless and indemnified from damages, liabilities, claims, suits, and causes of action arising from the use and operation of the Accounts, products, services, facilities, and channels.

In the case of the account being opened as an “In-Trust- For” Account (ITF Account), the Depositor agrees that the owner of the funds is the individual for whose benefit the ITF Account is opened and that the Depositor is merely holding and operating said account in trust for such owner.

 

SIGNING INSTRUCTIONS

In accordance with the authority given by the Depositor/s in the ADF, and Universal Specimen Signature Card (USSC) or the Secretary’s Certificate of Partnership/Board Resolution or the specimen signature signed by the Depositor during the video interview via Skype or MS Teams or other similar Information Communication Technology applications, the BANK shall recognize the signature of any one, any two or all the authorized signatories in the payment of funds or transaction of other business on the account, unless revoked in writing by the Depositor. The authorized signatories may deposit and endorse for deposit in the account, checks, drafts, bills of exchange, and/or other instruments for the payment of money payable or purporting to belong to the firm. The BANK is authorized to honor and pay to the debit of the account, checks, or other written orders of the Depositor’s authorized signatory/ies, without a need to inquire as to the use or disposition of the funds so withdrawn.

The Depositor agrees that the Bank may capture, store, and use the Depositor’s electronic signature (“eSignature”) for account opening, account maintenance, and transaction verification purposes. The Bank’s preferred eSignature platform is DocuSign, and the Depositor consents to the use of DocuSign for the secure execution and storage of eSignatures. An eSignature captured and stored by the Bank through DocuSign, or any other secure platform the Bank may designate, in accordance with applicable laws including the Electronic Commerce Act (RA 8792), shall be deemed equivalent to the Depositor’s handwritten signature for all purposes and shall be binding on the Depositor. The most recent eSignature specimen on record shall prevail over any prior specimen for verification purposes. 

 

E-MAIL OR SHORT MESSAGING SERVICE (SMS) INSTRUCTIONS

The BANK may act or execute on the specific instruction received from the Depositor and/or co-Depositor thru their registered contact information (mobile number &/or e-mail address) in the database. The said instruction, whether sent electronically, scanned, via facsimile or thru SMS from the Depositor &/or co-Depositor using their registered e-mail address or mobile number, shall be recognized by the BANK as deemed authorized and valid.   The BANK may validate/confirm directly with the Depositor &/or Co-Depositor at its discretion or option thru phone call, or any public video chat/conference call available such as Viber, messenger, Skype, Zoom, or similar. The Bank may require a separate document or undertaking as it may deem necessary to implement the foregoing instructions.

 

HOLD-OUT ARRANGEMENT

The deposit balance under hold-out may not be withdrawn while the hold-out / lien remains in full force.

 

REJECTED TRANSACTIONS

The Bank may reject any transaction without incurring any liability, if in its reasonable opinion, facilitating the transaction constitutes an unsound banking practice as defined under the BSP regulations, or is in breach of any other applicable law or regulation.

 

OFFER AND ACCEPTANCE OF OTHER BANK PRODUCTS

The Depositor may avail of consumer loans or additional bank products (but not limited to auto loans, credit cards, etc.) subject to the BANK’s terms and conditions. Acceptance by the Depositor of the credit card or the proceeds of any loan released pursuant thereto shall be conclusive proof of the Depositor-Borrower’s Acknowledgement of his/her additional indebtedness to the BANK under the Terms and Conditions set forth by the BANK prevailing at the time the additional loan is approved.

 

RETENTION OF DEPOSITOR INFORMATION

The Depositor is hereby informed that the BANK follows the required retention periods in the safekeeping of records and/or information belonging to the Depositor as set by the Bangko Sentral ng Pilipinas and pursuant to existing laws and regulations.

The Depositor hereby agrees that records and/or information belonging to the Depositor may no longer be available if requested beyond the aforementioned retention periods as these records and/ or information may have already been validly disposed of by the BANK.

 

DEPOSIT INSURANCE

Applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of One Million Pesos (P1,000,000.00) per Depositor. The rules of the PDIC related to deposit shall apply. PDIC shall presume that the name/s appearing on the certificate of deposit is/are the actual/beneficial owners of the deposit, except as provided therein. In case of transfer or break-up of deposits, PDIC shall recognize actual/beneficial ownership or transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor. In case of (a) deposits in the name of, or transfer or break-up of deposits in favor of entities, either singly or jointly with individuals, and (b) transfer or break-up of deposits in favor of non-individual relatives whenever such transfer or break-up shall result in increased deposit insurance coverage, PDIC shall recognize the beneficial ownership of the entity or transferee provided that the deposit account records show the following:

1. details, or information establishing the right and capacity or the relationship of the entity with the individuals;
2. details, or information establishing the validity or effectivity of the deposit transfer; or
3. copy of the Board Resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws.

In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to the consolidation with the other deposits of the transferor. PDIC may require additional documents from the Depositor to ascertain the details of the deposit/transfer or the right and capacity of the transferee or his/her relationship to the transferor.

CUSTOMER SEGMENTATION

1. The Bank periodically reviews and updates its customer segmentation strategies to enhance services, improve customer experiences, and align with evolving market trends. Customer segments are determined based on various factors, including but not limited to the Total Relationship Balance (“TRB”), financial behavior, transaction history, and account activity like deposits, investment placements, and withdrawals.

2. The Bank maintains four (4) main customer service segments, each with their respective TRB criteria. Customers agree to maintain the TRB requirement for their chosen service segment:

Segment	TRB Range (in PHP)
Blue	0.00 – 24,999.99
Silver	25,000.00 – 499,999.99
Gold	500,000.00 – 4,999,999.99
Wealth	5,000,000.00 or higher

 

The customer’s TRB is computed based on the following products:

a. Outstanding balance of Checking and/or Savings accounts
b. Outstanding balance of Time Deposits
c. Outstanding balance of Long Term Negotiated Certificate of Deposit (“LTNCD”)
d. Outstanding balance of Trust Investments Principal amounts
e. Acquisition value of Derivative Products
f. Acquisition value of Fixed Income Securities Distribution (“FISD”)
g. Acquisition value of SB Equities Investments
h. Annual Premium Equivalents of FWD Insurance Products

The Bank reserves the right to amend the segmentation model and eligibility criteria, subject to notice to the customer in accordance with the regulations of the Bangko Sentral ng Pilipinas.

3. Gold Circle Supplemental Terms & Conditions

i. “Gold Circle” is a priority banking program that allows eligible bank clients to enjoy certain features and benefits. In exchange for enjoying the benefits provided to Gold Circle members, the Customer agrees to maintain the TRB requirement of the program.

ii. Gold Circle members who fail to meet the required TRB for three (3) consecutive months shall be charged a service fee of Php1,000.00. Such Service fee shall be debited from any one of the Client’s bank accounts at the Bank’s sole discretion.

iii. Cancellation or termination of “Gold Circle Membership” may either be client-initiated or bank- initiated. For client-initiated cancellation, a cancellation request letter or Customer Request Form (CRF) must be signed by the client explicitly stating the reason for cancellation/ termination.

iv. The Client’s membership to the Gold Circle may also be cancelled by the Bank should the Client fail to meet the required TRB for six (6) consecutive months. In the case of Gold Circle cancellation, the Client shall be retagged to the service segment matching their TRB as of the month immediately preceding the Gold Circle cancellation.

4. Upgrades and Downgrades

i. Upgrades and downgrades to the different segments may happen periodically and may either be implemented by the Bank or initiated by the customer.

ii. The Bank may, at its discretion, reassign Customers to different segments to ensure that the services provided are better tailored to their financial needs.  Customers may be eligible for upgrades or downgrades based on predefined criteria as stated in Customer Segmentation clause 2.

iii. Upgrades. Clients who meet the TRB requirement of a higher segment for the past three (3) consecutive months may be upgraded and/or nudged for an upgrade by the Bank. Specifically for the Gold Circle membership program, all upgrades will only take place upon the Client’s confirmation.

iv. Downgrades. The following downgrade provisions apply for all segments except for Gold Circle, which are covered by the Supplemental Terms under Customer Segmenation clause 3. Non-Gold Circle clients who fail to meet the TRB requirement of their current segment for three (3) consecutive months may be downgraded by the Bank. The Client shall then be retagged to the service segment matching their TRB as of the month immediately preceding the downgrade.

v. Customers may also request for an update of their servicing segment at any time through the Bank’s designated channels. Clients requesting to be tagged to a higher segment must have met the minimum requirement for the next higher segment.

5. Service Offerings & Fees

The Bank will strive to tailor its products and services to meet the specific needs of each customer segment, providing personalized and relevant financial solutions.  All relevant benefits, services, and fees will be posted on the bank website (www.securitybank.com) and/or at a conspicuous place within the bank premises.  Customers will be notified of any changes at least 60 days prior to any change as provided by banking regulations.

6. Special Provisions for Individual Payroll Accountholders:

Notwithstanding the TRB eligibility requirement outlined in Customer Segmentation Sec. 2; Payroll customers may qualify for higher segments based on their Monthly Salary Value credited to their Security Bank accounts – upon client-initiated opt-in for segments Gold and Wealth.

i. Qualified Payroll customers shall include those with active payroll CASA with the Bank, has received upgrade communication from the Bank and has opt-in to Gold and Wealth segments.

ii. A 12-month TRB waiver will apply to Qualified Payroll accounts who opt into a higher segment, starting from the payroll account opening date. Clients with an existing relationship with the Bank and already belong to a higher segment classification will retain their segment unless otherwise specified.

iii. For Qualified Payroll customers with payroll accounts only, downgrade eligibility also considers the 12-month TRB waiver and payroll account opening date. Early termination of the waiver may occur due to resignation or no Corporate salary credit for sixty (60) days, resulting in the removal of payroll tagging applied to the account.

Eligibility based on monthly salary credits shall apply for the Qualified Payroll account’s first twelve (12) months from the payroll account opening date. After which, standard eligibility criteria and applicable fees based on TRB shall apply.

In cases where the payroll account is not anymore used for payroll (resignation/disaffiliation from the company or no Corporate salary credit for 60 days), the standard eligibility criteria and applicable fees based on TRB shall also apply.

 

ERRONEOUS CREDITS

By opening and maintaining a payroll account, the depositor expressly agrees that, in the event of any erroneous credits, misposting, or discrepancy in posting any financial transactions to my payroll account, I hereby authorize SBC to automatically debit my payroll account to correct such error without prior notice; provided the adjustment is made in good faith and in accordance with applicable laws and regulations.

FRAUD AWARENESS

The Depositor is hereby informed that the BANK continuously updates its Fraud Awareness page on its website (https://www.securitybank.com/fraud-awareness/) to ensure that the latest trends, typologies, and safety precautions related to fraud are properly disseminated for the awareness of its customers and the general public. The Depositor agrees to be vigilant by making himself aware of the different types of fraud and ways to prevent it by accessing the Fraud Awareness page on the BANK’s website or through its other channels.

 

INQUIRIES OR COMPLAINTS

1. The Client shall report his/her concerns on the Account to any Security Bank Corporation branch nearest to the Client, or by contacting our 24/7 Customer Service Hotline below or sending an email to [email protected].

Customer Service hotline              +632 888-791-88

(Toll-free for PLDT landline)          1-800-1-888-1250

Provided that, concerns relating to the loss of Client’s mobile device and/or replacement and/or change of number of any mobile phone or device (used by Client) for the generation and/or reception of OTP should be immediately reported to the Customer Service Hotline at the numbers provided above.

2. The Client agrees to Security Bank Corporation’s conduct of verification when he/she contacts Security Bank Corporation via the Customer Service Hotline.

3. Security Bank Corporation shall only act upon the Client’s concerns when the following information is completely provided:

I. Client name, ATM/Credit Card Number and/or enrolled Security Bank Corporation Account Number;
II. Details of the error or transaction as applicable, such as date, merchant/subscriber number, amount, mobile number, and reference number for the transaction in question or completion of the transaction dispute form when necessary. The dispute form is available/downloadable at https://www.securitybank.com/online-forms/.

4. Security Bank Corporation will respond to the inquiries and provide resolution feedback to the concerns raised within seven to twenty (7- 20) banking days from the receipt of the complaint, and for complaints requiring more time to investigate and resolve, Security Bank Corporation will advise the client, accordingly, including the progress thereof.

5. An official response from the concerned unit will be provided to the Client once the investigation is completed. However, Security Bank Corporation does not guarantee the reversal of the Client’s transaction.

Security Bank Corporation is regulated by the Bangko Sentral ng Pilipinas (http://www.bsp.gov.ph).

 

CHANGE OF TERMS AND CONDITIONS

The BANK reserves the right to change any or all of these terms and conditions. The Depositor shall be notified of any such modification, amendment, or revision at least sixty (60) days prior to implementation of any amendments to the terms and conditions herein via e-mail or by public notice which may take the form of posting in public places, such as posting on the Security Bank’s website, or by such other electronic transmission or use of an electronic platform and/or at a conspicuous place within the premises of all banking units, which the Bank, at its option, considers appropriate and effective.  Any such modification, amendment, or revision shall be valid and binding upon you on the date of effectivity specified in the notice. If the Depositor does not agree with the new/revised terms and conditions have the right to exit the contract without penalty provided, that such right is exercised within thirty (30) days from receipt of individual notice or thirty (30) days from the issuance of public notice.

 

NOTICES AND COMMUNICATIONS

Notices and communications may be sent to the Depositor through any of the following modes: (i) mail or delivery to Depositor’s last known mailing address;  (ii) transmission electronically to Depositor’s electronic mail (email) address as appearing in the records of the Bank;  (iii) through short messaging service (SMS) to Depositor’s registered mobile number as appearing in the records of the Bank; (iv) other available Bank channels or any one of them including posting on the Bank’s website or Mobile app; or (v) such other electronic transmission or use of an electronic platform as may be deemed appropriate by the Bank or as may otherwise be permitted by law or banking regulations, any of which mode of communication or transmission when sent shall be valid and effective notice to Depositor. Notice to one shall be deemed sufficient notice to the other co-depositors/obligors.

The Bank shall provide advance notice to the Depositor, in accordance with applicable regulations, of any material changes to transaction validation processes or signature capture methods, including the adoption of digital transaction slips and the use of DocuSign or other eSignature platforms, to ensure transparency and fair treatment. 

 

EFFECTIVITY OF OTHER TERMS AND CONDITIONS

The terms and conditions of the Depositor’s other accounts shall remain in full force and shall be read and construed to harmonize with these Terms and Conditions.

 

ACCESS CODE/PERSONAL IDENTIFICATION NUMBER (PIN)

The Depositor agrees to assume full responsibility for maintaining the confidentiality of his personal identification number (PIN) and/or Access Code. All transactions made through the use of the PIN/Access Code shall be conclusively presumed to have been performed by or authorized solely by the Depositor.

The Depositor agrees and undertakes to regularly change the Access Code/PIN. The Depositor should immediately change the Access Code/PIN once compromised through the BANK’s Change Access Device facility.

 

DISPUTES OR DISAGREEMENTS

In case of corporate disputes or disagreements among co-depositors pertaining to the account or the funds therein, for the protection of its interest, the BANK shall have the right to freeze or place the account in an inoperative status until the opposing parties agree upon a mutual resolution or until otherwise directed by a court of law or similar body/entity.

 

LIABILITY

Subject to the provisions herein, the BANK shall be liable only for its failure to act with good faith or to exercise reasonable care and skill, which shall be determined in accordance with the standards and practices of the banking industry and as prescribed by the regulatory body.

If the BANK is found liable for any act or omission for the BANK’s provision of services in relation to the Account or any reason whatsoever, its liability will be limited to the service fee charged to me or my actual proven damages, whichever is less. It will not be liable for any indirect, special or consequential loss or damages arising in any way out of the BANK’s provision of services in relation to the Account or any reason whatsoever unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

 

COMPLIANCE WITH RELEVANT LAWS, RULES AND REGULATIONS

The Depositor warrants and agrees that he/she will comply with all laws, regulations, ordinances, rules, decrees, and other directives applicable to my use of Security Bank Online and other services of Security Bank Corporation. In no event shall Security Bank Corporation be obligated to take any action that it believes, in good faith, would cause it to be in violation of any laws, regulations, ordinances, rules, decrees, or directives applicable to the Account or the Depositor.

Security Bank Corporation and the Depositor shall likewise comply with the provisions of Republic Act No. 10175 or the Cybercrime Prevention Act of 2012, its Implementing Rules and Regulations, Republic Act No. 9160, as amended or the Anti-Money Laundering Law, as amended, and its Implementing Rules and Regulations, Republic Act. No. 10173 or the Data Privacy Act of 2012, its Implementing Rules and Regulations, and other related issuances, laws, and regulations, as may be applicable.

 

GOVERNING LAW

These terms and conditions are governed by the laws of the Republic of the Philippines.

 

VENUE

The Depositor irrevocably agrees that any legal action, suit or proceeding arising out of or relating to its deposit or any transaction or service-connected therewith shall be instituted exclusively in any competent court in Makati City, Republic of the Philippines, and by execution and delivery of this Agreement.

GENERAL TERMS AND CONDITIONS – SOLE PROPRIETORSHIP / BUSINESS

The following are the general terms and conditions that apply to BusinessPlus Checking (“BusinessPlus”) Accounts or Foreign Currency accounts opened, and may be opened by the Depositor with Security Bank Corporation. By signing the required account opening forms, the Depositor agrees that our account/investment relationship shall be governed and bound by these Terms and Conditions. Security Bank Corporation and the Depositor, our customer, agree that the word “Bank” or “BANK” shall refer to any and all units and branches of Security Bank Corporation. The word “Depositor” or “Client” shall refer to the person or persons opening and maintaining the account/investment relationship with the Bank.

The word “Account” shall refer to BusinessPlus accounts or Foreign Currency accounts opened, maintained, and existing, whether Active or Dormant, by the Depositor. Security Bank Corporation, and the Depositor, agree that “Debit” means deduction from the Depositor’s account, and “Credit” means addition to the Depositor’s account.

PRODUCT FEATURES OF BUSINESSPLUS ACCOUNT AT A GLANCE

Required Initial Deposit	PHP5,000
Required Minimum Maintaining Balance	PHP25,000
Required Minimum Maintaining Balance to Earn Interest	PHP100,000
Documentation	Checkbook, Passbook and Debit Card
Interest Rate	0.05% per annum (computed daily and credited monthly)
Withholding Tax	20% (deducted from the interest at the end of each quarter)
Deposit Insurance Coverage	PDIC Coverage up to PHP1,000,000 per depositor, per bank
Fee for Falling Below Minimum Maintaining Balance	PHP1,000
Other Features: ·   Waived Fee for Falling Below Minimum Maintaining Balance for the 1st 3 months from account opening ·   Request up to 5 Debit Cards ·   Comes with free DigiBanker Basic Modules

 

FEES AND CHARGES FOR BUSINESSPLUS ACCOUNT

Early Account Closure Fee (within 30 days from account opening)	PHP500
Fee for Falling Below Minimum Maintaining Balance	PHP1,000
Dormancy Fee starting on the 61st Month	PHP30 per month
Cost of Checkbook	Personal: PHP300 Commercial: PHP500 With Voucher: PHP750
Bank Certification Fee	PHP200
Statement of Account (SOA)	PHP50 per page
Electronic SOA	Free
Stop Payment Order (SPO)	PHP300 per check. For more than 5 checks, max of PHP1,500 fee per SPO request
Replacement Fee for Debit Card	PHP150
Replacement Fee for PIN	PHP100
Replacement Fee for Lost Passbook or Trackbook	PHP200
Notarial Fee for Lost Passbook	Php200
RCOCI Charges	PHP1,000 per check + PHP 200/day for every PHP 40,000 amount of check or a fraction thereof
Presenting Bank’s Charges on Returned Checks	PHP 1,000 per check
Bal Inquiry using other banks’ ATMs	PHP 2
Withdrawal using other banks’ ATMs	PHP 15
InterBank Fund Transfer Fee	·  1 to 4 transactions per day: PHP 25 per transaction ·  5 or more transactions per day: PHP 80 per transaction
Interbank ATM Balance Inquiry Fee for Cirrus/Maestro	PHP60
Interbank ATM Withdrawal Fee for Cirrus/Maestro	PHP300
Declined Transaction Fee for Cirrus/Maestro	PHP300

SUBMISSION OF DOCUMENTARY REQUIREMENTS
The Depositor agrees that the BANK shall open the account upon complete submission of all regulatory and BANK documentary requirements. By opening the account, the Depositor agrees to be bound by the BANK’s policies, together with the terms and conditions stipulated in this agreement, including all other existing laws and regulations. Should the BANK agree to provisionally open an account pending the completion of the documentary requirements, the BANK reserves the right to unilaterally close the account if the pending requirements are not received by the BANK within 20 calendar days. In any case, the BANK reserves the right to close automatically, freeze or place in an inoperative status any account, should the Depositor fail to 1) submit documentary requirements for account opening within the extension period after provisional account opening, 2) update/reply to the BANK’s formal request for status update on pending government applications which would change client’s account status, or 3) if the BANK has reasonable grounds to believe that the account is being misused, or the individual/entity operating the account was known subsequently to pose undue risks to the BANK.

FAILURE OF VERIFICATION
The BANK shall exert efforts in ascertaining the accuracy of the information given by the Depositor in the Customer Information File (CIF) or Account Opening Form (AOF) Folder. Should the BANK have reason to believe that any of the information furnished by the Depositor therein is false, inaccurate, erroneous or is otherwise not capable of verification, the BANK shall have the right, and is so hereby authorized to close the account without notice to the Depositor. The BANK shall not be liable for whatever losses or damages that may arise against the Depositor as a result thereof.

DISCLOSURE OF DEPOSITOR INFORMATION
The BANK shall treat information relating to the depositor, deposit account and transactions on the deposit account as confidential. However, in order to facilitate banking transactions and subject to remain in effect for five (5) years after account closure, the Depositor authorizes the Bank to disclose information relating to the depositor, deposit account and transactions on the deposit account, to the following: (1) Other banks, financial institutions, credit agencies or credit bureaus for the purpose of profiling, credit evaluation/reference checks, verifying authenticity of information provided by the Depositor or to address queries relating to anti-money laundering due diligence on transactions that were coursed through the BANK; (2) Counterparties and their respective banks in relation to fund transfers, payments, drawing of checks, and other transactions; (3) Agents, contractors or third party service providers who provide operational services to the BANK, such as courier services, telecommunications, information technology, payment, payroll processing, training, market research, storage, archival, customer support investigation services or other services to the BANK; (4) Regulatory or government agencies to comply with existing laws, rules and regulations.

DISCLOSURE OF INFORMATION TO SERVICE PROVIDERS AND DATA PRIVACY NOTICE
I authorize the BANK to process, transfer, share and disclose any information relating to my credit data, information which are not classified as Personal Identifiable Information (PII) and which are shared to third parties (e.g., score, income prediction, performance data for DPD, credit card usage, in case of partnerships), social networking score data, telecom or mobile usage data or “telco score” to credit info data providers or credit scoring service providers (i.e. Globe Telecom, Inc., Smart Telecommunications, Inc., and other telecommunications service provider), third party open API providers such as Brankas, etc. for the purpose of credit verification, collection, credit review and credit scoring/analytics, and statistical and risk analysis. This provision shall apply only if I gave my consent for Security Bank Corporation to share and process any information relating to my account/s to any member of the Security Bank Corporation Group (Security Bank Corporation and its affiliates and subsidiaries reported as part of Security Bank Corporation’s conglomerate map/group structure as defined under BSP Circular 749) and Bancassurance companies or their authorized Service Providers and representatives, for purposes of cross-selling products and services, profiling and credit evaluation/reference checks, audit and account balance confirmation and allow them to contact me for this purpose (i.e. by e-mail, SMS, call), or in case of audit where my account is chosen as a sample for account balance confirmation.

DEPOSITS/PLACEMENTS/PAYMENTS
A Current Account/Savings Account may be opened with a minimum initial deposit in the amount set by the BANK.

All deposits must be made by the Depositor personally or by his authorized representative by filling out the appropriate deposit slip. The BANK shall consider any person depositing for, and on the Depositor’s behalf, as duly authorized by the Depositor to perform the deposit transaction. The BANK shall accept deposits, investments or payments either in cash, check or debit from another account/s. In accepting checks as deposit, the BANK shall act merely as a collecting agent, and shall have no responsibility beyond the exercise of due care in transmitting the items electronically via Check Image Clearing System (CICS) of PCHC, where the physical check is not included in the collection or return process, as a payment instrument. The Depositor shall not be credited for, nor shall the Depositor be allowed to withdraw the amount corresponding to the said checks until cleared funds have been actually received by the BANK. Checks received after the BANK’s cut-off time shall be processed on the next banking day. For acceptance of crossed checks payable to one depositor for deposit to a joint “AND” or “OR” account of said depositor, the depositor commits and undertakes to indemnify the BANK in the event that the issuer of the said check or any affected third party complains, objects, or otherwise files a claim against the BANK as a result of said accommodation. Should the BANK accept for deposit, checks that are not endorsed by the payee, the depositor holds the BANK free and harmless from any and all liabilities,claims and demands of whatever kind and nature that may arise from said accommodation.

For acceptance of checks denominated in a foreign currency deposited in the BANK, the depositor agrees to reimburse and authorizes the BANK to debit the value of the check, together with any other charges, fees, costs and damages caused to the Bank in the event that the same will be held liable by the foreign correspondent bank or any affected third party for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed.

All endorsements or lack of endorsements on the checks deposited with the BANK are guaranteed by the Depositor. Proceeds of deposit or collection items shall be credited to the Depositor’s account, net of service charges that may be collected by the BANK or by the drawee/collecting bank. The BANK shall not be liable for items lost in transit. The Depositor shall have full responsibility for the correctness, genuineness, and validity of all items deposited as well as of all endorsements, signatures and information found thereon. For all deposits including, but not limited to, deposit subject to count arrangement or for later verification, the Depositor acknowledges that the BANK’s count is deemed accurate and final. All notes and coin deposits must be sorted according to denomination and the BANK’s prescribed number of pieces per bundle/bag prior to acceptance. The BANK has the right to debit automatically, the Depositor’s account for any shortages or discrepancies due to counterfeit or out-of- circulation cash notes/coins, insertion, and/or errors in counting, which were found after our receipt of cash items, despite any machine-validated or manually signed acknowledgement receipt.
At its discretion, the Bank may accept an initial deposit via check. In case of return of the check for whatever reason, the Client shall fund the account by depositing the amount depending on the required initial deposit of the product opened plus an amount to cover possible charges, if any. The Bank shall inform the Client of the total amount required to be deposited to prevent closure of the account.

For check/s deposited whether as an initial deposit or in the course of the banking relationship, the Client agrees to reimburse and indemnify the Bank and authorizes the Bank to debit the value of the check, together with any other charges, fees, claims, costs and damages caused to the Bank in the event of any suit, liability, responsibility or claim by any third party or government institution/agency for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed. The Client undertakes to hold the Bank free and harmless and undertakes to defend the Bank, its stockholders, directors, officers, employees and agents, from such suit, responsibility or claim, at the Client’s expense.
For bulk or large cash deposit, the Depositor agrees to call the servicing branch before bringing the deposit. For purposes of complying with any applicable BSP regulations, the Bank may require the client to submit documentary requirements prior to its acceptance of bulk or large cash deposit.

The BANK reserves the right to refuse any deposit contemplated herein should such refusal be necessary to protect the BANK’s own interest. The BANK shall be held free and harmless from any claim or dispute arising from the execution and implementation of the present Terms and Conditions. In making a deposit, the Depositor agrees to assume full responsibility for the accuracy and correctness of the information filled out in the deposit slip, and the Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any discrepancy therein, such as but not limited to, the statement of an incorrect account number although the name of the Depositor is correctly written. The Depositor agrees that for Foreign Currency accounts that the Depositor opens, these shall be funded purely by foreign currency receipts eligible for deposit under CB Circular No. 960 as amended by CB Circular No. 1318, and the Depositor undertakes to hold the BANK free and harmless from liability for deposits made in violation of said law, rules and circulars. The BANK shall endeavor to keep on hand an updated balance of the Depositor’s account. It is however the duty of the Depositor to periodically ascertain from the BANK the actual balance based on cleared funds. The BANK has the right to offset the deposit against any indebtedness owed by the Depositor to the BANK without need of prior notice to said Depositor. Deposits under hold-out, garnishment, sequestration, with adverse claim, or any other legal/contractual impediment, are not subject to withdrawal up to the amount covered by the lien or claim. Nevertheless, should the Depositor succeed in withdrawing the levied amount, in whole or in part, the Depositor shall deposit back the amount corresponding to the amount withdrawn not later than three (3) business days from notice by the BANK. When the account is closed, whether by the BANK or by the Depositor, the BANK may require the Depositor to surrender all unused checks before the balance of the account is released. The BANK shall not be liable for any loss or damage incurred by the Depositor or a third party due to computer programming defects, errors due to faulty communication lines, or any defect in the material or workmanship of any computer equipment. Article 1250 of the Civil Code of the Philippines shall not apply to the account.

A BusinessPlus Account may be opened with a minimum initial deposit as reflected in the section on FEES AND CHARGES as part of these Terms and Conditions.

WITHDRAWALS
Withdrawals or funds transfers must be made by the Depositor personally or through an authorized representative upon presentation of the passbook, a duly accomplished withdrawal/debit slip via over-the- counter or through the use of other available facilities (ATMs, Phone Banking, Internet Banking, etc.). Signature of the representative should be duly authenticated by the Depositor on the withdrawal/debit slip. Withdrawals must not exceed the withdrawable balance, which represents the Depositor’s ledger balance less uncollected check deposits and deposit with lien, except for bills purchase transactions where, at the BANK’s discretion, withdrawals may be made in amount/s exceeding the withdrawable balance. For any withdrawal of foreign currency notes or a large amount of local currency notes or coins (i.e., PHP1 million and above), the BANK may require prior written notice of at least three (3) banking days, or such other period as the BANK may reasonably deem necessary. The Depositor is allowed a certain number of withdrawals / funds transfer from his account in any given month (depending on the product), in excess of which, the BANK reserves the right to impose a service charge or a lower interest rate

The BANK does not warrant availability of foreign currency notes at all times to meet withdrawal requirements. In case of non-availability of currency notes, withdrawals may be in the form of telegraphic transfers, demand drafts, mail transfers or in the currency which is legal tender in the Philippines. If the Depositor opts to withdraw in the form of telegraphic transfer, demand draft or mail transfer, the same shall be construed as an application for such services and may be subject to the usual processing fees.

SECURITY BANK ATM CARD / MASTERCARD DEBIT CARD
The SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD (“CARD”) is issued to the Depositor (“the cardholder”) together with a corresponding PIN Mailer to be used on the BANK’s or other bank’s Automated Teller Machine (ATM). The card can also be used as a debit card to make purchases with or without a PIN CODE on any physical or online Point of Sale (POS) terminal networks or any other electronic devices and online facilities installed by the BANK in which the card is applicable. For security purposes, the cardholder should immediately affix his signature at the back of the ATM Card upon receipt. For the cardholder’s protection, the Depositor agrees, at all times, to: (a) immediately change the computer-generated PIN upon receipt; (b) safely keep the ATM Card and PIN in the Depositor’s sole possession; (c) not disclose the PIN, record it on the ATM Card or otherwise make it available to anyone under any circumstance.

The cardholder (except for cards in relation to SSS pension) may assign an authorized representative to receive the Card on his/her behalf subject to the submission of the following requirements (i) authorization letter signed by the cardholder, naming therein the person who is authorized to receive the Card on his/her behalf; (ii) 1 valid Primary ID or 2 Secondary IDs of the cardholder and his/her authorized representative. SSS ATM Card must be personally received by the depositor/pensioner.

LOSS OF THE SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD
The Cardholder shall immediately make a phoned-in report to the BANK for any loss, theft, and known or suspected unauthorized use of the Card. The Cardholder shall be liable for all authorized and unauthorized ATM or Debit Card transactions, including any withdrawals and purchases using the Card. The phoned-in report shall automatically free the Cardholder from any liability, but any unauthorized charges made against the lost/stolen CARD prior to the phoned-in report shall be for the exclusive account of the Cardholder.

FOREIGN CURRENCY ATM CARD/MASTERCARD DEBIT CARD TRANSACTIONS

For transactions made in foreign currencies in the Philippines or abroad, the manner of conversion from the transaction currency to the payment currency (Philippine Pesos) shall be automatically made by Security Bank at posting date. All foreign currency transactions shall be converted using Mastercard’s currency conversion rate at the time of posting, plus a one percent (1%) foreign exchange (FX) service fee charged by Mastercard, the rate of which may be adjusted from time to time subject to notification to the client.

In case a foreign currency transaction is voided or cancelled, the transaction amount will be reversed. However, there may be a slight discrepancy between the original transaction amount and the reversal amount since the reversal amount shall be computed based on the prevailing rate (including applicable fees) at the time when it is reversed.

FUNDS TRANSFER
Any funds transfer to own account or third-party account, made by the individual or corporate clients thru branch should be documented in writing via transfer application form or client’s letter of instruction and signed by the Depositor/s, following the account’s signature rules. Funds transfer made via e-channels (, DigiBanker, ATM) are confirmed by the depositor to have been made or authorized by encoding PIN or password, known only to the client. Should the requested transaction be incapable of being performed by the BANK in the manner instructed by the Depositor, without the BANK disclosing details about the Depositor and/or the Depositor’s account, the execution of the funds transfer request shall be deemed as the Depositor’s express authority to the BANK to make such disclosure within the terms of the applicable regulation, and without any need for any prior notice or further consent or documentation. By the foregoing authority, the BANK shall not be in violation of any of the secrecy laws for making such disclosures. Further, the Depositor warrants that the funds subject to any funds transfer transaction originate from bonafide transactions and shall be used for legal purposes. Further, for any funds transfer credited to the Depositor’s account, the BANK should be notified in writing within one (1) day from the date of credit in case the Depositor does not want to accept the credit and stating the reason thereof. The BANK shall be free and harmless from any liability or complaint arising for any funds transfer credited made to the Depositor’s account.

For Sole Proprietorship accounts, the Depositor agrees that the use of any personal savings/checking account to transfer funds to the Sole Proprietorship account or vice versa is prohibited. Pursuant to BSP rules and regulations, as well as Anti-Money Laundering (AML) laws and regulations and to protect the BANK’s own interest, the BANK reserves the right to refuse any transactions which will result to commingling of business funds and personal funds.

AUTOMATIC FUNDS TRANSFER SERVICES
For automatic funds transfer services, the Depositor shall be required to accomplish and sign the back portion of the Account Details Form (ADF) or Individual/Corporate Fund Transfer Application and Maintenance Form, which shall support the Depositor’s standing instruction to avail any of the following specific type of Funds Transfer services:

1. Security Check Protector – is a fund transfer facility, which enables clients to transfer their money to their Checking Accounts in order to avoid the hassle of insufficient funds, linking to a maximum of three (3) other movement (Checking/Savings) source accounts. Under this facility, recipient accounts obtain funds from the source accounts every time the Checking Account balance falls short in funding in-clearing checks or other debit transactions.
2. Security Scheduler – is a fund transfer facility which enables the system to transfer automatically a specified amount from a client’s enrolled movement account (Checking/Savings Accounts) to another designated account at a specified time or frequency to settle obligations, transfer allowances or meet funding requirements for his business. Under this facility, the client may enroll various recipient accounts to be linked to his personal/source accounts or vice versa. Frequency and amount to be transferred can be set to each recipient account as dictated by the client.
3. Security Maximizer – is a fund transfer facility, which enables the client to transfer automatically excess/surplus funds from his account to other accounts. Under this facility, the client may enroll a source account to as much as three (3) receiving accounts wherein he may set the minimum and maximum amounts to be transferred to each recipients whenever there are excess funds from the source account. Whenever a fund transfer to be made in this facility falls on a Saturday, Sunday or public holiday under the Laws of the Republic of the Philippines, such transfer may be made in the next succeeding banking day. Joint accounts can be enrolled provided that all Accountholders sign on the required application form.

Linking of third-party accounts may be allowed provided said third party accounts shall be receiving accounts only. The owners of the third-party accounts to be enrolled shall be required to sign in the enrollment portion of the required application form. Instructions for any changes, cancellation, and/or revisions relating to the conduct of the Fund Transfer Services shall remain in force unless sooner revoked by the Depositor/s in writing. The Fund Transfer Services shall be made / used for legitimate purposes and shall not be used for Money Laundering or for any other illegal purposes. The BANK may, at any time and for whatever reason, reject any transaction without incurring any liability. The BANK shall not be held liable for any indirect, incidental or consequential loss, loss of profit, or damage suffered by the Depositor by reason of error or failure to complete or effect transaction if said error or failure resulted from accident, force majeure, strike, war, viruses, tampering, fraudulent use, or misuse or the Depositor’s noncompliance with the stated procedures.

POSTING OF TRANSACTIONS
All transactions posted to a Depositor’s account shall be validated on a bank’s transaction slip (i.e. deposit slip, withdrawal/debit slip, MTAF, etc.) and are for the account of the Depositor.

PROOF OF TRANSACTIONS
The Bank shall issue a Universal Transaction Slip (UTS) as proof of each successfully completed transaction. A UTS may be generated in either paper or digital format. 

In compliance with applicable Bangko Sentral ng Pilipinas (BSP) rules and regulations, the Bank shall provide proof of transaction immediately after completion. By default, the Bank shall send the UTS to the client’s registered email address following a successful transaction. Clients have an option to receive the UTS either via their registered email address or printed copy immediately after transaction completion. 

The Bank shall ensure that all transaction records, whether paper or digital, are securely stored and accessible to the client in accordance with applicable laws, rules and regulations.

HOLD AND AUTOMATIC DEBIT OF ACCOUNTS
The Depositor represents and warrants that he or she is duly authorized to receive any funds that may be credited to his or her account and that the said funds are subject of a lawful transaction. In this regard, the Depositor hereby authorizes the bank to place on hold and/or automatically debit the Depositor Account without the express authority from the Depositor and without prior written demand and notice from the Bank in the following instances: (1) Technical and human errors from either the Bank, Depositor or Remitter that results in misposting, erroneous posting or discrepancy in posting of cash, check or funds transfer to the Depositor’s account; (2) Remittance and fund transfers where there is a dispute and request from the remitter to stop credit, hold or investigate the fund transfer and remittance; (3) Where the Bank suspects that any transaction on the account is fraudulent or represents the proceeds and is otherwise subject of, any unlawful activity; (4) Failure of the Depositor to update or provide complete KYC information and supporting documents under Anti-money Laundering and Terrorist Financing Regulations; (5) Upon order of a competent court, the Anti-money Laundering Council or any government body. (6) Any situation similar and analogous to the foregoing. The Depositor agrees to indemnify and hold the Bank free and harmless and without any liability in the Bank’s implementation of the above hold and debit of the Depositor’s account under this section.

MINIMUM MONTHLY AVERAGE DAILY BALANCE (ADB)
A minimum maintaining average daily balance as set by the BANK shall be required for all accounts. A monthly service fee as posted in the bank premises and at the bank website (www.securitybank.com) shall be charged to the account whenever its balance falls below the minimum average daily balance requirement for two (2) consecutive months, except during the first 3 months from the account opening when this fee is waived. The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein. The formula to compute for monthly ADB is, as follows:

ADB = (Day 1 ending balance + Day 2 ending balance … + Day 30/31 ending balance
Number of days in the month (i.e. 30/31 days)

The Bank may waive the maintenance of the monthly ADB and to lift/cancel such waiver for whatever reason, at any time and at its sole discretion.

SERVICE FEES AND CHARGES
The Depositor agrees that the Depositor’s account/s, whether active or dormant, shall be subject to such service charges imposed by the BANK as reflected in the section on FEES AND CHARGES as part of these Terms and Conditions. The BANK shall have the right to deduct such charges against the account/s and such right shall have preference over the payment of any checks/drafts, which may have been drawn from the Depositor’s account/s. Thus, the BANK shall not be liable for the dishonor of the Depositor’s checks/drafts because of insufficient funds caused by such deduction. Checks drawn against insufficient funds or uncollected deposits shall be subject to service charges whether subsequently funded or returned. A nominal charge shall be collected on accounts which are closed within 30 days from the date of opening. A monthly service charge imposed by the BANK shall be charged if the daily balance of the Depositor’s account/s falls, at any time during the month, below the minimum maintaining balance required by the BANK.

Accounts with zero balance due to service charges or other causes may be closed by the BANK without prior notice to the Depositor. Such service charges to be imposed by the BANK shall be provided to the client as Attachment to the Terms and Conditions to be sent via Statement of Account (SOA) or Thank You Letter and posted in the bank premises and at the bank website (www.securitybank.com). The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein.

DORMANT ACCOUNTS
Current / Checking accounts with no activity (deposit / withdrawal / encashment) for one (1) year and Savings accounts with no activity for two (2) years shall be classified as dormant. Dormant accounts shall be subject to minimum monthly service charge if they fall below the required minimum monthly balance. The minimum monthly service charge may be amended by the BANK from time to time as circumstances may warrant. Accounts with zero or negative balance due to service charges or other causes may be closed by the BANK. Deposits remaining dormant for more than ten (10) years shall be escheated in favor of the National Treasury as provided by law.

Checks issued from a dormant account, even if such account has enough funds to cover the amount of the check, shall be returned and the reason for the return of the check shall be indicated as “Drawn Against Dormant Account.

MISHANDLED ACCOUNTS
The BANK reserves the right to close the account at any time without prior notice to the Depositor if the account is, in the BANK’s opinion, not maintained in a satisfactory manner, when the account is being used as a tool for the commission of fraud or any other crime or when the continued existence of the account with the BANK would prejudice its interest in any way. Should closure of the account be effected by the BANK as a result of improper handling through the issuance of insufficiently unfunded check/s, the BANK is authorized to report such closure and the reason/s thereof to the Bankers Association of the Philippines (BAP), or to any central monitoring body established by the BAP to record and monitor the mishandled deposit accounts of its member banks. The Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any or all liabilities, claims, demands of whatever kind and nature in connection with or arising from (a.) The closure of the account and/or (b.) The dishonor of any check thereunder which may be presented to the BANK after the closure of the account and/or (c.) Reporting by the BANK of the closure of the account and the reason/s thereof to the BAP.

CLOSURE OF ACCOUNTS
For client-initiated closing of an account, a withdrawal/debit slip shall be filled out for the entire amount of the balance outstanding in such account. The BANK may close an account any time without prior notice to the Depositor, if the deposit balance becomes zero, due to collection of service charges by the BANK or withdrawal by the Depositor, or for violation of existing rules and regulations of the BANK, the Bangko Sentral ng Pilipinas, Anti-Money Laundering
Council, Bankers’ Association of the Philippines, or any other agency to which the BANK may be affiliated, or for such other reason which the BANK may deem reasonable for the protection of its interest. A nominal charge shall be collected on accounts which are closed within 30 days from the date of opening. The BANK may, at any time, return to the Depositor his deposit together with the interest due. The Depositor/s may be notified either personally or by mail of the BANK’s intention to close the account and the interest will cease from the date of such notification. Deposits may be withdrawn only in the manner provided therein.

The BANK retains the right to close, at its sole discretion, any of your account/s for reasons which the BANK may deem reasonable for the protection of its interest at any time and without obligation to disclose the reason for such closure.

The depositor agrees to hold the Bank and its officers and employees free from harm from any and all liabilities, claims and demands of whatever kind or nature in connection with or arising from the closure of your account.

INTEREST
The account shall earn interest net of applicable withholding tax if it meets the required minimum balance set by the BANK. Interest earned shall be credited to the Depositor’s account at the end of every month or quarter, whichever is applicable. A reduced interest rate may apply if the account fails to meet the required frequency of withdrawal per quarter. A check item accepted for deposit does not earn interest until after the proceeds of such item have been cleared and fully credited to the account. No interest shall be paid on the account if (a) for ten (10 ) consecutive years there is no deposit, withdrawal, or notice from the Depositor; or (b) the account is closed before the end of the month. No interest shall be paid on dormant accounts or when the BANK has requested the Depositor to close his account in which case, the account stops accruing interest as soon as the BANK transfers the balance to Accounts Payable or issued a Manager’s Check in favor of the Depositor.

INTEREST COMPUTATION
Interest rates are computed as follows:

Daily accrued gross interest = End of Day Cleared Balance x Applicable Interest Rate x 1/365
Interest payout (net of tax) = Sum of all accrued interests for the month or for the quarter less Applicable Tax Rate

Note, however, that: a) Payout of interests for CASA is either monthly or quarterly, depending on the product type; and b) The computation above does not include special bonus interests or penalty interests rules for certain deposit products.

STATEMENT OF ACCOUNT
The Statement of Account (SOA) is the official record of the transactions and balances of the account. It shall be provided to the Depositor periodically either through pick-up from the Depository Branch, or electronic mail/e-mail to the e-mail address provided by the Depositor depending on the regulatory requirements on the matter. As advised in the SOA, the Depositor should promptly notify the BANK through 24-hour Customer Service hotline at (632) 88-791-88 or e-mail at [email protected] of any exceptions noted in the statement within twenty (20) calendar days from receipt thereof. Otherwise, the Depositor shall be deemed to have accepted the correctness of the statement. For a Depositor opting to have his SOA emailed, the Depositor shall inform the BANK immediately in case of any change in his e-mail address. Should the Depositor request for a statement of account prior to his cycle date, his account shall be debited for the processing fee. Special statements, on the other hand, shall be available at the Depository branch for pick-up by the Depositor or his duly authorized representative. The BANK reserves the right to destroy monthly bank statements including any related cancelled/paid checks and/or any debit/credit memos remaining unclaimed for a period of 90 calendar days from the time the SOA was made available for pick-up, or from the time it was e-mailed, or from the time the SOA, and scanned copies of the issued checks (if available) were sent via e-mail. Securing the designated e-mail address against unauthorized use shall be the sole responsibility of the Depositor. In opting to receive the SOA via e-mail, the Depositor assumes the risks involved in e-mail transmissions, such as but not limited to, the risk that the information may not be delivered, the account information becomes exposed to unknown third parties and lose its confidential nature, the risk that the email account is hacked and such other risks inherent in e-mail communications. The e-mail of the SOA to the Depositor is one-way and informational in nature. Sending an e-mail message to the e-mail address used by the BANK in sending the SOA or replying to e-mail messages sent by the BANK therefrom will produce no useful results. Further, the BANK shall not be faulted in cases when the SOA is not e-mailed to the Depositor due to circumstances beyond the BANK’s control, including but not limited to network congestion, transmission interference, internet/e-mail service provider downtime, etc.

As such, the Depositor agrees to hold the BANK free and harmless from liability for any damages that may arise as a result thereof.

CHECKBOOK
Checkbooks shall be issued only to the accountholder personally, or to an authorized representative upon receipt by the BANK of an accomplished and duly signed checkbook requisition slip. The Depositor shall exercise care in requisitioning for additional checkbooks. To ensure continuous supply of the checkbooks, the requisition by the Depositor must be made at least one (1) month in advance of the expected delivery. Checkbooks shall be issued to the Depositor for a fee to be debited from the account of the Depositor upon checkbook order (via automatic checkbook re-order facility, over-the-counter request or alternate channels). Charges are subject to increase without prior notice to the client. The summary of the service fees and charges are reflected in the section on FEES AND CHARGES as part of these Terms and Conditions
Checkbooks requested through different alternate channels are deemed final. Checkbook requests done through the use of other available facilities (ATM, Phone Banking, etc.) shall be processed accordingly. It is understood, however, that requests made by accounts with insufficient balance to cover the cost of checkbook shall not be processed. Ordered checkbooks must be claimed within 90 calendar days from the date of requisition, otherwise, these checkbooks shall be destroyed. The Depositor shall safeguard all utilized checks with utmost care to preclude any possible loss and/or pilferage. Checkbook loss should be reported to the BANK immediately in writing. The BANK shall not be held liable for lost checks which are honored by the BANK before written notice of loss is received. The Depositor shall be fully responsible for all checks issued under the Depositor’s account. Neither the BANK nor its correspondent bank(s) shall examine the checks for any irregularity. The BANK also reserves the right not to release the checkbooks ordered if account is deemed improperly handled. The BANK would not be liable for any bank charges, such as but not limited to, Returned Checks and Other Cash Items (RCOCI) charges and Minimum Balance (MINB) charges that shall arise as a result of the debit of the checkbook charges.

STOP PAYMENT ORDER (SPO)
The SPO shall take effect on the next banking day from the date of the acceptance of the Depositor’s request for an SPO. The Depositor shall not hold the BANK liable if payment is made or accrued before the SPO is effected. No SPO or the renewal thereof shall bind the BANK unless: (i) made in writing; (ii) the check is described in all particulars; and (iii) served upon any Authorized Officer of the BANK’s branch where the account is maintained. The service of a request for stop payment, or its renewal, upon the branch of account shall not constitute notice, actual or constructive, to any other branch. The SPO shall be effective for 180 days counted from receipt by the BANK of the request, renewable for no longer than another period of 180 days counted from receipt by the BANK of the request for renewal. By directing the BANK to stop payment on a check, the Depositor agrees to indemnify, and hold the BANK harmless against, and from any and all losses, claims, damages or expenses which the Depositor or any person shall suffer as a result of the non-payment of any check under the Depositor’s SPO. In case of joint “or” accounts, the SPO shall be made only by the drawer of the check. On-Us Check/s payable to the BANK, i.e., Security Bank, SB, Security Bank Corporation, SBC, the BANK, Security Bank and Trust Company, SBTC or any of its affiliates and subsidiaries, such as but not limited to, Security Bank Savings, SB Cards Corporation, SB Cards, SB Capital Corporation, among others, shall not be accepted for SPO.

PASSBOOK OR RECORD BOOK
The Depositor shall be furnished with a Passbook or Record book where the BANK shall, upon presentation of the Passbook or record book, record all deposits/withdrawals made. No entries in the Passbook or record book shall be made except by the BANK. However, mere possession of the Passbook or record book shall not be presumed or deemed as acceptable proof of the balance of the account as deposits and withdrawals may be allowed at the BANK’s discretion, without presentation of the Passbook or record book. The Passbook or record book is neither transferable nor assignable, and cannot be pledged or assigned as security in favor of any party other than the BANK (for Passbook). Except for computer-generated entries, typewritten or manual entries, and any other alteration, superimposition or erasure on the passbook shall render said entries void and invalid. In case of any discrepancy or inconsistency between the entries in the Passbook or record book and Bank Records, the latter shall prevail and shall be the basis for allowing withdrawals and other transactions.

JOINT ACCOUNTS
In the payment of funds or transaction of other business on the account, during the lifetime of all the joint accountholders, the BANK shall follow the authority given by the Depositors in the ADF thus, any one, any two, any three, all, etc. Any of the Depositors may deposit and endorse for deposit in the account, checks, drafts, bills of exchange and/or other instruments for the payment of money payable or purporting to belong to any one or more of the Depositors. The BANK is authorized to honor and pay any debit from the account instruction, issued checks or other written orders by any one, any two, or all of the Depositor/s in accordance with the authority so given by them in the ADF, all without the need of inquiry by the BANK as to the use or disposition of the funds so withdrawn. The Depositors are jointly and severally liable for the payment of any obligation to the BANK in connection with the operation of the account. In compliance with Section 97 of the National Internal Revenue Code, the BANK shall freeze or hold any withdrawal from an account maintained by a Depositor, whether alone or jointly with another, upon knowledge of said Depositor’s death, unless a certification from the Commissioner of the Bureau of Internal Revenue that Estate taxes have been paid is shown. The release of the hold shall be subject to the submission of the other requirements of the BANK for deceased Depositor accounts.

For Bank Certification, the request should be signed by ALL signatories if not all accountholders will be reflected therein.

For Sole Proprietorship accounts, the Depositor and/or person(s) appointed as Attorney-in-fact by the Depositor, acknowledge that they have principal and solidary liability with the Depository and, as such, hold the Bank free and harmless and indemnified from damages, liabilities, claims, suits and causes of action arising from the use and operation of the Accounts, products, services, facilities and channels.

SIGNING INSTRUCTIONS
In accordance with the authority given by the Depositor/s in the ADF and USSC or the Secretary’s Certificate of Partnership/Board Resolution or the specimen signature signed by the Depositor during the video interview via Skype or MS Teams or other similar Information Communication Technology applications, the BANK shall recognize the signature of any one, any two or all the authorized signatories in the payment of funds or transaction of other business on the account, unless revoked in writing by the Depositor. The authorized signatories may deposit and endorse for deposit in the account, checks, drafts, bills of exchange and/or other instruments for the payment of money payable or purporting to belong to the firm. The BANK is
authorized to honor and pay to the debit of the account, checks or other written orders of the Depositor’s authorized signatory/ies, without a need to inquire as to the use or disposition of the funds so withdrawn.

The Depositor agrees that the Bank may capture, store, and use the Depositor’s electronic signature (“eSignature”) for account opening, account maintenance, and transaction verification purposes. The Bank’s preferred eSignature platform is DocuSign, and the Depositor consents to the use of DocuSign for the secure execution and storage of eSignatures. An eSignature captured and stored by the Bank through DocuSign, or any other secure platform the Bank may designate, in accordance with applicable laws including the Electronic Commerce Act (RA 8792), shall be deemed equivalent to the Depositor’s handwritten signature for all purposes and shall be binding on the Depositor. The most recent eSignature specimen on record shall prevail over any prior specimen for verification purposes.

HOLD-OUT ARRANGEMENT
The deposit balance under hold-out may not be withdrawn while the hold-out / lien remains in full force.

REJECTED TRANSACTIONS
The Bank may reject any transaction without incurring any liability, if in its reasonable opinion, facilitating the transaction constitutes an unsound banking practice as defined under the BSP regulations, or is in breach of any other applicable law or regulation.

OFFER AND ACCEPTANCE OF OTHER BANK PRODUCTS
The Depositor may avail of consumer loans or additional bank products (but not limited to auto loans, credit cards, etc.) subject to the BANK’s terms and conditions. Acceptance by the Depositor of the credit card or the proceeds of any loan released pursuant thereto shall be conclusive proof of the Depositor-Borrower’s Acknowledgement of his/her additional indebtedness to the BANK under the Terms and Conditions set forth by the BANK prevailing at the time the additional loan is approved.

RETENTION OF DEPOSITOR INFORMATION
The Depositor is hereby informed that the BANK follows the required retention periods in the safekeeping of records and/or information belonging to the Depositor as set by the Bangko Sentral ng Pilipinas and pursuant to existing laws and regulation. The Depositor hereby agrees that records and/or information belonging to the Depositor may no longer be available if requested beyond the aforementioned retention periods as these records and/ or information may have already been validly disposed of by the BANK.

DEPOSIT INSURANCE
Applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of One Million Pesos (PHP1,000,000.00) per depositor, per bank. The rules of the PDIC related to deposit shall apply. PDIC shall presume that the name/s appearing on the certificate of deposit is/are the actual/beneficial owners of the deposit, except as provided therein. In case of transfer or break-up of deposits, PDIC shall recognize actual/beneficial ownership or transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor. In case of (a) deposits in the name of, or transfer or break-up of deposits in favor of entities, either singly or jointly with individuals, and (b) transfer or break-up of deposits in favor of non-individual relatives whenever such transfer or break-up shall result in increased deposit insurance coverage, PDIC shall recognize the beneficial ownership of the entity or transferee provided that the deposit account records show the following: i.) details, or information establishing the right and capacity or the relationship of the entity with the individuals; ii.) details, or information establishing the validity or effectivity of the deposit transfer; or iii.) copy of the Board Resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws. In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to the consolidation with the other deposits of the transferor. PDIC may require additional documents from the Depositor to ascertain the details of the deposit/transfer or the right and capacity of the transferee or his/her relationship to the transferor.

SECURITY DIGIBANKER FACILITY
A. General Provisions

1. Access to Security Digibanker System
Upon enrollment, the BANK shall create for the Depositor a DIGIBANKER Customer Record and corresponding Access and Password Administrator User IDs which shall provide the Depositor with direct electronic access to the BANK’s Modules. It will be the joint responsibility of the designated Access and Password Administrators to create Users, grant them DIGIBANKER access, and enroll the Depositor’s accounts in DIGIBANKER. This shall allow the Depositor to create User IDs with a corresponding Access level through which assigned users can gain access via personal computers or similar devices (“remote banking terminal”) to pre-enrolled accounts maintained by the Depositor with the BANK and any of its branches, and effect electronic payments to the SSS, PhilHealth, BIR, and Pag-IBIG at the option of the Customer. The BANK shall not be liable for any unauthorized user access or authority created by the Access and Password Administrators.

The persons specified above are designated as the Password and Access Administrators of the Customer. The Customer acknowledges the security risks and agrees that the dual control of profiling the DIGIBANKER will be eliminated and waived if the Customer designates one person to act both as its Password and System Administrator.

2. Use of Security Digibanker IDs and Passwords
a. Should favorable conditions allow, the BANK shall make DIGIBANKER available to the Depositor seven (7) days a week, twenty-four hours (24) a day. The BANK shall not be liable for the inability of the Depositor to gain successful access to the system. The BANK shall determine which services are provided under the DIGIBANKER and the operating periods and cut-off times thereon, and may amend or revise the terms and conditions applicable to these services, provided that prior notification is given to the Depositor via the News Section under the DIGIBANKER “Homepage”. Usage by the Depositor of DIGIBANKER, after such amendments or revisions are effected, shall be deemed as acceptance of such on the Depositor’s part. The BANK reserves the right to restrict, withdraw, cancel, suspend or terminate the service and/or the Depositor’s use of DIGIBANKER upon thirty (30) days prior written notice to the Depositor. The Depositor shall ensure that the IDs and Passwords of their duly assigned DIGIBANKER users are kept confidential, thereby assuming full responsibility for all transactions made using these IDs and Passwords. The Depositor shall inform the BANK immediately if any unauthorized transaction has taken place. Should information pertaining to any of the enrolled accounts fall into the hands of unauthorized persons for any reason other than due to the fault or negligence of the BANK, the Depositor unconditionally and irrevocably agrees and undertakes to keep the BANK free and harmless from any and all liabilities, claims for damages, responsibilities, causes of action, losses, in any way connected with the service required by the Depositor, including but not limited to the effect of the provisions of Republic Act 1405 (Secrecy of Bank Deposits), pertinent provisions of the General Banking Law as amended and provisions of law prohibiting disclosure of information concerning the Depositor’s transactions or deposits with banks, and any and all pertinent laws or regulations related thereto. For this purpose, the Depositor’s consent hereto shall be deemed as the Depositor’s written consent to disclose such data or information for purposes of R.A 1405, pertinent provisions of the General Banking Law, rules and regulations of the Bangko Sentral ng Pilipinas and other related laws and decrees. The implementation by the BANK of its normal procedures for maintaining the confidentiality of information relating to its Depositors and the e-payment of SSS RealTime transactions, PhilHealth RealTime transactions, Pag-IBIG RealTime transactions, or taxes shall constitute fulfillment of its obligation to exercise due care in the use and operation of the SSS Net Employer Contribution Program of the SSS, Philippines Health Insurance Corporation (PhilHealth fund) benefits and programs, Home Development Mutual Fund (Pag-IBIG fund) benefits and programs, and eFPS of the BIR.
b. The creation of User IDs and assignment of access/authority levels to the User IDs shall be the sole responsibility of the Depositor’s designated Access and Password Administrators. The BANK shall not be liable to the Depositor for any unauthorized Users/Access/Authority levels created/granted by the Access and Password Administrator designated by the Depositor.

3. Access to Deposit Accounts
Only enrolled accounts may be accessed through the DIGIBANKER. Activation of said accounts shall be effected only upon submission by the Depositor of an enrolment request letter, duly signed by the authorized signatories. Said letter should indicate the DIGIBANKER modules these accounts will be used for. For accounts belonging to a third party, the Depositor is responsible for securing authorization from the account owner for enrolment, and must submit to the BANK a Board Resolution/Secretary’s Certificate to this effect in order to initiate enrolment. All terms and conditions of existing deposit accounts covered by separate Agreement(s) that are not contrary to these provisions shall remain in full force and effect.

4. Fulfillment of Depositor Instructions
a. Transactions executed via DIGIBANKER before the daily cut-off time in Manila (Philippines) shall be posted on the same day. Transactions executed after the daily cut-off time shall be treated as a transaction of the next business day. Instructions received by the BANK shall be acted upon only to such extent as consistent with applicable law. The BANK shall be liable only for its failure to act with good faith or to exercise reasonable care and skill, which shall be determined in accordance with the standards and practices of the banking industry. The Depositor authorizes the BANK to act upon any instructions emanating from the use of the DIGIBANKER. Any and all instructions received by the BANK shall be valid and binding upon the Depositor and shall be acted upon by the BANK. Such instructions shall be deemed correct, complete, irrevocable and binding on the Depositor upon receipt by the BANK. The Depositor hereby accepts full responsibility for all transactions executed via DIGIBANKER, including the accuracy and completeness of the corresponding instructions. The BANK shall not be liable for action or inaction upon such instructions sent, nor shall it be obliged to verify the accuracy and completeness of the instructions, or to investigate the authenticity or authority of the persons effecting the Depositor’s instructions.
b. The Depositor shall be solely liable in cases where there is an erroneous debit instruction of an account or any other erroneous datum or information indicated in DIGIBANKER where such erroneous instruction, datum or information results in a claim or complaint by any party against the BANK. The Depositor hereby warrants the correctness of the instructions, data and information in every Payroll, SSS, PhilHealth, Pag-IBIG or BIR eFPS instruction submitted to the BANK, and any error discovered therein, or which results therefrom in the course of the BANK’s performance of the agreed service shall automatically be attributable to the Depositor alone and shall remain its sole liability. The Depositor holds 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 in the BANK’s failure to effect any payment transaction that the Depositor undertakes via the Modules.

5. Information Retrieved Through the DigiBanker
When viewing account balances in the DIGIBANKER using the foreign currency translation feature, the Depositor understands that the exchange rates used are purely indicative in nature. Account balances and other information displayed by DIGIBANKER, or any printout resulting therefrom are for reference purposes only. Records of the BANK shall be deemed final and conclusive, in the absence of manifest error.

6. Payment Cut-Off
The BANK shall validate and process electronic payment instructions only until the daily cut-off time of 9:00 p.m. Payment instructions received after the daily cut-off will be posted as next day payment.

7. Funding Account
a. During the effectivity of this Agreement, the Depositor has the option to maintain more than one (1) Funding Account for any of the Modules, as indicated in this enrolment form.
b. The Depositor may amend or add a designated Funding Account(s) for each of the Modules subject to the BANK’s consent by giving written notice of such change or addition at least ten (10) Banking days prior to the intended effective date of the change or addition. It is understood that the opening and maintenance of the Funding Account (s) and the crediting of the enrolled beneficiaries shall be further subject to and governed by the BANK’s standard requirements, procedures and agreements for opening and maintaining Bank accounts.
c. Only the cleared and withdrawable balance of the account shall be drawn upon to fund modules payments, and the Depositor authorizes the BANK to debit the designated Funding Accounts for the Modules to cover the payment transactions initiated.

8. Average Daily Balance Requirement
a. As compensation to the BANK for the enrolled Modules, the Depositor agrees to maintain a total Average Daily Balance (ADB) and pay such fees as may be agreed with the BANK under a separate agreement. The BANK is hereby authorized to debit the Funding Account in payment of said fees and other amounts that may be due hereunder.
b. The Depositor agrees to pay such fees as may be charged by the BANK for the use of DIGIBANKER, which fees may be increased or decreased at the discretion of the BANK upon due notice to the Depositor.

Auto Credit Payments Manager: (ACPM): Php 5.00 per transaction
InstaPay: PHP20.00 per transaction
PESONet: PHP15.00 per transaction
Electronic Gift Card (eGC): PHP50.00 per transaction
BIR/SSS/Philhealth/Pag-ibig: no fee
PAS5: PHP30 per transaction

The Depositor hereby authorizes the BANK to automatically debit from its deposit account maintained with its servicing Branch the Total Annual Fees, amounting to FIVE HUNDRED PESOS (PHP500.00) per Two-Factor Authentication (2FA) Token issued to a DigiBanker User, in excess of the three (3) free 2FA User Licenses offered to the Depositor by the Bank. The aforementioned authority is supported by a valid Board Resolution which shall remain valid and binding for as long as the Depositor is enrolled in the 2FA of DigiBanker. The BANK is hereby absolved from any liability which may result from its implementation of the foregoing authority.

9. Depositor’s Responsibilities
a. The Depositor shall not make or allow anyone else to make copies, in whole or in part, of this document or any of the materials or documents relative to the DigiBanker Cash Management Product.
b. The Depositor shall appoint its own officers and staff who will be trained or instructed by the BANK in the proper use or operation of the Digibanker Facility. They shall be responsible for operating the Facility and effecting the disbursements and payments contemplated hereunder. The Depositor shall set up its own internal controls for such disbursements and payments.

10. Indemnification
a. The Depositor shall indemnify and keep the BANK free and harmless from and against liabilities, losses, claims and damages arising or resulting from the (i) negligence, willful act, fraud or collusion or violation of any the terms by the Depositor, its officer, employees and representatives and the use, operation and maintenance of the BANK facilities, or (ii) act or omission, fraud or representation, of any third party, especially the Beneficiaries, provided there is no gross negligence or willful misconduct on the part of the BANK or its officers, employees and representatives; (iii) the implementation of the present Agreement, including but not limited to the following: (1) the BANK’s action or inaction on any instructions sent by the Depositor via DIGIBANKER; (2) illegal, improper or unauthorized use of DIGIBANKER, the Depositor’s DIGIBANKER ID and corresponding password; (3) any damage to the remote banking terminal, related facilities, or software as a result of access to DIGIBANKER; (4) any loss or damage resulting from access to DIGIBANKER when the same is prohibited, restricted, suspended, delayed or otherwise affected by (i) any law or regulation of the place where DIGIBANKER is accessed; any jurisdiction, regional or international authority which governs any use of any component of DIGIBANKER, any relevant Internet service provider or information service provider or system; (ii) the terms and conditions prescribed by the relevant Internet service provider or information service provider in such country of access; (5) any loss or damage resulting from any act or omission of any relevant Internet service provider or information service provider or network provider through which DIGIBANKER is accessed; (6) any loss or damage resulting from any modification, cancellation, amendment, alteration, upgrade or termination of DIGIBANKER; (7) any transfer or revelation of information on the Depositor’s Accounts to any of the BANK’s branch, subsidiary, affiliate and agent or authorized third parties determined by the BANK to be entitled to such information as required by any applicable law or as requested by any competent authority; (8) any access (or inability or delay in accessing) and/or use of any browser which the BANK recommends to the Depositor for access to DIGIBANKER; (9) any errors, inaccuracies, misstatements or omissions in the information and material contained in the BANK’s website; (10) any delay or failure in any transmission, dispatch or communication facilities; (11) any loss incurred or damage suffered by the Depositor by reason or as a consequence of (i) the misuse of the SSS Net Employer Contribution Program Facility, Philippines Health Insurance Corporation (PhilHealth fund) benefits and programs, Home Development Mutual Fund (Pag-IBIG fund) benefits and programs, or eFPS Facility, or (ii) inaccurate or incorrect information provided by the Depositor and (iii) fraud or misrepresentation on the part of the Depositor or their respective representatives.
b. The BANK shall not be liable for any and all claims, special, direct, incidental, exemplary or consequential damages, including but not charges or cause of action or those from or relating to any of the following: (1) insufficiency of funds in the enrolled account(s) to effect a transfer or payment; (ii) account(s) of the Depositor is/are closed or put on hold; (iii) garnishment of the Depositor’s Account(s), or other such order(s) prohibiting withdrawals therefrom issued by any court or other competent authority; (iv) incomplete, inaccurate, or incorrect transaction information provided by the Depositor; (v) payments made for past due or overdue accounts; (vi) improper or incorrect use of DIGIBANKER; (vii) other circumstances beyond the reasonable control of the BANK which prevent rendition of services required, such as but not limited to, flood, typhoon, earthquake, calamities, natural disasters, acts of God, fire, civil disturbance, strike, walk out, war, rebellion, electrical, computer or mechanical failures, improper handling or transmission of payment by a third party, and the like, except that which arises out of its acts constituting gross negligence in the performance of its obligations hereunder.

11. Termination
The Depositor or the BANK may terminate this service at any time for any reason which shall take effect thirty (30) days from the receipt of the other party’s written notice to the other

B. DigiBanker Modules

1. SSS REALTIME, PHILHEALTH REALTIME, EFPS REALTIME, PAG-IBIG REALTIME MODULE
a. Once enrolled in the Digibanker Facility, the DEPOSITOR shall have the following transaction capabilities:
i. View deposit account balances and monitor the transaction history of enrolled funding / deposit accounts.
ii. Make payments directly to the SSS, PhilHealth, Pag-IBIG, and BIR via electronic fund transfer
iii. Monitor online SSS, PhilHealth, Pag-IBIG, and eFPS payments up to two calendar months past.

b. The Depositor agrees that:
i. Only enrolled Employer PhilHealth number shall be used with the DIGIBANKER PhilHealth RealTime Module.
ii. Only one enrolled Employer SSS ID Number (SSS EID No.) shall be used with the DIGIBANKER SSS RealTime Module.
iii. Only one enrolled Tax Identification Number (TIN) shall be used with the Security DigiBanker eFPS RealTime Module. However, the Depositor’s subsidiaries/branch offices bearing the same first nine digits of their TIN but with a different branch code as indicated by the last three digits of the TIN may be allowed to use the same facility for purposes of paying EFPS transactions.
iv. Only enrolled Employer Pag-IBIG number shall be used with the DIGIBANKER Pag-IBIG RealTime Module.

c. The Depositor shall be presumed to have read the SSS Net Employer Contribution Program for electronic remittance of contribution payments and transmission of employees’ monthly collection list from employers to the SSS Procedures and Guidelines as provided by the SSS or the e-Payment Procedures and Guidelines of the eFPS as provided by the BIR upon enrollment in this Digibanker facility.
d. The BANK shall not be liable for the Depositor’s failure to electronically pay its SSS remittance instructions, PhilHealth remittance instructions, Pag-IBIG remittance instructions, or its taxes if the Depositor is unable to access DIGIBANKER for whatever reason, such as but not limited to, system interruption or corruption among others, or the required BIR Tax Returns/Forms are not yet available in eFPS. In the event that the DIGIBANKER is unavailable or the BIR Tax Returns/Forms required by the Depositor are not yet available in eFPS, the Depositor may manually or electronically pay SSS remittance instructions at any other SSS-accredited Authorized Agent Banks (AABs), PhilHealth remittance instructions at any other PhilHealth-accredited Authorized Agent Banks (AABs), Pag-IBIG remittance instructions at any other Pag-IBIG-accredited AABs, or its taxes at any of the three Government Banks authorized to accept such payments, or at any of the BIR eFPS-accredited Authorized Agent Banks (AABs), provided the Depositor is enrolled in the respective SSS-accredited AABs, PhilHealth-accredited AABs, Pag-IBIG-accredited AABs, and BIR-accredited AABs electronic payments systems.
e. The Depositor’s SSS/PhilHealth/Pag-IBIG remittance instructions or taxes shall be deemed paid once the Depositor receives a Confirmation Number from DIGIBANKER and the Depositor’s corresponding SSS RealTime/PhilHealth RealTime/Pag-IBIG RealTime/eFPS RealTime Funding Account has been debited for the corresponding payment.
f. Any discrepancy between the remittances due and the debited amount shall be resolved with the SSS, PhilHealth, Pag-IBIG or BIR, without prejudice, however, to the right of the Depositor to seek recourse against the BANK should it be proven by competent and concrete evidence that the discrepancy resulted from the gross negligence or willful neglect of the BANK officers or employees.
g. The BANK shall only receive payments of those transactions allowed: by the Social Security System (SSS) under the DigiBanker SSS RealTime as specified under the signed MOA between Social Security System and the BANK; by the Philippines Health Insurance Corporation (PhilHealth) under the PhilHealth RealTime as specified under the signed MOA between Philippines Health Insurance Corporation and the BANK; by the Home Development Mutual Fund (Pag-IBIG fund) under the PhilHealth RealTime as specified under the signed MOA between Home Development Mutual Fund (Pag-IBIG fund) and the BANK; and by the Bureau of the Internal Revenue under the eFPS system as specified under Section 2.12 of Revenue Resolution (RR) 9-2001,issued by the Bureau of Internal Revenue.
h. The Depositor shall be responsible to observe payment cut-off deadline as prescribed by SSS/PhilHealth/Pag-IBIG. Any payment made beyond the cut-off date will not be accepted by DIGIBANKER, and shall be settled by the Customer with their respective SSS/PhilHealth/Pag-IBIG branches

2. INSTAPAY AND PESONET MODULE
a. To facilitate fulfillment of the service, the BANK will be utilizing BancNet’s facility for InstaPay and the Philippine Clearing House Corporation’s (PCHC) Application Program Interface (API) for PESONet.
b. The Depositor shall comply with the settlement and risk management policies and procedures set by the BANK in compliance with BancNet and PCHC policies and procedures.
c. The Bank shall provide any other software that may be required to facilitate InstaPay and PESONet transactions, provided that the Depositor will extend the assistance and cooperation necessary and desirable towards this end.
d. The Bank requires the enrollment of Beneficiaries in the PESONet facility; thus, the Depositor is hereby advised to indicate Beneficiary details in the DigiBanker. Should the Bank require a list of said Beneficiaries, the Depositor hereby agrees to submit immediately upon request without delay.
e. Both the BANK and Depositor shall be responsible for beneficiary handling, reconciliation and disputes that may arise on the BancNet and PCHC response and error codes. Transaction with response code that falls under REJECT transaction codes are considered as an unsuccessful InstaPay transaction, and the amount will be refunded or credited to Depositor’s Funding Account within the next banking day and Depositor has the option to re-create, re-send corrected instruction based on the reason of rejection. Transactions with response code that falls under SUSPECT transaction codes are subject to reconciliation and confirmation with BancNet or PCHC and target member. The BANK and Depositor are aware that reconciliation and dispute resolution may not happen immediately (or same day the transaction happened) but rather may involve the next banking day depending on BancNet, PCHC or the target member’s reply. If the BANK is unable to confirm to Depositor the final response code for the transaction that falls SUSPECT within the next banking day, the BANK shall have a period of five (5) banking days to retrieve the final status of the transaction anything beyond the said period shall be deemed as a rejected InstaPay or PESONet transaction and will be fully refunded or credited to the Depositor’s InstaPay Funding Account.
f. For items, such as but not limited to unsuccessful timed-out transactions, the BANK shall return the said items to the Depositor’s InstaPay Funding Account. Any and all amendments or recall requests for such items may be acted upon and implemented by the BANK provided that it will not prejudice or cause damage, loss or claim to the BANK based on the latter’s reasonable determination. In case the BANK acts upon and implements such amendments, changes or cancellation or credit instructions, Depositor hereby renders and keeps BANK free and harmless from any and all liabilities, damages and costs which may arise as a result or in connection with such implementation.
g. For SUCCESSFUL or SUSPECT transactions with a final status Posted or Processed (successful), and funds that have been confirmed as credited to the account of the target member’s account holder that the Depositor wish to cancel, the BANK will be contacting the target member to retrieve the funds. However, reversal of the amount will depend on the account holder and the BANK shall attempt to retrieve said amount within thirty (30) banking days from date of transaction. Any transactions going beyond the said period, the Depositor shall directly contact the target member and the BANK shall no longer be liable. The BANK shall consider the transaction final and irreversible beyond the thirty (30) banking day period.
h. For transactions that can be reversed, the Depositor agrees to shoulder additional expenses for the cost of reversal such as MT199 fees as applicable to PESONet transactions Issuance of MT199 is per target member in case of multiple requests for cancellation involving several target members and will be subjected to cancellation policy of the target member.
i. For transactions that have been confirmed as credited to the target account and yet Depositor’s clients claim as not been Posted or Processed on their account, the BANK will be contacting the target member however, confirmation on the credit, processing date, and time will be on a best-effort basis. The BANK shall attempt to seek confirmation from the target member within thirty (30) banking days from date of transaction. For any transaction going beyond the said period, the Depositor shall directly contact the target member and the BANK shall deem the transaction fulfilled and closed.
j. The Depositor shall ensure that the true name and other Know Your Depositor (KYC) details of the sender and beneficiary is indicated in the required fields of the InstaPay facility. It is the Depositor’s responsibility to ensure that the sender provides complete KYC details and other items that may be required, such as but not limited to, purpose of transfer. The Depositor shall review the correctness of the same and ensure that there are no false names, or aliases, and no false KYC details used. Each sender and beneficiary shall be subject to review. The BANK shall have the right to request for the proper documentation of each sender or beneficiary. The Depositor therefore should provide the document immediately upon request without delay.
k. The Depositor is required to declare each purpose of transfer and its corresponding agreed amount under “PESONet Purpose of Transfer”. The agreed amount shall not exceed the PESONet. Limit per Transaction declared in “PESONet Limits”. Any transactions that are made outside of the declared purpose of transfer and its corresponding agreed amount shall be subject to the BANK’s PESONet Monitoring Program and Exception Report. The Depositor will be responsible in justifying and providing additional supporting documents should their transaction be part of the Exception Report. The Depositor shall be responsible in updating “PESONet Purpose of Transfer” for every newly declared purpose of transfer and agreed amount.
l. The Bank shall gather transaction information and/or any documents that is related to the InstaPay and PESONet transaction, whenever necessary, in compliance with the Bangko Sentral ng Pilipinas requirement for transfers amounting to P500,000 and above in a single transaction, or transfers with an aggregate amount of P500,000 and above.
m. Refund, if requested by the Depositor, may be made at the discretion of the BANK, but only if, and after, the BANK has received confirmation of effective cancellation of the transfer, and / or all copies of drafts that have been issued, if any, are surrendered and after receipt by the BANK of the reimbursement from the receiving bank.

3. AUTO CREDIT PAYMENTS MANAGER MODULE
a. So long as this Agreement is in effect, the Depositor shall open and maintain ACP Funding Account/s identified by the Depositors.
b. The Depositor may change the designated ACP Funding Account/s subject to the Bank’s consent by giving written notice of such change at least ten (10) Banking days prior to the intended effective date of the change. It is understood that the opening and maintenance of the ACP Funding Account and the crediting of the enrolled beneficiaries under this Agreement shall be further subject to and governed by the Bank’s standard requirements, procedures and agreements for opening and maintaining Bank accounts and the processing of Auto Credit Payments. The “Maximum Credit Amount” column above refers to the maximum amount credited per transaction and per account.
c. The ACP Funding Account shall be debited on the Payment Date to fund the auto credit payment transactions to be implemented under this Agreement and to pay the service fees referred to under the section on “Fees”. The Depositor must therefore ensure that there are sufficient available funds in the ACP funding account on the Payment Date to fund all the auto credit payment transactions requested to be implemented and that said funds are free from any liens and encumbrances and to pay for all service fees and such other amounts as may be due hereunder as stated under the section on “Fees”. The credits shall be implemented on the Payment Date.
d. In the event that the ACP Funding Account does not contain sufficient available funds to cover the entire amount to be debited, the Bank shall have no obligation whatsoever to credit any beneficiary.
e. Immediately upon the execution of this agreement, the Bank and the Depositor shall agree on a specific file layout that will be used for the uploading of the payables data file.

ACCESS CODE/PERSONAL IDENTIFICATION NUMBER (PIN)
The Depositor agrees to assume full responsibility for maintaining the confidentiality of his personal identification number (PIN) and/or Access Code. All transactions made through the use of the PIN/Access Code shall be conclusively presumed to have been performed by or authorized solely by the Depositor.

As a security measure, the Depositor agrees and undertakes to regularly change the Access Code/PIN. The Depositor should immediately change the Access Code/PIN once compromised through the BANK’s Change Access Device facility.

FRAUD AWARENESS
The Depositor is hereby informed that the BANK continuously updates its Fraud Awareness page on its website (https://www.securitybank.com/fraud-awareness/) to ensure that the latest trends, typologies, and safety precautions related to fraud are properly disseminated for the awareness of its customers and the general public. The Depositor agrees to be vigilant by making himself aware of the different types of fraud and ways to prevent it by accessing the Fraud Awareness page on the BANK’s website or through its other channels.

INQUIRIES OR COMPLAINTS
1. The Client shall report his/her concerns on the Account to any Security Bank Corporation branch nearest to the Client, or by contacting our 24/7 Customer Service Hotline below or sending an email to [email protected]
Customer Service hotline +632 8887-9188
(Toll-free for PLDT landline) 1-800-1-888-1250

Provided that, concerns relating to the loss of Client’s mobile device and/or replacement and/or change of number of any mobile phone or device (used by Client) for the generation and/or reception of OTP should be immediately reported to the Customer Service Hotline at the numbers provided above.

2. The Client agrees to Security Bank Corporation’s conduct of verification when he/she contacts Security Bank Corporation via Customer Service Hotline.

3. Security Bank Corporation shall only act upon the Client’s concerns, when the following information are completely provided:
i. Client name, ATM/Credit Card Number and/or enrolled Security Bank Corporation Account Number;
ii. Details of the error or transaction as applicable, such as: date, merchant/subscriber number, amount, mobile number and reference number for the transaction in question or completion of the transaction dispute form when necessary. The dispute form is available/downloadable at https://www.securitybank.com/online-forms/.

4. Security Bank Corporation will respond to the inquiries and provide resolution feedback to the concerns raised within seven to twenty (7- 20) banking days from the receipt of the complaint, and that for complaints requiring more time to investigate and resolve, Security Bank Corporation will advise Client accordingly, including the progress thereof.

5. An official response of the concerned unit will be provided to the Client once investigation is completed. However, Security Bank Corporation does not guarantee reversal of Client’s transaction.

Security Bank Corporation is regulated by the Bangko Sentral ng Pilipinas (+632 8708-7087 loc.2584 | [email protected] | https://www.bsp.gov.ph). Chat with BSP Online Buddy at (BSP Webchat:http://www.bsp.gov.ph/ | SMS: 021582277 | FB: Bangko Sentral ng Pilipinas)

CHANGE OF TERMS AND CONDITIONS
The BANK reserves the right to change any or all of these terms and conditions. The Depositor shall be notified of any such modification, amendment, or revision at least sixty (60) days prior to implementation of any amendments to the terms and conditions herein via e-mail or by public notice which may take the form of posting in public places, such as posting on the Security Bank’s website, or by such other electronic transmission or use of an electronic platform and/or at a conspicuous place within the premises of all banking units, which the Bank, at its option, considers appropriate and effective. Any such modification, amendment or revision shall be valid and binding upon you on the date of effectivity specified in the notice. If the Depositor does not agree with the new/revised terms and conditions have the right to exit the contract without penalty provided, that such right is exercised within thirty (30) days from receipt of individual notice or thirty (30) days from issuance of public notice.

NOTICES AND COMMUNICATIONS
Notices and communications may be sent to the Depositor through any of the following modes: (i) mail or delivery to Depositor’s last known mailing address; (ii) transmission electronically to Depositor’s electronic mail (email) address as appearing in the records of the Bank; (iii) through short messaging service (SMS) to Depositor’s registered mobile number as appearing in the records of the Bank; (iv) other available Bank channels or any one of them including posting on the Bank’s website or Mobile app; or (v) such other electronic transmission or use of an electronic platform as may be deemed appropriate by the Bank or as may otherwise be permitted by law or banking regulations, any of which mode of communication or transmission when sent shall be valid and effective notice to Depositor. Notice to one shall be deemed sufficient notice to the other co-depositors/obligors.

The Bank shall provide advance notice to the Depositor, in accordance with applicable regulations, of any material changes to transaction validation processes or signature capture methods, including the adoption of digital transaction slips and the use of DocuSign or other eSignature platforms, to ensure transparency and fair treatment.

EFFECTIVITY OF OTHER TERMS AND CONDITIONS
The terms and conditions of the Depositor’s other accounts shall remain in full force and shall be read and construed to harmonize with these Terms and Conditions.

DISPUTES OR DISAGREEMENTS
In case of corporate disputes or disagreements among co-depositors pertaining to the account or the funds therein, for the protection of its interest, the BANK shall have the right to freeze or place the account in an inoperative status until the opposing parties agree upon a mutual resolution or until otherwise directed by a court of law or similar body/entity.

LIABILITY
Subject to the provisions herein, the BANK shall be liable only for its failure to act with good faith or to exercise reasonable care and skill, which shall be determined in accordance with the standards and practices of the banking industry and as prescribed by the regulatory body.
If the BANK is found liable for any act or omission for the BANK’s provision of services in relation to the Account or any reason whatsoever, its liability will be limited to the service fee charged to me or my actual proven damages, whichever is less. It will not be liable for any indirect, special or consequential loss or damages arising in any way out of the BANK’s provision of services in relation to the Account or any reason whatsoever.

GOVERNING LAW
These terms and conditions are governed by the laws of the Republic of the Philippines.

COMPLIANCE WITH RELEVANT LAWS, RULES AND REGULATIONS
The Depositor warrant and agree that he/she will comply with all laws, regulations, ordinances, rules, decrees, and other directives applicable to my use of Security Bank Online and other services of Security Bank Corporation. In no event shall Security Bank Corporation be obligated to take any action that it believes, in good faith, would cause it to be in violation of any laws, regulations, ordinances, rules, decrees or directives applicable to the Account or the Depositor.

Security Bank Corporation and the Depositor shall likewise comply with the provisions of Republic Act No. 10175 or the Cybercrime Prevention Act of 2012, its Implementing Rules and Regulations, Republic Act No. 9160, as amended or the Anti-Money Laundering Law, as amended and its Implementing Rules and Regulations, Republic Act. No. 10173 or the Data Privacy Act of 2012, its Implementing Rules and Regulations, and other related issuances, laws and regulations, as may be applicable.

VENUE
The Depositor irrevocably agrees that any legal action, suit or proceeding arising out of or relating to its deposit or any transaction or service connected therewith shall be instituted exclusively in any competent court in Makati City, Republic of the Philippines, and by execution and delivery of this Agreement.

TERMS AND CONDITIONS – INDIVIDUAL

TERMS AND CONDITIONS

I have read, understood and hereby agree to Security Bank Corporation’s (BANK) terms and conditions for opening and maintaining accounts as set forth on the website www.securitybank.com which may be amended from time to time and I agree to abide by the same;

By opening an account online with the BANK, I am fully aware that this involves the transmission of personal data and information through the Internet and I fully assume all risks involved relevant to this transaction;

I agree to provide the necessary KYC documents and information required for account opening and warrant the same are genuine, true, accurate, and valid at the time of submission to the BANK. I undertake to immediately inform the BANK of any changes in the above.

Any document and information that I provide online through the Security Bank Online Application (SBOL) or the Security Bank Webpage shall be used by the BANK for Know-Your-Customer (KYC) validation for purposes of account opening;

The BANK shall send me a reference number and shall validate the KYC information and documents that I provided online through its customer service and/or mobile application, at the discretion of the BANK. Once validated, the BANK will confirm the account opening through electronic mail, video or phone call, or SMS.

For limited or restrictive accounts only: I confirm that I have not opened any such accounts with any other bank, and I do not have valid identification required by the BANK’s KYC policy. I further acknowledge that I have been informed of the limitations of accounts so opened until the completion of the KYC process namely-

(1) Aggregate Balance up to P100,000.00 only on all deposit accounts.

(2) Prohibition on receipt of foreign wire transfers/remittance

In case of non-submission of the valid ID and non-compliance with the complete KYC process within a year of account opening, I understand that my account(s) shall be closed without further notice.

The BANK reserves the right to limit the use or close the account upon failure of the customer to submit the necessary KYC documents and information, violation of the terms of declaration and terms and conditions in item 1, or non-compliance with the regulations of the Bangko Sentral ng Pilipinas and the Anti-money Laundering Council (AMLC).

The right in the preceding section is without prejudice to the other rights and remedies available to the BANK under this Agreement and existing provisions of law. Notwithstanding any contrary provision, I agree to indemnify and hereby render the BANK free and harmless from any liability whatsoever which may arise as a result of or in connection with my non-compliance with my undertakings herein.

 

GENERAL TERMS AND CONDITIONS

The following are the general terms and conditions that apply to accounts opened, and any future accounts that the Depositor may open with Security Bank Corporation through any of its branches or by way of its online account opening channel. By signing the required account opening forms, the Depositor agrees that our account/investment relationship shall be governed and bound by these Terms and Conditions. Security Bank Corporation and the Depositor, our customer, agree that the word “BANK” shall refer to any and all units and branches of Security Bank Corporation. The word “DEPOSITOR” or “CLIENT” shall refer to the person or persons opening and maintaining the account/investment relationship with the BANK.

The word “ACCOUNT” shall refer to one or all accounts opened, maintained, and existing, whether Active or Dormant, by the Depositor. Security Bank Corporation, and the Depositor, our customer, agree that “Debit” means deduction from the Depositor’s account, and “Credit” means addition to the Depositor’s account.

 

SUBMISSION OF DOCUMENTARY REQUIREMENTS

The Depositor agrees that the BANK shall open the account upon complete submission of all regulatory and bank documentary requirements. By opening the account, the Depositor agrees to be bound by the BANK’s policies, together with the terms and conditions stipulated in this agreement, including all other existing laws and regulations. Should the BANK agree to provisionally open an account pending the completion of the documentary requirements, the BANK reserves the right to unilaterally close the account if the pending requirements are not received by the BANK within 20 calendar days, for Individual clients or 45 calendar days for business clients.  In any case, the BANK reserves the right to close automatically, freeze, or place in an inoperative status any account, should the Depositor fail to

1) submit documentary requirements for account opening within the extension period after provisional account opening,

2) update/reply to the BANK’s formal request for status updates on pending government applications which would change the client’s account status, or

3) if the BANK has reasonable grounds to believe that the account is being misused, or the individual/entity operating the account was known subsequently to pose undue risks to the BANK.

 

FAILURE OF VERIFICATION

The BANK shall exert efforts in ascertaining the accuracy of the information given by the Depositor in the Customer Information Form (CIF) or Account Opening Form (AOF) Folder. Should the BANK have reason to believe that any of the information furnished by the Depositor therein is false, inaccurate, erroneous or is otherwise not capable of verification, the BANK shall have the right and is so hereby authorized to close the account without notice to the Depositor. The BANK shall not be liable for whatever losses or damages that may arise against the Depositor as a result thereof.

 

DISCLOSURE OF DEPOSITOR INFORMATION

The BANK shall treat information relating to the depositor, deposit account, and transactions on the deposit account as confidential. However, in order to facilitate banking transactions and subject to remain in effect for five (5) years after account closure, the Depositor authorizes the Bank to disclose information relating to the depositor, deposit account, and transactions on the deposit account, to the following:

(1) Other banks, financial institutions, credit agencies, or credit bureaus for the purpose of profiling, credit evaluation/reference checks, verifying the authenticity of the information provided by the Depositor or addressing queries relating to anti-money laundering due diligence on transactions that were coursed through the BANK.
(2) Counterparties and their respective banks in relation to fund transfers, payments, drawing of checks, and other transactions;
(3) Agents, contractors, or third-party service providers who provide operational services to the BANK, such as courier services, telecommunications, information technology, payment, payroll processing, training, market research, storage, archival, customer support investigation services, or other services to the BANK;
(4) Regulatory or government agencies to comply with existing laws, rules, and regulations.

 

DISCLOSURE OF INFORMATION TO SERVICE PROVIDERS AND DATA PRIVACY NOTICE

I authorize the BANK to process, transfer, share, and disclose any information relating to my credit data, information which is not classified as Personal Identifiable Information (PII) and which is shared with third parties (e.g., score, income prediction, performance data for DPD, credit card usage, in case of partnerships), social networking score data,  telecom or mobile usage data or “telco score” to credit info data providers or credit scoring service providers (i.e. Globe Telecom, Inc., Smart Telecommunications, Inc., and other telecommunications service provider), third party open API providers such as Brankas, etc. for the purpose of credit verification, collection, credit review and credit scoring/analytics, and statistical and risk analysis. This provision shall apply only if I gave my consent for Security Bank Corporation to share and process any information relating to my account/s to any member of the Security Bank Corporation Group (Security Bank Corporation and its affiliates and subsidiaries reported as part of Security Bank Corporation’s conglomerate map/group structure as defined under BSP Circular 749) and Bancassurance companies or their authorized Service Providers and representatives, for purposes of cross-selling products and services, profiling and credit evaluation/reference checks, audit and account balance confirmation and allow them to contact me for this purpose (i.e. by e-mail, SMS, call), or in case of audit where my account is chosen as a sample for account balance confirmation.

 

USE OF ACCOUNT

The Depositor agrees that the account is strictly for personal use and shall not be used for business or commercial purposes whatsoever. The Depositor further agrees that it shall not, at any time, make transactions involving the deposit or transfer of funds from the Depositor’s business account to its personal account or vice versa. The Bank reserves the right to close the account at any time without prior notice to the Depositor if the Depositor is found to have violated this provision.

 

DEPOSITS/PLACEMENTS/PAYMENTS

A Current Account/Savings Account may be opened with a minimum initial deposit in the amount set by the BANK.

All deposits must be made by the Depositor personally or by his authorized representative by filling out the appropriate deposit slip or Universal Transaction Slip (UTS). The BANK shall consider any person depositing for and on the Depositor’s behalf, as duly authorized by the Depositor to perform the deposit transaction.

The BANK shall accept deposits, investments, or payments either in cash, check, or debit from another account/s. In accepting checks as deposits, the BANK shall act merely as a collecting agent and shall have no responsibility beyond the exercise of due care in transmitting the items electronically via the Check Image Clearing System (CICS) of PCHC, where the physical check is not included in the collection or return process, as a payment instrument.  The Depositor shall not be credited for nor shall the Depositor be allowed to withdraw the amount corresponding to the said checks until cleared funds have been actually received by the BANK. Checks received after the BANK’s cut-off time shall be processed on the next banking day.

For acceptance of crossed checks payable to one depositor for deposit to a joint “AND” or “OR” account of said depositor, the depositor commits and undertakes to indemnify the BANK in the event that the issuer of the said check or any affected third party complains, objects, or otherwise files a claim against the BANK as a result of said accommodation. Should the BANK accept for deposit, checks that are not endorsed by the payee, the depositor holds the BANK free and harmless from any and all liabilities, claims and demands of whatever kind and nature that may arise from said accommodation.

For acceptance of checks denominated in a foreign currency deposited in the BANK, the depositor agrees to reimburse and authorizes the BANK to debit the value of the check, together with any other charges, fees, costs, and damages caused to the Bank in the event that the same will be held liable by the foreign correspondent bank or any affected third party for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed.

All endorsements or lack of endorsements on the checks deposited with the BANK are guaranteed by the Depositor. Proceeds of deposit or collection items shall be credited to the Depositor’s account, net of service charges that may be collected by the BANK or by the drawee/collecting bank. The BANK shall not be liable for items lost in transit. The Depositor shall have full responsibility for the correctness, genuineness, and validity of all items deposited as well as of all endorsements, signatures, and information found thereon. For all deposits including, but not limited to, deposits subject to count arrangement or for later verification, the Depositor acknowledges that the BANK’s count is deemed accurate and final. All notes and coin deposits must be sorted according to denomination and the BANK’s prescribed number of pieces per bundle/bag prior to acceptance. The BANK has the right to debit automatically, the Depositor’s account for any shortages or discrepancies due to counterfeit or out-of-circulation cash notes/coins, insertion, and/or errors in counting, which were found after our receipt of cash items, despite any machine-validated or manually-signed acknowledgment receipt and transaction slip.

At its discretion, the Bank may accept an initial deposit via check. In case of return of the check for whatever reason, the Client shall fund the account by depositing the amount depending on the required initial deposit of the product opened plus an amount to cover possible charges, if any. The Bank shall inform the Client of the total amount required to be deposited to prevent the closure of the account.

For check/s deposited whether as an initial deposit or in the course of the banking relationship, the Client agrees to reimburse and indemnify the Bank and authorizes the Bank to debit the value of the check, together with any other charges, fees, claims, costs and damages caused to the Bank in the event of any suit, liability, responsibility or claim by any third party or government institution/agency for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed. The Client undertakes to hold the Bank free and harmless and undertakes to defend the Bank, its stockholders, directors, officers, employees, and agents, from such suit, responsibility, or claim, at the Client’s expense unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

For bulk or large cash deposits, the Depositor agrees to call the servicing branch before bringing the deposit. For purposes of complying with any applicable BSP regulations, the Bank may require the client to submit documentary requirements prior to its acceptance of bulk or large cash deposits.

The BANK reserves the right to refuse any deposit contemplated herein should such refusal be necessary to protect the BANK’s own interest. The BANK shall be held free and harmless from any claim or dispute arising from the execution and implementation of the present Terms and Conditions unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

In making a deposit, the Depositor agrees to assume full responsibility for the accuracy and correctness of the information filled out in the deposit slip, and the Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any discrepancy therein, such as but not limited to, the statement of an incorrect account number although the name of the Depositor is correctly written. The Depositor agrees that for Foreign Currency accounts that the Depositor opens, these shall be funded purely by foreign currency receipts eligible for deposit under CB Circular No. 960 as amended by CB Circular No. 1318, and the Depositor undertakes to hold the BANK free and harmless from liability for deposits made in violation of said law, rules, and circulars. The BANK shall endeavor to keep on hand an updated balance of the Depositor’s account. It is however the duty of the Depositor to periodically ascertain from the BANK the actual balance based on cleared funds. The BANK has the right to offset the deposit against any indebtedness owed by the Depositor to the BANK with notice to said depositor. Deposits under hold-out, garnishment, sequestration, with adverse claim, or any other legal/contractual impediment, are not subject to withdrawal up to the amount covered by the lien or claim. Nevertheless, should the Depositor succeed in withdrawing the levied amount, in whole or in part, the Depositor shall deposit back the amount corresponding to the amount withdrawn not later than three (3) business days from notice by the BANK. When the account is closed, whether by the BANK or by the Depositor, the BANK may require the Depositor to surrender all unused checks before the balance of the account is released. The BANK shall not be liable for any loss or damage incurred by the Depositor or a third party due to computer programming defects, errors due to faulty communication lines, or any defect in the material or workmanship of any computer equipment unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT. Article 1250 of the Civil Code of the Philippines shall not apply to the account.

 

ARTICLE 1250 OF THE CIVIL CODE OF THE PHILIPPINES

Article 1250. In case an extraordinary inflation or deflation of the currency stipulated should intervene, the value of the currency at the time of the establishment of the obligation shall be the basis of payment, unless there is an agreement to the contrary.

For extraordinary inflation (or deflation) to affect an obligation, the following requisites must be proven:

1. that there was an official declaration of extraordinary inflation or deflation from the Bangko Sentral ng Pilipinas (BSP);
2. that the obligation was contractual in nature; and
3. that the parties expressly agreed to consider the effects of the extraordinary inflation or deflation.

 

WITHDRAWALS

Withdrawals or funds transfers must be made by the Depositor personally or through an authorized representative upon presentation of the passbook, a duly accomplished withdrawal/debit slip via over-the-counter or through the use of other available facilities (ATMs, Phone Banking, Internet Banking, etc.). The signature of the representative should be duly authenticated by the Depositor on the withdrawal/debit slip and the signature of the Depositor, and its authorized representative is validated by the Teller. At the BANK’s discretion, withdrawals may be made in amount/s exceeding his withdrawable balance which represents the Depositor’s ledger balance less uncollected check deposits and deposits with lien. However, for any withdrawal, the BANK may require a 7-day advance written notice, whenever in the opinion of the BANK, the same may be deemed advisable. The Depositor is allowed a certain number of withdrawals/funds transfers from his account in any given month (depending on the product), in excess of which, the BANK reserves the right to impose a service charge or a lower interest rate specifically in eSecure Savings Account.  The BANK does not warrant the availability of foreign currency notes at all times to meet withdrawal requirements. In case of non-availability of currency notes, withdrawals may be in the form of telegraphic transfers, demand drafts, mail transfers or in the currency which is legal tender in the Philippines. If the Depositor opts to withdraw in the form of telegraphic transfer, demand draft or mail transfer, the same shall be construed as an application for such services and may be subject to the usual processing fees.

 

SECURITY BANK ATM CARD / MASTERCARD DEBIT CARD

The SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD  (“CARD”)  is issued to the Depositor (“the cardholder”) together with a corresponding PIN Mailer to be used on the BANK’s or other bank’s Automated Teller Machine (ATM). The card can also be used as a debit card to make purchases with or without a PIN CODE on any physical or online Point of Sale (POS) terminal networks or any other electronic devices and online facilities installed by the BANK in which the card is applicable. For security purposes, the cardholder should immediately affix his signature at the back of the ATM Card upon receipt. For the cardholder’s protection, the Depositor agrees, at all times, to (a) immediately change the computer-generated PIN upon receipt; (b) safely keep the ATM Card and PIN in the Depositor’s sole possession; (c) not disclose the PIN, record it on the ATM Card or otherwise make it available to anyone under any circumstance.

The cardholder (except for cards in relation to SSS pension) may assign an authorized representative to receive the Card on his/her behalf subject to the submission of the following requirements (i) authorization letter signed by the cardholder, naming therein the person who is authorized to receive the Card on his/her behalf; (ii) 1 valid Primary ID or 2 Secondary IDs of the cardholder and his/her authorized representative. SSS ATM Card must be personally received by the depositor/pensioner.

 

LOSS OF THE SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD

The Cardholder shall immediately make a phoned-in report to the BANK for any loss, theft, and known or suspected unauthorized use of the Card. The Cardholder shall be liable for all authorized and unauthorized ATM or Debit Card transactions, including any withdrawals and purchases using the Card. The phoned-in report shall automatically free the Cardholder from any liability but any unauthorized charges made against the lost/stolen CARD prior to the phoned-in report shall be for the exclusive account of the Cardholder.

 

FOREIGN CURRENCY ATM CARD/MASTERCARD DEBIT CARD TRANSACTIONS 

For transactions made in foreign currencies in the Philippines or abroad, the manner of conversion from the transaction currency to the payment currency (Philippine Pesos) would be automatically made using a prevailing exchange rate of the Security Bank and/or the international network where the transaction was coursed through at posting date.

 

FUNDS TRANSFER

Any funds transfer to the own account or third party account, made by the individual or corporate clients through the branch should be documented in writing via transfer application form or client’s letter of instruction and signed by the Depositor/s, following the account’s signature rules. Fund transfers made via e-channels (SBOL, DigiBanker, ATM) are confirmed by the depositor to have been made or authorized by encoding PIN or password, known only to the client. Should the requested transaction be incapable of being performed by the BANK in the manner instructed by the Depositor, without the BANK disclosing details about the Depositor and/or the Depositor’s account, the execution of the funds transfer request shall be deemed as the Depositor’s express authority to the BANK to make such disclosure within the terms of the applicable regulation, and without any need for any prior notice or further consent or documentation. By the foregoing authority, the BANK shall not be in violation of any of the secrecy laws for making such disclosures. Further, the Depositor warrants that the funds subject to any funds transfer transaction originate from bonafide transactions and shall be used for legal purposes. Further, for any funds transfer credited to the Depositor’s account, the BANK should be notified in writing within one (1) day from the date of credit in case the Depositor does not want to accept the credit and stating the reason thereof. The BANK shall be free and harmless from any liability or complaint arising for any funds transfer credited made to the Depositor’s account unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

 

AUTOMATIC FUNDS TRANSFER SERVICES

For automatic funds transfer services, the Depositor shall be required to accomplish and sign the Individual/Corporate Fund Transfer Application and Maintenance Form, which shall support the Depositor’s standing instruction to avail of any of the following specific type of Funds Transfer services:

1. Security Check Protector – is a fund transfer facility, that enables clients to transfer their money to their Checking Accounts in order to avoid the hassle of insufficient funds, linking to a maximum of three (3) other movement (Checking/Savings) source accounts. Under this facility, recipient accounts obtain funds from the source accounts every time the Checking Account balance falls short in funding in-clearing checks or other debit transactions.
2. Security Scheduler – is a fund transfer facility which enables the system to transfer automatically a specified amount from a client’s enrolled movement account (Checking/Savings Accounts) to another designated account at a  specified  time  or  frequency  to  settle  obligations,  transfer allowances or meet funding requirements for his business. Under this facility, the client may enroll various recipient accounts to be linked to his personal/source accounts or vice versa. Frequency and amount to be transferred can be set to each recipient account as dictated by the client.
3. Security Maximizer – is a fund transfer facility, which enables the client to transfer automatically excess/surplus funds from his account to other accounts. Under this facility, the client may enroll a source account to as much as three (3) receiving accounts wherein he may set the minimum and maximum amounts to be transferred to each recipient whenever there are excess funds from the source account.

Whenever a fund transfer to be made in this facility falls on a Saturday, Sunday or public holiday under the Laws of the Republic of the Philippines, such transfer may be made in the next succeeding banking day.

Joint accounts can be enrolled provided that all Accountholders sign on the required application form.  Linking of third-party accounts may be allowed provided said third party accounts shall be receiving accounts only. The owners of the third-party accounts to be enrolled shall be required to sign in the enrollment portion of the required application form. Instructions for any changes, cancellation, and/or revisions relating to the conduct of the Fund Transfer Services shall remain in force unless sooner revoked by the Depositor/s in writing. The Fund Transfer Services shall be made / used for legitimate purposes and shall not be used for Money Laundering or for any other illegal purposes. The BANK may, at any time and for whatever reason, reject any transaction without incurring any liability. The BANK shall not be held liable for any indirect, incidental or consequential loss, loss of profit, or damage suffered by the Depositor by reason of error or failure to complete or effect transaction if said error or failure resulted from accident, force majeure, strike, war, viruses, tampering, fraudulent use, or misuse or the Depositor’s noncompliance with the stated procedures unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

 

POSTING OF TRANSACTIONS

All transactions posted to a Depositor’s account shall be validated on a bank’s transaction slip (i.e. deposit slip, withdrawal/debit slip, MTAF, etc.) and are for the account of the Depositor.

 

HOLD AND AUTOMATIC DEBIT OF ACCOUNTS

The Depositor represents and warrants that he or she is duly authorized to receive any funds that may be credited to his or her account and that the said funds are subject of a lawful transaction.  In this regard, the Depositor hereby authorizes the bank to place on hold and/or automatically debit the Depositor Account without the express authority from the Depositor and without prior written demand and notice from the Bank in the following instances: (1) Technical and human errors from either the Bank, Depositor or Remitter that results in mis posting, erroneous posting or discrepancy in posting of cash, check or funds transfer to the Depositor’s account; (2) Remittance and fund transfers where there is a dispute and request from the remitter to stop credit, hold or investigate the fund transfer and remittance;  (3) Where the Bank suspects that any transaction on the account is fraudulent or represents the proceeds  and is otherwise subject of, any unlawful activity; (4) Failure of the Depositor to update or provide complete KYC information and supporting documents under Anti-money Laundering and Terrorist Financing Regulations; (5) Upon order of a competent court, the Anti-money Laundering Council or any government body. (6) Any situation similar and analogous to the foregoing. The Depositor agrees to indemnify and hold the Bank free and harmless and without any liability in the Bank’s implementation of the above hold and debit of the Depositor’s account under this section.

 

SECURITY BANK ONLINE SERVICES

The Depositor acknowledges that once the Terms and Conditions detailed on the Security Bank Online enrolment page has been accepted during enrolment in the facility, he is deemed to have agreed thereto. Among others, the Depositor agrees and accepts, that:

1. The Depositor understands the corresponding risks entailed in availing of the services in Security Bank Online. The Depositor understands that all other Terms and Conditions governing the services offered in Security Bank Online shall remain in full force and effect. The Depositor is bound by any and all laws, rules, regulations and official issuances applicable to Security Bank Online now existing or which may thereafter be issued or communicated by the BANK through whatever means, as well as such other Terms and Conditions governing the use of other facilities, benefits, or service which the BANK may make available to the Depositor in connection with Security Bank Online. The Depositor likewise agrees that the Depositor’s continued use of Security Bank Online thereafter shall constitute the Depositor’s acceptance of the modifications and revised Terms and Conditions.
2. By accepting the terms and conditions and by using Security Bank Online, the Depositor is bound by the Terms and Conditions governing the same, its nature, present and future functionalities and operating features, and to pay any applicable fees associated with the use of the same. Acceptance of the terms and conditions online would amount to acceptance in writing.

 

MINIMUM MONTHLY AVERAGE DAILY BALANCE (ADB)

A minimum maintaining average daily balance as set by the BANK shall be required for all accounts. A monthly service fee as posted in the bank premises and at the bank website (www.securitybank.com) shall be charged to the account whenever its balance falls below the minimum average daily balance requirement for two (2) consecutive months. The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein.  The formula to compute for monthly ADB is, as follows:

 

ADB = (Day 1 ending balance + Day 2 ending balance … + Day 30/31 ending balance

Number of days in the  month (i.e. 30/31 days)

 

The Bank may waive the maintenance of the monthly ADB and to lift/cancel such waiver for whatever reason, at any time and at its sole discretion.

 

SERVICE CHARGES

The Depositor agrees that the Depositor’s account/s, whether active or dormant, shall be subject to such service charges imposed by the BANK. The BANK shall have the right to deduct such charges against the account/s and such right shall have preference over the payment of any checks/drafts, which may have been drawn from the Depositor’s account/s. Thus, the BANK shall not be liable for the dishonor of the Depositor’s checks/drafts because of insufficient funds caused by such deduction. Checks drawn against insufficient funds or uncollected deposits shall be subject to service charges whether subsequently funded or returned. A nominal charge shall be collected on accounts that are closed within 30 days from the date of opening. A monthly service charge imposed by the BANK shall be charged if the daily balance of the Depositor’s account/s falls, at any time during the month, below the minimum maintaining balance required by the BANK. Accounts with zero balance due to service charges or other causes may be closed by the BANK without prior notice to the Depositor. Such service charges to be imposed by the BANK shall be provided to the client as an Attachment to the Terms and Conditions to be sent via Statement of Account (SOA) or Thank you Letter, and posted on the bank premises and on the bank website (www.securitybank.com). The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein.

FEES AND CHARGES: https://www.securitybank.com/personal/accounts/fees-charges/

DORMANT ACCOUNTS

Current / Checking accounts with no activity (deposit/withdrawal/encashment) for one (1) year and Savings accounts with no activity for two (2) years shall be classified as dormant. Dormant accounts shall be subject to a minimum monthly service charge if they fall below the required minimum monthly balance. The minimum monthly service charge may be amended by the BANK from time to time as circumstances may warrant. Accounts with zero or negative balances due to service charges or other causes may be closed by the BANK. Deposits remaining dormant for more than ten (10) years shall be escheated in favor of the National Treasury as provided by law.

Checks issued from a dormant account, even if such account has enough funds to cover the amount of the check, shall be returned and the reason for the return of the check shall be indicated as “Drawn Against Dormant Account.

 

MISHANDLED ACCOUNTS

The BANK reserves the right to close the account at any time without prior notice to the Depositor if the account is, in the BANK’s opinion, not maintained in a satisfactory manner, when the account is being used as a tool for the commission of fraud or any other crime or when the continued existence of the account with the BANK would prejudice its interest in any way. Should closure of the account be effected by the BANK as a result of improper handling through the issuance of insufficiently unfunded check/s, the BANK is authorized to report such closure and the reason/s thereof to the Bankers Association of the Philippines (BAP), or to any central monitoring body established by the BAP to record and monitor the mishandled deposit accounts of its member banks. The Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any or all liabilities, claims, or demands of whatever kind and nature in connection with or arising from (a.) The closure of the account and/or (b.) The dishonor of any check thereunder which may be presented to the BANK after the closure of the account and/or (c.) Reporting by the BANK of the closure of the account and the reason/s thereof to the BAP.

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CLOSURE OF ACCOUNTS

For client-initiated closing of an account, a withdrawal/debit slip/MTAF/Check Issuance/UTS shall be filled out for the entire amount of the balance outstanding in such account. The BANK may close an account at any time with prior notice to the Depositor, if the deposit balance becomes zero, due to collection of service charges by the BANK or withdrawal by the Depositor, or for violation of existing rules and regulations of the BANK, the Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, Bankers’ Association of the Philippines, or any other agency to which the BANK may be affiliated, or for such other reason which the BANK may deem reasonable for the protection of its interest. A nominal charge shall be collected on accounts that are closed within 30 days from the date of opening. The BANK may, at any time, return to the Depositor his deposit together with the interest due. The Depositor/s may be notified either personally or by mail of the BANK’s intention to close the account and the interest will cease from the date of such notification. Deposits may be withdrawn only in the manner provided therein.

The BANK retains the right to close, at its sole discretion, with prior notice to the Depositor, any of your account/s for reasons which the BANK may deem reasonable for the protection of its interest at any time and without obligation to disclose the reason for such closure. The depositor agrees to hold the Bank and its officers and employees free from harm from any and all liabilities, claims, and demands of whatever kind or nature in connection with or arising from the closure of your account.

 

INTEREST

The account shall earn interest net of applicable withholding tax if it meets the required minimum balance set by the BANK. Interest earned shall be credited to the Depositor’s account at the end of every month or quarter, whichever is applicable. A reduced interest rate may apply if the account fails to meet the required frequency of withdrawal per quarter. A check item accepted for deposit does not earn interest until after the proceeds of such item have been cleared and fully credited to the account. No interest shall be paid on the account if (a) for ten (10 ) consecutive years there is no deposit, withdrawal, or notice from the Depositor; or (b) the account is closed before the end of the month. No interest shall be paid on dormant accounts or when the BANK has requested the Depositor to close his account in which case, the account stops accruing interest as soon as the BANK transfers the balance to Accounts Payable or issued a Manager’s Check in favor of the Depositor.

 

INTEREST COMPUTATION

Interest rates are computed as follows:

 

Daily accrued gross interest = End of Day Cleared Balance x Applicable Interest Rate x 1/365

Interest payout (net of tax) = Sum of all accrued interests for the month or for the quarter less Applicable Tax Rate

 

Note, however, that: a) Payout of interests for CASA is either monthly or quarterly, depending on the product type; and b) The computation above does not include special bonus interests or penalty interests’ rules for certain deposit products.

 

STATEMENT OF ACCOUNT

The Statement of Account (SOA) serves as the official record of the account’s transactions and balances. It is provided to the Depositor through the official online banking channels of the Security Bank or pick-up from the Depository branch. If any discrepancies are noted in the statement, the Depositor should promptly notify the BANK through the 24-hour Customer Service hotline at (632) 888-791-88 or email at [email protected] within twenty (20) calendar days from receiving the statement. Failure to do so will be considered as the Depositor’s acceptance of the statement’s accuracy.

In the case of a change in the provided email address, the Depositor must inform the BANK immediately. Requesting an SOA before the cycle date will incur a processing fee. Special statements can be picked up at the Depository branch by the Depositor or their authorized representative.

The BANK retains the right to dispose of monthly bank statements, including any related canceled/paid checks and debit/credit memos, left unclaimed for 90 calendar days from the time the SOA was made available for pick-up or download in the official online banking channels of Security Bank.

The Depositor assumes all risks associated when choosing to receive the eSOA via official online banking channels of Security Bank. This includes risks such as the account information being exposed to unknown third parties, the account being hacked, and other inherent risks in online banking channels.

If a client fails to view or download their Statement of Account (eSOA) through the official online banking channels, clients are encouraged to follow these steps: (1) Report the non-availability of eSOA. Clients should notify their preferred branch or customer service channels immediately, preferably within the specified timeframe mentioned in the terms and conditions (2) KYC, and provide the necessary information. When reporting the non-availability of the eSOA, clients may be required to provide specific details, such as their account information, any relevant transaction details, and the period for which the statement was not visible (3) Request SOA anytime and anywhere at Depository Branch.

The Depositor acknowledges that electronic Statements of Account (eSOA) are available exclusively for viewing and download through the official online banking channels provided by Security Bank. The Depositor may opt to pick up a physical copy of the Statement of Account (SOA) at any depository branch of the Security Bank. The Depositor understands and agrees that it is their responsibility to regularly check their online banking account for the availability of eSOA or to visit a depository branch to obtain a physical copy of the SOA if necessary.

 

CHECKBOOK

Checkbooks shall be issued only to the accountholder personally, or to an authorized representative. The Depositor shall exercise care in requisitioning for additional checkbooks. To ensure a continuous supply of the checkbooks, the requisition by the Depositor must be made at least one (1) month in advance of the expected delivery. Checkbooks shall be issued to the Depositor for a fee to be debited from the account of the Depositor upon checkbook order (via automatic checkbook re-order facility, over-the-counter request, or alternate channels). Charges are subject to increase with prior notice to the client. Checkbooks requested through different alternate channels are deemed final. Checkbook requests made using other available facilities (ATM, Phone Banking, etc.) shall be processed accordingly. It is understood, however, that requests made by accounts with insufficient balance to cover the cost of the checkbook shall not be processed. Ordered checkbooks must be claimed within 90 calendar days from the date of requisition, otherwise, these checkbooks shall be destroyed. The Depositor shall safeguard all utilized checks with utmost care to preclude any possible loss and/or pilferage. Checkbook loss should be reported to the BANK immediately in writing. The BANK shall not be held liable for lost checks which are honored by the BANK before written notice of loss is received. The Depositor shall be fully responsible for all checks issued under the Depositor’s account. Neither the BANK nor its correspondent bank(s) shall examine the checks for any irregularity. The BANK also reserves the right not to release the checkbooks ordered if the account is deemed improperly handled. The BANK would not be liable for any bank charges, such as but not limited to, Returned Checks and Other Cash Items (RCOCI) charges and minimum monthly Average Daily Balance (ADB) charges that shall arise as a result of the debit of the checkbook charges.

 

STOP PAYMENT ORDER (SPO)

The SPO shall take effect on the next banking day from the date of the acceptance of the Depositor’s request for an SPO. The Depositor shall not hold the BANK liable if payment is made or accrued before the SPO is effected. No SPO or the renewal thereof shall bind the BANK unless: (i) made in writing; (ii) the check is described in all particulars; and (iii) served upon any Authorized Officer of the BANK’s branch where the account is maintained. The service of a request for stop payment, or its renewal, upon the branch of account, shall not constitute notice, actual or constructive, to any other branch. The SPO shall be effective for 180 days counted from receipt by the BANK of the request, renewable for no longer than another period of 180 days counted from receipt by the BANK of the request for renewal. By directing the BANK to stop payment on a check, the Depositor agrees to indemnify and hold the BANK harmless against, and from any and all losses, claims, damages, or expenses which the Depositor or any person shall suffer as a result of the non-payment of any check under the Depositor’s SPO. In case of joint “or” accounts, the SPO shall be made only by the drawer of the check. On-Us Check/s payable to the BANK, i.e., Security Bank, SB, Security Bank Corporation, SBC, the BANK, Security Bank and Trust Company, SBTC or any of its affiliates and subsidiaries, such as but not limited to, Security Bank Savings, SB Cards Corporation, SB Cards, SB Capital Corporation, among others, shall not be accepted for SPO.

 

PASSBOOK OR RECORD BOOK

The Depositor shall be furnished with a Passbook or Recordbook where the BANK shall, upon presentation of the Passbook or Recordbook, record all deposits/withdrawals made. No entries in the Passbook or Recordbook shall be made except by the BANK. However, mere possession of the Passbook or Recordbook shall not be presumed or deemed as acceptable proof of the balance of the account as deposits and withdrawals may be allowed at the BANK’s discretion, without presentation of the Passbook or Recordbook. The Passbook or Recordbook is neither transferable nor assignable and cannot be pledged or assigned as security in favor of any party other than the BANK (for Passbook). Except for computer-generated entries, typewritten or manual entries, and any other alteration, superimposition or erasure on the passbook shall render said entries void and invalid. In case of any discrepancy or inconsistency between the entries in the Passbook or Recordbook and Bank Records, the latter shall prevail and shall be the basis for allowing withdrawals and other transactions.

 

JOINT ACCOUNTS

In the payment of funds or transaction of other business on the account, during the lifetime of all the joint accountholders, the BANK shall follow the authority given by the Depositors in the Account Details Form (ADF)thus, any one, any two, any three, all, etc. Any of the Depositors may deposit and endorse for deposit in the account, checks, drafts, bills of exchange, and/or other instruments for the payment of money payable or purporting to belong to any one or more of the Depositors. The BANK is authorized to honor and pay any debit from the account instruction, issued checks, or other written orders by any one, any two, or all of the Depositor/s in accordance with the authority so given by them in the ADF, all without the need of inquiry by the BANK as to the use or disposition of the funds so withdrawn. The Depositors are jointly and severally liable for the payment of any obligation to the BANK in connection with the operation of the account.

In the event of the death of a Depositor, the BANK shall freeze or hold any withdrawal from an account maintained by such Depositor upon knowledge of said Depositor’s death.  The release of the hold shall be subject to the submission of the other requirements of the BANK for deceased Depositor accounts and collection of 6% FWT from the total proceeds, as may be applicable, pursuant to R.A. 10963 (TRAIN LAW) and its implementing rules and regulations.

If the deceased Depositor owns the account jointly with other persons, each surviving co-depositor can be allowed to withdraw up to their proportionate share in the account, in the absence of proof to the contrary, provided that a certified true copy of the death certificate of the deceased depositor is submitted.  The Bank shall freeze or hold any withdrawal from the share of the deceased Depositor until the requirements of the Bank for deceased Depositor accounts are complied with. The collection of the 6% FWT, as may be applicable, pursuant to R.A. 10963 (TRAIN LAW) and its implementing rules and regulations shall be based on the proportionate share of the deceased Depositor. I and/or person(s) exercising parental or legal authority acknowledge that they have principal and solidary liability with the Depository and, as such, hold the Bank free and harmless and indemnified from damages, liabilities, claims, suits, and causes of action arising from the use and operation of the Accounts, products, services, facilities, and channels.

In the case of the account being opened as an “In-Trust- For” Account (ITF Account), the Depositor agrees that the owner of the funds is the individual for whose benefit the ITF Account is opened and that the Depositor is merely holding and operating said account in trust for such owner.

 

SIGNING INSTRUCTIONS

In accordance with the authority given by the Depositor/s in the ADF, and Universal Specimen Signature Card (USSC) or the Secretary’s Certificate of Partnership/Board Resolution or the specimen signature signed by the Depositor during the video interview via Skype or MS Teams or other similar Information Communication Technology applications, the BANK shall recognize the signature of any one, any two or all the authorized signatories in the payment of funds or transaction of other business on the account, unless revoked in writing by the Depositor. The authorized signatories may deposit and endorse for deposit in the account, checks, drafts, bills of exchange, and/or other instruments for the payment of money payable or purporting to belong to the firm. The BANK is authorized to honor and pay to the debit of the account, checks, or other written orders of the Depositor’s authorized signatory/ies, without a need to inquire as to the use or disposition of the funds so withdrawn.

 

E-MAIL OR SHORT MESSAGING SERVICE (SMS) INSTRUCTIONS

The BANK may act or execute on the specific instruction received from the Depositor and/or co-Depositor thru their registered contact information (mobile number &/or e-mail address) in the database. The said instruction, whether sent electronically, scanned, via facsimile or thru SMS from the Depositor &/or co-Depositor using their registered e-mail address or mobile number, shall be recognized by the BANK as deemed authorized and valid.   The BANK may validate/confirm directly with the Depositor &/or Co-Depositor at its discretion or option thru phone call, or any public video chat/conference call available such as Viber, messenger, Skype, Zoom, or similar. The Bank may require a separate document or undertaking as it may deem necessary to implement the foregoing instructions.

 

HOLD-OUT ARRANGEMENT

The deposit balance under hold-out may not be withdrawn while the hold-out / lien remains in full force.

 

REJECTED TRANSACTIONS

The Bank may reject any transaction without incurring any liability, if in its reasonable opinion, facilitating the transaction constitutes an unsound banking practice as defined under the BSP regulations, or is in breach of any other applicable law or regulation.

 

OFFER AND ACCEPTANCE OF OTHER BANK PRODUCTS

The Depositor may avail of consumer loans or additional bank products (but not limited to auto loans, credit cards, etc.) subject to the BANK’s terms and conditions. Acceptance by the Depositor of the credit card or the proceeds of any loan released pursuant thereto shall be conclusive proof of the Depositor-Borrower’s Acknowledgement of his/her additional indebtedness to the BANK under the Terms and Conditions set forth by the BANK prevailing at the time the additional loan is approved.

 

RETENTION OF DEPOSITOR INFORMATION

The Depositor is hereby informed that the BANK follows the required retention periods in the safekeeping of records and/or information belonging to the Depositor as set by the Bangko Sentral ng Pilipinas and pursuant to existing laws and regulations.

The Depositor hereby agrees that records and/or information belonging to the Depositor may no longer be available if requested beyond the aforementioned retention periods as these records and/ or information may have already been validly disposed of by the BANK.

 

DEPOSIT INSURANCE

Applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of Five Hundred Thousand Pesos (P500,000.00) per Depositor. The rules of the PDIC related to deposit shall apply. PDIC shall presume that the name/s appearing on the certificate of deposit is/are the actual/beneficial owners of the deposit, except as provided therein. In case of transfer or break-up of deposits, PDIC shall recognize actual/beneficial ownership or transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor. In case of (a) deposits in the name of, or transfer or break-up of deposits in favor of entities, either singly or jointly with individuals, and (b) transfer or break-up of deposits in favor of non-individual relatives whenever such transfer or break-up shall result in increased deposit insurance coverage, PDIC shall recognize the beneficial ownership of the entity or transferee provided that the deposit account records show the following:

1. details, or information establishing the right and capacity or the relationship of the entity with the individuals;
2. details, or information establishing the validity or effectivity of the deposit transfer; or
3. copy of the Board Resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws.

In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to the consolidation with the other deposits of the transferor. PDIC may require additional documents from the Depositor to ascertain the details of the deposit/transfer or the right and capacity of the transferee or his/her relationship to the transferor.

CUSTOMER SEGMENTATION

1. The Bank periodically reviews and updates its customer segmentation strategies to enhance services, improve customer experiences, and align with evolving market trends. Customer segments are determined based on various factors, including but not limited to the Total Relationship Balance (“TRB”), financial behavior, transaction history, and account activity like deposits, investment placements, and withdrawals.

2. The Bank maintains four (4) main customer service segments, each with their respective TRB criteria. Customers agree to maintain the TRB requirement for their chosen service segment:

Segment	TRB Range (in PHP)
Blue	0.00 – 24,999.99
Silver	25,000.00 – 499,999.99
Gold	500,000.00 – 4,999,999.99
Wealth	5,000,000.00 or higher

 

The customer’s TRB is computed based on the following products:

a. Outstanding balance of Checking and/or Savings accounts
b. Outstanding balance of Time Deposits
c. Outstanding balance of Long Term Negotiated Certificate of Deposit (“LTNCD”)
d. Outstanding balance of Trust Investments Principal amounts
e. Acquisition value of Derivative Products
f. Acquisition value of Fixed Income Securities Distribution (“FISD”)
g. Acquisition value of SB Equities Investments
h. Annual Premium Equivalents of FWD Insurance Products

The Bank reserves the right to amend the segmentation model and eligibility criteria, subject to notice to the customer in accordance with the regulations of the Bangko Sentral ng Pilipinas.

3. Gold Circle Supplemental Terms & Conditions

i. “Gold Circle” is a priority banking program that allows eligible bank clients to enjoy certain features and benefits. In exchange for enjoying the benefits provided to Gold Circle members, the Customer agrees to maintain the TRB requirement of the program.

ii. Gold Circle members who fail to meet the required TRB for three (3) consecutive months shall be charged a service fee of Php1,000.00. Such Service fee shall be debited from any one of the Client’s bank accounts at the Bank’s sole discretion.

iii. Cancellation or termination of “Gold Circle Membership” may either be client-initiated or bank- initiated. For client-initiated cancellation, a cancellation request letter or Customer Request Form (CRF) must be signed by the client explicitly stating the reason for cancellation/ termination.

iv. The Client’s membership to the Gold Circle may also be cancelled by the Bank should the Client fail to meet the required TRB for six (6) consecutive months. In the case of Gold Circle cancellation, the Client shall be retagged to the service segment matching their TRB as of the month immediately preceding the Gold Circle cancellation.

4. Upgrades and Downgrades

i. Upgrades and downgrades to the different segments may happen periodically and may either be implemented by the Bank or initiated by the customer.

ii. The Bank may, at its discretion, reassign Customers to different segments to ensure that the services provided are better tailored to their financial needs.  Customers may be eligible for upgrades or downgrades based on predefined criteria as stated in Customer Segmentation clause 2.

iii. Upgrades. Clients who meet the TRB requirement of a higher segment for the past three (3) consecutive months may be upgraded and/or nudged for an upgrade by the Bank. Specifically for the Gold Circle membership program, all upgrades will only take place upon the Client’s confirmation.

iv. Downgrades. The following downgrade provisions apply for all segments except for Gold Circle, which are covered by the Supplemental Terms under Customer Segmenation clause 3. Non-Gold Circle clients who fail to meet the TRB requirement of their current segment for three (3) consecutive months may be downgraded by the Bank. The Client shall then be retagged to the service segment matching their TRB as of the month immediately preceding the downgrade.

v. Customers may also request for an update of their servicing segment at any time through the Bank’s designated channels. Clients requesting to be tagged to a higher segment must have met the minimum requirement for the next higher segment.

5. Service Offerings & Fees

The Bank will strive to tailor its products and services to meet the specific needs of each customer segment, providing personalized and relevant financial solutions.  All relevant benefits, services, and fees will be posted on the bank website (www.securitybank.com) and/or at a conspicuous place within the bank premises.  Customers will be notified of any changes at least 60 days prior to any change as provided by banking regulations.

6. Special Provisions for Individual Payroll Accountholders

i. Notwithstanding the TRB eligibility requirement outlined in Customer Segmentation Sec. 2; Payroll customers may qualify for higher segments based on their monthly salary value credited to their Security Bank accounts.

ii. Qualified Payroll accounts shall include:

• Accounts that are properly tagged to and receive regular or recurring credits from a Company that availed or have an agreement of the Bank’s payroll facility/service (account opening and/or crediting via Payroll Manager);
• Open and active payroll accounts that are currently and properly tagged or linked to a company or an organization that availed of the Bank’s payroll facility
• For the purposes of customer segment eligibility, the following shall be considered as “monthly salary”:
• Regular or recurring credit from a Company that availed of the payroll facility with the Bank
• Company HR or employee -provided salary figure/range during the employee’s account opening
• Shall not include interbank or intrabank fund transfers coming from individual remitters other than the Company to which the payroll accountholder is currently affiliated with
• Range or actual figures of the total gross monthly salary or payout provided to the Bank by the Company that availed or have an agreement of the Bank’s payroll facility/service (account opening and/or crediting via Payroll Manager);
• Range or actual figures of the total gross monthly salary or payout provided to the Bank declared by the employee/beneficiary during account opening under a Company that availed or have an agreement of the Bank’s payroll facility/service (account opening and/or crediting via Payroll Manager);

iv. Eligibility based on monthly salary credits shall apply for the Client’s first twelve (12) months as a Bank client. After which, standard eligibility criteria and applicable fees based on TRB shall apply.

 

FRAUD AWARENESS

The Depositor is hereby informed that the BANK continuously updates its Fraud Awareness page on its website (https://www.securitybank.com/fraud-awareness/) to ensure that the latest trends, typologies, and safety precautions related to fraud are properly disseminated for the awareness of its customers and the general public. The Depositor agrees to be vigilant by making himself aware of the different types of fraud and ways to prevent it by accessing the Fraud Awareness page on the BANK’s website or through its other channels.

 

INQUIRIES OR COMPLAINTS

1. The Client shall report his/her concerns on the Account to any Security Bank Corporation branch nearest to the Client, or by contacting our 24/7 Customer Service Hotline below or sending an email to [email protected].

Customer Service hotline              +632 888-791-88

(Toll-free for PLDT landline)          1-800-1-888-1250

Provided that, concerns relating to the loss of Client’s mobile device and/or replacement and/or change of number of any mobile phone or device (used by Client) for the generation and/or reception of OTP should be immediately reported to the Customer Service Hotline at the numbers provided above.

2. The Client agrees to Security Bank Corporation’s conduct of verification when he/she contacts Security Bank Corporation via the Customer Service Hotline.

3. Security Bank Corporation shall only act upon the Client’s concerns when the following information is completely provided:

I. Client name, ATM/Credit Card Number and/or enrolled Security Bank Corporation Account Number;
II. Details of the error or transaction as applicable, such as date, merchant/subscriber number, amount, mobile number, and reference number for the transaction in question or completion of the transaction dispute form when necessary. The dispute form is available/downloadable at https://www.securitybank.com/online-forms/.

4. Security Bank Corporation will respond to the inquiries and provide resolution feedback to the concerns raised within seven to twenty (7- 20) banking days from the receipt of the complaint, and for complaints requiring more time to investigate and resolve, Security Bank Corporation will advise the client, accordingly, including the progress thereof.

5. An official response from the concerned unit will be provided to the Client once the investigation is completed. However, Security Bank Corporation does not guarantee the reversal of the Client’s transaction.

Security Bank Corporation is regulated by the Bangko Sentral ng Pilipinas (http://www.bsp.gov.ph).

 

CHANGE OF TERMS AND CONDITIONS

The BANK reserves the right to change any or all of these terms and conditions. The Depositor shall be notified of any such modification, amendment, or revision at least sixty (60) days prior to implementation of any amendments to the terms and conditions herein via e-mail or by public notice which may take the form of posting in public places, such as posting on the Security Bank’s website, or by such other electronic transmission or use of an electronic platform and/or at a conspicuous place within the premises of all banking units, which the Bank, at its option, considers appropriate and effective.  Any such modification, amendment, or revision shall be valid and binding upon you on the date of effectivity specified in the notice. If the Depositor does not agree with the new/revised terms and conditions have the right to exit the contract without penalty provided, that such right is exercised within thirty (30) days from receipt of individual notice or thirty (30) days from the issuance of public notice.

 

NOTICES AND COMMUNICATIONS

Notices and communications may be sent to the Depositor through any of the following modes: (i) mail or delivery to Depositor’s last known mailing address;  (ii) transmission electronically to Depositor’s electronic mail (email) address as appearing in the records of the Bank;  (iii) through short messaging service (SMS) to Depositor’s registered mobile number as appearing in the records of the Bank; (iv) other available Bank channels or any one of them including posting on the Bank’s website or Mobile app; or (v) such other electronic transmission or use of an electronic platform as may be deemed appropriate by the Bank or as may otherwise be permitted by law or banking regulations, any of which mode of communication or transmission when sent shall be valid and effective notice to Depositor. Notice to one shall be deemed sufficient notice to the other co-depositors/obligors.

 

EFFECTIVITY OF OTHER TERMS AND CONDITIONS

The terms and conditions of the Depositor’s other accounts shall remain in full force and shall be read and construed to harmonize with these Terms and Conditions.

 

ACCESS CODE/PERSONAL IDENTIFICATION NUMBER (PIN)

The Depositor agrees to assume full responsibility for maintaining the confidentiality of his personal identification number (PIN) and/or Access Code. All transactions made through the use of the PIN/Access Code shall be conclusively presumed to have been performed by or authorized solely by the Depositor.

The Depositor agrees and undertakes to regularly change the Access Code/PIN. The Depositor should immediately change the Access Code/PIN once compromised through the BANK’s Change Access Device facility.

 

DISPUTES OR DISAGREEMENTS

In case of corporate disputes or disagreements among co-depositors pertaining to the account or the funds therein, for the protection of its interest, the BANK shall have the right to freeze or place the account in an inoperative status until the opposing parties agree upon a mutual resolution or until otherwise directed by a court of law or similar body/entity.

 

LIABILITY

Subject to the provisions herein, the BANK shall be liable only for its failure to act with good faith or to exercise reasonable care and skill, which shall be determined in accordance with the standards and practices of the banking industry and as prescribed by the regulatory body.

If the BANK is found liable for any act or omission for the BANK’s provision of services in relation to the Account or any reason whatsoever, its liability will be limited to the service fee charged to me or my actual proven damages, whichever is less. It will not be liable for any indirect, special or consequential loss or damages arising in any way out of the BANK’s provision of services in relation to the Account or any reason whatsoever unless the BANK is found to be guilty of gross negligence and willful misconduct in relation to the subject transaction, and there is no contributory fault or negligence on the part of the CLIENT.

 

COMPLIANCE WITH RELEVANT LAWS, RULES AND REGULATIONS

The Depositor warrants and agrees that he/she will comply with all laws, regulations, ordinances, rules, decrees, and other directives applicable to my use of Security Bank Online and other services of Security Bank Corporation. In no event shall Security Bank Corporation be obligated to take any action that it believes, in good faith, would cause it to be in violation of any laws, regulations, ordinances, rules, decrees, or directives applicable to the Account or the Depositor.

Security Bank Corporation and the Depositor shall likewise comply with the provisions of Republic Act No. 10175 or the Cybercrime Prevention Act of 2012, its Implementing Rules and Regulations, Republic Act No. 9160, as amended or the Anti-Money Laundering Law, as amended, and its Implementing Rules and Regulations, Republic Act. No. 10173 or the Data Privacy Act of 2012, its Implementing Rules and Regulations, and other related issuances, laws, and regulations, as may be applicable.

 

GOVERNING LAW

These terms and conditions are governed by the laws of the Republic of the Philippines.

 

VENUE

The Depositor irrevocably agrees that any legal action, suit or proceeding arising out of or relating to its deposit or any transaction or service-connected therewith shall be instituted exclusively in any competent court in Makati City, Republic of the Philippines, and by execution and delivery of this Agreement.

GENERAL TERMS AND CONDITIONS – SOLE PROPRIETORSHIP / BUSINESS

The following are the general terms and conditions that apply to BusinessPlus Checking (“BusinessPlus”) Accounts or Foreign Currency accounts opened, and may be opened by the Depositor with Security Bank Corporation. By signing the required account opening forms, the Depositor agrees that our account/investment relationship shall be governed and bound by these Terms and Conditions. Security Bank Corporation and the Depositor, our customer, agree that the word “Bank” or “BANK” shall refer to any and all units and branches of Security Bank Corporation. The word “Depositor” or “Client” shall refer to the person or persons opening and maintaining the account/investment relationship with the Bank.

The word “Account” shall refer to BusinessPlus accounts or Foreign Currency accounts opened, maintained, and existing, whether Active or Dormant, by the Depositor. Security Bank Corporation, and the Depositor, agree that “Debit” means deduction from the Depositor’s account, and “Credit” means addition to the Depositor’s account.

PRODUCT FEATURES OF BUSINESSPLUS ACCOUNT AT A GLANCE

Required Initial Deposit	PHP5,000
Required Minimum Maintaining Balance	PHP25,000
Required Minimum Maintaining Balance to Earn Interest	PHP100,000
Documentation	Checkbook, Passbook and Debit Card
Interest Rate	0.10% per annum (computed daily and credited monthly)
Withholding Tax	20% (deducted from the interest at the end of each quarter)
Deposit Insurance Coverage	PDIC Coverage up to PHP1,000,000 per depositor, per bank
Fee for Falling Below Minimum Maintaining Balance	PHP1,000
Other Features: ·   Waived Fee for Falling Below Minimum Maintaining Balance for the 1st 3 months from account opening ·   Request up to 5 Debit Cards ·   Comes with free DigiBanker Basic Modules

 

FEES AND CHARGES FOR BUSINESSPLUS ACCOUNT

Early Account Closure Fee (within 30 days from account opening)	PHP500
Fee for Falling Below Minimum Maintaining Balance	PHP1,000
Dormancy Fee starting on the 61st Month	PHP30 per month
Cost of Checkbook	Personal: PHP300 Commercial: PHP500 With Voucher: PHP750
Bank Certification Fee	PHP200
Statement of Account (SOA)	PHP50 per page
Electronic SOA	Free
Stop Payment Order (SPO)	PHP300 per check. For more than 5 checks, max of PHP1,500 fee per SPO request
Replacement Fee for Debit Card	PHP150
Replacement Fee for PIN	PHP100
Replacement Fee for Lost Passbook or Trackbook	PHP200
Notarial Fee for Lost Passbook	Php200
RCOCI Charges	PHP1,000 per check + PHP 200/day for every PHP 40,000 amount of check or a fraction thereof
Presenting Bank’s Charges on Returned Checks	PHP 1,000 per check
Bal Inquiry using other banks’ ATMs	PHP 2
Withdrawal using other banks’ ATMs	PHP 15
InterBank Fund Transfer Fee	·  1 to 4 transactions per day: PHP 25 per transaction ·  5 or more transactions per day: PHP 80 per transaction
Interbank ATM Balance Inquiry Fee for Cirrus/Maestro	PHP60
Interbank ATM Withdrawal Fee for Cirrus/Maestro	PHP300
Declined Transaction Fee for Cirrus/Maestro	PHP300

 

SUBMISSION OF DOCUMENTARY REQUIREMENTS

The Depositor agrees that the BANK shall open the account upon complete submission of all regulatory and BANK documentary requirements. By opening the account, the Depositor agrees to be bound by the BANK’s policies, together with the terms and conditions stipulated in this agreement, including all other existing laws and regulations. Should the BANK agree to provisionally open an account pending the completion of the documentary requirements, the BANK reserves the right to unilaterally close the account if the pending requirements are not received by the BANK within 20 calendar days. In any case, the BANK reserves the right to close automatically, freeze or place in an inoperative status any account, should the Depositor fail to 1) submit documentary requirements for account opening within the extension period after provisional account opening, 2) update/reply to the BANK’s formal request for status update on pending government applications which would change client’s account status, or 3) if the BANK has reasonable grounds to believe that the account is being misused, or the individual/entity operating the account was known subsequently to pose undue risks to the BANK.

 

 

FAILURE OF VERIFICATION

The BANK shall exert efforts in ascertaining the accuracy of the information given by the Depositor in the Customer Information File (CIF) or Account Opening Form (AOF) Folder. Should the BANK have reason to believe that any of the information furnished by the Depositor therein is false, inaccurate, erroneous or is otherwise not capable of verification, the BANK shall have the right, and is so hereby authorized to close the account without notice to the Depositor. The BANK shall not be liable for whatever losses or damages that may arise against the Depositor as a result thereof.

 

 

DISCLOSURE OF DEPOSITOR INFORMATION

The BANK shall treat information relating to the depositor, deposit account and transactions on the deposit account as confidential. However, in order to facilitate banking transactions and subject to remain in effect for five (5) years after account closure, the Depositor authorizes the Bank to disclose information relating to the depositor, deposit account and transactions on the deposit account, to the following: (1) Other banks, financial institutions, credit agencies or credit bureaus for the purpose of profiling, credit evaluation/reference checks, verifying authenticity of information provided by the Depositor or to address queries relating to anti-money laundering due diligence on transactions that were coursed through the BANK; (2) Counterparties and their respective banks in relation to fund transfers, payments, drawing of checks, and other transactions; (3) Agents, contractors or third party service providers who provide operational services to the BANK, such as courier services, telecommunications, information technology, payment, payroll processing, training, market research, storage, archival, customer support investigation services or other services to the BANK; (4) Regulatory or government agencies to comply with existing laws, rules and regulations.

 

 

DISCLOSURE OF INFORMATION TO SERVICE PROVIDERS AND DATA PRIVACY NOTICE

I authorize the BANK to process, transfer, share and disclose any information relating to my credit data, information which are not classified as Personal Identifiable Information (PII) and which are shared to third parties (e.g., score, income prediction, performance data for DPD, credit card usage, in case of partnerships), social networking score data, telecom or mobile usage data or “telco score” to credit info data providers or credit scoring service providers (i.e. Globe Telecom, Inc., Smart Telecommunications, Inc., and other telecommunications service provider), third party open API providers such as Brankas, etc. for the purpose of credit verification, collection, credit review and credit scoring/analytics, and statistical and risk analysis. This provision shall apply only if I gave my consent for Security Bank Corporation to share and process any information relating to my account/s to any member of the Security Bank Corporation Group (Security Bank Corporation and its affiliates and subsidiaries reported as part of Security Bank Corporation’s conglomerate map/group structure as defined under BSP Circular 749) and Bancassurance companies or their authorized Service Providers and representatives, for purposes of cross-selling products and services, profiling and credit evaluation/reference checks, audit and account balance confirmation and allow them to contact me for this purpose (i.e. by e-mail, SMS, call), or in case of audit where my account is chosen as a sample for account balance confirmation.

 

 

DEPOSITS/PLACEMENTS/PAYMENTS

A Current Account/Savings Account may be opened with a minimum initial deposit in the amount set by the BANK.

All deposits must be made by the Depositor personally or by his authorized representative by filling out the appropriate deposit slip. The BANK shall consider any person depositing for, and on the Depositor’s behalf, as duly authorized by the Depositor to perform the deposit transaction. The BANK shall accept deposits, investments or payments either in cash, check or debit from another account/s. In accepting checks as deposit, the BANK shall act merely as a collecting agent, and shall have no responsibility beyond the exercise of due care in transmitting the items electronically via Check Image Clearing System (CICS) of PCHC, where the physical check is not included in the collection or return process, as a payment instrument. The Depositor shall not be credited for, nor shall the Depositor be allowed to withdraw the amount corresponding to the said checks until cleared funds have been actually received by the BANK. Checks received after the BANK’s cut-off time shall be processed on the next banking day. For acceptance of crossed checks payable to one depositor for deposit to a joint “AND” or “OR” account of said depositor, the depositor commits and undertakes to indemnify the BANK in the event that the issuer of the said check or any affected third party complains, objects, or otherwise files a claim against the BANK as a result of said accommodation. Should the BANK accept for deposit, checks that are not endorsed by the payee, the depositor holds the BANK free and harmless from any and all liabilities,claims and demands of whatever kind and nature that may arise from said accommodation.

For acceptance of checks denominated in a foreign currency deposited in the BANK, the depositor agrees to reimburse and authorizes the BANK to debit the value of the check, together with any other charges, fees, costs and damages caused to the Bank in the event that the same will be held liable by the foreign correspondent bank or any affected third party for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed.

All endorsements or lack of endorsements on the checks deposited with the BANK are guaranteed by the Depositor. Proceeds of deposit or collection items shall be credited to the Depositor’s account, net of service charges that may be collected by the BANK or by the drawee/collecting bank. The BANK shall not be liable for items lost in transit. The Depositor shall have full responsibility for the correctness, genuineness, and validity of all items deposited as well as of all endorsements, signatures and information found thereon. For all deposits including, but not limited to, deposit subject to count arrangement or for later verification, the Depositor acknowledges that the BANK’s count is deemed accurate and final. All notes and coin deposits must be sorted according to denomination and the BANK’s prescribed number of pieces per bundle/bag prior to acceptance. The BANK has the right to debit automatically, the Depositor’s account for any shortages or discrepancies due to counterfeit or out-of- circulation cash notes/coins, insertion, and/or errors in counting, which were found after our receipt of cash items, despite any machine-validated or manually signed acknowledgement receipt.
At its discretion, the Bank may accept an initial deposit via check. In case of return of the check for whatever reason, the Client shall fund the account by depositing the amount depending on the required initial deposit of the product opened plus an amount to cover possible charges, if any. The Bank shall inform the Client of the total amount required to be deposited to prevent closure of the account.

For check/s deposited whether as an initial deposit or in the course of the banking relationship, the Client agrees to reimburse and indemnify the Bank and authorizes the Bank to debit the value of the check, together with any other charges, fees, claims, costs and damages caused to the Bank in the event of any suit, liability, responsibility or claim by any third party or government institution/agency for fraud, forgery, material alteration on the check or if the check has been dishonored and found spurious, defective and returned for any reason whatsoever, regardless of the period of time that has elapsed. The Client undertakes to hold the Bank free and harmless and undertakes to defend the Bank, its stockholders, directors, officers, employees and agents, from such suit, responsibility or claim, at the Client’s expense.
For bulk or large cash deposit, the Depositor agrees to call the servicing branch before bringing the deposit. For purposes of complying with any applicable BSP regulations, the Bank may require the client to submit documentary requirements prior to its acceptance of bulk or large cash deposit.

The BANK reserves the right to refuse any deposit contemplated herein should such refusal be necessary to protect the BANK’s own interest. The BANK shall be held free and harmless from any claim or dispute arising from the execution and implementation of the present Terms and Conditions. In making a deposit, the Depositor agrees to assume full responsibility for the accuracy and correctness of the information filled out in the deposit slip, and the Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any discrepancy therein, such as but not limited to, the statement of an incorrect account number although the name of the Depositor is correctly written. The Depositor agrees that for Foreign Currency accounts that the Depositor opens, these shall be funded purely by foreign currency receipts eligible for deposit under CB Circular No. 960 as amended by CB Circular No. 1318, and the Depositor undertakes to hold the BANK free and harmless from liability for deposits made in violation of said law, rules and circulars. The BANK shall endeavor to keep on hand an updated balance of the Depositor’s account. It is however the duty of the Depositor to periodically ascertain from the BANK the actual balance based on cleared funds. The BANK has the right to offset the deposit against any indebtedness owed by the Depositor to the BANK without need of prior notice to said Depositor. Deposits under hold-out, garnishment, sequestration, with adverse claim, or any other legal/contractual impediment, are not subject to withdrawal up to the amount covered by the lien or claim. Nevertheless, should the Depositor succeed in withdrawing the levied amount, in whole or in part, the Depositor shall deposit back the amount corresponding to the amount withdrawn not later than three (3) business days from notice by the BANK. When the account is closed, whether by the BANK or by the Depositor, the BANK may require the Depositor to surrender all unused checks before the balance of the account is released. The BANK shall not be liable for any loss or damage incurred by the Depositor or a third party due to computer programming defects, errors due to faulty communication lines, or any defect in the material or workmanship of any computer equipment. Article 1250 of the Civil Code of the Philippines shall not apply to the account.

A BusinessPlus Account may be opened with a minimum initial deposit as reflected in the section on FEES AND CHARGES as part of these Terms and Conditions.

 

 

WITHDRAWALS

Withdrawals or funds transfers must be made by the Depositor personally or through an authorized representative upon presentation of the passbook, a duly accomplished withdrawal/debit slip via over-the- counter or through the use of other available facilities (ATMs, Phone Banking, Internet Banking, etc.). Signature of the representative should be duly authenticated by the Depositor on the withdrawal/debit slip. Withdrawals must not exceed the withdrawable balance, which represents the Depositor’s ledger balance less uncollected check deposits and deposit with lien, except for bills purchase transactions where, at the BANK’s discretion, withdrawals may be made in amount/s exceeding the withdrawable balance. For any withdrawal of foreign currency notes or a large amount of local currency notes or coins (i.e., PHP1 million and above), the BANK may require prior written notice of at least three (3) banking days, or such other period as the BANK may reasonably deem necessary. The Depositor is allowed a certain number of withdrawals / funds transfer from his account in any given month (depending on the product), in excess of which, the BANK reserves the right to impose a service charge or a lower interest rate

The BANK does not warrant availability of foreign currency notes at all times to meet withdrawal requirements. In case of non-availability of currency notes, withdrawals may be in the form of telegraphic transfers, demand drafts, mail transfers or in the currency which is legal tender in the Philippines. If the Depositor opts to withdraw in the form of telegraphic transfer, demand draft or mail transfer, the same shall be construed as an application for such services and may be subject to the usual processing fees.

 

 

SECURITY BANK ATM CARD / MASTERCARD DEBIT CARD

The SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD (“CARD”) is issued to the Depositor (“the cardholder”) together with a corresponding PIN Mailer to be used on the BANK’s or other bank’s Automated Teller Machine (ATM). The card can also be used as a debit card to make purchases with or without a PIN CODE on any physical or online Point of Sale (POS) terminal networks or any other electronic devices and online facilities installed by the BANK in which the card is applicable. For security purposes, the cardholder should immediately affix his signature at the back of the ATM Card upon receipt. For the cardholder’s protection, the Depositor agrees, at all times, to: (a) immediately change the computer-generated PIN upon receipt; (b) safely keep the ATM Card and PIN in the Depositor’s sole possession; (c) not disclose the PIN, record it on the ATM Card or otherwise make it available to anyone under any circumstance.

The cardholder (except for cards in relation to SSS pension) may assign an authorized representative to receive the Card on his/her behalf subject to the submission of the following requirements (i) authorization letter signed by the cardholder, naming therein the person who is authorized to receive the Card on his/her behalf; (ii) 1 valid Primary ID or 2 Secondary IDs of the cardholder and his/her authorized representative. SSS ATM Card must be personally received by the depositor/pensioner.

 

 

LOSS OF THE SECURITY BANK ATM CARD/MASTERCARD DEBIT CARD

The Cardholder shall immediately make a phoned-in report to the BANK for any loss, theft, and known or suspected unauthorized use of the Card. The Cardholder shall be liable for all authorized and unauthorized ATM or Debit Card transactions, including any withdrawals and purchases using the Card. The phoned-in report shall automatically free the Cardholder from any liability, but any unauthorized charges made against the lost/stolen CARD prior to the phoned-in report shall be for the exclusive account of the Cardholder.

 

FOREIGN CURRENCY ATM CARD/MASTERCARD DEBIT CARD TRANSACTIONS

For transactions made in foreign currencies in the Philippines or abroad, the manner of conversion from the transaction currency to the payment currency (Philippine Pesos) would be automatically made using prevailing exchange rate of Security Bank and/or the international network where the transaction was coursed through at posting date.

 

 

FUNDS TRANSFER

Any funds transfer to own account or third-party account, made by the individual or corporate clients thru branch should be documented in writing via transfer application form or client’s letter of instruction and signed by the Depositor/s, following the account’s signature rules. Funds transfer made via e-channels (, DigiBanker, ATM) are confirmed by the depositor to have been made or authorized by encoding PIN or password, known only to the client. Should the requested transaction be incapable of being performed by the BANK in the manner instructed by the Depositor, without the BANK disclosing details about the Depositor and/or the Depositor’s account, the execution of the funds transfer request shall be deemed as the Depositor’s express authority to the BANK to make such disclosure within the terms of the applicable regulation, and without any need for any prior notice or further consent or documentation. By the foregoing authority, the BANK shall not be in violation of any of the secrecy laws for making such disclosures. Further, the Depositor warrants that the funds subject to any funds transfer transaction originate from bonafide transactions and shall be used for legal purposes. Further, for any funds transfer credited to the Depositor’s account, the BANK should be notified in writing within one (1) day from the date of credit in case the Depositor does not want to accept the credit and stating the reason thereof. The BANK shall be free and harmless from any liability or complaint arising for any funds transfer credited made to the Depositor’s account.

For Sole Proprietorship accounts, the Depositor agrees that the use of any personal savings/checking account to transfer funds to the Sole Proprietorship account or vice versa is prohibited. Pursuant to BSP rules and regulations, as well as Anti-Money Laundering (AML) laws and regulations and to protect the BANK’s own interest, the BANK reserves the right to refuse any transactions which will result to commingling of business funds and personal funds.

 

 

AUTOMATIC FUNDS TRANSFER SERVICES

For automatic funds transfer services, the Depositor shall be required to accomplish and sign the back portion of the Account Details Form (ADF) or Individual/Corporate Fund Transfer Application and Maintenance Form, which shall support the Depositor’s standing instruction to avail any of the following specific type of Funds Transfer services:

1. Security Check Protector – is a fund transfer facility, which enables clients to transfer their money to their Checking Accounts in order to avoid the hassle of insufficient funds, linking to a maximum of three (3) other movement (Checking/Savings) source accounts. Under this facility, recipient accounts obtain funds from the source accounts every time the Checking Account balance falls short in funding in-clearing checks or other debit transactions.
2. Security Scheduler – is a fund transfer facility which enables the system to transfer automatically a specified amount from a client’s enrolled movement account (Checking/Savings Accounts) to another designated account at a specified time or frequency to settle obligations, transfer allowances or meet funding requirements for his business. Under this facility, the client may enroll various recipient accounts to be linked to his personal/source accounts or vice versa. Frequency and amount to be transferred can be set to each recipient account as dictated by the client.
3. Security Maximizer – is a fund transfer facility, which enables the client to transfer automatically excess/surplus funds from his account to other accounts. Under this facility, the client may enroll a source account to as much as three (3) receiving accounts wherein he may set the minimum and maximum amounts to be transferred to each recipients whenever there are excess funds from the source account. Whenever a fund transfer to be made in this facility falls on a Saturday, Sunday or public holiday under the Laws of the Republic of the Philippines, such transfer may be made in the next succeeding banking day. Joint accounts can be enrolled provided that all Accountholders sign on the required application form.

Linking of third-party accounts may be allowed provided said third party accounts shall be receiving accounts only. The owners of the third-party accounts to be enrolled shall be required to sign in the enrollment portion of the required application form. Instructions for any changes, cancellation, and/or revisions relating to the conduct of the Fund Transfer Services shall remain in force unless sooner revoked by the Depositor/s in writing. The Fund Transfer Services shall be made / used for legitimate purposes and shall not be used for Money Laundering or for any other illegal purposes. The BANK may, at any time and for whatever reason, reject any transaction without incurring any liability. The BANK shall not be held liable for any indirect, incidental or consequential loss, loss of profit, or damage suffered by the Depositor by reason of error or failure to complete or effect transaction if said error or failure resulted from accident, force majeure, strike, war, viruses, tampering, fraudulent use, or misuse or the Depositor’s noncompliance with the stated procedures.

 

 

POSTING OF TRANSACTIONS

All transactions posted to a Depositor’s account shall be validated on a bank’s transaction slip (i.e. deposit slip, withdrawal/debit slip, MTAF, etc.) and are for the account of the Depositor.

 

 

PROOF OF TRANSACTIONS 

The Bank shall issue a Universal Transaction Slip (UTS) as proof of each successfully completed transaction. A UTS may be generated in either paper or digital format.

In compliance with applicable Bangko Sentral ng Pilipinas (BSP) rules and regulations, the Bank shall provide proof of transaction immediately after completion. By default, the Bank shall send the UTS to the client’s registered email address following a successful transaction. Clients have an option to receive the UTS either via their registered email address or printed copy immediately after transaction completion.

The Bank shall ensure that all transaction records, whether paper or digital, are securely stored and accessible to the client in accordance with applicable laws, rules and regulations.

 

 

HOLD AND AUTOMATIC DEBIT OF ACCOUNTS

The Depositor represents and warrants that he or she is duly authorized to receive any funds that may be credited to his or her account and that the said funds are subject of a lawful transaction. In this regard, the Depositor hereby authorizes the bank to place on hold and/or automatically debit the Depositor Account without the express authority from the Depositor and without prior written demand and notice from the Bank in the following instances: (1) Technical and human errors from either the Bank, Depositor or Remitter that results in misposting, erroneous posting or discrepancy in posting of cash, check or funds transfer to the Depositor’s account; (2) Remittance and fund transfers where there is a dispute and request from the remitter to stop credit, hold or investigate the fund transfer and remittance; (3) Where the Bank suspects that any transaction on the account is fraudulent or represents the proceeds and is otherwise subject of, any unlawful activity; (4) Failure of the Depositor to update or provide complete KYC information and supporting documents under Anti-money Laundering and Terrorist Financing Regulations; (5) Upon order of a competent court, the Anti-money Laundering Council or any government body. (6) Any situation similar and analogous to the foregoing. The Depositor agrees to indemnify and hold the Bank free and harmless and without any liability in the Bank’s implementation of the above hold and debit of the Depositor’s account under this section.

 

 

MINIMUM MONTHLY AVERAGE DAILY BALANCE (ADB)

A minimum maintaining average daily balance as set by the BANK shall be required for all accounts. A monthly service fee as posted in the bank premises and at the bank website (www.securitybank.com) shall be charged to the account whenever its balance falls below the minimum average daily balance requirement for two (2) consecutive months, except during the first 3 months from the account opening when this fee is waived. The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein. The formula to compute for monthly ADB is, as follows:

ADB = (Day 1 ending balance + Day 2 ending balance … + Day 30/31 ending balance
Number of days in the month (i.e. 30/31 days)

The Bank may waive the maintenance of the monthly ADB and to lift/cancel such waiver for whatever reason, at any time and at its sole discretion.

 

 

SERVICE FEES AND CHARGES

The Depositor agrees that the Depositor’s account/s, whether active or dormant, shall be subject to such service charges imposed by the BANK as reflected in the section on FEES AND CHARGES as part of these Terms and Conditions. The BANK shall have the right to deduct such charges against the account/s and such right shall have preference over the payment of any checks/drafts, which may have been drawn from the Depositor’s account/s. Thus, the BANK shall not be liable for the dishonor of the Depositor’s checks/drafts because of insufficient funds caused by such deduction. Checks drawn against insufficient funds or uncollected deposits shall be subject to service charges whether subsequently funded or returned. A nominal charge shall be collected on accounts which are closed within 30 days from the date of opening. A monthly service charge imposed by the BANK shall be charged if the daily balance of the Depositor’s account/s falls, at any time during the month, below the minimum maintaining balance required by the BANK.

Accounts with zero balance due to service charges or other causes may be closed by the BANK without prior notice to the Depositor. Such service charges to be imposed by the BANK shall be provided to the client as Attachment to the Terms and Conditions to be sent via Statement of Account (SOA) or Thank You Letter and posted in the bank premises and at the bank website (www.securitybank.com). The BANK reserves the right to change the minimum monthly Average Daily Balance (ADB) requirement and corresponding charges therein.

 

 

DORMANT ACCOUNTS

Current / Checking accounts with no activity (deposit / withdrawal / encashment) for one (1) year and Savings accounts with no activity for two (2) years shall be classified as dormant. Dormant accounts shall be subject to minimum monthly service charge if they fall below the required minimum monthly balance. The minimum monthly service charge may be amended by the BANK from time to time as circumstances may warrant. Accounts with zero or negative balance due to service charges or other causes may be closed by the BANK. Deposits remaining dormant for more than ten (10) years shall be escheated in favor of the National Treasury as provided by law.

Checks issued from a dormant account, even if such account has enough funds to cover the amount of the check, shall be returned and the reason for the return of the check shall be indicated as “Drawn Against Dormant Account.

 

 

MISHANDLED ACCOUNTS

The BANK reserves the right to close the account at any time without prior notice to the Depositor if the account is, in the BANK’s opinion, not maintained in a satisfactory manner, when the account is being used as a tool for the commission of fraud or any other crime or when the continued existence of the account with the BANK would prejudice its interest in any way. Should closure of the account be effected by the BANK as a result of improper handling through the issuance of insufficiently unfunded check/s, the BANK is authorized to report such closure and the reason/s thereof to the Bankers Association of the Philippines (BAP), or to any central monitoring body established by the BAP to record and monitor the mishandled deposit accounts of its member banks. The Depositor further agrees to hold the BANK free and harmless from any liability for losses due to any or all liabilities, claims, demands of whatever kind and nature in connection with or arising from (a.) The closure of the account and/or (b.) The dishonor of any check thereunder which may be presented to the BANK after the closure of the account and/or (c.) Reporting by the BANK of the closure of the account and the reason/s thereof to the BAP.

 

 

CLOSURE OF ACCOUNTS

For client-initiated closing of an account, a withdrawal/debit slip shall be filled out for the entire amount of the balance outstanding in such account. The BANK may close an account any time without prior notice to the Depositor, if the deposit balance becomes zero, due to collection of service charges by the BANK or withdrawal by the Depositor, or for violation of existing rules and regulations of the BANK, the Bangko Sentral ng Pilipinas, Anti-Money Laundering
Council, Bankers’ Association of the Philippines, or any other agency to which the BANK may be affiliated, or for such other reason which the BANK may deem reasonable for the protection of its interest. A nominal charge shall be collected on accounts which are closed within 30 days from the date of opening. The BANK may, at any time, return to the Depositor his deposit together with the interest due. The Depositor/s may be notified either personally or by mail of the BANK’s intention to close the account and the interest will cease from the date of such notification. Deposits may be withdrawn only in the manner provided therein.

The BANK retains the right to close, at its sole discretion, any of your account/s for reasons which the BANK may deem reasonable for the protection of its interest at any time and without obligation to disclose the reason for such closure.

The depositor agrees to hold the Bank and its officers and employees free from harm from any and all liabilities, claims and demands of whatever kind or nature in connection with or arising from the closure of your account.

INTEREST

The account shall earn interest net of applicable withholding tax if it meets the required minimum balance set by the BANK. Interest earned shall be credited to the Depositor’s account at the end of every month or quarter, whichever is applicable. A reduced interest rate may apply if the account fails to meet the required frequency of withdrawal per quarter. A check item accepted for deposit does not earn interest until after the proceeds of such item have been cleared and fully credited to the account. No interest shall be paid on the account if (a) for ten (10 ) consecutive years there is no deposit, withdrawal, or notice from the Depositor; or (b) the account is closed before the end of the month. No interest shall be paid on dormant accounts or when the BANK has requested the Depositor to close his account in which case, the account stops accruing interest as soon as the BANK transfers the balance to Accounts Payable or issued a Manager’s Check in favor of the Depositor.

INTEREST COMPUTATION

Interest rates are computed as follows:

Daily accrued gross interest = End of Day Cleared Balance x Applicable Interest Rate x 1/365
Interest payout (net of tax) = Sum of all accrued interests for the month or for the quarter less Applicable Tax Rate

Note, however, that: a) Payout of interests for CASA is either monthly or quarterly, depending on the product type; and b) The computation above does not include special bonus interests or penalty interests rules for certain deposit products.

STATEMENT OF ACCOUNT

The Statement of Account (SOA) is the official record of the transactions and balances of the account. It shall be provided to the Depositor periodically either through pick-up from the Depository Branch, or electronic mail/e-mail to the e-mail address provided by the Depositor depending on the regulatory requirements on the matter. As advised in the SOA, the Depositor should promptly notify the BANK through 24-hour Customer Service hotline at (632) 88-791-88 or e-mail at [email protected] of any exceptions noted in the statement within twenty (20) calendar days from receipt thereof. Otherwise, the Depositor shall be deemed to have accepted the correctness of the statement. For a Depositor opting to have his SOA emailed, the Depositor shall inform the BANK immediately in case of any change in his e-mail address. Should the Depositor request for a statement of account prior to his cycle date, his account shall be debited for the processing fee. Special statements, on the other hand, shall be available at the Depository branch for pick-up by the Depositor or his duly authorized representative. The BANK reserves the right to destroy monthly bank statements including any related cancelled/paid checks and/or any debit/credit memos remaining unclaimed for a period of 90 calendar days from the time the SOA was made available for pick-up, or from the time it was e-mailed, or from the time the SOA, and scanned copies of the issued checks (if available) were sent via e-mail. Securing the designated e-mail address against unauthorized use shall be the sole responsibility of the Depositor. In opting to receive the SOA via e-mail, the Depositor assumes the risks involved in e-mail transmissions, such as but not limited to, the risk that the information may not be delivered, the account information becomes exposed to unknown third parties and lose its confidential nature, the risk that the email account is hacked and such other risks inherent in e-mail communications. The e-mail of the SOA to the Depositor is one-way and informational in nature. Sending an e-mail message to the e-mail address used by the BANK in sending the SOA or replying to e-mail messages sent by the BANK therefrom will produce no useful results. Further, the BANK shall not be faulted in cases when the SOA is not e-mailed to the Depositor due to circumstances beyond the BANK’s control, including but not limited to network congestion, transmission interference, internet/e-mail service provider downtime, etc.

As such, the Depositor agrees to hold the BANK free and harmless from liability for any damages that may arise as a result thereof.

CHECKBOOK

Checkbooks shall be issued only to the accountholder personally, or to an authorized representative upon receipt by the BANK of an accomplished and duly signed checkbook requisition slip. The Depositor shall exercise care in requisitioning for additional checkbooks. To ensure continuous supply of the checkbooks, the requisition by the Depositor must be made at least one (1) month in advance of the expected delivery. Checkbooks shall be issued to the Depositor for a fee to be debited from the account of the Depositor upon checkbook order (via automatic checkbook re-order facility, over-the-counter request or alternate channels). Charges are subject to increase without prior notice to the client. The summary of the service fees and charges are reflected in the section on FEES AND CHARGES as part of these Terms and Conditions
Checkbooks requested through different alternate channels are deemed final. Checkbook requests done through the use of other available facilities (ATM, Phone Banking, etc.) shall be processed accordingly. It is understood, however, that requests made by accounts with insufficient balance to cover the cost of checkbook shall not be processed. Ordered checkbooks must be claimed within 90 calendar days from the date of requisition, otherwise, these checkbooks shall be destroyed. The Depositor shall safeguard all utilized checks with utmost care to preclude any possible loss and/or pilferage. Checkbook loss should be reported to the BANK immediately in writing. The BANK shall not be held liable for lost checks which are honored by the BANK before written notice of loss is received. The Depositor shall be fully responsible for all checks issued under the Depositor’s account. Neither the BANK nor its correspondent bank(s) shall examine the checks for any irregularity. The BANK also reserves the right not to release the checkbooks ordered if account is deemed improperly handled. The BANK would not be liable for any bank charges, such as but not limited to, Returned Checks and Other Cash Items (RCOCI) charges and Minimum Balance (MINB) charges that shall arise as a result of the debit of the checkbook charges.

STOP PAYMENT ORDER (SPO)

The SPO shall take effect on the next banking day from the date of the acceptance of the Depositor’s request for an SPO. The Depositor shall not hold the BANK liable if payment is made or accrued before the SPO is effected. No SPO or the renewal thereof shall bind the BANK unless: (i) made in writing; (ii) the check is described in all particulars; and (iii) served upon any Authorized Officer of the BANK’s branch where the account is maintained. The service of a request for stop payment, or its renewal, upon the branch of account shall not constitute notice, actual or constructive, to any other branch. The SPO shall be effective for 180 days counted from receipt by the BANK of the request, renewable for no longer than another period of 180 days counted from receipt by the BANK of the request for renewal. By directing the BANK to stop payment on a check, the Depositor agrees to indemnify, and hold the BANK harmless against, and from any and all losses, claims, damages or expenses which the Depositor or any person shall suffer as a result of the non-payment of any check under the Depositor’s SPO. In case of joint “or” accounts, the SPO shall be made only by the drawer of the check. On-Us Check/s payable to the BANK, i.e., Security Bank, SB, Security Bank Corporation, SBC, the BANK, Security Bank and Trust Company, SBTC or any of its affiliates and subsidiaries, such as but not limited to, Security Bank Savings, SB Cards Corporation, SB Cards, SB Capital Corporation, among others, shall not be accepted for SPO.

PASSBOOK OR RECORD BOOK

The Depositor shall be furnished with a Passbook or Record book where the BANK shall, upon presentation of the Passbook or record book, record all deposits/withdrawals made. No entries in the Passbook or record book shall be made except by the BANK. However, mere possession of the Passbook or record book shall not be presumed or deemed as acceptable proof of the balance of the account as deposits and withdrawals may be allowed at the BANK’s discretion, without presentation of the Passbook or record book. The Passbook or record book is neither transferable nor assignable, and cannot be pledged or assigned as security in favor of any party other than the BANK (for Passbook). Except for computer-generated entries, typewritten or manual entries, and any other alteration, superimposition or erasure on the passbook shall render said entries void and invalid. In case of any discrepancy or inconsistency between the entries in the Passbook or record book and Bank Records, the latter shall prevail and shall be the basis for allowing withdrawals and other transactions.

JOINT ACCOUNTS

In the payment of funds or transaction of other business on the account, during the lifetime of all the joint accountholders, the BANK shall follow the authority given by the Depositors in the ADF thus, any one, any two, any three, all, etc. Any of the Depositors may deposit and endorse for deposit in the account, checks, drafts, bills of exchange and/or other instruments for the payment of money payable or purporting to belong to any one or more of the Depositors. The BANK is authorized to honor and pay any debit from the account instruction, issued checks or other written orders by any one, any two, or all of the Depositor/s in accordance with the authority so given by them in the ADF, all without the need of inquiry by the BANK as to the use or disposition of the funds so withdrawn. The Depositors are jointly and severally liable for the payment of any obligation to the BANK in connection with the operation of the account. In compliance with Section 97 of the National Internal Revenue Code, the BANK shall freeze or hold any withdrawal from an account maintained by a Depositor, whether alone or jointly with another, upon knowledge of said Depositor’s death, unless a certification from the Commissioner of the Bureau of Internal Revenue that Estate taxes have been paid is shown. The release of the hold shall be subject to the submission of the other requirements of the BANK for deceased Depositor accounts.

For Bank Certification, the request should be signed by ALL signatories if not all accountholders will be reflected therein.

For Sole Proprietorship accounts, the Depositor and/or person(s) appointed as Attorney-in-fact by the Depositor, acknowledge that they have principal and solidary liability with the Depository and, as such, hold the Bank free and harmless and indemnified from damages, liabilities, claims, suits and causes of action arising from the use and operation of the Accounts, products, services, facilities and channels.

SIGNING INSTRUCTIONS

In accordance with the authority given by the Depositor/s in the ADF and USSC or the Secretary’s Certificate of Partnership/Board Resolution or the specimen signature signed by the Depositor during the video interview via Skype or MS Teams or other similar Information Communication Technology applications, the BANK shall recognize the signature of any one, any two or all the authorized signatories in the payment of funds or transaction of other business on the account, unless revoked in writing by the Depositor. The authorized signatories may deposit and endorse for deposit in the account, checks, drafts, bills of exchange and/or other instruments for the payment of money payable or purporting to belong to the firm. The BANK is
authorized to honor and pay to the debit of the account, checks or other written orders of the Depositor’s authorized signatory/ies, without a need to inquire as to the use or disposition of the funds so withdrawn.

The Depositor agrees that the Bank may capture, store, and use the Depositor’s electronic signature (“eSignature”) for account opening, account maintenance, and transaction verification purposes. The Bank’s preferred eSignature platform is DocuSign, and the Depositor consents to the use of DocuSign for the secure execution and storage of eSignatures. An eSignature captured and stored by the Bank through DocuSign, or any other secure platform the Bank may designate, in accordance with applicable laws including the Electronic Commerce Act (RA 8792), shall be deemed equivalent to the Depositor’s handwritten signature for all purposes and shall be binding on the Depositor. The most recent eSignature specimen on record shall prevail over any prior specimen for verification purposes.

HOLD-OUT ARRANGEMENT

The deposit balance under hold-out may not be withdrawn while the hold-out / lien remains in full force.

 

 

REJECTED TRANSACTIONS

The Bank may reject any transaction without incurring any liability, if in its reasonable opinion, facilitating the transaction constitutes an unsound banking practice as defined under the BSP regulations, or is in breach of any other applicable law or regulation.

OFFER AND ACCEPTANCE OF OTHER BANK PRODUCTS

The Depositor may avail of consumer loans or additional bank products (but not limited to auto loans, credit cards, etc.) subject to the BANK’s terms and conditions. Acceptance by the Depositor of the credit card or the proceeds of any loan released pursuant thereto shall be conclusive proof of the Depositor-Borrower’s Acknowledgement of his/her additional indebtedness to the BANK under the Terms and Conditions set forth by the BANK prevailing at the time the additional loan is approved.

RETENTION OF DEPOSITOR INFORMATION

The Depositor is hereby informed that the BANK follows the required retention periods in the safekeeping of records and/or information belonging to the Depositor as set by the Bangko Sentral ng Pilipinas and pursuant to existing laws and regulation. The Depositor hereby agrees that records and/or information belonging to the Depositor may no longer be available if requested beyond the aforementioned retention periods as these records and/ or information may have already been validly disposed of by the BANK.

DEPOSIT INSURANCE

Applicable deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum of One Million Pesos (PHP1,000,000.00) per depositor, per bank. The rules of the PDIC related to deposit shall apply. PDIC shall presume that the name/s appearing on the certificate of deposit is/are the actual/beneficial owners of the deposit, except as provided therein. In case of transfer or break-up of deposits, PDIC shall recognize actual/beneficial ownership or transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor. In case of (a) deposits in the name of, or transfer or break-up of deposits in favor of entities, either singly or jointly with individuals, and (b) transfer or break-up of deposits in favor of non-individual relatives whenever such transfer or break-up shall result in increased deposit insurance coverage, PDIC shall recognize the beneficial ownership of the entity or transferee provided that the deposit account records show the following: i.) details, or information establishing the right and capacity or the relationship of the entity with the individuals; ii.) details, or information establishing the validity or effectivity of the deposit transfer; or iii.) copy of the Board Resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws. In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to the consolidation with the other deposits of the transferor. PDIC may require additional documents from the Depositor to ascertain the details of the deposit/transfer or the right and capacity of the transferee or his/her relationship to the transferor.

SECURITY DIGIBANKER FACILITY
A. General Provisions

1. Access to Security Digibanker System
   Upon enrollment, the BANK shall create for the Depositor a DIGIBANKER Customer Record and corresponding Access and Password Administrator User IDs which shall provide the Depositor with direct electronic access to the BANK’s Modules. It will be the joint responsibility of the designated Access and Password Administrators to create Users, grant them DIGIBANKER access, and enroll the Depositor’s accounts in DIGIBANKER. This shall allow the Depositor to create User IDs with a corresponding Access level through which assigned users can gain access via personal computers or similar devices (“remote banking terminal”) to pre-enrolled accounts maintained by the Depositor with the BANK and any of its branches, and effect electronic payments to the SSS, PhilHealth, BIR, and Pag-IBIG at the option of the Customer. The BANK shall not be liable for any unauthorized user access or authority created by the Access and Password Administrators.The persons specified above are designated as the Password and Access Administrators of the Customer. The Customer acknowledges the security risks and agrees that the dual control of profiling the DIGIBANKER will be eliminated and waived if the Customer designates one person to act both as its Password and System Administrator.
2. Use of Security Digibanker IDs and Passwordsa. Should favorable conditions allow, the BANK shall make DIGIBANKER available to the Depositor seven (7) days a week, twenty-four hours (24) a day. The BANK shall not be liable for the inability of the Depositor to gain successful access to the system. The BANK shall determine which services are provided under the DIGIBANKER and the operating periods and cut-off times thereon, and may amend or revise the terms and conditions applicable to these services, provided that prior notification is given to the Depositor via the News Section under the DIGIBANKER “Homepage”. Usage by the Depositor of DIGIBANKER, after such amendments or revisions are effected, shall be deemed as acceptance of such on the Depositor’s part. The BANK reserves the right to restrict, withdraw, cancel, suspend or terminate the service and/or the Depositor’s use of DIGIBANKER upon thirty (30) days prior written notice to the Depositor. The Depositor shall ensure that the IDs and Passwords of their duly assigned DIGIBANKER users are kept confidential, thereby assuming full responsibility for all transactions made using these IDs and Passwords. The Depositor shall inform the BANK immediately if any unauthorized transaction has taken place. Should information pertaining to any of the enrolled accounts fall into the hands of unauthorized persons for any reason other than due to the fault or negligence of the BANK, the Depositor unconditionally and irrevocably agrees and undertakes to keep the BANK free and harmless from any and all liabilities, claims for damages, responsibilities, causes of action, losses, in any way connected with the service required by the Depositor, including but not limited to the effect of the provisions of Republic Act 1405 (Secrecy of Bank Deposits), pertinent provisions of the General Banking Law as amended and provisions of law prohibiting disclosure of information concerning the Depositor’s transactions or deposits with banks, and any and all pertinent laws or regulations related thereto. For this purpose, the Depositor’s consent hereto shall be deemed as the Depositor’s written consent to disclose such data or information for purposes of R.A 1405, pertinent provisions of the General Banking Law, rules and regulations of the Bangko Sentral ng Pilipinas and other related laws and decrees. The implementation by the BANK of its normal procedures for maintaining the confidentiality of information relating to its Depositors and the e-payment of SSS RealTime transactions, PhilHealth RealTime transactions, Pag-IBIG RealTime transactions, or taxes shall constitute fulfillment of its obligation to exercise due care in the use and operation of the SSS Net Employer Contribution Program of the SSS, Philippines Health Insurance Corporation (PhilHealth fund) benefits and programs, Home Development Mutual Fund (Pag-IBIG fund) benefits and programs, and eFPS of the BIR.b. The creation of User IDs and assignment of access/authority levels to the User IDs shall be the sole responsibility of the Depositor’s designated Access and Password Administrators. The BANK shall not be liable to the Depositor for any unauthorized Users/Access/Authority levels created/granted by the Access and Password Administrator designated by the Depositor.
3.  Access to Deposit AccountsOnly enrolled accounts may be accessed through the DIGIBANKER. Activation of said accounts shall be effected only upon submission by the Depositor of an enrolment request letter, duly signed by the authorized signatories. Said letter should indicate the DIGIBANKER modules these accounts will be used for. For accounts belonging to a third party, the Depositor is responsible for securing authorization from the account owner for enrolment, and must submit to the BANK a Board Resolution/Secretary’s Certificate to this effect in order to initiate enrolment. All terms and conditions of existing deposit accounts covered by separate Agreement(s) that are not contrary to these provisions shall remain in full force and effect.
4.  Fulfillment of Depositor Instructionsa. Transactions executed via DIGIBANKER before the daily cut-off time in Manila (Philippines) shall be posted on the same day. Transactions executed after the daily cut-off time shall be treated as a transaction of the next business day. Instructions received by the BANK shall be acted upon only to such extent as consistent with applicable law. The BANK shall be liable only for its failure to act with good faith or to exercise reasonable care and skill, which shall be determined in accordance with the standards and practices of the banking industry. The Depositor authorizes the BANK to act upon any instructions emanating from the use of the DIGIBANKER. Any and all instructions received by the BANK shall be valid and binding upon the Depositor and shall be acted upon by the BANK. Such instructions shall be deemed correct, complete, irrevocable and binding on the Depositor upon receipt by the BANK. The Depositor hereby accepts full responsibility for all transactions executed via DIGIBANKER, including the accuracy and completeness of the corresponding instructions. The BANK shall not be liable for action or inaction upon such instructions sent, nor shall it be obliged to verify the accuracy and completeness of the instructions, or to investigate the authenticity or authority of the persons effecting the Depositor’s instructions.b. The Depositor shall be solely liable in cases where there is an erroneous debit instruction of an account or any other erroneous datum or information indicated in DIGIBANKER where such erroneous instruction, datum or information results in a claim or complaint by any party against the BANK. The Depositor hereby warrants the correctness of the instructions, data and information in every Payroll, SSS, PhilHealth, Pag-IBIG or BIR eFPS instruction submitted to the BANK, and any error discovered therein, or which results therefrom in the course of the BANK’s performance of the agreed service shall automatically be attributable to the Depositor alone and shall remain its sole liability. The Depositor holds 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 in the BANK’s failure to effect any payment transaction that the Depositor undertakes via the Modules.
5. Information Retrieved Through the DigiBankerWhen viewing account balances in the DIGIBANKER using the foreign currency translation feature, the Depositor understands that the exchange rates used are purely indicative in nature. Account balances and other information displayed by DIGIBANKER, or any printout resulting therefrom are for reference purposes only. Records of the BANK shall be deemed final and conclusive, in the absence of manifest error.
6. Payment Cut-OffThe BANK shall validate and process electronic payment instructions only until the daily cut-off time of 9:00 p.m. Payment instructions received after the daily cut-off will be posted as next day payment.
7. Funding Accounta. During the effectivity of this Agreement, the Depositor has the option to maintain more than one (1) Funding Account for any of the Modules, as indicated in this enrolment form.b. The Depositor may amend or add a designated Funding Account(s) for each of the Modules subject to the BANK’s consent by giving written notice of such change or addition at least ten (10) Banking days prior to the intended effective date of the change or addition. It is understood that the opening and maintenance of the Funding Account (s) and the crediting of the enrolled beneficiaries shall be further subject to and governed by the BANK’s standard requirements, procedures and agreements for opening and maintaining Bank accounts.c. Only the cleared and withdrawable balance of the account shall be drawn upon to fund modules payments, and the Depositor authorizes the BANK to debit the designated Funding Accounts for the Modules to cover the payment transactions initiated.
8. Average Daily Balance Requirementa. As compensation to the BANK for the enrolled Modules, the Depositor agrees to maintain a total Average Daily Balance (ADB) and pay such fees as may be agreed with the BANK under a separate agreement. The BANK is hereby authorized to debit the Funding Account in payment of said fees and other amounts that may be due hereunder.b. The Depositor agrees to pay such fees as may be charged by the BANK for the use of DIGIBANKER, which fees may be increased or decreased at the discretion of the BANK upon due notice to the Depositor.
   Auto Credit Payments Manager: (ACPM): Php 5.00 per transaction
   InstaPay: PHP20.00 per transaction
   PESONet: PHP15.00 per transaction
   Electronic Gift Card (eGC): PHP50.00 per transaction
   BIR/SSS/Philhealth/Pag-ibig: no fee
   PAS5: PHP30 per transactionThe Depositor hereby authorizes the BANK to automatically debit from its deposit account maintained with its servicing Branch the Total Annual Fees, amounting to FIVE HUNDRED PESOS (PHP500.00) per Two-Factor Authentication (2FA) Token issued to a DigiBanker User, in excess of the three (3) free 2FA User Licenses offered to the Depositor by the Bank. The aforementioned authority is supported by a valid Board Resolution which shall remain valid and binding for as long as the Depositor is enrolled in the 2FA of DigiBanker. The BANK is hereby absolved from any liability which may result from its implementation of the foregoing authority.
9. Depositor’s Responsibilitiesa. The Depositor shall not make or allow anyone else to make copies, in whole or in part, of this document or any of the materials or documents relative to the DigiBanker Cash Management Product.b. The Depositor shall appoint its own officers and staff who will be trained or instructed by the BANK in the proper use or operation of the Digibanker Facility. They shall be responsible for operating the Facility and effecting the disbursements and payments contemplated hereunder. The Depositor shall set up its own internal controls for such disbursements and payments.
10. Indemnificationa. The Depositor shall indemnify and keep the BANK free and harmless from and against liabilities, losses, claims and damages arising or resulting from the (i) negligence, willful act, fraud or collusion or violation of any the terms by the Depositor, its officer, employees and representatives and the use, operation and maintenance of the BANK facilities, or (ii) act or omission, fraud or representation, of any third party, especially the Beneficiaries, provided there is no gross negligence or willful misconduct on the part of the BANK or its officers, employees and representatives; (iii) the implementation of the present Agreement, including but not limited to the following: (1) the BANK’s action or inaction on any instructions sent by the Depositor via DIGIBANKER; (2) illegal, improper or unauthorized use of DIGIBANKER, the Depositor’s DIGIBANKER ID and corresponding password; (3) any damage to the remote banking terminal, related facilities, or software as a result of access to DIGIBANKER; (4) any loss or damage resulting from access to DIGIBANKER when the same is prohibited, restricted, suspended, delayed or otherwise affected by (i) any law or regulation of the place where DIGIBANKER is accessed; any jurisdiction, regional or international authority which governs any use of any component of DIGIBANKER, any relevant Internet service provider or information service provider or system; (ii) the terms and conditions prescribed by the relevant Internet service provider or information service provider in such country of access; (5) any loss or damage resulting from any act or omission of any relevant Internet service provider or information service provider or network provider through which DIGIBANKER is accessed; (6) any loss or damage resulting from any modification, cancellation, amendment, alteration, upgrade or termination of DIGIBANKER; (7) any transfer or revelation of information on the Depositor’s Accounts to any of the BANK’s branch, subsidiary, affiliate and agent or authorized third parties determined by the BANK to be entitled to such information as required by any applicable law or as requested by any competent authority; (8) any access (or inability or delay in accessing) and/or use of any browser which the BANK recommends to the Depositor for access to DIGIBANKER; (9) any errors, inaccuracies, misstatements or omissions in the information and material contained in the BANK’s website; (10) any delay or failure in any transmission, dispatch or communication facilities; (11) any loss incurred or damage suffered by the Depositor by reason or as a consequence of (i) the misuse of the SSS Net Employer Contribution Program Facility, Philippines Health Insurance Corporation (PhilHealth fund) benefits and programs, Home Development Mutual Fund (Pag-IBIG fund) benefits and programs, or eFPS Facility, or (ii) inaccurate or incorrect information provided by the Depositor and (iii) fraud or misrepresentation on the part of the Depositor or their respective representatives.b. The BANK shall not be liable for any and all claims, special, direct, incidental, exemplary or consequential damages, including but not charges or cause of action or those from or relating to any of the following: (1) insufficiency of funds in the enrolled account(s) to effect a transfer or payment; (ii) account(s) of the Depositor is/are closed or put on hold; (iii) garnishment of the Depositor’s Account(s), or other such order(s) prohibiting withdrawals therefrom issued by any court or other competent authority; (iv) incomplete, inaccurate, or incorrect transaction information provided by the Depositor; (v) payments made for past due or overdue accounts; (vi) improper or incorrect use of DIGIBANKER; (vii) other circumstances beyond the reasonable control of the BANK which prevent rendition of services required, such as but not limited to, flood, typhoon, earthquake, calamities, natural disasters, acts of God, fire, civil disturbance, strike, walk out, war, rebellion, electrical, computer or mechanical failures, improper handling or transmission of payment by a third party, and the like, except that which arises out of its acts constituting gross negligence in the performance of its obligations hereunder.
11. TerminationThe Depositor or the BANK may terminate this service at any time for any reason which shall take effect thirty (30) days from the receipt of the other party’s written notice to the other

B. DigiBanker Modules

1. SSS REALTIME, PHILHEALTH REALTIME, EFPS REALTIME, PAG-IBIG REALTIME MODULEa. Once enrolled in the Digibanker Facility, the DEPOSITOR shall have the following transaction capabilities:
   i. View deposit account balances and monitor the transaction history of enrolled funding / deposit accounts.
   ii. Make payments directly to the SSS, PhilHealth, Pag-IBIG, and BIR via electronic fund transfer
   iii. Monitor online SSS, PhilHealth, Pag-IBIG, and eFPS payments up to two calendar months past.b. The Depositor agrees that:
   i. Only enrolled Employer PhilHealth number shall be used with the DIGIBANKER PhilHealth RealTime Module.
   ii. Only one enrolled Employer SSS ID Number (SSS EID No.) shall be used with the DIGIBANKER SSS RealTime Module.
   iii. Only one enrolled Tax Identification Number (TIN) shall be used with the Security DigiBanker eFPS RealTime Module. However, the Depositor’s subsidiaries/branch offices bearing the same first nine digits of their TIN but with a different branch code as indicated by the last three digits of the TIN may be allowed to use the same facility for purposes of paying EFPS transactions.
   iv. Only enrolled Employer Pag-IBIG number shall be used with the DIGIBANKER Pag-IBIG RealTime Module.

   c. The Depositor shall be presumed to have read the SSS Net Employer Contribution Program for electronic remittance of contribution payments and transmission of employees’ monthly collection list from employers to the SSS Procedures and Guidelines as provided by the SSS or the e-Payment Procedures and Guidelines of the eFPS as provided by the BIR upon enrollment in this Digibanker facility.

   d. The BANK shall not be liable for the Depositor’s failure to electronically pay its SSS remittance instructions, PhilHealth remittance instructions, Pag-IBIG remittance instructions, or its taxes if the Depositor is unable to access DIGIBANKER for whatever reason, such as but not limited to, system interruption or corruption among others, or the required BIR Tax Returns/Forms are not yet available in eFPS. In the event that the DIGIBANKER is unavailable or the BIR Tax Returns/Forms required by the Depositor are not yet available in eFPS, the Depositor may manually or electronically pay SSS remittance instructions at any other SSS-accredited Authorized Agent Banks (AABs), PhilHealth remittance instructions at any other PhilHealth-accredited Authorized Agent Banks (AABs), Pag-IBIG remittance instructions at any other Pag-IBIG-accredited AABs, or its taxes at any of the three Government Banks authorized to accept such payments, or at any of the BIR eFPS-accredited Authorized Agent Banks (AABs), provided the Depositor is enrolled in the respective SSS-accredited AABs, PhilHealth-accredited AABs, Pag-IBIG-accredited AABs, and BIR-accredited AABs electronic payments systems.

   e. The Depositor’s SSS/PhilHealth/Pag-IBIG remittance instructions or taxes shall be deemed paid once the Depositor receives a Confirmation Number from DIGIBANKER and the Depositor’s corresponding SSS RealTime/PhilHealth RealTime/Pag-IBIG RealTime/eFPS RealTime Funding Account has been debited for the corresponding payment.

   f. Any discrepancy between the remittances due and the debited amount shall be resolved with the SSS, PhilHealth, Pag-IBIG or BIR, without prejudice, however, to the right of the Depositor to seek recourse against the BANK should it be proven by competent and concrete evidence that the discrepancy resulted from the gross negligence or willful neglect of the BANK officers or employees.

   g. The BANK shall only receive payments of those transactions allowed: by the Social Security System (SSS) under the DigiBanker SSS RealTime as specified under the signed MOA between Social Security System and the BANK; by the Philippines Health Insurance Corporation (PhilHealth) under the PhilHealth RealTime as specified under the signed MOA between Philippines Health Insurance Corporation and the BANK; by the Home Development Mutual Fund (Pag-IBIG fund) under the PhilHealth RealTime as specified under the signed MOA between Home Development Mutual Fund (Pag-IBIG fund) and the BANK; and by the Bureau of the Internal Revenue under the eFPS system as specified under Section 2.12 of Revenue Resolution (RR) 9-2001,issued by the Bureau of Internal Revenue.

   h. The Depositor shall be responsible to observe payment cut-off deadline as prescribed by SSS/PhilHealth/Pag-IBIG. Any payment made beyond the cut-off date will not be accepted by DIGIBANKER, and shall be settled by the Customer with their respective SSS/PhilHealth/Pag-IBIG branches

2.  INSTAPAY AND PESONET MODULEa. To facilitate fulfillment of the service, the BANK will be utilizing BancNet’s facility for InstaPay and the Philippine Clearing House Corporation’s (PCHC) Application Program Interface (API) for PESONet.b. The Depositor shall comply with the settlement and risk management policies and procedures set by the BANK in compliance with BancNet and PCHC policies and procedures.c. The Bank shall provide any other software that may be required to facilitate InstaPay and PESONet transactions, provided that the Depositor will extend the assistance and cooperation necessary and desirable towards this end.d. The Bank requires the enrollment of Beneficiaries in the PESONet facility; thus, the Depositor is hereby advised to indicate Beneficiary details in the DigiBanker. Should the Bank require a list of said Beneficiaries, the Depositor hereby agrees to submit immediately upon request without delay.e. Both the BANK and Depositor shall be responsible for beneficiary handling, reconciliation and disputes that may arise on the BancNet and PCHC response and error codes. Transaction with response code that falls under REJECT transaction codes are considered as an unsuccessful InstaPay transaction, and the amount will be refunded or credited to Depositor’s Funding Account within the next banking day and Depositor has the option to re-create, re-send corrected instruction based on the reason of rejection. Transactions with response code that falls under SUSPECT transaction codes are subject to reconciliation and confirmation with BancNet or PCHC and target member. The BANK and Depositor are aware that reconciliation and dispute resolution may not happen immediately (or same day the transaction happened) but rather may involve the next banking day depending on BancNet, PCHC or the target member’s reply. If the BANK is unable to confirm to Depositor the final response code for the transaction that falls SUSPECT within the next banking day, the BANK shall have a period of five (5) banking days to retrieve the final status of the transaction anything beyond the said period shall be deemed as a rejected InstaPay or PESONet transaction and will be fully refunded or credited to the Depositor’s InstaPay Funding Account.f. For items, such as but not limited to unsuccessful timed-out transactions, the BANK shall return the said items to the Depositor’s InstaPay Funding Account. Any and all amendments or recall requests for such items may be acted upon and implemented by the BANK provided that it will not prejudice or cause damage, loss or claim to the BANK based on the latter’s reasonable determination. In case the BANK acts upon and implements such amendments, changes or cancellation or credit instructions, Depositor hereby renders and keeps BANK free and harmless from any and all liabilities, damages and costs which may arise as a result or in connection with such implementation.

   g. For SUCCESSFUL or SUSPECT transactions with a final status Posted or Processed (successful), and funds that have been confirmed as credited to the account of the target member’s account holder that the Depositor wish to cancel, the BANK will be contacting the target member to retrieve the funds. However, reversal of the amount will depend on the account holder and the BANK shall attempt to retrieve said amount within thirty (30) banking days from date of transaction. Any transactions going beyond the said period, the Depositor shall directly contact the target member and the BANK shall no longer be liable. The BANK shall consider the transaction final and irreversible beyond the thirty (30) banking day period.

   h. For transactions that can be reversed, the Depositor agrees to shoulder additional expenses for the cost of reversal such as MT199 fees as applicable to PESONet transactions Issuance of MT199 is per target member in case of multiple requests for cancellation involving several target members and will be subjected to cancellation policy of the target member.

   i. For transactions that have been confirmed as credited to the target account and yet Depositor’s clients claim as not been Posted or Processed on their account, the BANK will be contacting the target member however, confirmation on the credit, processing date, and time will be on a best-effort basis. The BANK shall attempt to seek confirmation from the target member within thirty (30) banking days from date of transaction. For any transaction going beyond the said period, the Depositor shall directly contact the target member and the BANK shall deem the transaction fulfilled and closed.

   j. The Depositor shall ensure that the true name and other Know Your Depositor (KYC) details of the sender and beneficiary is indicated in the required fields of the InstaPay facility. It is the Depositor’s responsibility to ensure that the sender provides complete KYC details and other items that may be required, such as but not limited to, purpose of transfer. The Depositor shall review the correctness of the same and ensure that there are no false names, or aliases, and no false KYC details used. Each sender and beneficiary shall be subject to review. The BANK shall have the right to request for the proper documentation of each sender or beneficiary. The Depositor therefore should provide the document immediately upon request without delay.

   k. The Depositor is required to declare each purpose of transfer and its corresponding agreed amount under “PESONet Purpose of Transfer”. The agreed amount shall not exceed the PESONet. Limit per Transaction declared in “PESONet Limits”. Any transactions that are made outside of the declared purpose of transfer and its corresponding agreed amount shall be subject to the BANK’s PESONet Monitoring Program and Exception Report. The Depositor will be responsible in justifying and providing additional supporting documents should their transaction be part of the Exception Report. The Depositor shall be responsible in updating “PESONet Purpose of Transfer” for every newly declared purpose of transfer and agreed amount.

   l. The Bank shall gather transaction information and/or any documents that is related to the InstaPay and PESONet transaction, whenever necessary, in compliance with the Bangko Sentral ng Pilipinas requirement for transfers amounting to P500,000 and above in a single transaction, or transfers with an aggregate amount of P500,000 and above.

   m. Refund, if requested by the Depositor, may be made at the discretion of the BANK, but only if, and after, the BANK has received confirmation of effective cancellation of the transfer, and / or all copies of drafts that have been issued, if any, are surrendered and after receipt by the BANK of the reimbursement from the receiving bank.

3. AUTO CREDIT PAYMENTS MANAGER MODULEa. So long as this Agreement is in effect, the Depositor shall open and maintain ACP Funding Account/s identified by the Depositors.b. The Depositor may change the designated ACP Funding Account/s subject to the Bank’s consent by giving written notice of such change at least ten (10) Banking days prior to the intended effective date of the change. It is understood that the opening and maintenance of the ACP Funding Account and the crediting of the enrolled beneficiaries under this Agreement shall be further subject to and governed by the Bank’s standard requirements, procedures and agreements for opening and maintaining Bank accounts and the processing of Auto Credit Payments. The “Maximum Credit Amount” column above refers to the maximum amount credited per transaction and per account.c. The ACP Funding Account shall be debited on the Payment Date to fund the auto credit payment transactions to be implemented under this Agreement and to pay the service fees referred to under the section on “Fees”. The Depositor must therefore ensure that there are sufficient available funds in the ACP funding account on the Payment Date to fund all the auto credit payment transactions requested to be implemented and that said funds are free from any liens and encumbrances and to pay for all service fees and such other amounts as may be due hereunder as stated under the section on “Fees”. The credits shall be implemented on the Payment Date.d. In the event that the ACP Funding Account does not contain sufficient available funds to cover the entire amount to be debited, the Bank shall have no obligation whatsoever to credit any beneficiary.e. Immediately upon the execution of this agreement, the Bank and the Depositor shall agree on a specific file layout that will be used for the uploading of the payables data file.

 

 

ACCESS CODE/PERSONAL IDENTIFICATION NUMBER (PIN)
The Depositor agrees to assume full responsibility for maintaining the confidentiality of his personal identification number (PIN) and/or Access Code. All transactions made through the use of the PIN/Access Code shall be conclusively presumed to have been performed by or authorized solely by the Depositor.

As a security measure, the Depositor agrees and undertakes to regularly change the Access Code/PIN. The Depositor should immediately change the Access Code/PIN once compromised through the BANK’s Change Access Device facility.

FRAUD AWARENESS
The Depositor is hereby informed that the BANK continuously updates its Fraud Awareness page on its website (https://www.securitybank.com/fraud-awareness/) to ensure that the latest trends, typologies, and safety precautions related to fraud are properly disseminated for the awareness of its customers and the general public. The Depositor agrees to be vigilant by making himself aware of the different types of fraud and ways to prevent it by accessing the Fraud Awareness page on the BANK’s website or through its other channels.

 

 

INQUIRIES OR COMPLAINTS

1. The Client shall report his/her concerns on the Account to any Security Bank Corporation branch nearest to the Client, or by contacting our 24/7 Customer Service Hotline below or sending an email to [email protected]
   Customer Service hotline +632 8887-9188
   (Toll-free for PLDT landline) 1-800-1-888-1250Provided that, concerns relating to the loss of Client’s mobile device and/or replacement and/or change of number of any mobile phone or device (used by Client) for the generation and/or reception of OTP should be immediately reported to the Customer Service Hotline at the numbers provided above.
2.  The Client agrees to Security Bank Corporation’s conduct of verification when he/she contacts Security Bank Corporation via Customer Service Hotline.
3. Security Bank Corporation shall only act upon the Client’s concerns, when the following information are completely provided:i. Client name, ATM/Credit Card Number and/or enrolled Security Bank Corporation Account Number;ii. Details of the error or transaction as applicable, such as: date, merchant/subscriber number, amount, mobile number and reference number for the transaction in question or completion of the transaction dispute form when necessary. The dispute form is available/downloadable at https://www.securitybank.com/online-forms/.
4. Security Bank Corporation will respond to the inquiries and provide resolution feedback to the concerns raised within seven to twenty (7- 20) banking days from the receipt of the complaint, and that for complaints requiring more time to investigate and resolve, Security Bank Corporation will advise Client accordingly, including the progress thereof.
5. An official response of the concerned unit will be provided to the Client once investigation is completed. However, Security Bank Corporation does not guarantee reversal of Client’s transaction.Security Bank Corporation is regulated by the Bangko Sentral ng Pilipinas (+632 8708-7087 loc.2584 | [email protected] | https://www.bsp.gov.ph). Chat with BSP Online Buddy at (BSP Webchat:http://www.bsp.gov.ph/ | SMS: 021582277 | FB: Bangko Sentral ng Pilipinas)

CHANGE OF TERMS AND CONDITIONS
The BANK reserves the right to change any or all of these terms and conditions. The Depositor shall be notified of any such modification, amendment, or revision at least sixty (60) days prior to implementation of any amendments to the terms and conditions herein via e-mail or by public notice which may take the form of posting in public places, such as posting on the Security Bank’s website, or by such other electronic transmission or use of an electronic platform and/or at a conspicuous place within the premises of all banking units, which the Bank, at its option, considers appropriate and effective. Any such modification, amendment or revision shall be valid and binding upon you on the date of effectivity specified in the notice. If the Depositor does not agree with the new/revised terms and conditions have the right to exit the contract without penalty provided, that such right is exercised within thirty (30) days from receipt of individual notice or thirty (30) days from issuance of public notice.

NOTICES AND COMMUNICATIONS
Notices and communications may be sent to the Depositor through any of the following modes: (i) mail or delivery to Depositor’s last known mailing address; (ii) transmission electronically to Depositor’s electronic mail (email) address as appearing in the records of the Bank; (iii) through short messaging service (SMS) to Depositor’s registered mobile number as appearing in the records of the Bank; (iv) other available Bank channels or any one of them including posting on the Bank’s website or Mobile app; or (v) such other electronic transmission or use of an electronic platform as may be deemed appropriate by the Bank or as may otherwise be permitted by law or banking regulations, any of which mode of communication or transmission when sent shall be valid and effective notice to Depositor. Notice to one shall be deemed sufficient notice to the other co-depositors/obligors.

The Bank shall provide advance notice to the Depositor, in accordance with applicable regulations, of any material changes to transaction validation processes or signature capture methods, including the adoption of digital transaction slips and the use of DocuSign or other eSignature platforms, to ensure transparency and fair treatment.

EFFECTIVITY OF OTHER TERMS AND CONDITIONS
The terms and conditions of the Depositor’s other accounts shall remain in full force and shall be read and construed to harmonize with these Terms and Conditions.

DISPUTES OR DISAGREEMENTS
In case of corporate disputes or disagreements among co-depositors pertaining to the account or the funds therein, for the protection of its interest, the BANK shall have the right to freeze or place the account in an inoperative status until the opposing parties agree upon a mutual resolution or until otherwise directed by a court of law or similar body/entity.

LIABILITY
Subject to the provisions herein, the BANK shall be liable only for its failure to act with good faith or to exercise reasonable care and skill, which shall be determined in accordance with the standards and practices of the banking industry and as prescribed by the regulatory body.
If the BANK is found liable for any act or omission for the BANK’s provision of services in relation to the Account or any reason whatsoever, its liability will be limited to the service fee charged to me or my actual proven damages, whichever is less. It will not be liable for any indirect, special or consequential loss or damages arising in any way out of the BANK’s provision of services in relation to the Account or any reason whatsoever.

GOVERNING LAW
These terms and conditions are governed by the laws of the Republic of the Philippines.

COMPLIANCE WITH RELEVANT LAWS, RULES AND REGULATIONS
The Depositor warrant and agree that he/she will comply with all laws, regulations, ordinances, rules, decrees, and other directives applicable to my use of Security Bank Online and other services of Security Bank Corporation. In no event shall Security Bank Corporation be obligated to take any action that it believes, in good faith, would cause it to be in violation of any laws, regulations, ordinances, rules, decrees or directives applicable to the Account or the Depositor.

Security Bank Corporation and the Depositor shall likewise comply with the provisions of Republic Act No. 10175 or the Cybercrime Prevention Act of 2012, its Implementing Rules and Regulations, Republic Act No. 9160, as amended or the Anti-Money Laundering Law, as amended and its Implementing Rules and Regulations, Republic Act. No. 10173 or the Data Privacy Act of 2012, its Implementing Rules and Regulations, and other related issuances, laws and regulations, as may be applicable.

VENUE
The Depositor irrevocably agrees that any legal action, suit or proceeding arising out of or relating to its deposit or any transaction or service connected therewith shall be instituted exclusively in any competent court in Makati City, Republic of the Philippines, and by execution and delivery of this Agreement.