Financial Blog

The Bayanihan to Recover as One Act or Bayanihan 2 is the law covering the one-time 60-day payment extension offered by Financial Institutions to all loans that are existing and outstanding upon effectivity of the law. This is applicable to customers nationwide.

This is a one-time 60-day payment extension offer for all qualified loan amortizations from September 15, 2020, to December 31, 2020.

Only customers with loans availed prior to September 15, 2020, and in current status as of September 14, 2020, are qualified for the offer.

FAQs for Loans
FAQS for Credit Cards

Frequently Asked Questions for Loans (Bayanihan 2)

1. What is the Bayanihan To Recover One Act or Bayanihan 2? The Bayanihan to Recover as One Act or Bayanihan 2 is the law covering the one-time 60-day payment extension offered by Financial Institutions to all loans that are existing and outstanding upon effectivity of the law. Loan interest during the payment extension or accrued interest still applies. For loan extension availments from October onwards, accrued interest shall be paid in full on their December due date or next due date. For more information, here’s the official document from BSP: https://www.bsp.gov.ph/downloads/regulations/attachments/2020/m074.pdf and https://www.bsp.gov.ph/downloads/regulations/attachments/2020/m068.pdf
2. Is this applicable to all customers nationwide? This is applicable to customers nationwide.
3. How long is the payment extension? This is a one-time 60-day payment extension offer for all qualified loan amortizations from September 15, 2020, to December 31, 2020.
4. Who are qualified to avail of the payment extension offer? Only customers with loans availed prior to September 15, 2020, and in current status as of September 14, 2020, are qualified for the offer.
5. What products are covered? The following products are covered:
   • Auto Loan
   • Home Loan
   • Business Mortgage Loan
   • Business Express Loan
   • Personal Loan, to coordinate with SB Finance
6. Are there other payment options if I cannot pay within the given period? For other payment options, you may email the following:
   • For Matured and Past Due Accounts:
     • [email protected]
   • For Current Accounts:
     • Auto Loan and Home Loan – [email protected]
     • Business Express Loan and Business Mortage Loans – [email protected]
7. What about Salary Advance Loans (SALAD)? A payment extension offer for Salary Advance (SALAD) is also available. For full details: https://www.securitybank.com/blog/salad-payment-extension/
8. Will my loan incur interest during the payment extension given? In accordance with the Bayanihan 2 Act, loan interest during the loan extension period or accrued interest still applies. You can check out our accrued interest calculator here https://www.securitybank.com/accrued-interest-calculator/ for an approximation of your accrued interest.
9. When will I have to pay for the loan interest incurred during the payment extension or the accrued interest? How do I pay for it? The Accrued interest may be paid via Over the Counter (OTC) or Authorization to Debit (ADA):
   Payment instructions for Authorization to Debit (ADA):
   If you choose to pay via ADA, you have to submit a duly signed and scanned Authorization to Debit form to [email protected]. To download the form, copy this address and paste it directly into your browser: bit.ly/BayanihanPDF If you require a longer staggered payment arrangement, you may send your request to our Loans team via the email address listed above. Please note your request is still subject to verification and approval. Payment instructions for Over the Counter (OTC):
   You can pay your accrued interest via OTC. Just visit your preferred branch and pay via Bills Payment. Please provide the following information while paying via OTC:
   1. Borrower Name
   2. Borrower Contact Number
   3. Loan Type
   4. Promissory Note Number
   5. Nature of Payment: Payment for Bayanihan Accrued Interest (Payment Code: BP07 AIR) As a reminder, failure to pay your outstanding accrued interest amount will result in the non-release of collateral (if applicable), or non-issuance of a Certificate of Full Payment.
10. What is the effect of the payment extension on my loan if I opt in or avail of the payment extension? If you avail of the payment extension, all qualified amortization periods will be extended by 60 days. Your loan maturity will also be moved by 60 days.
11. Will my loan maturity be extended if I avail of the 60-day payment extension? Yes, your loan maturity date will be extended. If you avail of the payment extension 5 banking days prior to your October due date, your due date in October will be moved by 60 days. This means you will resume paying your amortization for the covered period beginning December 2020 onwards. Your loan maturity will also be moved by 60 days. Loan interest during the payment extension or accrued interest still applies and will be one time in full on your next due date. To illustrate:
    • Due Date: every 20th of the month
      Breakdown of Monthly Amortization
      Principal: PHP 9,500
      Interest for 1 month: 500
      Monthly Amortization: PHP 10,000. In this scenario, your Accrued interest for 2 months is P1,000
      The original due date of October 20, 2020, will move to December 20, 2020
      The original maturity date of October 20, 2024, will move to December 20, 2024. Here’s the breakdown if you will avail of the payment extension in October, with a one-time payment in December of accrued interest:
      

      Due Date	Accrued Interest	Total Due	Remarks
      October 20, 2020		10,000	60 days payment extension starting with October due date
      November 20, 2020		10,000	60 days payment extension starting with October due date
      December 20, 2020	1,000	11,000	New due date, regular amortization plus 60 days accrued interest
      January 20, 2021		10,000	Regular amortization
      February 20, 2021		10,000	Regular amortization

      Here’s the breakdown if you will avail of the payment extension in November, with a one-time payment in January 2021 of accrued interest:

      Due Date	Accrued Interest	Total Due	Remarks
      November 20, 2020		10,000	60 days payment extension starting with November due date
      December 20, 2020		10,000	60 days payment extension starting with November due date
      January 20, 2021	1,000	11,000	New due date, regular amortization plus 60 days accrued interest
      February 20, 2021		10,000	Regular amortization

      *Note: For illustration purposes only. The amount to be paid only indicates amortization and accrued interest from availment of the Bayanihan 2 payment extension. Accrued interest incurred from availment of the Bayanihan 1 payment extension is still due and will need to be paid as agreed.

      For accounts on PDC mode of payment, you will need to submit additional 2 months PDCs as payment for the extended loan maturity.

      For accounts on the auto-debit arrangement, we will continue to debit your nominated account for the additional months.

12. I want to avail of the payment extension what should I do? You may avail of the 60-day payment extension by completing our availment form at least 5 banking days before your due date. For requests less than 5 banking days before your nearest due date, a payment extension will be applied on your next month’s due date. Begin here: https://www.securitybank.com/accrued-interest-calculator/
13. When must I request to avail of the payment extension? When will my Opt-In request be applied to my loan? You must file your request via the webform at least 5 working days before your next due date. This gives us enough time to ensure your scheduled auto-debit arrangement (ADA) or post-dated check (PDC) will be suspended.
14. I requested to OPT IN 2 working days before my due date, what will happen to my request? If your request is filed less than 5 working days before your due date, then the payment extension will be applied to your succeeding due date. Your scheduled ADA or PDC will be posted as scheduled, please ensure these will be funded.
15. I don’t want to avail do I have to do anything? You don’t need to do anything else we will continue to collect your loan as per the original schedule. Kindly ensure ADA and PDCs are funded on your due dates from September to December 2020 in accordance with your original payment schedule.
16. Will post-dated checks go through for loan payments? We will continue to deposit your post-dated checks as scheduled for your loan payments unless you opt-in or request to avail of the 60-day payment extension.
17. What happens if I have auto debit set up? We will continue to honor our auto-debit arrangement set up for your loan payments unless you opt in or request to avail of the 60-day payment extension.
18. What happens if I fail to pay my amortization on my due date but did not submit a payment extension request? As long as your loan account is qualified, no payment on your due date will be considered an automatic availment of the one-time 60-day loan extension period.
19. Are Corporate Salary Loans covered in this offer? Yes, Corporate Salary Loans are also included in this offer. We will reach out to each company’s respective HR Officer. If you are a Corporate Salary Loan borrower, kindly contact your HR Contact Person to avail of the 60-day payment extension.
20. For the Corporate Salary loan, when will I have to pay for the loan interest incurred during the payment extension or the accrued interest? How do I pay for it? Accrued interest for the 60-day payment extension will be collected staggered until December 31, 2020. You can also pay for it one time in full on your December due date. We will accept payments made via PDC or via email confirmation to debit your account. How much do I need to pay?
    For an estimate of your accrued interest please check out: https://www.securitybank.com/accrued-interest-calculator/ Accrued interest will be billed and collected together with your monthly amortization.
21. I have a Corporate Salary Loan and I want to avail of the payment extension what should I do? If you have a payroll account with the bank and your Corporate Salary Loan is on an auto-debit arrangement, you may avail of the 60-day payment extension by completing our payment extension availment form. Begin here: https://www.securitybank.com/accrued-interest-calculator/ If you have a salary deduction mode of payment with your accredited company, you may avail of the 60-day payment extension by coordinating with your HR Contact person on or before October 31, 2020. Only requests filed before October 31, 2020, will be processed for the payment extension.
22. I have a Corporate Salary Loan, I don’t want to avail do I have to do anything? If we receive no feedback or advice that you will avail of the 60-day payment extension from you or your HR Contact person, we will continue to collect your loan as per the original schedule. For those on the automatic debit arrangement, kindly ensure your account is funded on your due dates from September to December 2020 in accordance with your original payment schedule.
23. I still want to fund my account linked to an auto-debit arrangement (ADA) or Post-Dated Check mode of payment are there other ways for me to do it without going to a Security Bank branch? You may fund your Security bank using the options below. Although funds are supposed to be credited in real-time for both methods, we still advise you to perform transactions at least one working day before your expected date of crediting to avoid any inconvenience.
    • Fund Transfer via Instapay or PesoNet – When sending, select Security Bank and make sure to input the correct account number, account name, and amount. Applicable transfer fees may apply.
    • Fund Transfer via Digital Wallets such as GCash and PayMaya -The Send Money to Bank Account feature lets you transfer money from your digital wallet to Security Bank.

    Check out the following websites for more details:
    For GCash https://www.gcash.com/
    For PayMaya https://www.paymaya.com/support/transactions-help/send-and-receive- money/send-to-banks-and-e-wallets for more details.

Frequently Asked Questions for Credit Cards (Bayanihan 2)

1. Who are Eligible for the one-time 60-day payment extension?
   Cardholders nationwide whose accounts are current (not past due) and with payment due dates falling within the period of September 15, 2020 to December 31, 2020.
2. Will the previous month due be billed together with the new monthly statement due?
   The Total Amount Due by the next statement cycle shall be composed of the previous balance and current which include new transactions or usages (if any) during the cycle. The Minimum Amount Due is computed based on the new transactions during the cycle.
3. What will happen to my fees?
   Interests, penalties, fees and other charges will not be billed during the one-time 60-day mandatory payment extension.

    

   • Transactors – Cardholders who settled their Total Amount Due in full for the past months and fully settled their Total Amount Due on or before the extended due date shall not incur interest during the one-time 60-day mandatory payment extension.
   • Revolvers – Cardholders who partially settle their Total Amount Due will continue to accrue but will be payable on the next due date. After the one-time 60-day mandatory payment extension, the accrued interest shall be applied from the date of last actual payment. If such interest or Finance charges are applied during the one-time 60-day mandatory payment extension, cardholder may contact the customer service hotline via email at [email protected] or call (02) 8887-9188 from 8am to 5pm.
4. There are “BAYANIHAN 2 GRACE PERIOD” and “BAYANIHAN 2 1/1” entries on my statement. What are these?
   In connection with the payment extension, entries like “BAYANIHAN 2 GRACE PERIOD” and “BAYANIHAN 2 1/1” may appear on your statement of account. These entries are intended to avoid interest on interest, and unnecessary penalties to be charged to your account.
5. How will I know what my Outstanding Balance is?
   Cardholders can obtain their latest Balances via SMS. Visit https://www.securitybank.com/blog/sms-card-services/ to learn more.

    

   • Outstanding Balance:
     SB[space]OB[space]last 4 digits of your card number and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.
   • Total Amount Due / Minimum Amount Due:
     SB[space]TADMAD[space]last 4 digits of your card number and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.
   • Available Credit Limit
     SB[space]ACL[space]last 4 digits of your card number and send to 2086 for Globe & TM Subscribers and 4629 for SMART & TNT Subscribers.
6. If I do not have enough funds to settle my balance, can I still be granted another extension beyond the one-time 60-day mandatory payment extension Cardholders may avail of our Balance Convert facility wherein the balance can be settled on installment basis. To request, visit https://www.securitybank.com/personal/credit-cards/installment-and-payments/balance-convert/.
7. Where can I settle my balance?Cardholders may settle at any of the following payment centers:
   • Security Bank branches (Complete list of open branches: https://www.securitybank.com/list-of-open-branches/)
   • Security Bank Online (upon enrollment)
   • Other Banks’ online banking (upon enrollment) – Unionbank – Metrobank – PNB – BPI
   • Bancnet ATMs
   • SM Business Services
   • Megalink
   • 711
   • RD Pawnshop
   • CVM
   • Gemmary Pawnshop

   For more details, visit https://www.securitybank.com/personal/credit-cards/payment-centers/

8. I’m enrolled to auto debit facility. Will you continue to debit my account during the one-time 60-day mandatory payment extension?
   We will be reaching out to you to confirm your payment instruction. If no response is received by October 9, 2020, we will apply the payment extension in your next statement of account and your auto debit arrangement will be put on hold. Should you wish to continue with your auto debit arrangement, you may also email us at [email protected] or call (02) 8887-9188 from 8am to 5pm.
9. Will the grace period affect my available credit limit?
   Available credit limit will not be affected as the transactions remain committed.
10. I don’t want to avail of the payment extension. How do I inform SBC?
    You may request to opt-out of the one-time 60-day payment extension via email at [email protected] or call (02) 8887-9188 from 8am to 5pm. You may also just pay your Total Amount Due plus all credit (CR) entries labeled “Bayanihan 2” found in your Statement of Account.
11. My account was past due but I have settled my outstanding balance from September 15, 2020 – December 31, 2020. Can I avail of the one-time 60-day mandatory payment extension?
    If the account is current (not past due) on September 15, 2020, it is automatically included in the one-time 60-day mandatory payment extension. Credit card transactions made prior to September 15, 2020 shall be covered by the payment extension. Meanwhile, credit card transactions made on or after September 15, 2020 shall no longer be covered by the payment extension and shall continue to incur interest or finance charges if not fully paid on or before its original due date.
12. I have already paid my latest credit card dues but the due date is covered in the Bayanihan 2. Can I still avail of the one-time 60-day mandatory payment extension?
    Yes, you may still avail of the one-time 60-day mandatory payment extension. The payment extension will be applied in your next statement. You may contact us via email at [email protected] or call (02) 8887-9188 from 8am to 5pm.