I. General Provisions for Deposit Accounts
1. Documents and Information for Opening of Accounts. The CLIENT represents and warrants that all documents presented or to be presented, and all information provided or to be provided by the CLIENT to RCBC, including identification papers, cards, digital files, and electronic copies of documents, in connection with the CLIENT’s application for the opening of any and all present or future accounts, such as but not limited to any and/or all types of savings, checking, time deposit, etc. (the “Account/s”) with it, or of any banking transaction thereunder such as deposits, withdrawals, payments, loans, check deposit, encashment, investments, placements, etc. (“Transactions”), are all genuine, true, complete and valid and the said documents have not been cancelled or revoked and the information are correct and subsisting as of the date they were provided to RCBC. The CLIENT also warrants that he/she will submit the documents and information required by RCBC, either through the RCBC business center or through RCBC’s website or other electronic facilities, in hard copies or electronic form, as may be allowed by RCBC, in relation to account opening or the implementation of Transactions within the required period as may be imposed by RCBC. The CLIENT agrees that digitized and electronic documents shall undergo further confirmation and/or verification by RCBC pursuant to its regulatory obligations and internal processes and procedures and subject to these Terms and Conditions. The CLIENT hereby represents, warrants, and guarantees: (a) the authenticity of his/her documents; (b) the accuracy of the contents of the documents; (c) where his/her document is a digitized or electronic document, that such digitized or electronic document is a faithful recording of the information to which it pertains and may be deemed an original of and in itself, subject to applicable laws on electronic documents, notwithstanding the existence of a paper version or replication thereof; (c) where the document has been downloaded, retrieved, or extracted from a document register, that such document is a faithful replication of the document as filed in and/or supplied by the relevant document register. The Client undertakes to deliver the original paper copy of such documents as may be required by RCBC within the required number of days from the date of the opening of the Account or the implementation of the Transaction, as set by RCBC, or immediately upon RCBC’s request. The CLIENT understands and accepts such restrictions on the Account/s and Transactions as may be imposed by RCBC until his/her full compliance with the required documents and information of RCBC for the opening of Account/s or the implementation of Transactions. Failure to submit said documents or information shall result in closure of the Account/s and/or the nonimplementation of the Transactions, without prejudice to such other acts as RCBC may deem necessary and undertake to protect itself, the Account/s and/or the funds. The CLIENT also warrants that, in case of any change in the submitted documents and information, the CLIENT will immediately inform RCBC in writing and submit all relevant documents and information in relation to such change; otherwise, communication sent to the last correspondence details given shall be deemed to have been received by the CLIENT. The CLIENT confirms that he/she has read and understood the product highlight or information sheet for the Account/s and that he/she has been properly apprised by RCBC of the features, interest rates, fees, initial deposit and maintaining balance requirements, and other specifications applicable upon Account opening. Notwithstanding the foregoing, RCBC reserves the right to, from time to time, modify, supplement, suspend, or remove any feature or specification of the Account/s, without any further notice to CLIENT. The CLIENT further acknowledges his/her responsibility in ensuring that his/her bank records are current and updated. The CLIENT shall inform RCBC of any such changes in client records in writing by visiting any business center. In case any fake, forged or fraudulent documents presented or submitted by the CLIENT to RCBC for account opening and/or his/her Transactions, the CLIENT acknowledges and agrees that RCBC has the right to confiscate the same from the CLIENT and shall not hold RCBC liable for not returning the forged and/or fraudulent documents. CLIENT hereby acknowledges that RCBC’s verification of any document and its acceptance thereof for account opening or for any other transaction with it is not considered by CLIENT as RCBC’s attestation to or confirmation of the authenticity of any such document.
2. Biometrics. The CLIENT authorizes RCBC to collect, store, and/or process his/her biometric information in relation to the opening, maintenance, and operation of the Account/s. CLIENT agrees that (a) the words “signature”, “security information”, or “password” in these Terms and Conditions shall be deemed to include his/her biometric information for purposes of authenticating/validating CLIENT’s Account/s and/or Transaction/s; (b) RCBC shall be entitled to use and rely upon CLIENT’s biometric information in verifying any Transaction on the Account/s, without need of any further notice to and/or written consent from CLIENT; (c) any Transaction processed by RCBC through/using CLIENT’s collected biometric information shall be conclusively deemed to have been undertaken/authorized by CLIENT; and (d) RCBC’s records on CLIENT’s biometric information, and the authentication thereof in relation to any Transaction on the Account/s, shall be conclusive as against CLIENT. For the avoidance of doubt, “biometric information”, as used herein, shall mean any physical or behavioral characteristic of the CLIENT that may be used to verify his/her identity, such as, but not limited to, handprints or fingerprints, retina and iris prints, facial features, or voice prints. CLIENT undertakes to promptly provide such biometric information as RCBC may request from time to time.
3. Acceptance of Transactions. The CLIENT will accept full responsibility for all Transactions undertaken on the Accounts, such as deposits, withdrawals, payments, loans, check deposit, encashment, investments, placements, etc., which are deemed to have been processed with CLIENT’s knowledge or by his/her authority on the time and date that they were undertaken.
Transactions may now be undertaken in different business centers of RCBC. However, RCBC does not authorize Transactions undertaken outside bank premises, except for such exceptions as may be allowed by RCBC and as may be provided under the law. Any Transaction entered into with any bank personnel outside bank premises and not falling under lawful and/or policy exceptions shall not be recognized by RCBC and shall be deemed to have been entered into without the proper authority.
4. Deposit/Payments. RCBC shall accept deposits and payments either in cash, check or debit the CLIENT’s Account/s. All deposits /payments must be made by the CLIENT or by his/her representative by filling out the prescribed form. The CLIENT shall be responsible for the correctness, genuineness and validity of all items deposited and endorsements, signatures and information found therein. RCBC shall not be liable for losses caused by any inaccuracies in filling out the pertinent bank form.
5. Receipt of Check Deposits. A check or any other item not drawn on or payable by RCBC (“Collection Item”), if accepted by RCBC, shall be accepted exclusively for transmission to the bank or institution on which it is drawn (“Payor Institution”). RCBC will not be responsible for any losses or delays occurring in the course of transmission when caused by the act neglect, default, failure, or insolvency of any correspondent or transmitting entity or of the Payor Institution. No drawing shall be allowed against uncollected deposits.
Proceeds from clearing of any Collection Item deposited shall be posted to the relevant Account, net of charges.
In case of Collection Items, the CLIENT hereby authorizes RCBC to process all checks issued by or deposited by him for clearing under Philippine Clearing House Corporation’s (PCHC’s) Check Imaging Clearing System (CICS) and/or such other laws, rules, or regulations applicable to the Payor Institution.
No alterations, erasures or with deficiency shall be accepted for any check received by RCBC. If such check will be cleared under the CICS, the CLIENT understands that any alterations on the check will make it unacceptable for clearing purposes. The CLIENT further understands that RCBC’s acceptance of check deposits is still subject to passing all validation procedures under the CICS. Checks that do not pass said validation procedures shall be returned to the CLIENT.
6. Post-dated Checks. The CLIENT agrees that any checks that are dated beyond the date of its deposit with or presentation to RCBC (“Post-dated Check”) shall not be accepted, whether for clearing or other purposes. The CLIENT therefore agrees to refrain from issuing Post-dated Checks or from depositing to or negotiating through his Account/s such check/s. If, through inadvertence, RCBC (i) honors or pays out a Post-dated Check issued by the CLIENT, or dishonors a check issued by the CLIENT for any reason other than it being post-dated, or (ii) negotiates a Post-dated Check issued by the CLIENT, the CLIENT absolves RCBC from claims resulting therefrom and the CLIENT shall answer for all charges or liabilities that RCBC may incur arising from any Post-dated Check of the CLIENT.
7. Second-endorsed Checks. The CLIENT agrees that any checks deposited with or presented to RCBC by a party other than its issuer or its payee (“Second-endorsed Check”) may not be accepted by RCBC for deposit. In exceptional cases where RCBC accepts a Second-endorsed Check from the CLIENT, the CLIENT assumes full responsibility for the correctness, genuineness and validity of endorsement appearing on the Second-endorsed Check. The CLIENT warrants that he has the right and authority to receive the proceeds of or endorse any Second-endorsed Check deposited in his account, whether or not the check bears his or the original payee’s endorsement. The CLIENT shall indemnify RCBC and hold RCBC free and harmless from any and all claims, suits, actions, charges, losses, damages, or other liabilities and obligations arising from or in connection with said acceptance. Furthermore, the CLIENT hereby authorizes RCBC to debit from the Account/s such amount/s as shall be sufficient to answer for all sums that may be claimed against RCBC arising from its acceptance of Second-endorsed Check/s from the CLIENT if: (a) RCBC receives any information that said check was falsified or otherwise issued, endorsed, or negotiated upon a forged signature or without any authority from the issuer or endorser or (b) RCBC deems such debit as necessary to protect its interests.
8. Stale Checks. Any check that is deposited with or presented to RCBC for payment six (6) months from its date shall not be accepted.
9. Returned Checks. RCBC is under no obligation to notify the CLIENT, before returning to the collecting or negotiating bank (thru PCHC, Bangko Sentral ng Pilipinas (“BSP”) Clearing House), checks drawn on it and which cannot be accepted because of insufficiency of funds, rejection by the CICS, or technical defects, e.g., post-dated, amount in words and figures differ, etc., or any other justifiable reason. Neither has RCBC any obligation to inform the CLIENT about the return or dishonor by the payor institution of any check deposited or negotiated by the CLIENT with RCBC. RCBC shall not be held liable for not informing the CLIENT of any check returned by or returned to RCBC for whatever reason.
10. Withdrawals/Fund Transfers/Termination of Time Deposit (TD). All withdrawals/fund transfers at any RCBC Business Center or through any other channels or facilities as may be allowed by RCBC, must be made by the CLIENT by filling out the prescribed bank form and shall only be allowed against cleared balances. Withdrawal/fund transfer through CLIENT’s representative shall be allowed by RCBC upon presentation of an authorization letter from the CLIENT and valid identification documents of both the CLIENT and his/her authorized representative, which shall be verified and validated by RCBC. RCBC reserves the right to refuse any withdrawal/fund transfer request if the results of document and signature verification are unsatisfactory.
11. Improperly Handled Accounts. An Account will be automatically closed by RCBC without need of prior notification to the CLIENT, without prejudice to such other acts as RCBC may deem necessary and undertake to protect itself, the Account/s and/or the funds, in case the Account is mishandled by:
i. the issuance of unfunded or insufficiently funded check/s without prior arrangement with RCBC;
ii. if any documents or information are not submitted within the required/regulatory periods. In such an event, notice by registered mail shall be forwarded to the CLIENT at his/her address indicated in RCBC’s records. An RCBC Manager’s Check for the balance of his/her Account/s shall be issued and must be claimed by the CLIENT upon notification by RCBC of the availability of the said Manager’s Check. In case of Checking Accounts, the CLIENT agrees to return to RCBC any unused checks he/she may have in his/her possession prior to the release of the Manager’s Check;
iii. under such circumstances where, upon RCBC’s review of the CLIENT’s Transactions, the Account appears to have been maintained or managed by the CLIENT in a way that is contrary to or is in violation of RCBC’s policies and procedures or to existing laws and regulations; and/or
iv. such prejudicial, unauthorized or fraudulent acts by the CLIENT and/or his/her representative, of whatever kind and nature including, but not limited to, misrepresentation, the submission of false, forged, or misleading documents or information.
12. Temporary Holding of Accounts. In cases where:
i. there is a claim or dispute relating to the Account;
ii. there are conflicting claims or representations causing or threatening to cause confusion or doubt as to the ownership of, or manner of operating the Account;
iii. RCBC receives contradictory instructions, written or otherwise, or any instruction not to allow a signatory to operate the Account;
iv. any conflict involving the Account and/or funds, among the depositors, authorized signatories, officers, directors, shareholders and/or other persons claiming interest, over the same;
v. prejudicial, unauthorized or fraudulent acts of whatever kind and nature including, but not limited to, misrepresentation, the submission of false, forged, or misleading documents or information;
vi. Transactions on the Account/s are in violation of RCBC’s policies and/or procedures or existing laws and regulations; or
vii. there exists or occurs circumstances or events analogous or similar to any of the foregoing; In any of the above instances, where RCBC receives any information or notice, which it deems sufficient and satisfactory, of any conflict involving the Account/s and/or funds, among the depositors, authorized signatories, officers, directors, shareholders and/or other persons claiming interest, over the same, RCBC may do such acts as it may deem necessary to protect the Account/s and/or the funds, such as but not limited to the ones described below, until it is satisfied that the conflict is resolved, is presented with a certified true copy of the final and executory order or judgment by competent authority confirming the required authority or until a satisfactory arrangement is worked out, at the sole determination of RCBC, clearly instructing RCBC to release the funds in favor of any person identified/designated by the Court and/or the conflicting parties and RCBC shall not be liable for the resulting dishonor of checks, drafts, notes or other forms/instruments. RCBC shall have the right, in its sole discretion, but without any obligation to do so, to place a temporary hold on the Account/s and/or take any necessary action, including but not limited to, to close the Account/s, investigate the CLIENT’s Account/s, prevent, restrict, or suspend CLIENT’s access to the Account/s or RCBC’s other products or services; debit, reverse, suspend action on, unwind, or otherwise undo any Transaction arising from, caused by, or resulting from any of the above and, where applicable, return the proceeds of such Transaction to the remitter, depositor, or sender thereof, as the case may be, refuse the opening of additional Account/s in RCBC, filing of interpleader suit, any of which acts performed by RCBC are hereby expressly authorized, confirmed and ratified by the CLIENT.
For this purpose, the CLIENT hereby agrees to fully indemnify and hold RCBC, its directors, officers, employees, and representatives free and harmless against any and all liabilities including civil, criminal or administrative liabilities, which RCBC, its directors, officers, employees and representatives or any of them may incur or suffer in connection with RCBC’s act of temporarily placing a hold on the Account/s or the pursuit of any such action which RCBC, at its option, considers appropriate, including the filing of interpleader suit.
13. Closure of Account. RCBC reserves the right at its sole discretion, to close any or all of the CLIENT’s Account/s with RCBC for any reason whatsoever, at any time and without prior notice or obligation to disclose the reasons for such closure to the CLIENT, without prejudice to such other acts as RCBC may deem necessary and undertake to protect itself, the Account/s and/or the funds. Without limiting the generality of the foregoing paragraph, RCBC is authorized to close the Account/s even without prior notice in case said Account/s is/are:
i. improperly handled;
ii. mishandled by the issuance of unfunded or insufficiently funded check(s);
iii.involved in or used or suspected to be used for any fraudulent criminal or unlawful activities;
iv.there was/were misrepresentation(s) in the opening of the said Account/s and to report such closure and the reason(s) therefore to Bankers Association of the Philippines (BAP), BSP or to any central monitoring entity or body established by the BAP or BSP to keep record of and report mishandled deposit account;
v. if in cases where there is no deposit balance therein at any time,
vi. when it is conducted in any other manner not satisfactory to the continued existence of the Account/s will prejudice RCBC’s interest in any way; or
vii. under such circumstances where, upon RCBC’s review of the CLIENT’s Transactions, the Account appears to have been maintained or managed by the CLIENT in a way that is contrary to or is in violation of RCBC’s policies and procedures or to existing laws and regulations. In the event an Account is closed (for any reason), RCBC is further authorized to report such closure and the reason/s therefore to the BAP, BSP, Anti-Money Laundering Council (AMLC), U.S. Internal Revenue Service (IRS) and/or other appropriate government agency, office or body. RCBC shall not be liable for damages, claims and demands of whatever kind or nature, in connection with or arising from: (a) the closing of an Account; and/or (b) the dishonor of any check thereunder which may be presented to RCBC after closure of the Account; and/or (c) the reporting by RCBC of the Account closure and the reason/s therefore to the BAP, BSP, AMLC, U.S. IRS and/or other appropriate government agency, office or body.
The CLIENT understands that, if his/her Account/s earned interest before they were closed, his/her funds will stop earning interest once the said Account/s is/are closed, whether by him/her or by RCBC, and even if the funds remain with RCBC and until they are claimed or returned to the CLIENT .
14. Interest. Savings Accounts and Checking Accounts, if applicable, whether in local or in foreign currency, will earn interest at a rate determined by RCBC, computed based on end of day balance, provided the required minimum daily balance is maintained. Savings Account and Checking Account will be credited monthly and quarterly, respectively, for the aggregate sum of the computed interest earned. However, no interest will be paid on any Account whenever for ten (10) years there shall have been no deposit, withdrawal or presentation of passbook or any transaction of the Account/s. For Regular Time Deposits, the principal amount deposited shall be payable on the maturity date mentioned on the face of the TD placement, with interest up to the date. Depending on the features of the product, payment of interest shall be made either monthly, quarterly, semi-annually, annually or payable on maturity date of the principal amount. Initial interest on the time deposit shall be at the rate indicated on the face of the TD placement. Any changes in the interest rate of the TD placement upon rollover shall be indicated in the monthly Statement of Account/ Rollover. No consent or confirmation, with respect to the change in the interest rate, shall be required from the CLIENT. Time deposits withdrawn before the maturity date thereof shall accrue interest according to the prescribed rates of Banko Sentral ng Pilipinas (BSP). In the absence of any law or regulation, the interest rate applicable shall be the rate payable by RCBC on his/her regular savings deposit accounts for such period. In addition, all documentary stamp taxes and other applicable fees/charges (including any charges for pretermination) on the time deposit shall be shouldered by the CLIENT. If interest has been paid in advance by RCBC, the corresponding rebate will be charged against the principal amount.
15. Dormant Accounts. A Savings Account/s without any client-initiated transactions for two (2) years and a Checking Account without any client-initiated transactions for one (1) year shall be classified as dormant. RCBC shall have the right to determine the particular Transactions that may prevent an Account from becoming dormant. Dormant Accounts that are below monthly maintaining average daily balance (ADB) shall be subject to service charges. No client-initiated transaction shall be allowed for a dormant account until the same is reactivated according to such procedures that RCBC may prescribe. The CLIENT may reactivate a dormant account through any RCBC business center upon submission of documents required by RCBC and initiation of a transaction. Accounts that remain dormant for more than ten (10) years shall be reported to the Treasurer of the Philippines for the necessary escheat proceedings as provided by law.
16. Minimum Balance. A monthly ADB, as set by RCBC, must be maintained by the CLIENT. Accounts falling below the required minimum monthly ADB shall be subject to applicable service charge/s. RCBC reserves the right to change the minimum monthly ADB or service charges. Notice of such change may be posted at RCBC’s website or by posting at the RCBC business center. The CLIENT acknowledges and agrees that, if his/her Account/s reach zero balance, or funds have not been deposited to said Account/s after the opening of the same, RCBC may, at its sole discretion, keep the Account/s open or close the Account/s, without notice.
Maximum Balance. RCBC may designate a maximum balance for the Account/s. CLIENT agrees that the amount of funds in his Account/s shall not, at any time, exceed the applicable maximum balance for the same. RCBC reserves the right to change the maximum balance from time to time. RCBC shall be entitled, but not obligated, to reverse or refuse any Transaction, including earning of interest, that will cause the Account/s to exceed such maximum balance, or do any other necessary action to enforce such maximum balance or protect its interests in relation to the same.
17. Service/Maintenance Charges. The Account/s, whether active or dormant, shall be subject to service and maintenance charges (the “Charges”) as set by RCBC. RCBC reserves the right to impose new Charges and change existing Charges within the limits allowed by law or pertinent regulations. Such Charges shall be deducted from the Account/s and RCBC shall not be liable for the dishonor, as a result thereof of checks, drafts, notes or other instruments because of insufficient funds.
18. Early Closure. If the CLIENT applies for termination or closure of his/her Account within one (1) month from its opening, the CLIENT shall pay an Early Closure Fee (ECF), at the rate prevailing at the time of application, before RCBC effects the account termination or closure. RCBC reserves the right to automatically deduct from the Account/s the amount for the payment of the ECF.
19. Counterfeit Note. The amount of any deposited note found to be spurious or counterfeit by RCBC or its depository bank or any of its Diskartech partner deposit channels or any government authority shall be immediately debited or deducted from any or all Account/s of CLIENT, whether in the Philippine Peso or in foreign currency, without need of prior notice to the CLIENT, whether or not the counterfeit note is returned to RCBC or by its depository bank or government authority.
In case any counterfeit note is not returned to RCBC by its depository bank, the CLIENT shall not require RCBC to return the same to the CLIENT and shall not hold RCBC liable for not returning the counterfeit note. CLIENT hereby acknowledges that RCBC’s verification of any note and its acceptance thereof for deposit placement, mode of payment, remittance, or any other Transaction shall not be deemed as RCBC’s attestation to or confirmation of the authenticity of any such note.
20. Deceased Clients. If RCBC has knowledge of the death of the CLIENT, RCBC shall have the right to refuse any withdrawal from the said Account, whether held alone or jointly with another, until the following requirements have been submitted by the CLIENT’s heirs, in addition to any other documents as may be required by RCBC: i. proof that the taxes imposed on the Account/s have been paid, as may be applicable; and ii. proof that the claimants of the deceased are authorized to receive the funds, based either on judicial or extrajudicial settlement of the estate of the deceased; and iii.an heir’s bond equivalent to the value of the Account/s in favor of RCBC. Release of the funds from the Account of a deceased CLIENT shall be in the form of Manager’s Check (never in cash) payable to the heirs of the deceased or to the executor/administrator appointed by the court or by person designated by the court or by all the heirs in case of an extrajudicial settlement or any other person designated by all of them. Any withdrawal from the purpose of paying the expenses of the estate and the estate tax shall be made in accordance with the laws and regulations. CLIENT agrees that, in case of death of any depositor of a joint “or” Account, withdrawals made by a surviving co-depositor of his/her corresponding share in said joint Account may be allowed by RCBC, even to the extent of the withdrawal of the balance in its entirety, without the necessity of obtaining the consent of the heirs of the deceased depositor or any of the remaining co-depositor, subject to applicable laws and regulations and bank policies and requirements. In case of death of all the depositors, the funds on deposit shall be governed by the rules on co-ownership and shall be withdrawn by the joint signatures of the executors, administrators or legal heirs/representatives of the respective estates of the depositors, likewise subject to applicable laws and regulations and bank policies and requirements.
21 . Payroll Accounts. For CLIENT’s Account that has been nominated as his/her payroll account (the “Payroll Account”), the CLIENT hereby agrees to: i. authorize RCBC or its duly authorized personnel to disclose any information to any offices, branches, subsidiaries, agents and representatives of RCBC and third parties, including the CLIENT’s Employer, for purposes of processing of the CLIENT’s payroll account and implementing the payroll services of RCBC with the Employer, or for other purposes connected therewith or incidental thereto; ii. waive any/or all rights to confidentiality, including, but not limited to, bank secrecy and data privacy laws, as may be applicable to and as may be necessary for RCBC, and its authorized representatives, to implement the above mentioned purposes and services; iii.authorize RCBC or any of its authorized representatives to release to the Employer and/or its authorized representative/s, and the Employer or its authorized representative/s to accept the ATM card, checkbook and/or MyWallet Card for the CLIENT’s payroll account; iv.irrevocably and unconditionally agree to hold and keep RCBC free and harmless from and against any and all law suits, claims, actions or proceedings of whatever kind or nature that any person may file or institute against RCBC arising from or in connection with the Transactions and corresponding arrangement hereunder; and forever indemnify and compensate RCBC from and against any and all losses, damages, liabilities, costs and expenses, including without limiting the generality of the foregoing attorney’s fees and cost of suit that RCBC may suffer or incur by reason hereof or thereof; and v. waive and have no cause of action, demand, complaint, case or grievance whatsoever against RCBC in respect of any matter incident to or arising out of the above-mentioned transactions and corresponding arrangement. The CLIENT’s Payroll Account shall be converted into a regular Savings Account without need of prior notice to or prior consent from the CLIENT, upon the occurrence of the following events, whichever is earlier: i. CLIENT’s employment with the company which has a payroll arrangement with RCBC (Employer) ends or is terminated by the CLIENT or by the Employer for any reason; and/or ii. The arrangement between the Employer and RCBC for a payroll arrangement ends or is terminated, whether by RCBC or by the Employer or by both of them, likewise for any reason. After the conversion of a Payroll Account into a regular Savings Account, the CLIENT shall become bound by the terms and conditions governing the same, including, but not limited to, the updating of Know Your Customer (KYC) documents, maintenance of a minimum balance and the payment of all applicable fees and charges.
22. Signature Update. The CLIENT hereby agrees to update his/her signature periodically or when required by RCBC. Any changes in specimen signatures or authorized signatories shall only be accepted upon receipt by RCBC of a written request from the CLIENT in the prescribed bank form.
23. Authority to Disclose. The CLIENT hereby authorizes RCBC or its duly authorized personnel to collect, process, verify, store and/or disclose his/her information to any of the offices, branches, units, subsidiaries, agents, and representatives of RCBC, and third parties selected by any of them, wherever situated, for use in connection with : (i) Account opening, maintenance, and/or operation; (ii) the collection, processing, verification and/or storage of any information provided by CLIENT to RCBC in relation to the Account/s or any transaction concerning the Account/s; and/or (iii) the offer, delivery, or performance of any service or product to the CLIENT, (including data processing, profiling, analytics, and storage, anti-money laundering monitoring, reviewing and reporting, statistical, credit and risk analyses). The CLIENT hereby acknowledges and understands that the collection, processing, verification and/or storage of any information provided hereunder in relation to any Account or Transaction may be carried out by RCBC and/or a third party service provider of RCBC.
In addition to the foregoing, the CLIENT hereby authorizes RCBC and any branch, unit, subsidiary, affiliate, agent, representative, third party or its duly authorized personnel to transfer or disclose to the BSP, AMLC, Bureau of Internal Revenue (BIR), the U.S. IRS, or such other relevant regulatory agency and their duly authorized representative, any information in relation to the Account/s with RCBC as may be required by law, regulation, or agreement.
Likewise, the CLIENT hereby authorizes RCBC or its duly authorized personnel to disclose to its foreign and local correspondent banks the information specified herein (and such other additional information provided to RCBC by the CLIENT) for purposes of satisfying the requirements of the latter in relation to the processing, anti-money-laundering monitoring review, investigation, and audit of the transaction on the CLIENT’s present and future Account/s.
Likewise, if the CLIENT avails of RCBC remittance Channels, the CLIENT hereby authorizes RCBC or its duly authorized personnel to disclose its information to third party tie-ups and other institutions the information provided herein and any additional information provided to RCBC by the CLIENT for the purpose of facilitating the processing of the remittance and complying with anti-money laundering monitoring review and transactional audit and due diligence requirements.
Finally, the CLIENT hereby authorizes RCBC to disclose to third-party auditors any information provided to RCBC for purposes of satisfying requirements related to anti-money laundering and counter-terrorist financing monitoring, review investigation and audit of the said transaction.
The CLIENT agrees to indemnify and hold RCBC free and harmless, including its officers directors, employees and representatives against any and all disputes, claims, demands losses, penalties, liabilities, costs and expenses of any kind whatsoever, imposed on, incurred by or assessed against the CLIENT in respect or in connection with the information provided in relation to the Accounts, and the consent herein granted.
24. Additional Bank Products and Services. With the opening of his/her Account/s, CLIENT hereby acknowledges and agrees that RCBC may process, refer and offer the 9 PF-TC-Ret (May 2021) RETAIL ACCOUNT- TERMS AND CONDITIONS selected bank products/services subject to their respective Terms and Conditions and limitations set forth by the law. An authorized sales representative may get in touch with the CLIENT through email, SMS or over the phone to discuss opportunities with the products/services he/she has expressed or may be deemed to have any interest in.
25. Foreign Account Tax Compliance Act (FATCA) Declaration. If CLIENT is a holder of Foreign Account Tax Compliance Act (FATCA) reportable Account/s (i.e., U.S. Person, Non-Participating Financial Institution, Passive NonFinancial Foreign Entity with U.S. Controlling Person/s), the CLIENT shall identify himself/herself as one, provide RCBC with his/her U.S. Tax Identification Number (TIN), if applicable, and comply with all information and documentary requirements under the Intergovernmental Agreement between the Philippines and the United States of America and all other applicable laws and regulations. Failure to submit said documents and information may result in withholding of legally mandated amount/s and/or closure of the CLIENT’s Accounts. CLIENT hereby declares under penalty of perjury that:
i. All information provided are true and correct; and
ii. CLIENT agrees to waive bank secrecy privacy or data protection rights related to the CLIENT’s Account/s in compliance with and if mandated by FATCA.
26. Authority to Withhold. The CLIENT hereby authorizes RCBC to withhold any and all taxes amounts in accordance with applicable local and foreign laws or regulations, or as may be required by or pursuant to agreements with local or foreign regulators, authorities or bodies.
27. Request for Copies of Documents. The CLIENT shall be provided with a proof of a Transaction immediately after the Transaction has been completed. RCBC reserves the right to deny any request of the CLIENT for a copy of any previously provided document or record kept or to be kept by RCBC on any Transaction on the Account/s. For checks processed through the CICS, the CLIENT may request to view the physical check provided such request is made within the six (6) month period. RCBC or the presenting bank is required to retain the same under PCHC guidelines (i.e., from negotiation and/or deposit of the check for clearing), and subject to a processing fee (if any). The CLIENT agrees that he/she shall not compel RCBC to produce any document or its copy and that he/she shall not hold RCBC liable for any damages or costs for not producing any requested document or copy thereof. The CLIENT agrees that RCBC’s records on his/her Account/s and Transactions shall be final and conclusive as against him/her.
28. Security for Obligations. RCBC, without need of prior notice to the CLIENT, is hereby authorized to apply, at its option, to the payment of any or all obligations of the CLIENT under or arising from the Account/s or the items placed in deposit therein, or any other transaction with RCBC now existing or hereafter contracted by the CLIENT including loans, , interest, penalties charges, any periodic amortizations under such loans or credit accommodations, and other receivables from him/her whether or not covered by promissory notes or other credit agreements, all moneys under the Account/s or from proceeds from the sale of securities and things of value which may be in his/her hand on deposit or otherwise, belonging to the CLIENT which sale, whether public or private, RCBC is also hereby authorized to undertake likewise at its option, for and in the name of the owner/s thereof. RCBC shall not thereafter be or applying to the payment of said obligations any or all amounts under the Account/s or for the dishonor of checks, notes drafts or other instruments for insufficiency of the foregoing. RCBC is hereby authorized to debit the Account/s any time such amount/s as shall be established by RCBC as improper or excessive or erroneous credits thereto.
29. Insufficient Balance. In the event there is no outstanding or no sufficient balance under any or all Accounts of CLIENT to answer for any check, or of a counterfeit note, or of any other obligation of the CLIENT arising from any transaction under his/her Account/s, the CLIENT shall immediately pay RCBC said full amount or the deficiency, as the case may be, without need of prior demand or notice from RCBC, without prejudice to RCBC’s right to seek other legal remedies.
30. Excess or Erroneous Credit. Any excess or erroneous credit posted to the CLIENT’s Account/s shall be debited against the particular Account and/or the other Accounts of the CLIENT of any currency. The CLIENT hereby authorizes RCBC to automatically debit any over-credit, erroneous credit or misposted amounts from the Account/s without need of notice or demand. RCBC is likewise authorized, without notice to or consent of CLIENT, to close, hold and/ or debit the Account/s in case of cancelled remittance, Transactions subject of a stop payment request or subject to further verification, fraudulent acts of whatever kind and nature including, but not limited to, misrepresentation, the submission of false, forged, or misleading documents or information, and Transactions that are in violation of RCBC’s policies and/or procedures or existing laws and regulations. These shall be without prejudice to RCBC’s right, among other acts to which it is entitled to hereunder and under the law, to investigate the CLIENT’s Account/s, prevent, restrict, or suspend CLIENT’s access to the Account/s or RCBC’s other products or services; debit, reverse, suspend action on, unwind, or otherwise undo any Transaction arising from, caused by, or resulting from any of the above and, where applicable, return the proceeds of such Transaction to the remitter, depositor, or sender thereof, as the case may be, refuse the opening of additional Account/s in RCBC.
31. Indemnity. The CLIENT shall hold RCBC, and/or its directors, officers and personnel free and harmless from any and all claims, suits, actions, charges, other liabilities and obligations, and indemnify RCBC, and/or its directors, officers and personnel upon demand, for all losses damages and expenses it or any of them may suffer or incur, arising from or in connection with the acceptance of deposits to the Account/s or the processing of any transaction applied for or requested by the CLIENT, or for not honoring any instruction or check issued by the CLIENT or for closing any Accounts under the circumstances provided herein.
32 . Attorney’s Fees and Costs/Venue. In the event RCBC is compelled to institute judicial or extra-judicial action or proceedings to enforce collection of any indebtedness arising out of this Agreement, the CLIENT agrees and shall be bound to pay RCBC an additional amount equivalent to twenty percent (20%) of the total amount due, but in no case less than Five Thousand Pesos (P5,000.00) including accrued interest, as attorney’s fees in addition to cost of suit. In case a litigation arises herefrom, venue shall be exclusively in Makati City or in the place where the relevant unit, Business Center, or Branch of RCBC (or where the Account/s involved in the judicial action is maintained) is located, at the option of RCBC.
33. Applicable Rules and Regulations. In all cases not specifically provided for in the foregoing or otherwise by written agreement between RCBC and the CLIENT, the usual customs and procedure common in banks in the Philippines shall exclusively govern all transactions between RCBC and the CLIENT, with regard to the Account/s. The Account/s are also subject to such regulations, terms and/or conditions as may be imposed by BSP, BAP, U.S. IRS, and other regulatory agencies relative to the establishment and operation of the Account/s.
34. Amendment. RCBC reserves the right to amend these Terms and Conditions at any time and without need of prior or subsequent notice of changes to the CLIENT. Any amendments or changes may be posted in Diskartech, Diskartech partner channels, at any conspicuous place in RCBC premises, or in RCBC’s website; published in any manner; or furnished to CLIENT by other means of communication that may now or hereafter be available, electronic or otherwise, at RCBC’s sole discretion. The CLIENT hereby agrees that, when RCBC amends these Terms and Conditions, the then-current version of these Terms and Conditions supersede all prior versions and govern the CLIENT’s Account/s. The CLIENT hereby acknowledges and agrees that, by keeping his/her Account/s open and using the same, he is deemed to have accepted and agreed to the changes and is bound by the same. The CLIENT further understands that if he does not agree with said changes, he may close his Account/s as provided in these Terms and Conditions.
35. Separability Clause. If any or some of the terms and conditions herein is/are declared invalid or unenforceable, the rest of the provisions will not be affected thereby.
36. Interpretation. As used herein, the word “CLIENT” applies to any depositor, whether under an individual or a joint Account and shall include his/her plural form and the masculine pronoun used herein shall include the feminine and neuter form, whenever appropriate.
37. Notices and Communications. The CLIENT hereby agrees that RCBC and its offices, business centers, subsidiaries, affiliates, agents representatives and authorized third parties may send or communicate with the CLIENT via Short Message Service (SMS), email and/or other means available in the future for reminders, notices, promotional advertisements/campaigns from time to time concerning the Account/s of the CLIENT and other RCBC products and services. Any inquiries, complaints or requests of the CLIENT shall be communicated to RCBC Customer Care via phone at +63-2- 877-7222 or via email at [email protected] or by visiting the RCBC business center where his/her Account/s is/are maintained. The CLIENT hereby agrees that all notices and communications are deemed to have been duly received by the CLIENT if hand delivered to or sent by registered mail or courier to the address of the CLIENT indicated herein or subsequently provided to RCBC, or if sent by email and/or by other means available in the future. The CLIENT also agrees that he/she will be deemed notified of any changes in relation to his/her Account/s if such changes are either duly posted in conspicuous places in the RCBC Business centers, published in a newspaper, sent by registered mail, sent by SMS or sent by email or other means available in the future. The CLIENT further agrees to immediately notify the bank in writing of any changes in the information provided during account opening including, but not limited to, changes in residence, office, mailing address, email address and/or telephone and mobile number/s. In cases where the chosen mailing address is not accessible through mail or delivery, the CLIENT agrees that RCBC has the option to use the other addresses as deemed necessary. Relatively, all notices and communications sent to the declared mailing address and/or contact number/s shall be conclusively received by the CLIENT. CLIENT acknowledges that RCBC shall not be liable for nonreceipt of any communication or notification as a result of failure to update the RCBC with the applicable contact information as required.
38. PDIC Provisions. Deposit accounts are insured by the Philippine Deposit Insurance Corporation (PDIC) up to the maximum amount of Five Hundred Thousand Pesos (Php500,000.00) per depositor. All PDIC laws, rules, and regulations on deposit insurance shall apply.
39. Coverage of Terms and Conditions. All the terms and conditions above apply to all Account/s whether existing now and/or to be opened hereafter.
40. Governing Law. These terms and conditions are governed by the laws of the Republic of the Philippines
II. Electronic Banking Terms and Conditions for Retail Accounts
The following Terms and Conditions contain significant agreements involving all users of RCBC ELECTRONIC BANKING (“E-Banking”) CHANNELS such as to Automated Teller Machine (the ATM), Point-of-Sale (POS) Terminals and Internet Banking Facility (RCBC Online Banking).
1. All the terms “CLIENT” hereunder will refer to all users of the RCBC E-Banking Channels.
2. The “RCBC E-BANKING CHANNELS” covers the electronic products and facilities provided by RCBC for the use of its retail customers, namely:
i. RCBC Card/s. The CLIENT will be given his/her own RCBC ATM Card upon his/her application to use such for his/her RCBC Account/s. The RCBC Card/s or the card number in it, together with any other security requirements of RCBC can be used by the CLIENT to avail of banking products and services via different channels such as, but not limited to, the ATM, the internet, and the phone (through mobile applications) and the POS. Where RCBC Cards are issued to the CLIENT with Security Information, it shall be the CLIENT’S responsibility to safeguard both the RCBC Card and the Security Information. If CLIENT gives the RCBC Card to another person, he/she will accept full responsibility for all Transactions processed through the use of the RCBC Cards or any of the RCBC E-Banking Channels, whether or not processed with CLIENT’s knowledge or by his/her authority. RCBC will not be liable whatsoever for any such transaction, whether or not processed with the knowledge of or authority of the CLIENT. ii. RCBC Online Banking. The RCBC Online Banking Internet Service allows RCBC clients, to access their authorized and/or eligible Account/s online. This service will be available to the CLIENT upon enrollment to effect and perform the internet banking transactions authorized by RCBC. Where access to the RCBC Online Banking Internet Services has been granted to the CLIENT, with the use of his/her Security Information, it shall be the CLIENT’S responsibility to safeguard the access to his/her Accounts and the Security Information. If CLIENT gives such access to another person, he/she will accept full responsibility for all Transactions processed through the use of the RCBC E-Banking Channels, whether or not processed with CLIENT’s knowledge or by his/her authority. RCBC will not be liable whatsoever for any such transaction, whether or not processed with the knowledge of or authority of the CLIENT.
3. Responsibility of the CLIENT. The CLIENT acknowledges that any of the Security Information (i.e., Personal Identification Number (PIN), Username and Password) used in any of the RCBC E-Banking Channels is unique to himself/herself and agrees to keep these strictly confidential at all times. The CLIENT agrees that he/she:
i. is responsible for the confidentiality of such Security Information and any Transaction done or consummated through the use of the PIN or Username and Password shall be charged to the CLIENT’s Account/s, deposit balance or load balance, as applicable;
ii. will accept full responsibility for all Transactions processed through the use of the RCBC E-Banking Channels, whether or not processed with CLIENT’s knowledge or by his/her authority. RCBC will not be liable whatsoever for any such transaction, whether or not processed with the knowledge of or authority of the CLIENT;
iii.must immediately change the initial and/or temporary Security Information. The CLIENT shall be responsible for ensuring that all information containing his/her Security Information are memorized and all documents or communications containing any initial or temporary Security Information are immediately disposed of;
iv.must immediately notify RCBC and/or change or update his/her Security Information in case their confidentiality is compromised. The CLIENT may change his/her PIN in accordance with RCBC’s policies and procedures through: (a) any RCBC business center upon accomplishing the RCBC ATM Card Maintenance Form and/or other requirements; or (b) through any of RCBC’s electronic-banking channels
4. Documentation. All records maintained by RCBC, in electronic or documentary form, the Transactions or instructions of the CLIENT and other details in the availment of banking products through the electronic channels shall, as against the CLIENT, be deemed to be conclusive evidence
5. Effectivity of Electronic Instructions. RCBC may act, at its sole discretion, on any electronic instruction received through any RCBC E-Banking Channels and the use of any Security Information and/or any other security requirement/s of RCBC. All banking Transactions done by the CLIENT through any RCBC E-Banking Channels and the use of any Security Information and/or any other security requirement/s of RCBC may be immediately effected by RCBC unless otherwise instructed by the CLIENT, or unless the function requested is inherently not processed in real time.
6. Failure or Delay in Execution. The CLIENT undertakes to notify RCBC immediately of any failure or delay in execution of instructions through the use of the RCBC E-Banking Channels by writing, visiting or calling the issuing RCBC business center, RCBC Customer Care or by availing of the notification facilities in the electronic channels such as email, etc.
7. Dispute. In case of any dispute between the CLIENT with a merchant to whom payment of goods and/or services is effected through the use of the RCBC E-Banking Channels, RCBC shall not be answerable to either the CLIENT or merchant for any amounts, fees or charges in connection with such disputes. The CLIENT hereby acknowledges that such dispute is personal between him/her and the merchant.
8. Suspension of Availability. RCBC may suspend or withdraw the availability of any or all RCBC E-Banking Channels, without need for notice to the CLIENT, if at any time RCBC deems it necessary, in the event of an emergency (the opinion of RCBC being conclusive in this respect) or for security or maintenance reasons.
9. Representation and Warranties. RCBC makes no representations or warranties as to the security of any information, transaction, or instruction transmitted through an electronic medium. RCBC shall not be responsible for any loss of security or information or any loss or damage suffered or incurred by the CLIENT arising from or in connection with his/her electronic transmission of instruction, transaction or information, notwithstanding the employment by the CLIENT of any additional security layer that may be made available to the CLIENT.
10. Non-Liability. Unless otherwise required by law, the CLIENT shall be liable for all Transactions conducted with the use of the RCBC E-Banking Channels, whether or not they are performed by the CLIENT or his/her duly authorized representative. RCBC shall not be liable for any loss or damage of whatever nature in connection with transaction/s involving the CLIENT’s use of the RCBC E-Banking Channels, in any of the following instances:
i. disruption, failure or delay relating to or in connection with ebanking transactions due to circumstances beyond the control of RCBC fortuitous events such as, but not limited to, prolonged power outages, breakdown in computers and communication facilities, typhoons, floods, public disturbances, and calamities and other similar or related cases;
ii. loss or damage which the CLIENT may suffer arising out of any fraudulent or unauthorized utilization of the RCBC EBanking Channel due to theft or unauthorized use of his/her email or phone and/or unauthorized disclosure of PIN and/or Username and Password and or violation of other security measures with or without the CLIENT’s participation and/or arising out of authorized use of the RCBC E-Banking Channel;
iii.inaccurate, incomplete or delayed information received due to disruption or failure of any communication facilities used for the RCBC E-Banking Channels;
iv.mechanical defect or malfunction of the electronic device on which the RCBC E-Banking Channel is used (i.e., PC, ATM, POS, mobile/tablet devices, etc.); the ATM or MyWallet Card not being honored or being declined; any delay in the crediting of funds or debiting of payment from the deposit or load balance due to or by reason of failure or malfunction of any mechanical, electronic or other part, component system or network on which the ATM/POS/branch or merchant is critically dependent for normal and efficient operations; and/or
v. improper, unauthorized use of the RCBC E-Banking facilities and electronic devices (i.e., PC, ATM, POS, mobile/tablet devices, etc.); or recklessness or accident in connection thereof;
vi. any adverse consequences whatsoever on the CLIENT’s connection to, or use of, the internet, and shall not be responsible for the CLIENT’s use of an internet connection in violation of any law, rule, or regulation or violation of the intellectual property rights of another;
vii. any loss, injury, or damage suffered by CLIENT caused by acts or omissions of any third parties or otherwise not attributable to the fault or negligence of RCBC
viii. any prejudicial, unauthorized or fraudulent acts of whatever kind and nature including, but not limited to, misrepresentation, the submission of false, forged, or misleading documents or information; or
ix.Transactions on the Account/s are in violation of RCBC’s policies and/or procedures or existing laws and regulations Further, RCBC shall not be liable for any indirect, incidental or consequential loss, loss of profit or damage that the CLIENT may suffer by reason of the use or failure or inability to use the RCBC E-Banking Channel/s provided in these terms and conditions, unless otherwise required by law. This provision shall survive the termination or suspension of the right to use RCBC E-Banking.
11. Liability for Phishing. The CLIENT is aware and understands that his/her Account may be compromised through phishing which will enable unauthorized person/s to withdraw money from his/her Account using the CLIENT’s Account information/details, Username or Password/s which the CLIENT may have provided through any of the following means:
i. response to an email request for account information via a fake RCBC website; or
ii. use of email or internet facility (other than the secured RCBC website) through which the CLIENT provided account information; or
iii.any other analogous means/situations.
The CLIENT undertakes to cooperate, through all reasonable means, with RCBC’s efforts to prevent phishing and, accordingly, the CLIENT shall exert all means to prevent disclosure of his/her Account details, Card/s information and PIN. The CLIENT acknowledges that he/she is responsible for any and all withdrawals from the Account that may result from phishing, and shall hold RCBC, its officers, directors and employees free and harmless against any and all losses damages, expenses, liability and costs of any kind arising therefrom.
12. CLIENT’s Breach. In the event that RCBC, in its sole discretion, discovers or suspects that CLIENT has breached, or attempted to breach, any of these terms and conditions, RCBC may take all such steps and remedies as it deems appropriate, without need for prior notice to CLIENT, including, without limitation:
(a) investigate CLIENT’s Account/s;
(b) prevent, restrict, or suspend CLIENT’s access to the Account/s or RCBC’s other products or services;
(c) reverse, suspend action on, unwind, or otherwise undo any transaction which constitutes, caused, or resulted in such breach and, where applicable, return the proceeds of such transaction to the remitter, depositor, or sender thereof;
(d) refuse the opening of additional Account/s in RCBC;
(e) put CLIENT’s Account/s on hold; (v) close CLIENT’s Account/s.
13. Compliance with Existing Law/s. The CLIENT warrants that his/her use of the RCBC E-Banking Channels, specifically, the transfer and/or receipt of funds, does not and will not violate the applicable provisions of the rules of the BSP. Anti-Money Laundering Act (AMLA), its amendments and other pertinent laws, government rules or regulations. The CLIENT agrees to hold RCBC and/or any of its directors, officers, employees or representatives free and harmless from any and all actions, claims, suits, liabilities, obligations or damage whatsoever, and shall indemnify RCBC and/or its directors, officers, employees or representatives upon demand, for all losses damages and expenses they may suffer or incur arising from or in connection with the CLIENT’s violation of said laws, government rules or regulations.
14. Other Agreements. The provisions herein are in addition to the terms and conditions governing each Account designated by the CLIENT to be accessible through RCBC E-Banking Channels.
III. Special Provisions for RCBC E-Banking Retail Channels
1. RCBC ATM/Debit/Prepaid Card. The following provisions shall also govern all users of the RCBC ATM/debit/prepaid card/s (the “Card/s”):
i. Card Ownership. The CLIENT acknowledges that the Card/s will remain the property of RCBC and that RCBC, in its sole discretion, may withdraw the Card/s or terminate its privileges at any time without prior notice, if the CLIENT violates any of the Terms and Conditions stated herein or if RCBC is required by law to do so or for any reason whatsoever.
ii. Unclaimed Cards. Any Card that remains unclaimed by the CLIENT for a period of sixty (60) days shall be immediately disposed and/or destroyed by RCBC for security reasons, without further notice to CLIENT. CLIENT may re-apply for new Card/s, subject to RCBC’s policies and procedures and the payment of any applicable fees for the same.
iii. Lost/Stolen/Captured Cards. Lost or stolen Card/s or Card/s captured by any E-Banking Channel shall be immediately reported by the CLIENT to RCBC. The CLIENT may request replacement Card/s, subject to RCBC’s policies and procedures and the payment of any applicable fees for the same. Where applicable, RCBC may retain possession of any lost, stolen, or captured Card/s for any justifiable reason.
iv. Lost/Stolen/Captured Cards. Lost or stolen Card/s or Card/s captured by any E-Banking Channel shall be immediately reported by the CLIENT to the RCBC Customer Care at +632-8877-7222 or to the issuing RCBC business center. The CLIENT may also activate the blocking facility available through any of RCBC’s E-Banking Channels. The CLIENT may request replacement Card/s, subject to RCBC’s policies and procedures and the payment of any applicable fees for the same. Where applicable, RCBC may retain possession of any lost, stolen or captured Card/s for any justifiable reason. In case of such lost/stolen card, the CLIENT shall remain liable to pay any and all transaction/s made on the Card prior to his/her reporting of the loss, theft or such similar circumstance to RCBC.
v. Card Replacement. For any replacement of a Card, a processing fee will be charged, which the CLIENT may pay in cash or authorize RCBC to debit such from his/her Account as indicated by the CLIENT in the RCBC ATM Debit Card Maintenance Form. If the indicated Account has insufficient funds, the request for Card replacement will not be processed.
vi. Card Retention and Card Suspension. The use of any Card shall be automatically suspended upon (a) after three (3) successive unsuccessful attempts to access the same using incorrect Security Information. Such suspension shall be lifted upon CLIENT’s request, subject to RCBC’s policies and procedures and the payment of any applicable fees for the same.
vii. Expiry and Renewal. The Card shall be valid until the expiration date indicated therein, unless earlier terminated by RCBC or voluntarily returned by the CLIENT. The CLIENT may request for renewal of the Card, subject to RCBC’s policies and procedures and the payment of any applicable fees for the same. The CLIENT agrees that if no request is submitted to RCBC for renewal or if the request for renewal is denied for whatever reason, his Card privileges shall automatically be terminated.
viii. Fees and Charges. RCBC may charge processing fees for the issuance, replacement, renewal, or use of the Card/s or for any services provided through the Card. The details of such fees and charges shall be posted in Diskartech, Diskartech partner channels, at any conspicuous place in RCBC premises, or in RCBC’s website; published in any manner; or furnished to CLIENT by other means of communication that may now or hereafter be available, electronic or otherwise, at RCBC’s sole discretion. RCBC reserves the right to unilaterally change such fees and charges. The CLIENT agrees to pay all applicable fees, charges and/or penalties relative to the Card and authorizes RCBC to automatically debit the amounts thereof and other cardholder liabilities, at RCBC’s sole option, from the balance of the CLIENT’s Account/s.
ix. Conversion rate. For Transactions like withdrawals, Account inquiries, purchases of items/goods/services done abroad using the Card/s, the local currency of the place where the Card/s are used at the time of the Transaction/s shall be applied. Transactions using the Card, when made outside the Philippines or using foreign currencies, shall be converted at the exchange rate on the date the Transaction is posted. A fee shall be charged on the converted amount of foreign Transactions representing RCBC’s service fee/s and any assessment fee/s charged by any partner channel, payment network, correspondent bank/s, or processing intermediaries, and/or other affiliations. Payment Transactions made online and/or abroad using the Card/s may be subject to the regulations, controls, or limitations imposed by the merchant institution and/or country where the merchant is located or the Transaction is initiated/processed/posted.
x. Transactions with Merchants or Third Parties. In the event that CLIENT uses the Card/s relative to any transaction with any person other than RCBC, the CLIENT agrees that such transaction, including all pertinent correspondence, offers, promises, and terms, shall be deemed a private contract strictly between CLIENT and such person. CLIENT agrees that: (a) such third person may refuse to accept the Card/s to facilitate payment for such transaction or for any reason whatsoever; and (b) RCBC shall have no control or participation in such transactions and accordingly makes no recommendations, endorsements, guarantees, warrantees, or representations whatsoever in respect of the same. The CLIENT further agrees to hold RCBC free and harmless from any and all claims for damages in relation to such transactions; the refusal or failure of such third persons to accept the Card/s; and/or any complaint or issue that CLIENT may encounter in respect of such transactions. Accordingly, RCBC shall have no obligation to respond to any complaint or communication regarding such transactions, which CLIENT undertakes to address directly to the person concerned.
2 . RCBC Online Banking. The following provisions shall also govern all users of the Internet Banking Facility (RCBC Online Banking):
i. Auto-enrollment. Qualified new clients who agree to be enrolled in RCBC Online Banking and who do not have a User Account in RCBC Online Banking will be issued an internet banking invitation via e-mail.
ii. Enrollment Qualification. All retail individual deposit accounts, joint “or” deposit accounts, doing-business-as (DBA) deposit accounts and RCBC MyWallet cards shall be eligible to be auto-enrolled to RCBC Online Banking.
iii. Temporary Access Details. A system-generated email containing the temporary username, temporary login password and enrollment activation details shall be sent to the CLIENT’s nominated email address available in RCBC’s records. Upon activation, the CLIENT will be given a free nomination of his/her desired username login and transaction passwords to access RCBC Online Banking. The username and passwords are unique and specific to the CLIENT as an individual accessing his/her Accounts, as well as identifying himself/herself to RCBC as the rightful person accessing the online service.
iv. Enrollment Activation. The CLIENT agrees to activate his/her enrollment to RCBC Online Banking within ten (10) calendar days; otherwise, the temporary access details shall be deactivated. Likewise, the CLIENT’s enrollment record shall be deemed cancelled. Should the CLIENT request to be re-enrolled to RCBC Online Banking, this will be done by the CLIENT through online and manual enrollment via RCBC Online Banking website.
3. Client Contact Details. The CLIENT acknowledges that his/her nominated email address and/or mobile phone number maintained in RCBC’s records is active and valid and shall be where enrollment information and other online correspondences will be sent by RCBC and RCBC Online Banking.
i. Update in Client Information. The CLIENT may change or update his/her information on RCBC’s records by submitting the request via any RCBC business center or via RCBC Online Banking. Any change made on either channels will be considered final and with full knowledge and consent of the CLIENT. In case of submission of any update in CLIENT’s information in RCBC’s records through any of the above channels and where the CLIENT subsequently undertakes an online transaction in RCBC Online Banking within 48 hours from the submission of updated information, the CLIENT agrees that such online transaction will still be based on the CLIENT’s old information. The CLIENT agrees to hold RCBC free and harmless from any and all claims for damages in relation to such online transaction using the CLIENT’s old information.
ii. Additional Account Enrollment. Subsequent qualified accounts opened by a CLIENT with an existing User Account in RCBC Online Banking will not be included in the generation of auto-enrollment invitation regardless if the subsequent account/s is/are evidenced by an instruction from the CLIENT.
iii. Internet Security. The CLIENT understands and agrees that the use of or connection to the internet is inherently insecure, and that such a connection provides an opportunity for unauthorized access by third parties to the CLIENT’s computer systems, networks and any or all information stored therein. All information transmitted and received through the internet is subject to unauthorized interception, diversion, corruption, loss access, and disclosure. RCBC shall not be liable for any adverse consequences whatsoever on the CLIENT’s connection to, or use of, the internet, and shall not be responsible for the CLIENT’s use of an internet connection in violation of any law, rule, or regulation or violation of the intellectual property rights of another.
IV. TERMS AND CONDITIONS GOVERNING ELECTRONIC INSTRUCTIONS.
1. General. This section governs instructions sent by the CLIENT via (1) electronic mail messages and/or scanned instructions found in attachments to electronic mail and/or originally-signed digital bank forms (the “E-mail Instruction”) and/or (2) text messages, messages using messaging apps and other forms of ephemeral electronic communication (the “Ephemeral Instruction”), as defined in the 2001 Rules on Electronic Evidence. Both E-mail Instruction and Ephemeral Instruction shall hereinafter be collectively referred to as “E-Instructions”. The CLIENT recognizes that this special arrangement with RCBC (1) does not, and will not, cover any and all of the current and future electronic channels being made available by RCBC to its clients and which the CLIENT have already availed of, or has agreed to avail of, and which are subject to the channel’s specific terms and condition; and (2) this special arrangement with RCBC that is being adopted for the benefit and convenience of the CLIENT, and that for and in consideration of RCBC’s accommodation and acceptance of the E Instructions, the CLIENT hereby warrants and represents to RCBC that (i) the CLIENT’s E-mail Instruction is deemed an original or, at the very least, equivalent to an original of such instructions given by the CLIENT and/or his/her authorized representative/s; and (ii) the screenshot or photograph of the CLIENT’s Ephemeral Instruction, including an electronically saved copy thereof, is deemed a duplicate of such instructions, and is admissible against the CLIENT.
2. E-Instructions. The CLIENT hereby agrees and confirms that the following shall be considered E-Instructions: (1) electronic mail messages and/or scanned instructions found in attachments to electronic mail and/ or originally-signed digital bank forms (the “E-mail Instruction”) and/or (2) text messages, messages using messaging apps and other forms of ephemeral electronic communication (the “Ephemeral Instruction”), as defined in the 2001 Rules on Electronic Evidence. Both E-mail Instruction and Ephemeral Instruction shall hereinafter be collectively referred to as “E-Instructions”.
The CLIENT shall sign, execute, issue, deliver and/or confirm to RCBC, from time to time, the E-Instructions against his/her Account/s with RCBC, using such email account/s, telephone/cellphone number/s or messaging apps with which to send said Instructions to RCBC. The CLIENT shall likewise sign, execute, issue, deliver and/or perform any and all acts, agreements, documents, instruments or forms that may be required by RCBC in the implementation of the same, including the issuance of the pertinent letter of authority (LOA) for an authorized representative (the “Authorized Representative”) to accept, receive and/or pick-up manager’s checks, bank statements, checkbook orders, bank certification, if requested by the CLIENT.
For purposes of confirmation of the E-Instructions, which RCBC may conduct at its sole discretion, the CLIENT hereby designates the email account/s and/or telephone/cellphone number/s on record with RCBC as the email account/s and/or telephone/cellphone number/s by which RCBC may communicate and/or confirm, through email and/or telephone/cellphone call, the authenticity or validity of any and all received E- Instructions.
The CLIENT hereby represents, warrants, and guarantees: (a) the authenticity of his/her E-Instructions; (b) the accuracy of the contents of the E-Instructions; (c) where his/her E-Instruction is a digitized or electronic document, that such digitized or electronic document is a faithful recording of the E-Instruction to which it pertains and may be deemed an original of and in itself, subject to applicable laws on electronic documents, notwithstanding the existence of a paper version or replication thereof; (c) where the E-Instruction has been downloaded, retrieved, or extracted from a document register, that such document is a faithful replication of the document as filed in and/or supplied by the relevant document register. The Client undertakes to deliver the original paper copy of such E-Instruction and related documents as may be required by RCBC within the required number of days from the date of the implementation of the E-Instruction, as set by RCBC, or immediately upon RCBC’s request. The CLIENT understands and accepts such restrictions on the Account/s and/or Transactions as may be imposed by RCBC until his/her full compliance with the required documents and information of RCBC for the implementation of E-Instruction. Failure to submit said documents or information shall result in closure of the Account/s and/or the non-implementation of the E-Instruction and/or related Transactions, without prejudice to such other acts as RCBC may deem necessary and undertake to protect itself, the Account/s and/or the funds.
3. Issuance, Execution, Delivery and/or Transmittal of EInstructions. The CLIENT shall ensure that all E-mail Instructions:
a. are transmitted from the CLIENT’s designated email account/s on record with RCBC as the email account/s, or, in exceptional cases, other form of electronic correspondence to the e-mail account/s specified by RCBC, as may be updated with RCBC from time to time;
b. are clear and unambiguous in the determination of RCBC, which determination shall be conclusive and binding on the CLIENT;
c. are received by RCBC within a reasonable time of the banking day for the performance of the E-mail Instruction relayed therein;
d. for LOA and digital bank forms, bear the name and signature of the CLIENT and shown in the signature cards submitted by the CLIENT which are on file with RCBC;
e. show the complete information as provided for in RCBC’s standard forms or as prescribed by RCBC; and
f. if the CLIENT sends E-mail Instructions for the same transaction repeatedly, e.g., twice or more, the CLIENT agrees to indicate “Avoid Duplication” to avoid double/repeated processing. Financial losses/double payments incurred as a result of the CLIENT’s failure to caution RCBC shall be the sole responsibility of the CLIENT.
The CLIENT shall ensure that all Ephemeral Instructions:
a. are transmitted from the CLIENT’s duly registered telephone/cellphone number/s, or via messaging apps, indicating the CLIENT’s registered telephone/cellphone number/s, as may be updated in writing with RCBC from time to time;
b. are clear and unambiguous in the determination of RCBC (no text shortcuts and/or abbreviations), which determination shall be conclusive and binding on the CLIENT; and
c. are received by RCBC within a reasonable time of the banking day for the performance of the Instruction relayed therein;
4. Acts of RCBC
a. For the avoidance of any doubt, the CLIENT acknowledges, agrees and confirms that this arrangement does not cover any and all of the electronic channels being made available by RCBC, which the CLIENT have already availed of, or has agreed to avail of, and that the terms and condition governing the use of RCBC’s electronic channels shall prevail at all times;
b. The CLIENT agrees and acknowledges that RCBC, in any case, reserves and has the right not to act on any or all EInstructions that RCBC may deem incorrect or incomplete or for whatever other reasons which RCBC may or may not disclose to the CLIENT, at its sole discretion;
c. The CLIENT agrees to accept all actions of RCBC performed on the basis of E-Instructions made, or believed by RCBC to have been made, by the CLIENT. Notwithstanding the email message and/or telephone/cellphone call confirmation mentioned above, RCBC has no obligation to make any verification with the CLIENT about any E-Instruction that RCBC reasonably believes to have been made by CLIENT;
d. The CLIENT likewise agrees to accept all actions of RCBC performed on the basis of Ephemeral Instructions made, or believed by RCBC to have been made by the CLIENT. The CLIENT further agrees that, notwithstanding an email message and/or telephone/cellphone call for the confirmation of the authenticity and validity of the Ephemeral Instruction received, RCBC has no obligation to make any verification of the same with the CLIENT. In this regard, the CLIENT agrees to (i) monitor his/her registered and designated email account and/or telephone/cellphone number, and (ii) immediately flag to RCBC the invalid Ephemeral Instruction received.
e. Any E- Instruction shall be irrevocable once instruction has been implemented by the RCBC Business Center or RCBC Head Office operating unit who acted upon the E- Instruction;
f. The CLIENT likewise acknowledges that the print-out of his/her E-mail Instructions is also considered to be an original of the same under the existing Revised Rules of Evidence and shall be treated as such. The CLIENT hereby agrees that the print-out of the E-mail Instruction or other output readable by sight or other means which is shown to reflect the data accurately shall be sufficient for purposes of impugning or confirming the validity and/or authenticity of the said E-mail Instructions;
g. The CLIENT further acknowledges that the screenshot/photographs of the Ephemeral Instruction, including electronically saved copies thereof, shall be deemed a duplicate of such Ephemeral Instruction. The CLIENT hereby agrees that the screenshot/ photograph, electronically saved copies of the same, including enlargements and miniatures thereof, shall be sufficient for purposes of impugning or confirming the validity and/or authenticity of the Ephemeral Instruction; and
h. For telegraphic transfers, the CLIENT hereby authorizes RCBC and its duly authorized personnel to disclose to correspondent banks, agencies and other entities, foreign and/or local, such information on the CLIENT, the payee/s or destination Account/s as shall be required or needed for the processing of the transactions authorized in the E-Instructions and this arrangement.
5. Risks Assumed by the CLIENT. The CLIENT acknowledges that electronic mail transmission and text/app messaging and other forms of ephemeral electronic communication are not secure means of sending information and may be subject to tampering and unauthorized access, and may be fraudulently or mistakenly written, altered or sent, and may not be received in whole or in part by RCBC.
The CLIENT assumes all the risks involved in connection with the transmission of any E-Instructions, such as, but not limited to, risks of late, erroneous transmission, unauthorized, fraudulent or altered or incomplete E-Instructions. RCBC shall not be responsible for non-receipt of any E- Instruction.
Any financial loss as a result of the CLIENT’s E- Instructions to RCBC, which were received by RCBC as a result of tampering, hacking, unauthorized access of the CLIENT’s email/company/personal communication system and telephone/cellphones and other devices, and were implemented by RCBC, shall be borne solely by the CLIENT.
6. Suspension of Process. The CLIENT agrees that RCBC may suspend the acceptance of E-Instructions from time to time, even without prior notice to the CLIENT. If at any time RCBC deems it necessary, in the event of an emergency (the opinion of RCBC being conclusive in this respect) or for security or maintenance reasons, to suspend acceptance of any EInstruction, RCBC may do so without notice to the CLIENT. RCBC shall not be liable to the CLIENT for any suspension and/or unavailability of the e-mail facility or digital telephone/cellphone services and/or for any damages or losses suffered or costs incurred by the CLIENT due to such suspension.
7. Conclusiveness of E-Instructions. The CLIENT agrees that RCBC’s records of the contents of received E-Instructions and other details (including but not limited to payments made or received) shall, as against the CLIENT, be deemed to be conclusive evidence of such instructions and such other details. The CLIENT agrees and acknowledges that RCBC shall not be liable for any inaccuracy or omission of any data, information or message in the E- Instructions, or for any delay in the transmission or delivery thereof, or for any loss or damage arising from such inaccuracy, omission, and/or delay. Neither shall RCBC be liable for any force majeure event (such as flood, natural disasters, fire, war, labor dispute, accident, power failure, equipment malfunction) or any other cause beyond the control of RCBC.
The CLIENT confirms that RCBC is authorized to debit or transfer from the CLIENT’s Account/s such amount/s as shall be specified in the E-Instructions made, or believed by RCBC to have been made, by the CLIENT.
The CLIENT hereby agrees and confirms that RCBC need not receive any paper-based document containing the EInstructions in order for RCBC to implement said instruction and/or related transaction.
8. Indemnity. The CLIENT hereby irrevocably and unconditionally agrees to hold and keep RCBC free and harmless from and against any and/or all claims, suits, actions or proceedings of whatever kind or nature that any person may file or institute against RCBC arising from or in connection with the EInstructions given by the CLIENT. The CLIENT shall indemnify and compensate RCBC against any and/or all damages, losses, liabilities, costs and expenses of whatever nature and howsoever arising suffered or incurred by RCBC, including without limiting the generality of the foregoing attorney’s fees and costs of suit, whether directly or indirectly arising from any breach by the CLIENT of his/her obligations hereunder. The CLIENT’s liability hereunder shall be a continuing obligation and shall survive any cancellation or termination of this arrangement.
The CLIENT absolutely and irrevocably waives, releases and discharges RCBC, its assigns and successors-in-interest, owners, directors, officers, employees, agents and representatives (collectively, “BANK”) from any and all rights, interests, claims and cause or causes of action that the CLIENT, his/her heirs, assigns, and successors-in-interest, may now or in the future claim to have against RCBC arising from or in connection with the reliance by RCBC on the E-Instructions given by the CLIENT.
V. Financial Consumer Protection
1. CLIENT may send RCBC requests, feedback, complaints, inquiries, or concerns about his Account/s, Card/s, Transactions, or any related products and/or services to the following:
| Electronic Mail: | [email protected] |
2. RCBC is regulated by the Bangko Sentral ng Pilipinas (BSP). In addition to the preceding section, CLIENT may file complaints with the BSP Financial Consumer Department using the following contact details:
| Electronic Mail | [email protected] |
| Webchat | http://www.bsp.gov.ph |
| https://www.facebook.com/BangkoSentralngPilipinas | |
| Contact No. | (02) 8708-7087 |
3. All complaints shall be subject to a comprehensive investigation by RCBC in accordance with its established guidelines and procedures on complaints handling. RCBC shall notify the CLIENT of its findings or results of its investigation within reasonable time from the completion of the same. CLIENT agrees that such results and findings shall be final and conclusive as against him.
PRODUCT HIGHLIGHTS
General Information
The DiskarTech Basic Deposit Account (“BDA”) is a savings account with no opening or maintaining balance. Customers can deposit to and withdraw from their DiskarTech BDA’s by visiting any of DiskarTech’s partner channels.
The DiskarTech BDA has three levels – community, full, and regular.
- Community BDA:
- For users who submitted a primary or secondary ID, and passed first-level verification
- For users who submitted a secondary ID, and passed both first-level and second-level verifications
- Full BDA:
- For users who submitted a primary ID, and passed both first-level and second-level verifications
Product Features
Product Name: DiskarTech BDA
Initial Deposit: ₱ 0.00
Maintaining Balance: ₱ 0.00
Maximum BDA Balance: ₱ 49,700.00
Interest Rate: 4.88% p.a.
Average Daily Balance to Earn Interest: ₱ 0.00
Fund Access: DiskarTech partner channels
Fees and Charges
Deposit Transactions via Partner Channels: None
Withdrawal Transactions via Partner Channels: Depending on the Partner Channel
Withdrawals via RCBC ATMs: None for the year 2021
Transfers to other DiskarTech Accounts: None
Transfers to other RCBC Accounts: None
Transfers to other bank and e-wallet accounts: ₱ 8.00
Bills payment: Depends on the biller
Product Name: DiskarTech Regular Savings Account
Initial Deposit: ₱ 0.00
Maintaining Balance: ₱ 0.00
Interest Rate: 0.15% p.a.
Average Daily Balance to Earn Interest: ₱ 25,000.00
Fund Access: DiskarTech partner channels
Deposit Transactions via Partner Channels: None
Withdrawal Transactions via Partner Channels: Depending on the Partner Channel
RCBC Cardless ATM Withdrawal: ₱ 0.00
Transfers to other DiskarTech Accounts: None
Transfers to other RCBC Accounts: None
Transfers to other bank and e-wallet accounts: ₱ 25.00
Bills payment: Depends on the biller
Key Risks
Maximum deposit amount is ₱ 49,700.00 for full BDA, and ₱ 10,000.00 for Community BDA.
Maximum account balance is ₱ 50,000.00 for full BDA, and ₱ 10,000.00 for Community BDA.
No Maximum deposit amount and No Maximum account balance for Regular Peso Savings Account.
The DiskarTech BDA and DiskarTech Regular Savings is a deposit account and is insured by the Philippine Deposit Insurance Corporation (PDIC).
I hereby acknowledge that by proceeding with the opening a DiskarTech Basic Deposit Account (BDA) via RCBC’s DiskarTech App constitutes my consent and agreement to the following:
I. That I have read and understood the Terms and Conditions of this product.
II. That I have read and understood the Product Highlights.
I further acknowledge that RCBC may disclose and share my personal information, based on my select preferences in the following screen.