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, or of any transaction under, any and all present or future accounts that CLIENT may open through the DiskarTech platform(the “Account/s”) are all genuine, true, complete and valid and the said documents have not been cancelled or revoked and the information correct and subsisting as of the date they were provided to RCBC.
The CLIENT also warrants that he will submit the documents and information required by RCBC in relation to such account opening within the required period as may be imposed by RCBC. Failure to submit said documents or information shall result in closure of the Account/s.
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 has read and understood the product highlight or information sheet for the Account/s and that he 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. CLIENT acknowledges that certain features of an Account (“restricted Account”) may be subject to his/her compliance with RCBC’s additional requirements, including, but not be limited to, further verification of CLIENT’s identity, CLIENT’s submission of additional documents, and/or CLIENT’s maintenance of a certain amount of funds in the Account. RCBC further 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 responsibility in ensuring that his bank records are current, accurate, and updated. The CLIENT shall promptly inform RCBC of any such changes in his records.
2. Transactions on Account/s. The CLIENT agrees to use only such facilities and channels designated by RCBC in undertaking any deposits, withdrawals, fund transfers, payments, or transactions of whatever nature (collectively, “Transactions”) affecting the Account/s /s. Any transaction entered into by CLIENT outside such designated facilities and channels, with any bank personnel or any other third person, shall not be recognized by RCBC and shall be deemed to have been entered into without the proper authority. The CLIENT agrees that all Transactions shall be undertaken through electronic means, unless otherwise indicated by RCBC, and following the procedures determined by RCBC or, where applicable, RCBC’s authorized partners, agents, or subcontractors. The CLIENT warrants and guarantees (a) his exclusive ownership and/or good title to all funds in the Account/s or his right to receive or take possession of the same, and (b) the correctness, genuineness and validity of all Transactions and of the endorsements, signatures, and information found in the relevant form or document supplied by CLIENT to RCBC in relation to such Transactions. RCBC shall not be liable for losses caused by any inaccuracies in the steps undertaken by the CLIENT during the Transaction process.
3. Account Maintenance. The CLIENT agrees that all Account/s shall be subject to such requirements as RCBC may determine from time to time for the use, updating, and/or maintenance of Account/s, including but not limited to, Know-Your-Customer procedures, Account or Transaction verification procedures, Account upgrading requirements, and/or transaction quotas. Unless otherwise stated by RCBC, a restricted Account shall be available for use by CLIENT only for a period of twelve (12) months from the date of Account opening, unless CLIENT meets RCBC’s additional requirements for the continued use of such Account.
4. 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.
5. 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.
6. 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.
7. Stale Checks. Any check that is deposited with or presented to RCBC for payment six (6) months from its date shall not be accepted.
8. 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.
9. Improperly Handled Accounts. An Account will be automatically closed by RCBC without need of prior notification to the CLIENT in case the Account is mishandled by:
(i) the issuance of unfunded or insufficiently funded check/s, where applicable, without prior arrangement with RCBC; and/or
(ii) if any documents or information are not submitted within the required/regulatory periods..
The remaining balance of the Account upon closure shall be returned to CLIENT by RCBC following the procedure determined by RCBC for this purpose, subject, where applicable, to the surrender of any unused checks that CLIENT may have in his possession.
10. Temporary Holding of Accounts. RCBC shall have the right, in its sole discretion, but without any obligation to do so, to place a temporary hold on the Account and/or take any necessary action, including but not limited to the filing of interpleader suits, any of which acts performed by RCBC are hereby expressly authorized, confirmed and ratified by the CLIENT, in cases where:
(i) there is a claim or dispute relating to the Account; or
(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; or
(iii) RCBC receives contradictory instructions, written, electronic, or otherwise, or any instruction not to allow CLIENT, his authorized representative/s, or any other person who may claim to have an interest in the Account/s, as applicable, to operate the Account; or
(iv) there exists or occurs circumstances or events analogous or similar to any of the foregoing.
For this purpose, the CLIENT hereby agree 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 or the pursuit of any such action which RCBC, at its option considers appropriate including the filing of interpleader suits.
11. 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.
RCBC is authorized to close the Account/s, even without prior notice to CLIENT, if, in RCBC’s sole determination:
(i) the Account/s are improperly handled; or
(ii) the Account/s are involved in or used or suspected to be used for any fraudulent, criminal, or unlawful activities; or
(iii) there was/were misrepresentation(s) in the opening of the said Account/s; or
(iv) CLIENT failed to comply with RCBC’s requirements for the use, updating, and/or maintenance of Account/s; or
In the event an Account is closed (for any reason), RCBC is further authorized to report such closure and the reason/s therefor 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:
(i) the closing of an Account; and/or
(ii) the dishonor of any check thereunder which may be presented to RCBC after closure of the Account; and/or
(iii) the reporting by RCBC of the Account/s’ closure and the reason/s therefore to the BAP, BSP, AMLC, US IRS and/or other appropriate government agency, office, or body.
The CLIENT understands that, if his Account/s earned interest before they were closed, his funds will stop earning interest once the said Account/s are closed, whether by him or by RCBC, and even if the funds remain with RCBC and until they are claimed or returned to the CLIENT.
12. Interest. The Account/s shall earn interest at a rate determined by RCBC, computed based on end of day balance, provided the required minimum daily balance is maintained. 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.
Interest rates on time deposits and the terms of payment thereof shall be declared by RCBC to CLIENT on the date of the placement or rollover, as applicable. After placement or rollover, as applicable, no change in interest rates or other terms of time deposits shall be allowed, unless otherwise authorized by RCBC. No consent or confirmation, with respect to the change in the interest rate, shall be required from CLIENT.
13. Dormant Accounts. Account/s without any CLIENT-initiated Transactions (e.g., deposit, withdrawal, fund transfer) for two (2) years shall be classified as dormant. RCBC shall have the right to determine the particular Transactions that may prevent an Account from becoming dormant. No CLIENT-initiated Transaction shall be allowed for a dormant account until the same is reactivated according to such procedures as RCBC may prescribe. Account/s 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.
14. 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.
15. Minimum Balance. A monthly average daily balance (“ADB”), as set by RCBC, must be maintained by the CLIENT. Account/s falling below the required minimum monthly ADB shall be subject to service charge/s. RCBC reserves the right to change the minimum monthly ADB or service charges from time to time. 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 any further notice to CLIENT.
16. Service/Maintenance Charges. The Account/s/ whether active or dormant, shall be subject to such 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 refusal, return, or dishonor of any Transactions, checks, drafts, notes or other instruments that may result from RCBC’s deduction of such Charges from the Account.
17. 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.
18. Deceased Clients. If RCBC has knowledge of the death of the CLIENT, RCBC shall have the right to refuse any or all Transactions on Account/s 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;
(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 CLIENT; and
(iii) an heir’s bond equivalent to the value of the account in favor of RCBC.
Release of the funds in the Account/s 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/or estate tax shall be made in accordance with the laws and regulations.
19. Payroll Accounts. Payroll Accounts shall be converted into regular Savings Accounts, 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 maintenance of a minimum balance and the payment of all applicable fees and charges.
20. 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.
21. FATCA Declaration / US Person Prohibition. The CLIENT acknowledges that the Account/s under these Terms and Conditions are open to non-US Persons only. By agreeing to these Terms and Conditions, the CLIENT confirms his or her status as a non-US Person. The CLIENT hereby agrees to notify RCBC within thirty (30) days from the change of his or her status to US Person.
22. 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.
23. Account and Transaction Records. RCBC shall maintain a record of all his Account information and Transactions. RCBC may provide CLIENT with a confirmation of a completed Transaction. CLIENT agrees that RCBC’s records on his Account/s and Transactions shall be final and conclusive as against him. RCBC reserves the right to deny any request of the CLIENT for a copy of such Account or Transaction records. The CLIENT agrees that he shall not compel RCBC to produce any information, document, or copies of the same, and that he shall not hold RCBC liable for any damages or costs for not producing any requested document or copy thereof. CLIENT agrees that RCBC’s records on his Account/s and Transactions shall be final and conclusive as against him.
24. Security for Obligations. RCBC 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, and other receivables from him, 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 RCBC’s possession, 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 CLIENT and/or the owner/s thereof. RCBC shall not thereafter be liable for applying to the payment of said obligations any or all amounts under the Account/s or for the refusal and/or dishonor of any Transactions, checks, notes drafts or other instruments resulting from such application and/or from RCBC’s actions under this paragraph. 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.
25. Insufficient Balance. In the event there is no outstanding or no sufficient balance under any or all Account/s of CLIENT to answer for any check, or of a counterfeit note, or of any other obligation of the CLIENT arising from any Transaction, the CLIENT shall immediately pay RCBC said full amount or the deficiency, as the case may be, upon RCBC’s demand, without prejudice to RCBC’s right to seek other legal remedies.
26. Excess or Erroneous Credit. Any excess or erroneous credit posted to the CLIENT’s Account/s shall be debited against such Account/s and/or the other Account/s of the CLIENT of any currency. The CLIENT hereby authorizes RCBC to automatically debit any overcredit, erroneous credit or misposted amounts from the Account/s without need of notice or demand.
27. 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.
28. 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.
29. 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.
30. 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.
31. Assignment. CLIENT agrees that RCBC may assign the Account/s and its rights and obligations under these Terms and Conditions to any other person or entity, without need of any further notice or consent to CLIENT.
32. 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.
33. Interpretation. As used herein, the word “CLIENT” applies to any depositor, whether under an individual or a joint account and shall include its plural form and the masculine pronoun used herein shall include the feminine and neuter form whenever appropriate. “Diskartech” shall refer to the mobile application bearing the same name; all related website/s, sub-domain/s, and software; and all future versions and iterations of the foregoing, regardless of name, unless otherwise indicated.
34. Notices and Communications. The CLIENT hereby agrees that RCBC and its offices, branches, units, subsidiaries, affiliates, agents representatives and authorized third parties may send or communicate with the CLIENT via Short Message Service (SMS), instant messaging applications, email, and/or other means available in the future for reminders, notices, or promotional advertisements/campaigns from time to time concerning the Account/s of the CLIENT and other RCBC products and services.
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 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 will be deemed notified of any changes in relation to his Account/s if such changes are duly posted in 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.
35. 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.
36. 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.
37. 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
1. The following Terms and Conditions contain significant agreements involving all users of RCBC ELECTRONIC BANKING (“E-BANKING”) CHANNELS such as, but not limited to, DiskarTech, Automated Teller Machines (“ATM”), and Point-of-Sale (“POS”) Terminals, ATM/debit//prepaid card/s, website/s, and/or online facilities. We therefore advise the CLIENT to please review these terms and conditions and indicate whether the CLIENT agrees or disagrees with them.
2. All the terms “CLIENT” hereunder will refer to all users of the RCBC E-Banking Channels.
3. Responsibility of the CLIENT. The CLIENT acknowledges that any of the Security Information 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 his Security Information shall be presumed to be authorized by CLIENT and charged to the CLIENT’s Account/s, 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 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 any initial and/or temporary Security Information. The CLIENT shall be responsible for ensuring that all information containing his Security Information are memorized and all communications containing any initial and/or temporary Security Information are immediately disposed of;
(iv) must immediately notify RCBC and/or change or update his Security Information in case their confidentiality is compromised. The CLIENT may change his/her PIN in accordance with the policies and procedures designated by RCBC for the same.
For the avoidance of doubt, Security Information shall mean any information that may be designated to or used by CLIENT to access, gain, or regain access to RCBC E-Banking Channels, including, but not limited to, e-mail addresses, mobile phone numbers, usernames, passwords, one-time passwords, and personal or confidential information of CLIENT that may be designated by him as answers to security questions.
4. Documentation. All records maintained by RCBC, in electronic or documentary form, representing the Transactions or instructions of the CLIENT and other details in the availment of banking products or services through the RCBC E-Banking Channels shall, as against the CLIENT, be deemed to be conclusive evidence of such Transactions, instructions, and such other details.
5. Effectivity of Electronic Instructions. RCBC will only be obliged to act on any electronic instruction received through the use CLIENT’s Security Information. All Transactions done by the CLIENT through the RCBC E-Banking will be immediately effected unless otherwise instructed by the CLIENT, or unless otherwise indicated by RCBC.
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. The CLIENT agrees and understands that RCBC shall have no obligation to notify him in case of any failure or delay in the execution of any instructions made thru the use of the RCBC E-Banking Channels.
7. Private Disputes. Any agreement, transaction, or business between the CLIENT and any third person/s, whether or not a depositor of RCBC, including all pertinent correspondence, offers, promises, and terms, shall be deemed a private contract strictly between CLIENT and such third person/s. The CLIENT acknowledges that RCBC shall have no control or participation in such private contracts and that RCBC makes no recommendations, endorsements, guarantees, warrantees, or representations whatsoever as to such contracts and the particular goods or services that may be subject of such contracts. In case of any dispute between the CLIENT and any third person/s, regardless of whether the payment of goods and/or services subject of such private contracts was effected through the use of the RCBC E-Banking Channels, RCBC shall not be answerable to either the CLIENT or such third person/s for any amounts, fees or charges in connection with such disputes. The CLIENT hereby acknowledges that such dispute is personal between him and the third person/s concerned.
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 represents that it has applied a range of security controls to protect its system from unauthorized access. Nonetheless, RCBC makes no representations or warranties as 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 its 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 e-banking transactions due to circumstances beyond the control of RCBC or 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 E-Banking Channels due to (a) theft or unauthorized use of his Security Information or electronic device/s used by him to access RCBC E-banking Channels, (b) unauthorized disclosure of his Security Information, and (c) violation of other security measures, with or without the CLIENT’s participation and/or arising out of authorized use of the RCBC E-Banking Channels;
(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 any electronic device/s on which the RCBC E-Banking Channel is used (i.e., PC, ATM POS, mobile phone/tablets/devices, etc.); the ATM/debit/prepaid card not being honored or being declined for any reason; 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;
(v) improper, unauthorized use of the RCBC E-Banking facilities and electronic devices (i.e., PC, ATM, POS, mobile/tablets 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.
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 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 Account/s, Diskartech user account, or any other accounts in RCBC E-Banking Channels, may be compromised through phishing which will enable unauthorized person/s to withdraw money from his account using the CLIENT’s Account information/details and/or Security Information which the CLIENT may have provided through any of the following means:
(i) response to an email request for Security Information or account information via a fake RCBC or DiskarTech website;
(ii) use of email or internet facilities (other than the secured RCBC website) through which the CLIENT provided Security Information or 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, Security Information, ATM/debit/prepaid card information. The CLIENT acknowledges that he is responsible for any and all withdrawals from the Account/s 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 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, the 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’s 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) 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.
(v) 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.
(vi) 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.
(vii) 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.
(viii) 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.
IV. 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]|
|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.
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 two levels – restricted and full.
- Restricted 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
- Customer must upgrade to a full BDA within 12 months of the restricted BDA being opened. Otherwise, the restricted BDA will be closed.
- Full BDA:
- For users who submitted a primary ID, and passed both first-level and second-level verifications
Product Name: DiskarTech BDA
Initial Deposit: ₱ 0.00
Maintaining Balance: ₱ 0.00
Interest Rate: 3.25% 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: 1% of amount
Withdrawals via RCBC ATMs: None for the year 2021
Transfers to other DiskarTech Accounts: None
Transfers to other RCBC Accounts: None
Transfers to other banks’ accounts: None for the year 2021
Bills payment: Depends on the biller
Deposit Transactions via Partner Channels: None
Withdrawal Transactions via Partner Channels: 1% of amount
RCBC Cardless ATM Withdrawal: ₱ 10.00
Transfers to other DiskarTech Accounts: None
Transfers to other RCBC Accounts: None
Transfers to other bank and e-wallet accounts: ₱ 10.00
Bills payment: Depends on the biller
Maximum deposit amount is ₱ 48,000.00 for full BDA, and ₱ 5,000.00 for restricted BDA.
Maximum account balance is ₱ 50,000.00 for full BDA, and ₱ 5,000.00 for restricted BDA.
The DiskarTech BDA is a deposit account and is insured by the Philippine Deposit Insurance Corporation (PDIC).
Third Party Feature Disclaimer: DISKARTECH features products and services from third parties (“Third Party Products and Services”), such as, but not limited to telemedicine products of Healthcare United Global Solutions Inc. (iDoc) and Philippine Natural Telehealth (provided by CashKo Insurance Brokerage Inc. and RuralNet, Inc.), insurance products of Malayan Insurance Company, Inc., and loan products of Asialink Finance Corporation and Rizal MicroBank, Inc. – A Thrift Bank of RCBC.. Any and all liability, including any express or implied warranties, whether oral or written, for such Third Party Products and Services are hereby disclaimed. By proceeding to avail of any Third Party Products and Services, the customer confirms and accepts that such transactions, including all pertinent correspondence, offers, promises, rates, quotations, and terms, shall be: (a) deemed a private contract strictly between the customer and the third party product owner or service provider, which are distinct and separate, and not in any way affiliated to or controlled by RCBC, unless otherwise indicated, and (b) subject to DISKARTECH’s terms and conditions, particularly Sections 5.f (Transactions with Third Parties) and 5.g (Third Party Websites).
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.