a. The Depositor warrants that he/she is aware of the provision of RA No. 9160 (Anti-Money Laundering Act of 2001, as amended) and that the funds to be deposited into the account/s come from legitimate undertakings. The Depositor authorizes the BPI Direct BanKo, Inc. to make any such verification or reports in compliance with R.A. No. 9160, as amended, as it may deem appropriate, for which the bank and its service providers shall be held free, harmless and indemnified from any and all liabilities, claims and/or damages.
b. The Depositor certifies that all statements made in this application, together with all supporting documents provided in connection herewith is true and correct. Should the Depositor apply for any loan or credit accommodation, the Depositor hereby authorizes the BPI Direct BanKo, Inc., its officers or representatives to obtain and verify any and all information including previous credit transactions with other financial institutions, from whatever sources the Bank may consider appropriate. For this purpose, the Depositor expressly waives any and all statutory provisions governing the confidentiality of such information. It is agreed and understood that any misrepresentation or failure to disclose information may cause the disapproval of any such loan application, and/or may subject the Depositor/Borrower to possible criminal prosecution, if such misrepresentation/omission is subsequently discovered, in addition to civil case/s that may be pursued against him/her.
c. The Depositor authorizes the Bank to automatically credit/debit any electronic money transaction and to auto sweep balances from/to the Depositor’s mobile wallet to/from the deposit account, and waives the confidentiality of any information related to these transactions (Bank Secrecy of Deposit RA No. 1405).
2. ATM Cards
a. The Depositor may be issued, at the sole discretion of BPI Direct BanKo, Inc., ATM cards which the Depositor may use to access own account through BPI Direct BanKo, Inc.’s or any of its affiliated ATMs or Point-of-Sale terminals/networks and effect such permitted transactions in relation therewith.
b. ATM cards remain at all times the property of BPI Direct BanKo, Inc. The Depositor acknowledges that BPI Direct BanKo, Inc. may withdraw or suspend the ATM card or services offered for any other reason(s) which, in the opinion of BPI Direct BanKo, Inc., would prejudice the interest of both the Depositor and BPI Direct BanKo, Inc.
c. The ATM card is being issued for the Depositor’s exclusive use. It is non-transferable and can neither be lent for the temporary use of another person nor can the same be assigned or pledged as security in any manner whatsoever.
d. Any transaction effected using the Depositor’s ATM card shall be conclusively presumed to have been made or authorized by the Depositor. The Depositor agrees and undertakes to immediately call the BPI Direct BanKo, Inc.’s Customer Hotline upon the loss or theft of any ATM card issued to the Depositor. Cards that are captured for no apparent reason in any ATM shall be considered lost and must likewise be reported promptly. Any loss due to withdrawal/purchase/transfer of funds using any lost/stolen ATM card, prior to receipt by BPI Direct BanKo, Inc. of such call, shall be for the Depositor’s account. The Depositor acknowledges that BPI Direct BanKo, Inc. has no obligation to issue a replacement ATM card following the loss or theft of the card originally issued to the Depositor.
e. Transaction and card balance limits may be assigned or changed by BPI Direct BanKo, Inc. at its option pursuant to applicable laws, subject to thirty (30) days prior notice to the Depositor.
3. SIM CARD/MOBILE PHONE NUMBER
a. The Depositor agrees and undertakes to immediately call BPI Direct BanKo, Inc.’s Customer Hotline upon the loss of SIM card and/or change of mobile number. Any loss due to withdrawal/purchase/transfer of funds using your SIM Card enrolled mobile phones, prior to receipt by BPI Direct BanKo, Inc. of such call, shall be for the Depositor’s account. The Depositor acknowledges that BPI Direct BanKo, Inc. has no obligation to issue a replacement of the lost/stolen SIM card.
b. The Depositor acknowledges that BPI Direct BanKo, Inc. may suspend the use of SIM card and/or related services offered for any other reason(s) which, in the opinion of BPI Direct BanKo, Inc., would prejudice its interest or of the Depositor.
c. The Depositor agrees and undertakes NOT to share the SIM card and MPIN to anyone. Any transaction effected using the depositor’s SIM Card and MPIN shall be conclusively presumed to have been made or authorized by the Depositor.
d. Change of Depositor Information – The Depositor shall immediately notify BPI Direct BanKo, Inc.’s Customer Hotline via telephone or a written notice of any changes in name, residence, office address, mobile number, email address or mailing address and/or telephone numbers.
e. Fees, Rates and Other Charges – The Depositor agrees to pay fees and charges related to the use of the channels and facilities such as but not limited to, ATM withdrawals and balance inquiry, cash-in/cash-out, funds transfers (send money), bills payment, buy insurance and loan payment, which shall be inclusive of all applicable Philippine taxes and shall be debited from the Depositor’s account or paid upfront without further notice.
f. Authority to Impose Charges – The Depositor agrees that BPI Direct BanKo, Inc., may impose from time to time service charges and such other bank charges on any or all of the accounts and such other products, services, facilities and channels within legal and regulatory limits.
g. Dormancy – Account becomes dormant or inactive if no Depositor-initiated monetary transactions are performed for the last two (2) years. Moreover, inactive account for ten (10) consecutive years shall be escheated in favor of the Treasurer of the Philippines.
h. Interest Rate – The interest rate on savings account shall be computed on the basis of average daily balances provided the required minimum balance for the day, if there is any, is maintained. Interest earned shall be credited at the end of each quarter.
i. Change in Product Features – BPI Direct BanKo, Inc. has the right to change or amend the features, benefits, transaction limits, rates and insurance coverage of the Deposit Account product at any time, subject to a sixty (60) days prior notice to the Depositor before its effectivity.
j. Fraudulent Transactions – BPI Direct BanKo, Inc. is authorized to close account/s even without prior notice in cases when said account/s are mishandled which involve any fraudulent or illicit activities, and to report such closure and the reason/s therefore to the Bankers Association of the Philippines (BAP), the Bangko Sentral ng Pilipinas (BSP), or to any central monitoring entity established by the BAP to monitor and keep record of mishandled deposit accounts. BPI Direct BanKo, Inc. and its officers and employees shall be held free, harmless and indemnified from all liabilities, claims, demands of whatever kind in connection with or arising from, but not limited to (a) the closing of account and/or (b) the reporting of the closure of account(s) and the reason(s) therefore to the BAP, the BSP, or to any central monitoring entity or body established by the BAP to keep record of, and monitor mishandled accounts.
k. Disputes and Erroneous Transactions – The details in the SMS/text confirmation message after every transaction are presumed true and correct unless the Depositor notifies BPI Direct BanKo, Inc. of any disputes there on within fifteen (15) days from the date of transaction. Disputed transactions shall only be credited back to the Depositor’s account once the claim/dispute has been properly processed, investigated, and proven to be in favor of the Depositor. On the other hand, there shall be no reversals for transactions made through mobile or web menu-based commands and erroneous transactions made by the Depositor. In case of erroneous credit to Depositor’s account, the Depositor shall not withdraw or transfer the subject amount to enable the BPI Direct BanKo, Inc. to perform a self-adjustment through automatic reversal/debit of the Depositor’s account. In the event that depositor-initiated withdrawal/transfer of fund pre-empts a supposed automatic reversal/debit, the Depositor shall either return the subject amount to his/her account in order for BPI Direct BanKo’s automatic reversal/debit to take place or deposit the same to the depository account of BPI Direct BanKo, Inc. Non-observance of this particular provision shall subject the Depositor to possible civil and criminal cases.
l. Agreement – By signing the Application form, the Depositor hereby acknowledges and agrees to be bound by the Terms and Conditions including all such other rules and regulations that BPI Direct BanKo, Inc. may subsequently prescribe from time to time. The Depositor likewise agrees that the operation of BPI Direct BanKo, Inc. account(s) is subject to the Terms and Conditions governing Products, Services, Facilities and Channels as well as the circulars, rules, regulations and policies of the Bangko Sentral ng Pilipinas and the Bankers Association of the Philippines and agrees to be bound thereby.