Terms and Conditions

Bank of the Philippine Islands products, services, facilities, and channels

Updated Terms and Conditions effective March 31, 2024.

I. Introduction

The terms "Bank", "we" and/or "our" shall refer to any of the Bank of the Philippine Islands, or BPI Direct BanKo, Inc., A Savings Bank or any member of the BPI Group or any of its subsidiaries and affiliates, successors and assigns. The terms "you" and/or "your" shall refer to the accountholder(s) of any of the Bank of the Philippine Islands or BPI Direct BanKo, Inc., A Savings Bank or any member of the BPI Group or any of its subsidiaries and affiliates, successors and assigns.

For purposes of these Terms and Conditions, “BPI Group” means, collectively, BPI and its Affiliates and their respective subsidiaries and affiliates, successors and assigns, such as, but not limited to, BPI Direct BanKo, Inc., A Savings Bank, BPI Capital Corporation, BPI Asset Management and Trust Corporation, BPI/MS Insurance Corporation, BPI Century Tokyo Lease & Finance Corporation, BPI Century Tokyo Rental Corporation, and BPI Securities Corporation. ""Affiliate"" means any corporation, partnership or other form of association which is directly or indirectly controlled by, or is under common control with, or controls BPI. The term “control” (including with correlative meanings, the term “controlling”, “controlled by”, and “common control”) shall mean (i) ownership of at least twenty percent (20%) of the total issued and outstanding capital stock in such corporation or association, or (ii) the right to elect at least twenty percent (20%) of the number of directors in the corporation or association, or (iii) the right to cause the direction of the management and policies of such corporation, partnership or other form of association, whether through the ownership of shares, directorship, management, community of interest or contract or otherwise.

The terms "Account" and/or "Accounts" shall refer to each account or such account(s), product(s), service(s) or facility(ies) of the Bank which you opened and/or availed pursuant to these Terms and Conditions.

II. Terms and conditions

1. Applicability of/Conformity to Terms and Conditions; Amendments and Nomination/Enrollment Effectivity - You agree that any current, savings, time deposit and/or other accounts (whether in local or foreign currency) which you opened and/or maintained with the Bank shall be considered as part of the Bank’s Accounts, products, services and facilities, which may be accessed through various channels. Such Accounts, products, services, facilities and channels shall be subject to and governed by the Terms and Conditions set forth herein as the same may be amended, modified and revised from time to time.

All terms and conditions of existing current, savings, time deposit and/or such other account agreements with the Bank, insofar as these are not inconsistent with the terms and conditions governing all the other Bank products, services, facilities and channels, shall remain in full force and effect and shall form part hereof.

You further agree that the Bank shall, from time to time, and, at its discretion, have the right to add, revise, modify, amend, supplement or cancel, in whole or in part, any of the Accounts and such other products, services, facilities and channels, as well as the terms and conditions thereof, such as, but not limited, to terms and conditions on minimum balance requirement to earn interest, tiered rates of interest and corresponding placement brackets and relevant charges and fees. Any such addition, revision, modification, amendment, supplement or cancellation will take effect and are deemed binding on you upon notice to you in writing or by display or advertisement in the Bank premises, or by publication, or by posting on the Bank’s website, or by electronic mail (email) transmission, short messaging service (SMS) or such other use of electronic platform or electronic transmission or similar means of delivery or by such other methods of communication which the Bank considers appropriate and effective, all of which additions, revisions, modifications, amendments, supplement or cancellation shall form an integral part of these Terms and Conditions.

New Accounts and such other products, services, facilities and channels may be introduced by the Bank from time to time. By using or, if applicable, availing and/or opting into these new Accounts and such other products, services, facilities and channels when they become available, you agree to be governed by the appropriate terms and conditions, including any and all amendments, modifications and revisions thereof. The existing terms and conditions relating to the Accounts and such other products, services, facilities and channels already availed or, if applicable, you agree to, shall likewise govern the availment of upgraded/expanded/improved versions, as well as variants or affiliated versions thereof, in addition to any other or new terms and conditions, insofar as these are not inconsistent therewith.

Any Accounts and such other products, services and facilities and/or its upgraded/expanded/improved versions, variants and/or affiliated versions thereof which are availed and/or covered under the appropriate terms and conditions may automatically be activated and/or enrolled by the Bank in the pertinent delivery system or channels of the Bank without need of further notice or advice to you.-

The Bank, its parent company, any member of the BPI Group, its subsidiaries and affiliates, successors and assigns, or Program Partner institutions may, from time to time, undertake marketing and sales promotions for which separate terms and conditions, or promotional mechanics shall be developed, and which shall be in effect during the period specified by the Bank. It is understood and agreed that such terms and conditions are supplementary to these Terms and Conditions.

In case the Accountholder is a minor or is legally incapacitated, it is agreed that the parent(s), guardian(s) and/or the person(s) exercising parental authority over the minor or legally incapacitated shall: (i) have read and understood and are bound by these Terms and Conditions; (ii) have explained to the minor or legally incapacitated the use and operation of the Accounts, products, services, facilities and channels; and (iii) have undertaken to explain to the minor or legally incapacitated the use and operation of any new Accounts, products, services, facilities, channels and any enhancements/new features including the upgraded/expanded/improved versions, variants and/or affiliated versions thereof, as well as any new terms, conditions and changes thereto. The parent(s), guardian(s) and/or person(s) exercising parental authority acknowledge that they have principal and solidary liability with the Accountholder and, as such, agree to hold the Bank free and harmless and indemnified from damages, liabilities, claims, suits and causes of action arising from the use and operation of the Accounts, products, services, facilities and channels except if the loss or damage actually incurred or suffered is solely and directly caused by the gross negligence or willful misconduct of the Bank.

In the case of deposit in trust such as the "In-Trust- For" Account (ITF Account), you agree that the owner of the funds is the individual for whose benefit the ITF Account is opened and that you are merely holding and operating said account in trust for such owner.

If any of these Terms and Conditions or its modifications, additions, revisions, amendments or supplements thereto is declared to be invalid or unenforceable, the remaining portions or provisions thereof shall remain in full force and effect.

2. Other Governing Laws, Rules and Regulations - These Terms and Conditions shall be governed by and construed in accordance with the applicable laws of the Republic of the Philippines and by the Bank’s by-laws, policies, regulations and practices which shall be brought to your attention by publication, display, advertisement, posters including posting on the Bank’s website, BPI Mobile app or other Bank channels, by electronic mail (email) transmission, short messaging service (SMS) or by such other electronic transmission or use of an electronic platform which the Bank, at its option, deems appropriate and effective, and you submit to the non-exclusive jurisdiction of Philippine courts.

All circulars, rules and regulations and guidelines of Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Philippine Deposit Insurance Corporation (PDIC), Anti-Money Laundering Council (AMLC) and such other regulatory bodies on, among others, deposit accounts/investment placements shall form part of and shall be deemed incorporated by reference into these Terms and Conditions. You also agree that all the Accounts and such other products, services, facilities and channels shall likewise be governed by all applicable circulars, rules and regulations of the BSP, SEC, PDIC, AMLC and such other relevant government regulatory bodies or agencies.

3. Account Opening and Maintenance - The Accounts may be opened and maintained at the sole discretion of the Bank upon your compliance with all the account opening/maintenance/documentary requirements in the manner as may be required and/or imposed by the Bank from time to time, such as, but not limited to, "Know Your Customer" ("KYC") screening measures as required by the AMLC, the submission of duly completed and executed account opening forms, the appropriate corporate Board/Partnership Resolutions and approvals, delivery of the applicable initial deposit amount and such other supporting documents as may be prescribed by the Bank.

The Accounts shall be for your exclusive use. Accounts including any of the Bank’s products, services, facilities, and channels availed in relation thereto are non-transferable and shall not at any time and for any reason be lent for the use of another person or entity nor can the same be pledged as security in any manner whatsoever without the Bank’s prior written consent.

You agree to nominate a branch of convenience, which shall serve as your branch of account that will identify, assist and orient you in your account opening and maintenance. However, any Bank branch may facilitate your over-the-counter transactions.

4. Representations and Warranties – You represent and warrant to the Bank on a continuing basis that:

(a) You have secured all appropriate corporate approvals and authorizations necessary to make the terms and conditions of the Accounts, products, services, facilities and channels as well as any modifications, additions, revisions and/or supplements thereto, legally binding and enforceable;

(b) You shall not misuse, abuse nor employ any of the Accounts, products, services, facilities and channels for purposes other than the intended use thereof;

(c) You shall not lend any of the Accounts for use of another person or entity nor can the same be pledged as security in any manner whatsoever without the Bank’s prior written consent;

(d) Nothing in these Terms and Conditions governing the Accounts, products, services, facilities and channels shall interfere with, or result to a breach of the provisions of any other agreements binding upon you;

(e) All particulars, data, information and documents which you provided or submitted to the Bank are complete, accurate, updated and true to your best knowledge, and you shall immediately notify the Bank in writing of any changes and submit supporting documents relevant thereto.

5. Banking Days – “Banking Days” are from Monday through Friday, except for banking, legal and/or special holidays, whenever such term is used in reference to (i) banking days of regular branches; (ii) determining the period of time i.e. notices, performance of action etc.; or (iii) days of the week when Bank transactions are posted into the Bank’s system.

The Bank may choose to open selected regular bank branches and kiosks on weekends to open Accounts and cross-sell specific identified Bank products.

6. Acceptance of Deposits – The Bank may accept your deposits in cash or check, or similar instruments, such as, money orders/treasury warrants. The Bank shall not be liable for any discrepancy in the amount of deposit verified/counted vis-à-vis the amount stated in the deposit slip. Only deposits actually received, verified and counted by the Bank will be credited to the Account. All items credited are subject to final payment in cash or solvent credit.

In the case of check deposits, the Bank acts only as your collecting agent in receiving your checks and other items/documents for collection. The Bank is entitled to refuse for deposit, encashment or collection certain items, such as, but not limited to, provincial or foreign checks, stale checks, postdated checks and other similar items, as the Bank may deem appropriate. You further agree to assume full responsibility for the correctness, authenticity and validity of all endorsements appearing on the checks or other items deposited to your Account with the Bank. Drawings may not be made against such check deposits until actual payment has been received by the Bank, or full proceeds has been collected from correspondent banks, in accordance with: (i) existing BSP/Philippine Clearing House Corporation (PCHC) rules and regulations; or (ii) clearing or collection arrangements made with correspondent banks, in case of checks denominated in foreign currency. If no payment for the collection items is received for whatever reason, then the Bank is entitled to charge back or claim reimbursement for any spurious, defective, erroneous or lost item credited to the Account regardless of the time that has lapsed, whether or not the collection item itself can be returned.

Checks payable to “OR” and “AND” payees shall be subject to applicable payee’s signature(s) /endorsement(s) requirements.

Second endorsed checks are not allowed. Deposits made through the Bank’s night depository facility or through deposit pick-up service shall be subject to the Bank's final count and verification, the findings of which shall prevail over the figures/amounts you indicated in the deposit slip. The Bank shall notify you of any discrepancy.

The Bank may likewise accept credits to/debits from the Accounts (i.e. payroll accounts, remittances or fund transfers or suppliers'/distributors' accounts).

In case of credits/payments to your Account, you represent that you are lawfully entitled to receive such credits/payments from the originator/remitter/transferor/payor. In case of debits/payments from your Account, you represent that you have authorized such debits/payments to the beneficiary/remittee/transferee/payee.

The Bank reserves the right and is authorized, in its sole discretion and without need of demand, notice or consent, at any time to (i) hold the Account; (ii) debit or cause the debiting of your Account; or (iii) effect any adjustments in connection with or resulting from (a) the Bank’s erroneous credit to and/or debit; (b) any drawing made against your Account when no actual payment has been received by the Bank; (c) a cancelled remittance or remittance which is subject of a return or reclamation or stop payment request; (d) subject to verification, any alleged fraudulent acts of whatever kind and nature including, but not limited to, misrepresentation, submission of false, forged or misleading documents or information without prejudice to the Bank’s right to avail of any or all of the remedies set out in Section 30 (Termination/Suspension of Agreement/Use) and Section 31 (Closure of Accounts); or (e) such other circumstances or cases analogous or similar to any of the foregoing.

Should the Account balance be insufficient to allow hold, debit or adjustment for any of (a), (b), (c), (d) or (e) above, you authorize the Bank to hold, or debit and/or cause the debiting of the due amount plus interest and charges, if any, computed from the date incurred until fully paid, from any or all Accounts in your name, whether held singly or jointly with others, or, whether maintained with the Bank or any member of the BPI Group or any of their subsidiaries or affiliates, successors and assigns. This is without prejudice to the Bank's right to consolidate, transfer and set-off your Account balances as set forth in Section 29 (Consolidation/Set-Off/Transfer).

Unless the loss or damage you incurred or suffered is solely and directly caused by the gross negligence or willful misconduct of the Bank, the Bank shall incur no liability under this Section as set forth in Section 34 (Limitation of Liability/Indemnity).

7. Interest on Accounts - Interest on your Accounts will be calculated based on such Accounts' daily balance provided that your balance does not fall below the required balance to earn interest. Interest earned shall be credited according to the Bank-determined interest rate as are/will be reflected on the pricing and rates advisories and, as the same may be amended, revised, updated and/or supplemented from time to time.

8. Minimum Account Balance - You shall maintain account balances at the agreed/required monthly average daily balance (ADB) computed as follows:

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

The Bank may impose and collect service charges and/or maintenance fees on Accounts, whether active or dormant, where the Account balances: (i) have fallen below the required minimum monthly ADB, for dormant accounts; and (ii) have fallen below the required monthly minimum ADB for at least two (2) consecutive months, for active accounts.

You agree not to close the Account within one (1) month from Account opening and hereby authorize the Bank to immediately and automatically effect a one (1) month partial hold-out on your Account in an amount equivalent to a maintenance fee specified in an attachment herein which shall be made an integral part hereof, or in such other amount as may be prescribed by the Bank from time to time. This is, however, in accordance to the observance of the 2-day cooling off period from date of account opening upon which the Bank will not charge you a maintenance fee for early account closure. You agree that in the event the Account is closed after the 2-day cooling off period and still within one (1) month from Account opening, the maintenance fee shall immediately be paid and the amount subject of the partial hold-out shall automatically be applied to the payment of said fee.

You acknowledge that you are at all times aware of and will keep yourself informed of the required minimum monthly ADB, the service charges, maintenance fees, dormancy fees and penalties applicable for various types of Accounts, products, services, facilities and channels, as the case may be, as well as any amendments, revisions or modification thereto, which fees, charges and penalties are available to you upon request or through various channels of the Bank or are published, displayed, advertised, posted in the ATM on-screen messages or such area near the Bank’s ATM or in conspicuous places within the Bank’s premises and/or posted on the Bank’s website, whichever is applicable, all of which are made integral parts hereof.

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

Any Account with zero balance, regardless of status, may automatically be closed by the Bank without notice.

The Bank may, from time to time, revise and/or change the applicable fees, charges, penalties including increases in the required minimum monthly ADB for various types of Accounts, products, services, facilities and channels, as the case may be. Notices of any changes, amendments or revisions will be provided to you through Statements of Account, through the Bank channels, publication, display or advertisement, posting in the ATM on-screen messages or such area near the Bank’s ATM or in conspicuous places within the Bank’s premises and/or through posting on the Bank’s website, BPI Mobile app or other Bank channels or any of them or by electronic mail (email) transmission, short messaging service (SMS) or such other electronic transmission or by such other means of communication which the Bank, at its option, considers appropriate and effective, shall be valid and effective notice to you. Such revisions and/or changes shall be effective on the date specified by the Bank, subject to compliance with applicable legal and regulatory requirements. Your continued usage and/or availment of the Accounts, products, services, facilities and channels of the Bank after the effective date of such changes, amendments and/or revisions shall be deemed to constitute your acceptance of the changes, amendments and/or revisions without reservation.

9. Dormant Accounts - In compliance with BSP rules and regulations, any Account which remains (i) inactive, or (ii) where no client-initiated transactions are performed for a period of two (2) years, for Savings Accounts, and for a period of one (1) year, for Current Accounts, shall be considered dormant. Unless otherwise reactivated by updating or causing the update of Account information and effecting a deposit or withdrawal transaction thereon, dormant accounts which have fallen below the required minimum monthly ADB shall be imposed the applicable monthly service/dormancy fee and shall be charged in accordance with the regulations prescribed by the BSP. Accounts which remain inactive for a period of ten (10) years shall be escheated in favor of the Treasurer of the Philippines.

You shall be informed by registered mail with return card or proof of delivery (POD) service of the Philippine Postal Corporation or such other mail couriers to your last known address at least sixty (60) calendar days prior to the imposition of the applicable monthly service/dormancy fee.

10. Authority to Impose Service Fees and Charges - You authorize the Bank to impose and collect from time-to-time applicable service charges, maintenance fees, dormancy fees, penalties, taxes and such other bank charges on any or all of the Accounts and in respect of such other products, services, facilities and channels of the Bank within legal and regulatory limits.

You agree that you will be notified of said fees and charges through any of the Bank’s applicable official communication channels outlined in Section 25 hereof.

11. Account Withdrawals - Only signatures appearing on the signature cards or Bank agreements on file will be honored by the Bank for withdrawals and transfer of funds. Such withdrawals/transfer of funds from your Accounts shall be subject to the following terms:

(a) Savings Accounts - You agree that the Bank shall not be liable for payments made to any person who shall present such savings passbook. No entries other than those effected by the Bank shall be recorded in the Savings Passbook.

The savings passbook is issued to assist you in monitoring your transactions and account balance. However, since your Account allows you to transact business even without the savings passbook, including automatic debit arrangements (ADA) or such other transactional requirements agreed upon with the Bank in writing, the amount of balance shown therein shall not be conclusive, unless updated and verified by the Bank after comparison with its records.

In the event of any discrepancy between the entries in the savings passbook and the Bank's records, the latter shall prevail. Savings passbooks are not transferable. Only duly accomplished withdrawal slips containing signatures, using the English or any other Anglicized alphabet, in ink or other means of writing with a character of permanence shall be honored.

For non-passbook accounts, you agree to withdraw through the ATM and such other Bank channels. The Bank reserves the right to impose applicable service fees and charges for non-passbook transactions undertaken over-the-counter.

(b) Current Accounts - Withdrawals from Current Accounts made through checks should be duly executed by you. Only checks containing signatures, using the English or any other Anglicized alphabet, in ink or other means of writing with a character of permanence shall be honored. You agree to provide all security measures necessary and required for the proper safekeeping and use of your checks and check records while taking all appropriate precautions to prevent the unauthorized use of the checks.

(c) Time Deposits - Time deposits (TD) are deemed automatically paid/terminated at maturity date with proceeds credited to a settlement Account you designated upon your TD account opening based on your instruction appearing on your TD certificate. Presentation of the certificate will no longer be necessary to effect auto-payment on maturity date/last maturity date. If terminated prior to maturity date/last maturity date, the time deposit proceeds to be credited to your designated settlement Account shall be subject to your submission and compliance with applicable Bank requirements and shall be net of any applicable taxes, administrative costs, service fees and such other pre-termination charges and penalty (the “Pre-termination Expenses”), all of which are for your account.

(d) Foreign Currency Deposits - Withdrawals in foreign currency notes are subject to availability of such notes. Fractions of foreign currencies may, at the Bank's discretion, be paid in pesos. Conversion rates from one currency to another will be based on the Bank's prevailing buying and selling rates. Service fees may be charged for foreign currency cash withdrawals/deposits. The Bank shall have the right to pay your withdrawal in the currency you require and/or such other currency, at the Bank's discretion.

12. Signature Cards - You agree to complete and submit signature cards containing your specimen signatures or those of your authorized signatory(ies) with authentication by the duly appointed corporate secretary/managing partner/appropriate officer, if a juridical entity, and Customer Information Sheet (CIS) and other required bank forms in such manner and which you agree to update in such frequency as may be required by the Bank, applicable laws, BSP and AMLC implementing rules and regulations.

13. Reliance - You irrevocably and unconditionally authorize the Bank to:

(a) Rely and act upon:

(i) all instructions, information, orders, notices, requests, communications, other correspondences and documents (collectively, the “Instructions”) which may from time to time be received by the Bank and sent, or purport to be given, by you or any of your authorized representatives on your behalf by whatever medium, whether through electronic means or such other modes of communication deemed appropriate and acceptable by the Bank, which includes but not limited to, through telephone, video conferencing, telex, electronic mail (email) transmissions, short messaging services (SMS) or through scanning, whether in portable document format (PDF) form, as a picture image of a scanned document or as an attachment to an email, transaction triggers, including encoded data or uploaded files, or in any other electronic format using an electronic platform or app deemed appropriate by and acceptable to the Bank or any such other electronic means shall be deemed fully authorized by and binding upon you;

(ii) the authenticity, genuineness and due execution of the documents submitted to the Bank in relation to the Instructions, and the signatures and seals on such documents; and

(iii) all Instructions which the Bank reasonably believed in good faith to have emanated from you through the use of your BPI Debit Card/Data/Number and such other valid or applicable credentials you nominated that are required for multi-factor authorizations.

(b) Accept such Instructions as correct, complete, accurate and duly authorized by you.

You agree that your telephone communications and phone conversations with the Bank may be recorded, and any such recordings or transcript thereof shall be conclusive evidence of the contents and admissible as evidence in any judicial, administrative or proceeding in respect of any or all of the Accounts, products, services, facilities and channels of the Bank or the transactions covered thereby.

The Bank will process your transactions based on the Instructions you have given. The Bank is entitled to (but is not bound) take such steps in connection with or in reliance upon the Instructions as it may in good faith consider appropriate. The Bank shall not be held liable for transactions that have been completed based on erroneous requests including, but not limited to: (i) erroneous and invalid data, such as, among others, mobile number, Account/reference number, merchant name or scheduled dates for payment/funds transfer inputted; or (ii) erroneous amount provided. As such, you shall be responsible for the verification and accuracy of Instructions you send to the Bank. The Bank’s records and books shall be evidence of such Instructions or implementation of such Instructions.

In consideration of the Bank acting in accordance with your Instructions, you irrevocably agree to indemnify and hold the Bank free and harmless from and against any and all liabilities, losses, claims, actions, suits, proceedings, demands, damages, costs and expenses of whatever nature arising out of or in connection with the Bank’s reliance and implementation of the Instructions except if the loss or damage actually incurred or suffered is solely and directly caused by the gross negligence or willful misconduct of the Bank.

14. Joint Accounts – For Joint “AND” and Joint “OR” Accounts, you agree to be governed by the following terms and conditions:

(a) Each person who is a signatory for a Joint Account shall be deemed an Accountholder of such Joint Account.

(b) Each of you represents that you are of legal age or have the capacity to open a deposit account or enter into legally binding contracts.

(c) Any balance credited to your Joint Account(s), presently or in the future, is and will be owned by you as Joint Accountholders and, unless the contrary is proved, your respective interest in the Joint Account is presumed equal. In case of death of any of the Joint Accountholders, you acknowledge that the interest, if any, of the heirs of the deceased Joint Accountholder, shall be limited to the share of the deceased Joint Accountholder in the Joint Account.

(d) Any liability by a joint co-depositor for any or all amounts due and owing to the Bank including applicable services fees, maintenance fees, dormancy fees, penalties, bank charges and taxes shall be joint and several and the Bank is authorized to hold/set-off/debit/pay/apply the same from the Joint Account jointly held by you or any Account held individually by any of you.

(e) Each of the surviving Accountholders shall immediately notify the Bank in writing of the death of any one of the Accountholders. Further, in case of death of your co-depositor and, there are transactions after death, you herein expressly authorize the Bank, at its discretion and without need of notice to or consent from you, to provide the heirs and claimants Statements of Accounts and transaction documents for transactions after death. This constitutes your express consent and waiver under the applicable bank secrecy, foreign currency deposit, confidentiality and data privacy laws of the Philippines. Upon receipt of the written notice of death, the Bank may hold all moneys and items in the name of the Accountholders (i) to the credit of all the Accountholders, or surviving Accountholders, as the case may be; or (ii) as security for, any services, facilities, products or obligations then outstanding in the name of all or any of the Accountholders. Any release of the funds shall be subject to applicable laws, rules and regulations, as well as the Bank’s policies, procedures and practices.

(f) In case the Bank receives contradictory instructions from the Joint Accountholders, the Bank may, at its option, require all Joint Accountholders to provide the Bank with common instructions and thereafter only act on the mandate of all the Joint Accountholders. In the absence of such common instructions, the Bank is authorized, in its sole discretion, to (i) freeze or hold the Account until its receipt of the mandate of all the Joint Accountholders; or (ii) (without obligation to do so) file an action for interpleader in court or take such other appropriate actions or remedies to resolve the contradictory instructions. You agree to indemnify and hold the Bank free and harmless from and against any claims in connection with any action taken on the Joint Account or the operation thereof and for the costs of suit, attorney's fees, and such other expenses which the Bank may incur in resolving the contradictory instructions.

(g) Notice to any one of you shall be valid and effective notice to all of you.

(h) 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) the Bank receives contradictory instructions, written or otherwise, or any instruction not to allow a co-depositor to operate the Account, or

(iv) there is an instruction or request by any person natural or juridical, for the Bank to freeze or hold the Account, or

(v) there exists or occurs circumstances or events analogous or similar to any of the foregoing, the Bank is authorized, in its sole discretion but without any obligation to do so, to (i) freeze or hold the Account until its receipt of the mandate of all the Joint Accountholders; or (ii) take any necessary action, including, but not limited to, the filing of interpleader suits, any of which acts performed by the Bank are expressly authorized, confirmed and ratified by and are binding on all the Joint Accountholders. For this purpose, you agree to fully indemnify and hold the Bank, its directors, officers, employees and representatives free and harmless against any and all liabilities, whether civil, criminal or administrative, which the Bank, its directors, officers, employees and representatives or any of them may incur or suffer in connection with any action or non-action taken on the Joint Account or the operation thereof including costs of suit, expenses and legal fees, if any.

(i) You agree that any deposit made to the Joint Account shall be binding on all the Joint Accountholders and all funds deposited and/or credited into the Joint Account shall be owned by all of you as Joint Accountholders regardless of the source of funds or payee(s) of the checks deposited into the Joint Account.

14.1. For Joint “AND” Accounts, you agree that the signatures of all Accountholders are required for all transactions of whatever nature relating to the Accounts.

14.2. For Joint “OR” Accounts, you agree to be governed by the following terms and conditions:

(a) BPI Debit Cards may be issued to some or all of you. In such cases, the Bank may implement debit instructions for such Accounts which are received from any one of you using any of the BPI Debit Cards.

(b) All instructions, notices, communications, directions and transactions, including any assignment or encumbrance to be made by any one of you through any of the Accounts and channels are deemed done with the consent of and are binding on all your Joint Accountholders.

(c) Further, by opening a Joint “OR” Account, as joint co-depositors, each of you warrants that you have irrevocably designated, constituted and appointed each other as attorney-in-fact and authorize each other to do any transactions relating to the Account. For these purposes, you authorize the Bank to honor, at the Bank’s sole option and discretion but without obligation to do so, (i) any withdrawal, funds transfer or disbursement effected by any one of you through the Accounts and Bank channels; (ii) any written assignment or encumbrance of the Account by any of you, as security for any obligation or for automatic debit arrangements (ADA) with the Bank, any member of the BPI Group, its subsidiaries and affiliates, successors and assigns, merchants or such other Program Partner institutions, whether through electronic means or otherwise; (iii) all checks, instructions by telephone or electronic means, notices or other communications, directions, other instruments and transactions signed and effected by any one of you without restriction; and (iv) for dormant account/s, Account reactivation by any one of you or by any of the heirs of a deceased Joint Accountholder in accordance with the Bank’s established policies and procedures. The Bank reserves the right to require the above authorities to be contained or sent in a particular form or with supporting documents and you herein agree to comply when required.

(d) The provisions of items (a), (b) and (c) above notwithstanding, you agree that the Bank shall not honor the following instructions or documents unless otherwise specifically instructed in writing or executed by all of you:

(i) Instruction to change address or any other instructions concerning the maintenance of the Account;

(ii) Affidavit of Loss and request for replacement of passbook or certificate of deposit or any other evidence of Account ownership. Affidavit of Loss and request for replacement of BPI Debit Card should be executed by the Accountholder to whom the Card was issued;

(iii) Special Power of Attorney authorizing a third party to (a) withdraw or effect funds transfer, disbursement or any transaction relating to the Account; or (b) assign or encumber the Account as security for any obligation;

(iv) Instruction to add an Accountholder or delete an Accountholder from the Account; and

(v) Instruction to close the Account.

15. Corporate or other Non-individual Accounts - For corporate or other non-individual Accounts, you represent and warrant to the Bank on a continuing basis that the incorporation and its related documents, information and representations contained in the relevant bank forms submitted for account opening are up-to-date, complete, true, correct, accurate and that all appropriate and necessary corporate action has been taken to authorize the execution of documents, instruments and agreements related to the opening of the Accounts as well as the availment of products, services, facilities and channels of the Bank. You acknowledge and agree that, unless and until the Bank receives notices in writing of any changes, the Bank is authorized to fully rely and act on such information and representations for all purposes and without need of conducting any further verification on the accuracy of such information. However, whenever required by the Bank and for whatever reason, you agree to submit updated corporate documents and authorizations as a condition for maintaining of Accounts as well as the availment of products, services, facilities and channels of the Bank. You likewise acknowledge and confirm that your Accounts as well as the products, services, facilities and channels of the Bank availed by you shall be governed by, and that you agree to be bound by, and comply with, these Terms and Conditions, as the same may be amended, revised, updated, modified and/or supplemented from time to time.

In cases where:

(a) there is a claim or dispute, including intra-corporate disputes, relating to the Account, or

(b) 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

(c) the Bank receives contradictory instructions, written or otherwise, or any instruction not to allow a signatory to operate the Account, or

(d) there is an instruction or request by any person, natural or juridical, for the Bank to freeze or hold the Account, or

(e) there exists or occurs circumstances or events analogous or similar to any of the foregoing.

The Bank shall have the right and is authorized, in its sole discretion, to (i) freeze or hold the Account until final resolution or settlement of the claim or dispute or until the appropriate court of competent jurisdiction shall have made a final determination and resolution of the claim or dispute; or (ii) without obligation to do so, take any necessary action, including, but not limited to, the filing of interpleader suits, any of which acts performed by the Bank are hereby expressly authorized, confirmed and ratified by and binding on you. For this purpose, you agree to fully indemnify and hold the Bank, its directors, officers, employees and representatives free and harmless against any and all liabilities, whether civil, criminal or administrative, which the Bank, its directors, officers, employees and representatives or any of them may incur or suffer in connection with any Bank action taken on the Account or the operation thereof including costs of suit, expenses and legal fees.

16. Consent to Processing and Disclosure of Information - You acknowledge and agree that updated information relating to you (including personal data), your respective Accounts, transactions, business and credit relationships, or account information or records, provided by you or made available to or in the possession of the Bank or any member of the BPI Group (collectively, the “Information”) may be collected, obtained, used, stored, consolidated, processed, profiled, benchmarked, disclosed, and shared to, by the Bank or any member of the BPI Group, or by and between the Bank and another member of the BPI Group, or by and among the Bank and other members of the BPI Group, for any or all of the following (the “Purposes”):

(a) To approve, manage, facilitate, administer, implement, and provide the products, services, transactions, and facilities availed of and/or selected by you;

(b) To comply (i) with the Bank’s and/or the relevant member of the BPI Group’s operational, audit, administrative, credit and risk management processes, policies and procedures, (ii) these Terms and Conditions and the other specific terms and conditions governing the availment of products, services, facilities and channels of the Bank and/or of any member of the BPI Group, (iii) BSP’s rules and regulations, and (iv) legal and regulatory requirements of government regulators, judicial or supervisory bodies, tax authorities or courts of competent jurisdiction, as the same may be amended or supplemented from time to time;

(c) To comply with applicable laws of the Philippines and those of other jurisdictions including the United States Foreign Account Tax Compliance Act (FATCA), the laws on the prevention of money laundering and terrorism activities, and the implementation of know your customer and sanction screening checks;

(d) To cooperate and share information (i) for the protection of lawful rights and interests in the conduct of fraud investigations, by the Bank, the BSP, financial institutions under the supervision of the BSP or by payment gateway providers or third party service providers or by law enforcement agencies involved in the conduct of such fraud investigations, as part of the Bank’s or the BSP’s governing policy framework to help strengthen fraud detection and management; (ii) when the products, services, facilities or channels, in the opinion of the Bank, are being used or suspected to be used for fraudulent, criminal or unlawful activities; or (iii) to cooperate and share relevant information in compliance with the requirements under (i) or (ii) above, which information may include, but are not limited to: (a) name, (b) home/delivery address, (c) email address, (d) mobile or other contact details, (e) Bank/financial account information, or (f) Bank/financial transaction details;

(e) To develop and enhance the product, business and customer offerings of the Bank and/or any member of the BPI Group, which may include the conduct of product, system, statistical or business analysis, surveys, schemes, profiling, benchmarking, planning and research;

(f) To pursue marketing, sales, promotional, advertising, and business initiatives (the “Marketing Initiatives”), which may include the development, formulation, dissemination, distribution and rollout of Marketing Initiatives information, materials, documents or brochures, relating to the products, services, events, promotions, programs, and offers, of the Bank or of any member of the BPI Group or by third parties with which the Bank or any member of the BPI Group, under a duty of confidentiality, has contracted with (the “Program Partners”), whether such Marketing Initiative is undertaken individually by the Bank or by any member of the BPI Group or pursued together with any member of the BPI Group or with Program Partners under a joint venture initiative, servicing agreement, cross-selling arrangement, loyalty or promo program or any project undertaking on a collective or tie-up basis;

(g) In compliance with regulatory requirements, to verify or validate the Information in any reasonable manner from any and all sources including (but not limited to) the (i) Bureau of Internal Revenue (BIR) to establish the authenticity of your income tax return which you (may have) submitted to the Bank or any member of the BPI Group, or (ii) courts, government agencies or arbitral tribunals on the status of any case or proceeding to which you may be a party;

(h) To carry out, fulfill and complete the transactions authorized by you in connection with the Bank’s performance of the services, facilities and channels contemplated under these Terms and Conditions; and

(i) Pursuant to the relevant Purpose(s), the Bank may also collect, obtain, use, store, consolidate, process, profile, benchmark, share and disclose your Information, whether within or outside the Philippines, under a duty of confidentiality:

(i) to any other member of the BPI Group of Companies;

(ii) to the Bank’s directors, officers, employees, professional advisers, legal counsels, auditors, agents, representatives, service providers, and third parties providing services to the Bank on a “need to know” basis;

(iii) to merchants and promotional, network, loyalty program and joint venture partners, and their respective service providers, in order to carry out, fulfill and/or complete the transactions authorized by you;

(iv) to credit information companies, credit bureaus, the Credit Information Corporation (CIC) (pursuant to RA No. 9510 and its implementing rules and regulations), financial institutions, banking, and credit industry associations, credit protection provider or guarantee institutions, brokers, insurers, and underwriters, in relation to your availment of the products, services and facilities of the Bank (collectively, the “Credit Entities”);

(v) to any judicial, governmental, regulatory or supervisory body of the Philippines or those of other jurisdictions, including exchange of information among tax authorities in compliance with FATCA, as the same may be amended or supplemented from time to time;

(vi) to relevant parties under Section 16 (d) hereof (i) as part of the Bank’s or the BSP’s governing policy framework to help strengthen fraud detection and management; (ii) when the products, services, facilities or channels, in the opinion of the Bank, are being used or suspected to be used for fraudulent, criminal or unlawful activities; or (iii) when sharing relevant information in compliance with the requirements under (i) or (ii) above, which information may include, but are not limited to: (a) name, (b) home/delivery address, (c) email address, (d) mobile or other contact details, (e) Bank/financial account information, or (f) Bank/financial transaction details;

(vii) to any potential transferee or assignee of the Bank’s rights and/or obligations under the relevant contracts or agreements or in connection with any sale, acquisition, merger or consolidation of any member of the BPI Group;

(viii) to representatives, agents or service providers engaged by the Bank or by any member of the BPI Group to perform (whether within or outside the Philippines) data processing, collection, consolidation, storage and such other services in connection with the products, services, and facilities availed of by you (the “Outsourced Service Providers”);

(ix) to representatives, agents or service providers engaged by the Bank, or by any member of the BPI Group or by Program Partners, in connection with the Marketing Initiatives; and

(x) to such other persons or entities that the Bank or any member of the BPI Group or the Credit Entities, if applicable, or the Outsourced Service Providers may engage or contract with to facilitate or carry out any or all of the foregoing Purposes.

The foregoing constitutes your express consent under the applicable bank secrecy, confidentiality and data privacy laws of the Philippines and other jurisdictions and you agree to hold the Bank, each member of the BPI Group, its subsidiaries and affiliates, successors and assigns, and their respective directors, officers, employees, authorized representatives, agents and service providers free and harmless from any and all liabilities, claims, damages, suits, costs, and expenses resulting from or in connection with the implementation of the Purposes and authorities conferred under these Terms and Conditions, except as otherwise provided in Section 34 (Limitation of Liability/Indemnity).

For the avoidance of doubt, to the extent that applicable confidentiality, bank secrecy or other laws impose non-disclosure requirements on certain relevant information but permits a party to waive such requirements by written consent, the express consent provided herein shall constitute your written consent and waiver for purposes of such applicable laws. Any agreement between you and the Bank or any member of the BPI Group to maintain confidentiality of information shall continue to be observed to the extent that such agreement is not otherwise inconsistent with the consent to disclosure of Information authorized under these Terms and Conditions.

17. Data Privacy Policy - In the course of providing the services contemplated under these Terms and Conditions, the Bank will be collecting information (including personal information) relating to you. The Bank’s Data Privacy Policy explains how the Bank collects, protects, uses, shares and stores your personal information and is deemed incorporated herein by reference. To learn more about the Bank’s Data Privacy Policy, you may visit the Bank’s website. Your continued access into the Bank’s network of websites or use of the Accounts will constitute acceptance of the Bank’s Data Privacy Policy as the same may be revised or updated from time to time. In the event you submit any information about an individual (including personal information) to the Bank, you represent and warrant that all necessary authorization and consent as may be required in compliance with applicable confidentiality and data privacy laws have been obtained to enable the Bank to use and process such information.

18. Waiver of Article 1250 of the New Civil Code - You expressly waive the provisions of Article 1250 of the New Civil Code (which relates to cases of extraordinary inflation or deflation of foreign currency and stipulates that unless agreement exists to the contrary, the basis of payment shall be the value of the currency at the time of establishment of the obligation) and hereby agree that said article shall not be applicable.

19. Dishonor and Return of Checks - Return of checks drawn against insufficient funds (DAIF) or drawn against uncollected deposits (DAUD), or with technical defects shall be governed by the rules and regulations of the PCHC and the BSP and/or the clearing arrangements entered into by the Bank for the clearing of foreign currency denominated checks. The Bank reserves the right to dishonor and return checks, at its discretion, without prior notification at any time and you agree that the Bank shall incur no liabilities arising from said dishonor and return. Fees for the return and/or dishonor of checks shall be for your account and shall be debited automatically from your Account without prior notice.

20.Stop Payment Order (SPO) - You acknowledge and agree that:

(a) You can request a stop payment order (SPO) of your check before the check has been paid or accepted or certified for payment by giving clear written instructions in the form and manner as may be required by the Bank and submitted to the branch or through the Bank channels, once available. Issuance of the SPO is subject to the payment of applicable fees and charges which may be revised and/or changed by the Bank from time to time. Said fees and charges arising from the SPO request shall be debited from your Account;

(b) You also acknowledge that SPOs are valid only for a period of 180 days (the “SPO Validity Period”) from date of the branch’s receipt of the SPO. For SPOs received through Bank channels, SPO requests made after said Bank channel’s system cut-off may affect the start of the SPO Validity Period;

(c) You agree that the SPO is accepted on the assumption that the check has not yet been negotiated as of the date and time you issued the SPO and that stale dated checks cannot be accepted for SPO. Any SPO issued on stale checks will be void and ineffective; and

(d) Lifting of an SPO prior to expiration of the SPO Validity Period can only be made upon your written request submitted to the branch or through the Bank channels, if available.

21. Checkbooks: Use, Reorder - You acknowledge and agree that:

(a) You can request for checkbook reorder in the branch where your Account is maintained or through the Bank channels. You agree that:

(i) You can only request a maximum of four (4) checkbooks within a month.

(ii) The checkbook you ordered will be for pick-up at your maintaining branch, or if applicable, at your nominated branch on the date specified by the branch or as may be stated in the Bank channels' confirmation receipt of checkbook reorder. Due to storage space constraints, you hereby authorize the Bank to destroy checkbooks which are not picked-up within ninety (90) calendar days from date when the same becomes available.

(iii) Your Account will be debited for the cost of the checkbook(s). You agree to submit a letter of authorization if such checkbook(s) will be picked-up by a representative. In no case shall the Bank be held liable for the release of the checkbook(s) to your authorized representative.

(iv) You shall notify the Bank promptly in writing of any change in the conditions which give rise to your request for checkbook reorder.

(b) You shall take all necessary precautions to prevent unauthorized use of the checks, keep your checkbooks in a secure and safe place accessible only to you and your authorized signatory(ies) and ensure that it is only you or your duly authorized signatory(ies) who draw(s) or issue(s) the same.

(c) You shall exercise due care when drawing and releasing/delivering checks. You agree not to draw checks by any means which may enable a check to be altered. Neither shall you release/deliver incompletely drawn checks nor release/deliver checks by mail or any unsecured means.

(d) When drawing checks, you are bound by the conditions to which checkbooks are issued, including the following: (i) clearly state the amount in words and figures in the spaces provided on the check; and (ii) write words and figures close to the left-hand margin so that other words and figures cannot be inserted.

(e) You shall provide security measures for the safekeeping and use of your checks and check records. Consistent with Section 24 (Statements of Accounts), you shall exercise diligence to obtain your paid checks or check images, as may applicable, and bank statements and inform the Bank in case of non-receipt of your bank statements within a reasonable time.

(f) You shall, at the Bank’s option, submit a court order to produce the original or certified image of checks subject to the Bank's retention period.

22. Credit Accommodations - The Bank, at its sole discretion, may, from time to time, and subject to the terms and conditions in the Bills Purchase Agreement, grant you a credit accommodation by purchasing checks payable to you and advancing the amount of the check. You agree that you shall be responsible for and shall pay the resulting advance or credit thereby created and for all related charges thereon.

23. Deposit Insurance - You acknowledge and agree that:

(a) Deposits are insured by the PDIC up to a maximum amount per depositor or in such other amount as may be prescribed by applicable laws or by regulatory issuances from time to time.

(b) PDIC shall presume that the name(s) appearing on the deposit instrument is/are the actual/beneficial owner(s) of the deposit, except as provided herein.

(c) In case of transfers or break-up of deposits, PDIC shall recognize actual/beneficial ownership of transferees who are qualified relatives of the transferor in accordance with the requirements of applicable laws.

(d) In case of (a) deposits in the name of, or transfers or break-up of deposits in favor of, entities, either singly or jointly with individuals, and (b) transfers or break-up of deposits in favor of non-qualified relatives, whenever such transfers/break-up will result in increase deposit insurance coverage, PDIC shall recognize beneficial ownership of the entity or transferee provided that the deposit account records show the following:

(i) details or information establishing the right and capacity or the relationship of the entity with the individual(s); or

(ii) details or information establishing the validity or effectivity of the deposit transfer; or

(iii) copy of the Board Resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws.

(e) In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to consolidation with the other deposits of the transferor.

(f) PDIC may require additional documents from the depositor to ascertain the details of the deposit transfer or the right and capacity of the transferee or his relationship to the transferor.

24. Statements of Accounts - You shall have reasonable access to your Statements of Accounts, including your transaction history, showing the transactions and balances of your Account(s) and such other products, services and facilities of the Bank which you have availed (the “SOA”). At the Bank’s option or as may otherwise be permitted by law or banking regulations, the SOA may be made accessible to you: (i) by posting on BPI Online Banking and such other available Bank channels or any of them via transmission to your electronic mail (email) address as appearing in the records of the Bank, which electronic copy of the SOA (“eSOA”) you may view, download and/or print anytime; or (ii) upon your written request to any branch, and for a fee, through the Bank’s “anytime Bank statement”.

You agree that it is your responsibility to regularly access or obtain and review your SOA and/or transaction history, as applicable. If the Bank does not receive any complaint from you within twenty (20) calendar days from transaction date, any and all transactions as well as the transaction details contained therein shall be considered correct and accurate and any claim against the Bank shall be deemed waived.

You shall examine the SOA and any paid checks or any check images, as may be applicable, enclosed therein, to ascertain if: (a) any and all the entries in the SOA are correct; (b) the amount(s), payee(s) and other data indicated on the paid checks are true and accurate and there are no discrepancies therein; and (c) there are any fraudulent, altered, forged signatures or endorsements on the checks or the checks are defective. You shall notify the Bank of any complaints or questions on the SOA or any enclosed paid checks or any check images within twenty (20) calendar days from the transaction date. Failure to make the examination or the notification within the aforesaid period shall be deemed an admission of the correctness of the SOA and any enclosed paid checks or any check images.

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

26. Offer to Participate in Promos - You authorize the Bank and its Program Partners to offer you participation in promotional offers, advertisements, surveys or such other similar programs by communicating to you in writing, or by electronic mail (email) transmission, or by short messaging service (SMS), or by such other electronic transmission or use of an electronic platform which the Bank, at its option, considers appropriate and effective including posting on the Bank’s website, BPI Mobile app or any available Bank channels or any of them.

27. Security and Authority to Withhold, Debit, Sell and Set-Off - The Bank is authorized to withhold as security for any and all obligations with the Bank, all your funds, properties, securities now in or which may hereafter come into the possession or under the control of the Bank, whether left with the Bank for safekeeping or otherwise, or coming into the hands of the Bank in any other way, for so much thereof as will be sufficient to pay any or all obligations incurred by you under the Account or by reason of any other transactions between the same parties now existing or hereafter contracted, and to debit the Account or sell in any public or private sale any of such properties or securities and to apply the proceeds thereof to the payment of any of your obligations.

If and when required by the Bank, you shall execute a promissory note, a settlement agreement, and/or any other proper document and constitute a security interest over properties for overdrawings by executing a security agreement, mortgage or any other collateral document in an amount sufficient at all times, as determined by the Bank, to secure payment of the obligations incurred herein including interest and penalty.

The Bank is likewise fully authorized to charge to the Account any and all of your outstanding obligations to the Bank and to its subsidiaries and affiliates, successors and assigns, including loans, interest, penalty, charges and other receivables, whether or not covered by promissory notes or other credit or collateral agreements, and the Bank shall not be liable for the resulting dishonor of checks, drafts, notes or other instruments because of insufficiency of funds as set forth in Section 34 (Limitation of Liability/Indemnity).

28. Authority to Hold / Debit the Account - The Bank reserves the right and is authorized, in its sole discretion and without need of your consent but with notice to you, at any time, to hold and/or initiate reversal of a transaction and debit and/or cause the debiting of your Accounts in case (i) a deposit, credit, remittance or any inward flow of funds appears to be due to an error or mistake; (ii) there is a written claim that said transaction is a result of a fraudulent act and there is reason to believe that such deposit, credit, remittance or any inward flow of funds to your Account is attended by error, mistake or is a result of a fraudulent act which you may or may not be a party of; (iii) when the purpose claimed by the party depositing, sending or crediting funds to your Account is contradictory to what you declare and/or have declared as purpose or reason for the deposit or funds transfer; or (iv) such other circumstances or cases analogous or similar to any of the foregoing. In any such event, you agree that the Bank shall not be liable to you or any party for any and all claims, liabilities, costs, payments, damages and expenses, arising from or in connection with the Bank’s hold and/or reversal of said deposit or funds transfer transaction. The above shall be without prejudice to the Bank’s right to avail of any or all of the remedies set out in Section 30 (Termination/Suspension of Agreement/Use) and Section 31 (Closure of Accounts).

In case the Bank receives any information or notice, which it deems sufficient and satisfactory, of any conflict involving the Account and/or funds on deposit among the depositors, authorized signatories, officers, directors, shareholders and/or other persons claiming interest over the same, the Bank may, in its discretion and without notice, hold the Account and/or funds until it is satisfied that the conflict is resolved or is in receipt of a court order directing the Bank to release the funds on deposit in your favor or to any person designated by the court of competent jurisdiction and the Bank shall not be liable for any loss or damage, the dishonor of checks, drafts, notes or other instruments resulting from or in connection with the hold-out and/or debit.

29. Consolidation/Hold/ Set-Off/Transfer - You authorize the Bank to, combine or consolidate the outstanding balance in any of your Accounts with any of your other Accounts which you maintain with the Bank or its parent company or with any member of the BPI Group or any of its subsidiaries and affiliates, successors and assigns, and hold or set-off and/or transfer any moneys standing to the credit of such other Accounts in, or towards, satisfaction of your liabilities or obligations, including whatever applicable service fees, maintenance fees, dormancy fees, penalties, other bank charges, taxes and/or any amount which may be owed or owing to the Bank or its parent company or any member of the BPI Group or any of its subsidiaries and affiliates, successors and assigns, or, by written agreement, to any third parties. You agree that this right to hold or set-off/transfer applies whether or not the outstanding liabilities or obligation is in a currency different from the currency of the moneys intended for hold or setting-off/transfer, or is held at a branch in a different jurisdiction, or held by you jointly with other persons. For such purpose, the Bank is authorized to convert the balance in such other Account into the same currency as the outstanding obligation, including change of Account number. The Bank’s rights hereunder shall not be affected by your death or subsequent legal incapacity. For purposes of this provision, you give the Bank, its parent company, any member of the BPI Group, including any of its subsidiaries and affiliates, successors and assigns, the full power and authority to implement the foregoing acts, the performance of which are hereby expressly authorized, confirmed and ratified by you.

30. Termination/Suspension of Agreement/Use - The Bank reserves the right and is authorized, to suspend or terminate the agreement governing its products, services, facilities and channels or to suspend or terminate your access to or use of the Bank’s products, services, facilities and channels, whether in whole or in part, at any time without prior notice, in case (i) you violate the terms and conditions of the relevant service agreement governing the Bank’s products, services, facilities or channels; (ii) your access or use thereof poses a security threat; (iii) you fail or refuse to comply with applicable laws, rules, policies and regulation including failure or refusal to submit required documents for your access to or use of the Bank’s products, services, facilities and channels; (iv) you provide false, forged or misleading documents or information; (v) when the Bank’s products, services, facilities or channels, in the opinion of the Bank, are involved or used or suspected to be involved or used for fraudulent, criminal or unlawful activities; or (vi) the Bank, at its sole option and discretion, has determined that your access or use of the Bank’s products, services, facilities or channels is not in the best interest of the Bank, its clients or third parties. In any such event, you agree that the Bank shall not be liable to you or any party for any and all claims, liabilities, costs, payments, damages and expenses, arising from or in connection with the Bank’s suspension or termination of the agreement governing, or your access to or use of, the Bank’s products, services, facilities and channels. The above shall be without prejudice to the Bank’s right to close or terminate your Accounts in accordance with Section 31 (Closure of Accounts).

Your use of the BPI Debit Card is subject to blocking or revocation and/or repossession upon receipt of notice by the Bank of any violation of any of the terms and conditions stated therein and for any other reason(s) which, in the opinion of the Bank, would prejudice the interest of both yourselves and the Bank. You agree to return the BPI Debit Card at the Bank’s request. You acknowledge that the Bank may withdraw, disable and/or suspend the BPI Debit Card or services offered in connection therewith without prior notice.

The agreement and/or arrangement between the Bank and any of its affiliated merchants relating to the Bank’s products, services and facilities may be suspended or cancelled/terminated at any time without prior notice of such suspension or cancellation/termination to you.

31. Closure of Accounts - The Bank is authorized to close the Accounts without prior notice in case:

(a) Accounts are mishandled by the issuance of unfunded or insufficiently funded check(s);

(b) Accounts are involved in or used or suspected to be used for any fraudulent, criminal or unlawful activities;

(d) Account balance is zero unless otherwise provided herein and/or agreed with the Bank;

(e) Where closure is in accordance with established Bank policy, guideline or process or maintaining the Accounts will be in violation of law or relevant regulation or Bank policy;

(f) If the Bank, at its sole option or discretion, reasonably determines that maintaining the Accounts is no longer in the best interests of the Bank, its clients or third parties; or

(g) Suspension or termination of the agreement governing, or your access to or use of, the Bank’s products, services, facilities and channels in accordance with Section 30 (Termination/Suspension of Agreement/Use).

You authorize the Bank to report such closure and the reason(s) for such closure to BAP, BSP or to any central monitoring entity or body established by the BAP or BSP, as the case may be, to keep record of and report mishandled deposit accounts.

Notwithstanding the foregoing provisions herein contained, you agree that the Bank may, at any time and at its sole discretion without notice or obligation to disclose any reason, close any or all your Accounts for any reason whatsoever.

For closure of current Accounts, you agree to surrender all unused checks to the Bank.

The Bank shall pay you the proceeds of your closed Accounts via Manager’s Check net of all applicable charges, fees and/or taxes and/or such amounts which shall answer for your outstanding contingent liabilities under any of the products, services and facilities availed of by you. The Bank also reserves the right not to release checkbooks, BPI Debit Card or other items paid in advance for Accounts the Bank decided to close. However, in case of a Bank-initiated closure due, but not limited to, opening of fictitious Accounts, failure or refusal to submit required documents, submission of falsified/fake or incomplete documents, misrepresentation, use of the Accounts by another person or use of the Accounts for alleged fraud, illegal or purposes other than the declared purpose, the Bank shall be entitled to withhold the release of the funds until you shall have submitted valid, legal and acceptable documents proving that you are entitled to the funds from the closed Accounts.

You will hold the Bank and its officers and employees free and harmless from all liabilities, claims and demands of whatever kind in connection with or arising from: (a) the closing of Accounts; (b) the dishonor of any check thereunder which may be presented to the Bank after the closing of the Accounts; and (c) the reporting of the closure of Accounts and the reason(s) to the BAP, BSP, or any central monitoring entity or body or bureau established by the BAP or BSP, as the case may be, to keep record of and monitor mishandled accounts.

32. Right to Dispose and Destroy Documents - The Bank reserves the right to dispose and destroy any documents relating to the Accounts or your instructions within a period of time as may be allowed under applicable laws, banking rules and regulations.

33. AMLA Compliance - In relation to and/or to enable the Bank to comply with local and international anti-money laundering laws and regulations, you authorize the Bank to disclose to local and/or international government entities/authorities and/or regulatory bodies, the Bank’s subsidiaries and affiliates, successors and assigns, and/or its local and/or foreign correspondent banks, information relative to you and your Accounts and transactions, which shall include, but not limited to, the following information: birth date, birthplace, employment, profession, business address, contact information, date when account/s was/were opened, transaction details, purpose of the transaction/s, among others. You likewise authorize the Bank to provide any supporting transactional documents, as and when required by any of these entities/authorities/regulatory bodies.

If you are engaged in Money Services Business (MSB), you authorize the Bank and/or its authorized representative/s to conduct audit/inspection/examination on you, at your expense, including, but not limited to, your business operations, types of customers and customer profile, distribution channel, jurisdictions which you are exposed to, your Anti-Money Laundering and Combating the Financing of Terrorism (AML/ CFT) program and measures, and your compliance with all applicable AML/ CFT laws, rules and regulations, and to verify/check if all the information/ data and documents, representations, certifications and declarations made and/or provided by you to the Bank are true, correct and accurate. This authority applies as well to the audit/inspection/ examination on you as may be required by any or all applicable AML/CFT laws, rules and regulations and/or by the relevant regulatory agencies/bodies/authorities. You shall provide the Bank with, and allow the Bank to have access, to any and all information, records and documents, as may be necessary or required by the Bank and/or its authorized representative/s in connection with the conduct of the said audit/inspection/examination.

34. Limitation of Liability/Indemnity – You acknowledge and agree that:

(a) the Bank shall have no obligation or liability for any reduction due to taxes or depreciation in value of funds credited to or maintained in your Accounts.

(b) all expenses and legal costs, associated with the Bank's rights hereunder or the enforcement of your obligations under these Terms and Conditions shall be for your account and may be debited against any of your Accounts.

(c) the Bank shall incur no liability if it is unable to process your transaction because of the existence of any one or more of the following circumstances:

(i) if, through no fault of the Bank, your nominated payment Accounts does not contain sufficient funds to complete the transaction. Only cleared and withdrawable balances of said Accounts shall be considered and made available for payment. In case of insufficient funds in your nominated payment Accounts, your payment or reloading request will automatically be cancelled by the Bank;

(ii) if there are security concerns, or if the nominated payment Account does not maintain the required Average Daily Balance (ADB), or has been suspended or has expired, or if the enrolled Credit Card Account's credit limit has been exceeded.

(iii) the facility is not working appropriately and you know or have been advised of the malfunction before you execute the transaction;

(iv) the merchant mishandles or delays a payment sent through the Bank channels. You understand that the Bank will make arrangements with the merchants so that the payment or reloading of your Accounts with the merchants will be done immediately. However, this may not be within the control of the Bank. Delays in payment or reloading by slow responding merchants, may take longer to be credited by the merchants to your said Accounts.

(v) channel unavailability is due to reasons beyond the Bank's control or due to a Force Majeure Event.

(d) the Bank shall not be liable for any of the following:

(i) your non-compliance with the provision(s) of these Terms and Conditions;

(ii) your failure to transact during offline situations, during instances or circumstances beyond the Bank’s control, including among others, exceeding the allowable number PIN/Access number encoding errors;

(iii) for any loss or damage, whether the same is caused or is due to unauthorized or fraudulent access or utilization of your BPI Debit Card, any service, facility or channel, or is attributable (directly or indirectly) to any dispute or any other matter or circumstances. These include, but is not limited to, the failure of any computer, machine, data processing system or transmission link or the BPI Debit Cards or ATM, as well as, the discontinuance or unavailability of ATM services in other countries (which services will be governed by local regulations), the temporary insufficiency of funds in such machines or otherwise;

(iv) acting or not acting upon any report for lost, stolen or captured ATM / BPI Debit Cards and request for replacement thereof;

(v) any delay or failure to post any payments, or any misposting due to, among others, your error in encoding the Account/ATM Numbers, Mobile Numbers or Reference Numbers as well as any discrepancy between the billing amount and the paid amount. The same shall be resolved between you and the payee-companies and/or individuals;

(vi) Bank's failure to (a) effect any payment transaction, or (b) provide any of the Bank's products, services, facilities and channels, or (c) carry out your instructions, including telephone instructions or send a monthly statement to you;

(vii) for any delay, non-performance, or failure to perform any of its obligations in connection with the Accounts or the Bank’s products, services, facilities or channels for reasons due to, arising out of, or caused by, directly or indirectly, circumstances beyond its reasonable control, including, without limitation, acts of God, natural disasters, calamities, earthquakes, fire, floods, wars, rebellion, civil or military disturbances, sabotage, acts of terrorism, criminal acts or willful misconduct by a party other than the Bank, its officers or employees, epidemics, pandemics, loss or malfunction of utilities or facilities, power outages, electrical or mechanical failure, computer hardware or software failure, system failure or system downtime, network or telecommunication failure, causes or acts attributable to third persons or parties, labor disputes, strikes, walk-outs, riots, lock-outs, other governmental actions or such other similar occurrences (the “Force Majeure Events”).

(e) The Bank, its directors, officers, employees, agents and representatives shall be reimbursed/indemnified against, and shall be held free and harmless from all liabilities, actions, claims, damages, costs, taxes, fees, charges, expenses and suits, which may be brought against or suffered or incurred by the Bank, its directors, officers, employees, agents and representatives or by any of them and which shall have arisen either directly or indirectly in connection with the Bank's implementation of these Terms and Conditions, or in performing its obligations hereunder, including, but not limited to:

(i) implementation of Article No. II (Terms and Conditions), Sections 6 (Acceptance of Deposits), 8 (Minimum Account Balance), 20 (Stop Payment Order), 24 (Statement of Account), 27 (Security and Authority to Withhold, Debit, Sell and Set-Off), 28 (Authority to Hold/Debit the Account), 29 (Consolidation/Set-Off/Transfer), 30 (Termination/Suspension of Agreement/Use), 31 (Closure of Accounts), 32 (Right to Dispose and Destroy Documents) and 33 (AMLA Compliance);

(ii) implementation of SPOs, for said amount/s of the check and reimburse the Bank for all cost, damages and expenses which the Bank may incur or for which the Bank may be liable by reason of the non-payment thereof or payment contrary to the request for SPOs, if the same is due to, among others, inadvertence or accident, or if payment of check was made before the date and time the SPO was received by the Bank, or payment by the Bank was effected over-the-counter under an offline environment even after SPO was acknowledged by the Bank;

(iii) the Bank's reliance on your declaration and/or representation or in accepting or implementing or acting by the Bank, at its sole discretion, based on your requests and/or instructions which the Bank reasonably believes in good faith to have emanated or originated from you, or acting or failing to act thereon; or

(iv) any and all errors inadvertently committed, as well as, any computer related errors in the handling or processing of transactions that may arise in connection with your Accounts or your availment and/or activation of any of the Bank's products, services, facilities and channels or the acceptance of the benefits thereon.

The above limitation of liability and/or indemnity does not apply if the loss or damage you incurred or suffered is solely and directly caused by the gross negligence or willful misconduct of the Bank.

In no event shall the Bank be liable for any special, consequential, punitive, exemplary or indirect damages including, but not limited to, lost opportunities or lost profits.

The foregoing provisions shall survive the termination, cancellation or suspension of any of the Accounts as well as the termination, cancellation or suspension of any of the products, services, facilities and channels of the Bank.

III. Channels for the accounts and such other bank's products, services, and facilities

You acknowledge and agree that other features and functionalities offered in the various channels of the Bank are subject to and are governed by a separate service agreement of the applicable channel. Your activation, usage or availment of any of these channels or services shall constitute your acceptance of, and agreement to be bound by, the terms and conditions governing use of the channels or services including those pertaining to the imposition of fees, charges and penalties, reminders and footnotes in the web pages, mobile screens, audio spiels, communications and notices, as well as any such amendments, revisions, updates, or modifications thereof which may be instituted by the Bank from time to time, all of which are likewise made an integral part of these Terms and Conditions.

You may access your Account(s), and the Bank’s products, services, and facilities, through the different channels as set forth below. To access the Account(s) and avail of such other Bank products, services, or facilities, access data and/or access number, other client nominated credential and authorization approval, where applicable, are required. For the ATM, CAM and POS channel, a BPI Debit Card, available upon request, which may entail a fee, shall be necessary.

Channel
BPI Automated Teller Machine (ATM)
BPI CAM (Cash Accept Machine)
Point of Sale (POS) using a BPI Debit Card
E-Commerce or Online Transactions using a BPI Debit Card
BPI Online
BPI Mobile app
BPI Bizlink (browser)
BPI BizLink app
BPI BizKo (browser)
BPI BizKo app

1. Use and Security of the BPI Debit Card, Access Data, and Access Number – Instructions on how to utilize the service and access the various channels shall be provided in the Bank’s website as well as in the BPI Debit Card Carrier, should you avail of a BPI Debit Card. You may generally access your Account seven (7) days a week, twenty-four (24) hours a day, with the use of the relevant channel’s BPI Debit Card, Access Data, or Access Number.

You may avail of a BPI Debit Card by applying for the issuance of the same through any BPI branch or through other channels as the Bank may specify. For updates on available channels, you may refer to the Bank’s website. Subject to applicable fees, you may use your BPI Debit Card to access your Account through the Bank’s or its affiliated ATMs, CAMs or POS terminals/networks/online payment gateways and effect such permitted transactions in relation therewith. You agree to sign the BPI Debit Card promptly upon receipt thereof and to keep the BPI Debit Card secure at all times.

You acknowledge that deposits/withdrawals/purchases/inquiries/e-commerce and online transactions on your Account through ATMs, CAMs or POS terminals/networks/online payment gateways shall be subject to the applicable BPI Debit Card Terms and Conditions.

For Online Banking, you agree that you will properly log out from your Account at the end of each session. Failure to do so shall render you liable for any loss or damages incurred resulting from such act or omission.

Your BPI Debit Card, Access Data, and Access Number are for your exclusive use. They are non-transferable and shall not at any time and for any reason be lent for the use of another person or entity nor can the same be pledged as security in any manner whatsoever.

You agree to assume full responsibility for maintaining the confidentiality of your Access Data and Access Number and for all transactions made in your Account through the use of your Access Data or Access Number. The Access Data or Access Number is known only to you and, as such, any transaction effected using your Access Data or Access Number is presumed to have been performed by you or are authorized by you.

You agree and undertake to call the Bank’s 24-hour BPI Contact Center at (+632) 889-10000 or its Domestic Toll Free hotline at 1-800-188-89100 to report the loss or theft of your BPI Debit Card or any unauthorized use of your BPI Debit Card, Access Data, or Access Number or any other breach of security immediately upon such occurrence or knowledge thereof. Any loss due to withdrawal/purchase/transfer of funds using any lost/stolen BPI Debit Card, Access Data, or Access Number prior to the receipt by the Bank of your report of loss or unauthorized use shall be for your account.

2. Online Banking Nomination/Enrollment of Account - It is agreed that you personally nominate/enroll each and every nominated payment Account and third-party Accounts that you indicated in the BPI Online enrollment form, and that you request that these Accounts be given the functionalities of BPI Online and BPI Mobile app. You further agree that should you nominate any of your Accounts as a nominated payment Account in BPI Online and BPI Mobile app, the Bank, at its option, may automatically register any and all your other Account/s and link with the earlier registered enrolled Account, without need for further authorization or consent on your part. You likewise further agree that enrolled Accounts which are linked to your records with the Bank are automatically viewable within BPI Online or such other enrolled channels of the Bank, including, but not limited to, your credit cards, prepaid cards or loans. The Bank, however, reserves the right, at its discretion, to require your enrollment in select products, services and facilities as it may deem fit and appropriate.

The following are some of the services available via BPI Online:

· Deposit Balance and Remittance-Related Inquiry

· Bills Payment and Prepaid Reloading

· Transfers to BPI and Other Banks

· Investment Subscription and Redemption

· Checkbook Reorder and Stop Payment Order

· Statement of Account Access

For Online Banking Terms and Conditions, you may agree to the terms and conditions www.bpi.com.ph/personal/bank/digital-banking/online/terms-and-conditions by checking the “I Agree” option upon enrollment to the channel. It is agreed that such terms and conditions are deemed incorporated herein by reference and form an integral part of these Terms and Conditions.

3. Bank Products, Services or Facilities - By availing of Bank’s products, services or facilities through some or all of the channels, you agree to be further bound by the terms and conditions, rules and reminders of the channel you are transacting in. The following are some of the Bank’s products, services or facilities you may avail:

(a) BPI Debit Card – A debit card is a payment and withdrawal card that allows a depositor of a banking institution within the BPI Group to get access to his or her deposit funds through, ATMs, CAMs, POS terminals/networks/online payment gateways, when applicable. Transactions made using a BPI Debit Card may require a card verification process in the form of a PIN (Personal Identification Number), signature, One-Time PIN (OTP), and other authentication methods as required by the Bank.

(i) Card-based deposit accounts of any of the Bank or any member of the BPI Group are eligible to be issued a BPI Debit Card at any branch of the Bank and/or BPI Online.

(ii) A fee may or may not be charged to you when availing of a BPI Debit Card depending on the deposit product type you are getting a card for.

(iii) The activation or use of your BPI Debit Card constitutes your agreement to the applicable Terms and Conditions of your card:

· BPI Debit Card Mastercard Terms and Conditions https://www.bpi.com.ph/debitcards/debit-mastercard/terms-and-conditions

· Other BPI Debit Card Terms and Conditions https://www.bpi.com.ph/debitcards/other-debit-cards-terms-and-conditions

The following are some of the services that may be availed using the BPI Debit Card:

· Cash Withdrawal

· Point-of-Sale

· International ATM Access

· Transaction in other ATM/POS

· Online/E-Commerce Access

· Card Control

(b) Acceptance of ATM Deposits - You agree that the receipt electronically generated at the time a deposit transaction was made represents what you purport to have deposited. Your cash deposit via Cash Accept Machines (CAMs) shall be credited to your Account after electronic verification. However, your cash and check deposits via regular ATMs shall be credited to your Account after proper verification by two (2) authorized personnel. You further agree to assume full responsibility for the correctness, authenticity and validity of all endorsements appearing on the checks or other items deposited to the Bank.

(c) Account Balance Inquiry - You can access and view the Available Balance or the withdrawable balance of each of your Accounts as of the date and time of your inquiry exclusive of uncleared check deposits and any amount on hold and transactions under process and the Total Balance as of the date specified inclusive of check deposits. Likewise, you can also access and view the balance of your investment accounts as of the date and time indicated upon inquiry exclusive of transactions and requests under process. Auto and housing loan information are also available as of the date and time indicated upon inquiry exclusive of transactions and requests under process.

(d) Account Details Access - You may view details of transactions occurring within the preceding sixty (60) calendar days from date of last statement of account. You may likewise request for a copy of the Bank statement of account or account details for transactions that occurred prior to the said sixty (60) - day period, for a fee. The statement of account may be accessed in accordance with Section 24 (Statements of Accounts).

Completed Immediate Funds Transfers are reflected immediately in the withdrawable balance of your Accounts. You may view the details of the transactions in the Current Transactions screen. The Account History Screen shall reflect the transaction details on:

(i) Next banking day – if your Immediate Funds Transfer is received by the Bank before Bank's cut-off downtime.

(ii) After two (2) banking days – if your Immediate Funds Transfer is received by the Bank after Bank's cut-off downtime.

(e) Bills Payment and Prepaid Reloading - You may avail of the Bills Payment and the Prepaid Reloading facility by enrolling your card number at your branch of account or through any of the applicable Bank channels available by accomplishing the enrollment form indicating therein the Reference Numbers of the companies and/or individuals you wish to pay. All Bills Payment and/or Prepaid Reloading merchants that you pre-enrolled in any channel may, without need of further notice, instrument or act, likewise be automatically enrolled in the other channels, where available.

Bills Payment pertains to a bill payment while the Prepaid Reloading facility entails a reload of prepaid accounts. Prepaid accounts may include Prepaid Mobile Phone Accounts via debit from any nominated payment Account. Such payment or reload may be made via BPI Online or BPI Mobile app.

Bills Payment transactions may be effected immediately or scheduled in advance. These are subject to the prescribed cut-off times and processing schedules of the channel.

Only cleared and withdrawable balances of your nominated payment Accounts shall be considered and available for any payment.

You shall notify the Bank in writing of any and all changes in your enrolled Reference Number/Merchants.

Any misposting, delay or failure to post any payments, as well as any discrepancy between the billing amount and the paid amount shall not involve the Bank. Instead, the same shall be resolved between you and the payee-companies and/or individuals.

You hereby authorize the Bank to disclose to any of the payee-companies any matter pertaining to your Accounts as may be necessary for the operation and processing of the Bills Payment and the Prepaid Reloading.

Payment shall be for current bills only. Payments for past due or overdue account with service disconnection/termination or lapse of policy/contract shall be made directly to the collection offices of the payee-companies.

Payment procedures/stipulation imposed by your payee-companies and/or individuals which are not inconsistent herewith or with any of these Terms and Conditions or with any related documents or instruments executed by you and the Bank shall be deemed incorporated herein by reference and are hereby made an integral part of the enrollment form.

Un-enrolled Bills Payment and Prepaid Reloading may be made available for certain channels as and when additional security measures/device become available.

(f) Funds Transfers - You can transfer funds from your enrolled savings and checking accounts (the Source Account) that are in your name to any of the following beneficiary account/s:

(i) any of your other enrolled Account/s that are eligible for funds transfer, i.e. those other accounts under your name that are viewable in My Accounts;

(ii) any pre-enrolled BPI / BFSB deposit accounts under another depositor's name that you have enrolled as part of your valid beneficiary account/s;

(iii) any BPI / BFSB deposit account that is valid as recipient account;

(iv) beneficiary account/s maintained with identified (i) local banks; (ii) international banks; or (iii) money service firms and/or institutions; and

(v) beneficiaries using BPI Online Partners’ platforms/websites/mobile apps.

The Bank may, at its option, include such additional types of Accounts and foreign currency Accounts that may be eligible for funds transfer. The amount of funds transferred shall be deducted from your nominated Source Account and will be credited to the beneficiary account/s, as applicable.

You acknowledge and agree that:

(a) Funds transfer may be effected immediately or scheduled in advance. These are subject, however, to the prescribed cut-off times and processing schedules of the channel.

(b) Funds transfer can originate from your enrolled savings or current Accounts.

(c) Only cleared and withdrawable balances of your nominated Source Account shall be considered for funds transfer. In case of insufficient funds in said Account, your funds transfer request will automatically be cancelled and no further attempt will be made by the Bank to make the transfer. The Bank shall have no obligation nor shall it incur any liability if it does not complete a transfer due to insufficiency of funds in your nominated Source Account. In all cases, you shall take sole responsibility for making alternate arrangements for the transfer.

(d) In the case of multiple funds transfer coming from a nominated payment Account and the Account has only sufficient balance/s to make some but not all funds transfer, you agree that the Bank’s system shall determine which of your transfer requests to complete first.

(e) You agree that the beneficiary’s Account name and/or Account Number may be revealed or disclosed to you and/or indicated in your Statement of Account. Further, you agree that your Account name and/or Account Number may be revealed or disclosed to the beneficiary and/or indicated in the beneficiary’s Statement of Account as indispensable transaction details.

(f) Foreign currency (FX) funds transfers are subject to the limitations set by the Bank or by any governing body or regulatory agency as to the type of currency, amount, frequency, types of accounts, trading period and rates.

(g) Other Special Services - You can make other service requests and inquiries, such as, but not limited to, Stop Payment Order (SPO), Checkbook Reorder, Address Change, Application Status Inquiries, ATM and Credit Card-related Requests and Inquiries, Loan Services Inquiries, Remittance-related Inquiries and Enrollment Procedures Inquiries through any of the Bank channels, where available, or by way of electronic mail (email) transmission or such other electronic means or use of electronic platform using such procedures that the Bank may prescribe from time to time, which requests are deemed binding on you. For this purpose, you authorize the Bank to rely upon and act in accordance with any such requests communicated through any of the above means. You likewise agree to indemnify and hold the Bank free and harmless from any claim in connection with any such requests.

4. Proofs of Transactions - You acknowledge and agree that each successful banking transaction shall be evidenced, for record purposes and may be used by the Bank as basis in investigating any complaints lodged in connection therewith, by a system-generated:

(a) Statement of Account;

(b) Transaction Slip;

(d) Acknowledgment Number; and

(e) Trace ID/Reference Number.

5. Electronic Signature - Where applicable, the Bank may require you to provide an electronic signature or signature affixed electronically (the “electronic signature”). By selecting buttons with “I accept”, “I agree” or any words with similar import, you agree that you are signing such agreement with the Bank electronically. You further accept that your electronic signature is the legal equivalent of your actual or handwritten signature. Any such document or agreement bearing your electronic signature is an electronic document, it being understood and agreed that the Bank is authorized to treat such electronic signature as your original and authentic signature and having the same legally binding force and effect as your handwritten signature. You further agree that the Bank has internal authentication processes in place and that no certification authority or third-party verification is necessary to validate or enforce your electronic signature. In any proceeding arising from or in connection with your electronic document bearing your electronic signature, you agree not to dispute or question the due execution thereof based on such electronic signatures or the maintenance by the Bank of the transaction documents electronically, all of which are valid, legally binding and enforceable on you.

6. Phishing and Pharming or similar activities - You agree that your Account may be compromised through phishing/pharming or similar activities that will enable unauthorized person(s) to withdraw money/transfer fund from your Account or purchase goods/ services using your Account or BPI Debit Card information. You shall not disclose to anyone your Account and/or any information, including, but not limited to, your Customer ID, Password, One-Time Password (OTP), ATM PIN, Corporate Code, Secure Token Password, Security Questions and Answers, through any, but not limited to, the following means:

(a) Response to an e-mail or call requesting you to divulge account or personal information via email, website, call or other means.

(b) Use of e-mail or internet facility (other than the secured Bank website) that has a virus / malware infection and / or which directs the user to a fraudulent website despite typing in a correct and legitimate website address and through which account or personal information has been provided.

You agree to be liable for any and all withdrawals of funds transfer from your Account using your Account Information and/or BPI Debit Card through phishing/pharming (or similar activities). You further agree to indemnify and hold free and harmless the Bank, its subsidiaries and affiliates, successors and assigns, as well as any of their respective directors, officers, and employees against any and all losses, claims, damages, penalties, liabilities related to the transactions unless the loss or damage you incurred or suffered is solely and directly caused by the gross negligence or willful misconduct of the Bank.

In cases where the Bank has reason to believe that the Account and/or BPI Debit Card has been compromised, you recognize the right of the Bank to suspend or terminate the Account (subject for re-enrollment) and/or block the BPI Debit Card to prevent the unauthorized or fraudulent use of the same. You further authorize the Bank to disclose Account information to any appropriate judicial, government or regulatory agency/ies for purposes of prosecuting, filing action or taking any legal remedies available under applicable laws.

Updated Terms and Conditions effective March 31, 2024.

Published date: January 30, 2024

See the Terms and Conditions effective until March 30, 2024 here.

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