Terms & Conditions
Account Opening
I/We represent and warrant that I am/we are the lawful owner/s of the Account and if another person is opening or transacting on my/our behalf, he/she is my/our authorized representative, subject to the submission of the documentary requirements of 1st TRuBank, including compliance with the minimum customer/depositor information per Bangko Sentral ng Pilipinas (BSP) circulars and other relevant issuances, and after due verification of my/our identity, signature and other pertinent details. The Account shall be governed by the rules and regulations of 1st TRuBank, the Anti-Money Laundering Council, the BSP and the applicable laws of the Philippines, as may be amended from time to time.
Acceptance of Deposits
In receiving items for deposit or collection and in sending items for payment or remittance, the Bank shall act only as the Depositor’s collecting or remitting agent assuming no responsibility beyond the exercise of due care. The Bank shall not be liable for delay or losses in transit; neither shall the Bank be liable for default, criminal acts or negligence of the Depositor’s representatives and each representative shall be liable for his/her own fault or negligence. Deposit of check or item is accepted for collection only and the crediting of the amount of such check/item and withdrawal of the proceeds thereof is conditioned on the clearing of the check/item and actual receipt by the Bank of cleared funds or proceeds thereof. The Bank is entitled to refuse for deposit, encashment or collection certain items such as but not limited to stale checks, postdated checks and other similar items, as the Bank may deem appropriate. Check/item deposits will be available for withdrawal only when cleared. The Depositor guarantees all endorsement appearing on the check/item or lack of endorsement thereof and assumes full responsibility for the correctness, due execution, genuineness and validity of the checks/items deposited. The Bank may immediately charge back or debit any item previously credited to the Account and/or hold funds in the Account if it fails to receive the funds, should subsequently receive notice and proof that any item is invalid by reason of forgery or for any other reason resulting in the Depositor not being entitled to the proceeds thereof or will subject the Bank to liability by reason of its guarantee of prior or lack of endorsement thereon, or for any other justifiable reason as may be determined by the Bank.
Closing of Account
I/ We acknowledge that 1st TRuBank has the right to close the account at its sole discretion, at any time, if the Account is without any outstanding balance, or the depositor turns out to be a fictitious/false individual, the deposit is used for fraudulent purposes, mishandled by the issuance of unfunded or insufficiently funded check/s without prior arrangement with 1st TRuBANK or for any reason that 1st TRuBank deems necessary to protect its interest.
Stop Payment Orders on Current Account
Stop payment orders may only be honored when filed under such form and manner as may be prescribed by 1st TRuBank, and upon prior payment of a penalty charge if the check subject to SPO is Drawn Against Insufficient Fund (DAIF) or Drawn Against Uncollected Deposit (DAUD). I/We, also, agree that after the expiration of six (6) months from the date of stop payment of check, the request for stop payment shall be considered cancelled, and should there be any fee occasioned by the stop payment, the same shall be charged by 1st TRuBank against my/our Account.
Closing of Account
I/ We acknowledge that 1st TRuBank has the right to close the account at its sole discretion, at any time, if the Account is without any outstanding balance, or the depositor turns out to be a fictitious/false individual, the deposit is used for fraudulent purposes, mishandled by the issuance of unfunded or insufficiently funded check/s without prior arrangement with 1st TRuBANK or for any reason that 1st TRuBank deems necessary to protect its interest.
Stop Payment Orders on Current Account
Stop payment orders may only be honored when filed under such form and manner as may be prescribed by 1st TRuBank, and upon prior payment of a penalty charge if the check subject to SPO is Drawn Against Insufficient Fund (DAIF) or Drawn Against Uncollected Deposit (DAUD). I/We, also, agree that after the expiration of six (6) months from the date of stop payment of check, the request for stop payment shall be considered cancelled, and should there be any fee occasioned by the stop payment, the same shall be charged by 1st TRuBank against my/our Account.
Statement of Account
The CLIENT shall be deemed to accept the correctness of the statement or advice should 1st TRuBank not receive any written notice to the contrary within thirty (30) calendar days from date of receipt thereof, and any claim against 1st TRuBank shall be considered waived.
Passbooks
I/we agree that the Passbook is not assignable or transferable. The Bank shall have the right to presume that the presenter of the Passbook is my/our duly authorized representative/s. I/We acknowledge that 1st TRuBank possesses no obligation to indemnify me/us for unauthorized payments made on the Account prior to 1st TRuBank’s receipt of notice of its loss. Lost or destroyed passbooks may be replaced by 1st TRuBank upon prior payment of applicable fees and compliance with its documentary requirements.
Passbooks
I/we agree that the Passbook is not assignable or transferable. The Bank shall have the right to presume that the presenter of the Passbook is my/our duly authorized representative/s. I/We acknowledge that 1st TRuBank possesses no obligation to indemnify me/us for unauthorized payments made on the Account prior to 1st TRuBank’s receipt of notice of its loss. Lost or destroyed passbooks may be replaced by 1st TRuBank upon prior payment of applicable fees and compliance with its documentary requirements.
Interest
Subject to applicable withholding taxes, the Account shall earn interest at such rate which 1st TRuBank may compute based on its average daily balance and compounded quarterly, provided the required minimum daily balance is maintained. 1st TRuBank may, from time to time, amend the applicable interest rate after public notice. Public notice may take the form of posting in public places, such as the bank’s official websites and/or at a conspicuous place within the premises of all banking units. Changes in deposit interest rate, however, may be immediately effected after public notice.
Minimum Deposit Required
1st TRuBANK requires the CLIENT to maintain a minimum monthly average daily balance (ADB) which shall be posted in a conspicuous place within the premises of all branches. 1st TRuBANK may at any time, with due notice to CLIENT, change the minimum monthly ADB requirements. Accounts falling below the required minimum monthly ADB shall be subject to maintenance fee.
Dormant Accounts
The Account shall be considered DORMANT when it becomes inactive (no deposits or withdrawals) for a period of two (2) years for Savings Account and one (1) year for Current Account. The Bank shall impose a monthly service charge on dormant account if the balance falls below the required minimum balance, and shall collect the monthly dormancy fee on the 5th year from the date of last financial transaction. The Account may further be reported to the Treasurer of the Philippines as an unclaimed balance under the Unclaimed Balances Law (Republic Act No. 3936, as amended) where it becomes inactive for ten (10) consecutive years.
Joint “AND” Accounts
By opening a joint “and” account, we warrant that we jointly own the account. Upon withdrawal, all of our signatures are required in the withdrawal slip. Upon the death of one of us, the share of the deceased co-depositor may be withdrawn by his/her legal heir/representative jointly with the surviving depositor, subject to the requirements of the law and those of the Bank.
Joint “OR” Accounts
By opening a joint “or” account, we warrant that we jointly own the Account and the Bank recognizes the existence of a survivorship agreement between us. Either one of us may encumber, pledge or even withdraw the entire deposit without the knowledge, consent and signature of the other. Upon the death of one of us, the surviving co-depositor may withdraw the balance of the deposit subject to the requirements of the law and those of the Bank.
Updating of Information
It shall be the responsibility of the Depositor to update all information/ records relative to him/her and his/her Account with the Bank and to submit documents in support thereof. The failure of the Depositor to provide updated information and supporting documents shall be deemed as the Depositor’s Confirmation that all the information, documents and records relative to the Depositor and his/her Account which the Bank has on record/ file continues to be current, valid, and effective, and that the Bank has the right to rely thereon, until and unless the Bank receives the required update with supporting documents from the Depositor which are satisfactory to the Bank. The Depositor releases and holds the Bank, its directors, officers, staff, representative and/or agent, free and harmless from any liabilities, suits, actions, losses, and/or damages that may arise out of such reliance.
Consent to the Terms and Conditions, Amendments and Other Rules
The Bank reserves the right to change, amend, supplement or modify any of the terms and conditions herein. By opening, maintaining and/or using the Account, Facility or any of the Bank’s services, including the subsequent opening of a new Account or application of another Facility or Bank services, the Depositor accepts and agrees to be bound by the Agreement and all terms and conditions governing it, including any change, amendment, supplement or modification thereto. Should the Depositor not agree with the new/ revised/modified Deposit Terms and Conditions, he may terminate the Agreement without the applicable penalty; provided such right is exercised within thirty (30) days from notice, either through an individual notice or issuance of public notice.
Consent to the Terms and Conditions, Amendments and Other Rules
I/We authorize and give consent to 1st TRuBank to use, store, process, and disclose personal information and/or sensitive personal information about me/us in accordance with Data Privacy Act of 2012 (Republic Act No. 10173), to third parties as may be necessary and allowed by law (i) for legitimate purposes, which include but are not limited to credit and risk management, know your customer checks, prevention and detection of fraud or crime, system or product development and planning, complaints management, insurance, audit and administrative purposes, and relationship management, (ii) to provide services to you or implement transactions which you request, allow, or authorize; and, (iii) to comply with the 1st TRuBank’s internal policies and its reporting obligations to comply with (a) Applicable law, and internal policies or procedures, or (b) any demand and/or requests from Government Authorities, which means the government of the Republic of the Philippines or a foreign country, as may be applicable, or any political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to the government, for purposes of reporting, regulatory trade reporting, disclosure or other obligations under Applicable Law.
I/We understand that any information provided to 1st TRuBank is kept secure and protected. 1st TRuBank will only collect my Personal Information and Sensitive Personal Information through secure means.
I/We agree to hold FTRBI and the persons or entities from whom it may obtain, or with whom it may disclose or verify the personal information free and harmless from any obligation arising from the use of these information.
I/We acknowledge and understand that this consent shall continue to be in effect throughout the duration of my deposit/loan and/or until expiration of the records retention limit set by the relevant banking laws and regulations for account closure, and the period set until destruction and/or disposal of my records, unless earlier withdrawn in writing. I/We are entitled to certain rights in relation to the personal information that may be collected from me/us, including the right to access, correction, and to object to the processing, as well as the right to lodge a complaint before the National Privacy Commission in case of violation of my/our rights as data subjects.
Consent to the Terms and Conditions, Amendments and Other Rules
The Bank reserves the right to change, amend, supplement or modify any of the terms and conditions herein. By opening, maintaining and/or using the Account, Facility or any of the Bank’s services, including the subsequent opening of a new Account or application of another Facility or Bank services, the Depositor accepts and agrees to be bound by the Agreement and all terms and conditions governing it, including any change, amendment, supplement or modification thereto. Should the Depositor not agree with the new/ revised/modified Deposit Terms and Conditions, he may terminate the Agreement without the applicable penalty; provided such right is exercised within thirty (30) days from notice, either through an individual notice or issuance of public notice.
ANTI-MONEY LAUNDERING ACT COMPLIANCE
I/We warrant that the funds deposited are not proceeds of any criminal or illegal activity. The Bank reserves the right to close my/our Account without prior notice or consent if there is reasonable ground to believe that the funds are proceeds of a criminal or other illegal activity. I/We hold 1st TRuBank, its officers and employees free and harmless from whatever liability that may arise should I/we and/or the Account be made subject to the applicable provisions of the Anti-Money Laundering Law, as amended, such as but not limited to transaction reporting, investigation, prosecution, asset preservation and/or forfeiture by applicable government authority, as the case may be. I/We hereby agree to hold 1st TRuBank free and harmless from any and all damages and liabilities arising from technical errors committed by 1st TRuBank in the processing of transactions, except if the same is due to the gross negligence of 1st TRuBank or any of its employees.
DATA PRIVACY CONSENT
I/We warrant that the funds deposited are not proceeds of any criminal or illegal activity. The Bank reserves the right to close my/our Account without prior notice or consent if there is reasonable ground to believe that the funds are proceeds of a criminal or other illegal activity. I/We hold 1st TRuBank, its officers and employees free and harmless from whatever liability that may arise should I/we and/or the Account be made subject to the applicable provisions of the Anti-Money Laundering Law, as amended, such as but not limited to transaction reporting, investigation, prosecution, asset preservation and/or forfeiture by applicable government authority, as the case may be. I/We hereby agree to hold 1st TRuBank free and harmless from any and all damages and liabilities arising from technical errors committed by 1st TRuBank in the processing of transactions, except if the same is due to the gross negligence of 1st TRuBank or any of its employees.
DATA PRIVACY CONSENT
1st TRuBank can be reached through the following facilities/channels on your concerns and complaints regarding your accounts:
Telephone: (084) 216-0308
Email: customercare@trubank.com
1st TRuBank Branches Mail: First Tagum Rural Bank, Inc.
Bonifacio Corner Rizal St., Tagum City 8100 Davao del Norte
I/We acknowledge that 1st TRuBank reserves the right to request for necessary information to be used for the investigation and resolution of reported requests and complaints. 1st TRuBank shall provide me/us with the prescribed turn-aroundtime to resolve the complaint. I/We acknowledge that 1st TRuBank may, from time to time, change the official facilities and channels where I/we can file my/our requests and complaints. I/We have read and understood and consent to be bound by all the terms and conditions stated above.