General Terms and Conditions on Savings Deposit

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Regular Savings

ATM Savings                                

Double Your Money

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1.   Deposits. Subject to change, a minimum amount fixed by the Bank relative to the type of deposit account, shall be                     required to open a deposit account. No check, draft, telegraphic transfer, postal money order, treasury warrant, and/or             other forms of deposit/credit instrument shall be accepted/allowed as initial deposit or credit to Depositor’s deposit                   account. 

          1.1     A deposit of less than one peso shall not be received by the Bank.

          1.2     Deposits shall be credited to the Deposit Account after verification and count by the Bank. The amount verified                           shall be deemed to be the correct amount deposited by the Depositor. Any discrepancies noted shall be                                         communicated to the Depositor.

          1.3     In consideration of the bank’s acceptance of deposits which are not counted in the Depositor’s presence by way of                     special accommodation, the Depositor hereby assumes the sole responsibility for any shortages/overages which                         may be found when the deposit is counted and the total there of checked against the amounts indicated on the                           deposit slip/s and holds the Bank free and harmless from any liability arising there from. However, should any                             shortage or overage be found, the Bank shall advise the Depositor of such fact.

          1.4     The Bank is also authorized to correct the entries in the deposit slip/s presented to reconcile with the actual                                 deposit received verified by the Bank’s personnel.

          1.5     The Bank may, at any time return to the Depositor his deposit together with the interest due.

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2.   Check deposits. Check deposits are treated as collection items only and shall be received conditionally. As such posting of       check deposits shall not be construed as an acceptance of the deposit. Check deposits shall be credited to the account               once the proceeds thereof have been received by the bank.

          2.1    The Bank reserves the right to reject check deposits including but not limited to second/multiple- endorsed checks,                     treasury warrants and postal money orders.

          2.2    The Bank reserves the right to charge back any defective or lost item previously credited to the Deposit Account                           regardless of the time that has elapsed and regardless of whether or not the deposit item itself can be returned or                     to reverse/correct entries that were erroneously credited to the Deposit Account due to mistake, technical errors                         without need of any notice. The Depositor assumes full responsibility for the validity of the deposit item as well as                       the correctness and genuineness of endorsement/s thereon.

          2.3    Check issuance shall be governed by the rules and regulations imposed by PCHC and the BSP.

                    a.)   Only checks containing signatures in ink or other means of writing with a character of permanence shall be                                  honored.

                    b.)   Checks with erasure, alteration and/or deficiency shall no longer be eligible or acceptable for clearing, except                              Post-dated Checks (PDCs) bearing the bank stamp specified in item 2 of the Phil Clearing House Rules and                                    Regulations.  

          2.4    The bank is under no obligation to notify the depositor before returning to the paying bank thru PCHC/BSP checks                       drawn on it and which cannot be accepted because of insufficiency of funds or technical defects. (e.g. Post dated,                       amount in words differ in figure). Further the bank shall not be held for any damage which may arise out if its                               failure to notify the depositor of any checks deposit returned by drawee bank for whatever reason.

 

3.   Passbook. A passbook shall be given to the Depositor to record all deposits and withdrawals made by the Depositor and          other transactions initiated by the Bank.

          3.1     No withdrawal shall be permitted by the bank unless the passbook is presented by the depositor.

          3.2     A depositor must under no circumstances write anything on the passbook, as the bank will not be                                                   responsible for any sum not properly recorded and acknowledged thereon.

          3.3     No entries other than those affected by the Bank shall be made in the passbook. In the event of any                                               discrepancy between the entries in the passbook and the Bank’s records, the latter shall prevail. 

          3.4     The passbook is not conclusive evidence of the balance in this account, furthermore it is not   transferable.

          3.5    The passbook should be carefully guarded by the depositor.

          3.6     Loss of passbook and deposit items shall be immediately reported by the Depositor to the Bank by                                                 submitting a notarized affidavit of lost passbook.

          3.7     The Bank shall not be responsible for any payment it may make on any deposit item prior to its notice of loss/theft                     of deposit item and such payment shall have the same effects as if made to the Depositor personally except in                             case of patently discernible acts of forgery or irregularity.

          3.8    A service fee shall be collected from the depositor for the replacement of lost passbook. 

 

4.   Withdrawals.  All withdrawals must be made by the Depositor personally and must be supported by duly accomplished           withdrawal slip together with the passbook to be presented by the Depositor,  or by a person other than the Depositor             himself only upon the Depositor’s written authority  which must be fully authenticated

          4.1    No withdrawal against uncollected funds shall be allowed by the Bank.

          4.2     Withdrawal by check from saving deposit shall not be allowed. Savings deposits may be withdrawn only in the                             manner provided hereinafter.

 

5.   Authorized Signatories. The Depositor shall advise the Bank in writing of any change in authorized signatories to  the               Deposit Account

          5.1     For Joint "AND” accounts, the signature of all Depositors shall be required to operate the account.

          5.2     Joint "OR" accounts automatically vest full authority in one Depositor to do whatever such Depositor so desires                           with the funds without the consent of the other Depositor

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6.   Deposit Account Balance. Except for manifest error, the Depositor agrees that the outstanding balance of the Deposit              Account appearing in the Bank’s records is accurate and conclusive and shall be binding upon him. The Depositor                        specifically waives his rights under the provisions of Article 1250 of the New Civil Code insofar as it concerns the Deposit            Account.

          6.1     The Depositor shall maintain, at all times, the required minimum monthly average daily balance (ADB) relative to                         the Deposit Account, otherwise, a monthly service fee shall be charged against the account.

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7.   Claim Against erroneous entry. Any claim by a Depositor against any erroneous entry in his passbook must be made by          him before leaving the bank or on the occasion when the entry is made.

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8.   Interest.  Deposit shall earn interest if the Depositor maintains an average daily balance equivalent to or more than the            minimum amount set by the Bank. The minimum amount which shall be entitled to interest shall be fixed by bank and              shall be computed based on actual/daily cleared balance compounded quarterly.

          8.1     No interest shall be paid on account

                    a.)     Which have remained inactive/dormant for two (2) years with balances of less than the minimum maintaining                              amount fixed by the bank.

                    b.)    Closed prior to interest posting.

          8.2     Dormant account which is reactivated shall earn interest starting from the date of reactivation.

          8.3     All returned checks shall be excluded from interest computation from date of deposit to date of return.

          8.4     Interest rate shall be subject to change anytime without need of prior written notice to the Depositor.

          8.5     Interest on savings account is credited at the end of every quarter

 

9.   Set-off. The Bank shall have a lien and authority to set-off against the balance of the depositor at any time in its discretion,       with or without notice to the Depositor, charge the Deposit Account and/or apply such amount thereof as shall be                       sufficient to pay any all obligations of the Depositor to the Bank, including loans, interest, penalties, charges and other               receivables for the Depositors whether covered by promissory notes or other credit agreement or arising from erroneous         credits, and the Bank shall not thereafter be liable for withholding or applying to the payment of said obligations any or all       amount of the Deposit Account or for the dishonor of checks or other instruments for insufficiency of funds or other                 consequences of the foregoing.

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10. Bank Fees and Charges. A fee shall be charged on the following:

          10.1   Active deposit accounts falling below the required minimum monthly average deposit balance (ADB) for                                         two (2) consecutive months;

          10.2  Dormant deposit accounts - accounts with no deposit or withdrawal for a continuous period   of two    (2) years for                     savings accounts and one (1) year for current accounts  falling  below the required minimum monthly ADB;

          10.3   Savings deposit accounts closed within ninety (90) days from date of opening.

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11. Unclaimed Balances/Dormant Accounts. Pursuant to Republic Act 3936 as amended by PD 679, all unclaimed balances         held by the Bank in favor of any person known to be dead or who has not made further deposits/withdrawals for a period       of ten (10) years or more shall be escheated in favor of the Treasurer of the Philippines.

          11.1  Dormant Accounts .Deposit accounts shall be considered inactive if there have been no activity in two (2) years for                       savings account and one (1) year for current account.

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12. Transfer/Breakup of Deposit. All deposits shall be subject to the provisions of PDIC Regulatory Issuance No. 2002-03-             Deposit Insurance Guidelines on Determination of Beneficial ownership of Deposits including Transfers/Breakup of                     Deposit. In case of transfers or break-up of deposits, PDIC shall recognize actual/ beneficial ownership of transferees who         are qualified relatives of the transferors. Qualified relatives are transferees within the third degree of consanguinity or               affinity of the transferor which must be proven with relevant documents such as, but not limited to, birth certificates and           marriage certificates.  (PDIC Regulatory Issuance No. 2002-03 dated March 20, 2002.)

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13. Closure of Account.  When a depositor wishes to close his Savings Account he   should fill out the withdrawal slip which           must be made out of the amount of the balance outstanding to the depositor’s credit as reflected in the passbook and               should always be accompanied by the passbook.

      CBQP is authorized to close the account even without prior notice, where said account is mishandled by the issuance of             unfunded or insufficiently funded checks or involvement in any fraudulent or illicit activity and or to report such closure             and the reason therefore to any central monitoring entity of the BSP to keep record and monitor mishandled accounts.

          13.1  The depositor will be required to pay the bank a service charge for closing his account, if the    account is closed                           within a period of ninety (90) days from the date of opening.

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14. Deposit Insurance. Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum                   amount of P 500,000 per Depositor.

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15. Deposit Balances of a Deceased Depositor. For bank’s protection, CBQP shall freeze the account upon notice of the               death of one co-depositor until the necessary legal documents are presented to the Bank. The deposit balance shall be             made payable to and collectible by the surviving depositor, heirs and assigns, subject to the settlement of whatever estate       or other tax liabilities in accordance with Rule No. 74 of the New Rules of Court.

 

16. Governing law. The Deposit Account is subject to terms and conditions that  shall be deemed to have been made under           and shall be governed by the rules and regulation and pertinent laws  of the Republic of the Philippines and the  Bangko           Sentral ng Pilipinas (BSP), subject further to the provisions of  PDIC Reg. Issuance No. 2002-03 and 2009-03 -Deposit                   Insurance Guidelines on Determination of Beneficial Ownership including transfer/break-up of deposit , including the                 provisions of  Republic Act No. 9160 known as the Anti-Money Laundering Act of 2001, including any and all amendments,         rules or regulations pertaining thereto. The Depositor shall hold the Bank, its directors, officers and employees, free and           harmless from any and all liabilities for any action it has taken or for refraining from taking any action in compliance with           the terms and conditions there from.

 

17. Acceptance of Rules. The depositor is understood to have accepted and therefore shall be bound by the terms and                 conditions stated herein and other additional regulations as the bank may subsequently make. These terms and                         conditions are binding on each and all of the Depositors and their respective heirs, executors, administrators and assigns.         The Bank reserves the right to revise/amend any or all of the provisions contained herein as the condition or interest of             the bank may require.

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18. Issues and Concerns.  Any issue or concern regarding the Bank's deposit products should be directly relayed to the                   Branch Manager or to any available Bank Officer at the time of complaint by filling out the Bank's Complaint Form.

     

 

      CBQP's Customer Service Line is 0923 118 0629 and email is cro_cbqp@yahoo.com.ph.

      BSP Financial Consumer Protection Department - (632) 708-7087; email: consumeraffairs@bsp.gov.ph