Micro Savings Account and Cebuana Savings Account Terms and Conditions

GENERAL PROVISIONS

DEFINITION

1.1. Cebuana Lhuillier Bank (“CLB” or the “Bank”) – a rural bank duly registered with the Bangko Sentral ng Pilipinas (BSP) and licensed as an Electronic Banking and Electronic Money Issuer.

1.2. “Client/Account Holder” – refers to an individual officially designated or recognized by the Financial Institution as the rightful owner or primary party associated with a Financial Account.

1.3. Cebuana Lhuillier 24K Quick Card (or “24KQuick Card”) – is a dedicated card linked to a Micro Savings Account and Cebuana Savings Account rewards card issued either by a Cebuana Lhuillier Pawnshop or Cebuana Lhuillier Pera Padala outlet, to qualified clients.It is nontransferable and must be presented only by bonafide cardholders to be entitled to exclusive privileges, discounts, freebies, and special service offerings.

1.4. Cebuana Lhuillier 24K Union Pay Debit Card (or “24K Debit Card”) – is a Cebuana Lhuillier Bank Debit Card equipped with EMV chip technology with improved security against fraud. The 24K Debit card is accredited by BancNet and Union Pay International. The Debit Card allows Cardholders worry-free access to their accounts through any EMV compatible payment terminals(e.g., ATMs and online merchants), in the Philippines and overseas.

1.5. Cebuana Lhuillier Pawnshop (or “Cash Agent”) is the accredited 3rd party service provider of CLB, through which servicing of deposits outside the Bank’s branches can be made. Cash Agents also facilitate cash acceptance or disbursal.

1.6. Cebuana Savings Account – A CLB regular savings account that is interest bearing and exclusively offered to Micro Savings Account holders.

1.7. e-Cebuana App (or “e-Cebuana Mobile App”) – is an application by Cebuana Lhuillier Bank designed for use on mobile devices, allowing customers to access services and utilize products offered by the Bank.

1.8. Know-Your-Customer (KYC) – is a process to establish the full identity of individuals looking to transact with a financial firm, which is usually done by requiring identification cards from a client as required by the Bangko Sentral ng Pilipinas (BSP).

1.9. Micro Savings Account – refers to a basic deposit account that is interest bearing with a maximum average daily balance (ADB) of Php50,000.00.

1.10. Personal Identification Number (PIN) – is a personalized digit/access code known only to the account holder, used to access the account and make authenticated transactions. The PIN for the 24K Quick Card should consist of four (4) digits, while the24K Debit Card requires a six (6) digit PIN.

THE AGREEMENT – This Agreement governs the relationship between the Client and the Bank. The Bank may, from time to time, modify or amend the terms and conditions of this Agreement, as are customary in the conduct of the banking business or are in its judgment necessary for the protection of the Client and the Bank.

ACCOUNT OPENING – The Bank reserves the right to open accounts at its sole discretion, based on the applicant’s compliance with all account opening and documentary requirements determined by the Bank. The requirements may include, but are not limited to, compliance with “Know Your Customer” (“KYC”) screening measures mandated by the Anti-Money Laundering Council (AMLC), submission of a duly completed Customer Information Sheet (CIS), valid identification document, the provision of an initial deposit, and any other supporting documents as prescribed by the Bank. The specific criteria and documents required may be revised by the Bank from time to time. Customers can open an account through three channels: accredited third-party Cash Agents, Cebuana Lhuillier Bank Branches, and the e-Cebuana Mobile Application.

DEPOSIT – CLB Branches and 3rd party accredited Cash Agents are authorized to receive your deposits in cash. The Accountholder shall hold the Bank free and harmless from any and all claims, liabilities, expenses, and costs arising from or in connection with the Bank’s acceptance of deposits to the Account. Deposits credited to the Account are limited to those physically received, verified, and counted by the Bank. The Bank reserves the right to refuse deposits of any type that it deems appropriate, in accordance with existing laws, regulations, and policies.

CLIENT INFORMATION – The Client hereby warrants that all information pertaining to his/her identity and personal circumstances is true and correct and allows the Bank to verify said information. The Client also confirms, declares and acknowledges that the mobile phone number and electronic-mail address provided to CLB are owned/under the control of the Client and that, any communication/announcement made by the Bank to the mobile phone number and electronic mail address provided will be considered the Bank’s primary forms of communicating any announcement. Any feedback or communication from the mobile number and/or e-mail address given by the Client shall be automatically treated by CLB to be directly coming from the Client, unless otherwise advised in writing. The Client shall, when there are changes to information previously provided and/or whenever required by the Bank, update information provided during account opening, such as address, mobile phone number and email address and shall notify the Bank immediately, in writing, of any change in his/her contact details and information. The Bank shall hold these details as true and complete if no update is given unless notified otherwise in writing.

RECORD OF TRANSACTIONS – The Client is responsible for verifying the Deposit Transaction history details and records to make sure that there are no unauthorized transactions. The Client should likewise review and reconcile transaction records/details for any errors or unauthorized transactions promptly and thoroughly, subject to Section 12 of this Agreement.

ACCOUNT AND CARD SECURITY – The Client shall be responsible for the security of his/her 24K Quick Card or 24K Union Pay Debit Card issued by CLB and for the maintenance of his/her PIN and/or online password. The Client acknowledges that his/her PIN and/or password are known only by him/her, and not by anyone else, including the Bank or its Cash Agents. The Client shall be responsible for all transactions processed using the 24K Quick Card or 24K Union Pay Debit Card and the PIN and/or password whether the transactions were made with the Client’s knowledge or authority. The Client shall hold the Bank, the Cash Agent, its officers and employees free and harmless from any losses, damages, or liabilities incurred or suffered in connection with the Client’s disclosure of his/her PIN and/or password. In the event of loss, theft, or destruction of the 24K Quick Card or 24K Union Pay Debit Card, the Client must promptly notify the Bank either by calling the Cebuana CARES Hotlines within twenty-four (24) hours, after the occurrence of the incident, or by submitting a written report to any Cebuana Lhuillier branch within the same period. The Client acknowledges that any activities or transactions made using the 24K Quick Card or 24K Union Pay Debit Card before reporting the loss shall remain the Client’s liability.

REFERENCE NUMBER – Each successful transaction shall be evidenced by a system-generated Reference Number, which shall be transmitted to the Client’s enrolled mobile number, e-mail address or validation form, whichever is applicable, for records purpose.

TRANSACTION DATE – The Bank will process the Client’s transactions provided there is sufficient cash value available in the Client’s deposit account. It is the responsibility of the Client to ensure that sufficient cash or cash value are available in the Client’s deposit account at all times to cover any of the transactions, immediate or scheduled, and that the 24K Quick Card or 24K Union Pay Debit Card is active. Any charges or penalties because of an unsuccessful transaction due to insufficiency of cash or cash value or canceled card will be the sole responsibility of shall be for the account of the Client.

ACTIVATION AND DE-ACTIVATION OF DEPOSIT ACCOUNT FEATURES – CLB reserves the right to add, discontinue or deactivate features or functions of the deposit account upon sixty (60) calendar days’ notice to the Client. Notice may be provided personally or through publication, such as, but not limited to, posting on the Bank’s website or within the Bank’s or Cash Agent’s premises.

CLOSING OF ACCOUNT/CARD – The Client may request CLB to close the Deposit account by submitting a written request to the Cebuana CARES or any Cebuana Lhuillier Pawnshop branches. The Bank shall process the request within fifteen (15) calendar days upon receipt. The Client shall remain responsible for any transactions made on the account until the time of closing of the card’s use. The Bank also reserves the right to close the Client’s use of the card or close the account at any time with or without prior notice, and in any of the following instances: a) discovery of any form of fraud; b) violation of any of the provisions of the terms and conditions and rules and regulations of CLB supplementary thereto; and c) other grounds warranted by law. The Bank is authorized to report such closure to the BSP or to any monitoring body of the BSP. The Client shall hold the Bank, its directors, officers and employees free and harmless from all liabilities, claims and demands arising from the above actions of the Bank.

DISPUTES ON TRANSACTIONS – The details in the Deposit Account’s transaction records are presumed true and correct unless the Client notifies the Bank thru Cebuana CARES in writing of any disputes thereon within fifteen(15) calendar days from the date of transaction. If no dispute is reported within the said period, all transaction details and records are deemed true and correct. Disputed transactions shall only be adjusted once the claim/dispute has been properly processed, investigated, and proven to be in favor of the Client.

EXCLUSION FROM LIABILITY – CLB makes no warranty, express or implied, regarding the performance of this Agreement or the electronic banking functionalities or other services offered hereunder. CLB electronic banking service is offered on an “as is” or “as available” basis without warranties of any kind, except those required by law and other rules and regulation issued by pertinent government agencies. CLB further makes no warranty (1) as to the content, quality or accuracy of data or information provided by CLB hereunder or received or transmitted using the electronic banking channels; (2) as to any service or product obtained using the electronic banking service; (3) that the electronic banking service will be uninterrupted or error-free; or (4) that any particular result or information will be obtained. CLB shall not be liable for any loss, added cost, compensation, damage or liability that the Client may incur as a result of any delay, interruption or termination of the electronic banking transaction whether caused by administrative error, technical, mechanical, electrical or electronic malfunction or any cause beyond CLB’s control (including but not limited to acts of God, labor disputes, failure of communication lines, interconnection problems, mobile phone signal/reception problems, interference or damage by third parties).

LIMITATION OF LIABILITY – – Subject to the provisions herein, if CLB is found liable for any act or omission for any reason whatsoever, the liability of CLB shall be limited to the amount of the relevant transaction or actual damages to the Client, whichever is lower. CLB shall not be liable to the Client for any indirect, special, exemplary, punitive or consequential loss or damages arising from the use of a 24K Quick Card or 24K Union Pay Debit Card, including but not limited to lost opportunities or profit.

ANTI-MONEY LAUNDERING – The Client acknowledges and confirms being informed of the provisions of R.A. No. 9160 (Anti-Money Laundering Act of 2001), as amended, and agrees that their account is subject to its provisions, including its implementing rules, or regulations. The Client agrees and undertakes to keep the Bank, its directors, officers, and employees free and harmless from any liabilities arising from actions taken in compliance with R.A. No. 9160.

DATA PRIVACY – The Bank is committed to respecting and protecting data privacy rights of the Client as a data subject in accordance with R.A. 10173 (“Data Privacy Law of 2012”), its Implementing Rules and Regulations and other applicable laws of the Republic of the Philippines. In the course of providing services to the Client, CLB and the Cash Agent may collect information (including personal information) relating to the Client, including the transactions, accounts, account information or records. For this purpose:

The Client agrees that he/she will receive transaction notifications and be regularly updated by the Bank and its subsidiaries and affiliates (hereinafter, “P.J. Lhuillier Group”) of their products and services, and thus understand fully that his/her foregoing information will accordingly be shared.

[email protected]

https://privacy.gov.ph/

DISCLOSURE OF INFORMATION – The Client acknowledges that the Philippine government, United States government and governments of other foreign jurisdictions where transactions pertaining to his/her account may transpire may require the Bank, its branches and agencies, and the P.J. Lhuillier Group to disclose or produce information concerning his/her account. For this purpose, the Client hereby waives his/her rights under R.A. 1405 (Law on Secrecy of Bank Deposits), R.A. 6426 (Foreign Currency Deposit Act of the Philippines), R.A. 8791 (General Banking Law of 2000), or any other pertinent law or regulation, as the same may be amended from time to time, and hereby authorizes the Bank, its branches and agencies, and all of the Bank’s subsidiaries or affiliates, without prior notice to the Client, to make any and all disclosure of information regarding the account as may be required. The Client hereby holds the Bank, its directors, officers, employees and other duly authorized representatives free and harmless against all liability arising from any loss or damage which the Client may incur or suffer as a result of such disclosure.

CONSENT TO SHARE INFORMATION – For purposes of (a) sales and marketing activities, cross-referencing, status inquiry, cross-selling or the offering of the various products and services of the Bank and the P.J. Lhuillier Group, including but not limited to, credit opinion and evaluation by and for an entity belonging to the P.J. Lhuillier Group, or application for insurance products with an insurance company within P.J. Lhuillier Group; (b) compliance with legal, regulatory or other contractual obligations of the Bank; and (c) providing efficient services, the Client hereby gives its consent to, and authorizes the Bank to process, obtain, collect, record, organize, store, update, modify, use, access and/or share/disclose within the P.J. Lhuillier Group and third party service providers, with corresponding duty to keep such information confidential, without prior notice to the Client, relevant account information/data/opinion pertaining to the Client, including but not limited to personal circumstances, privileged information, sensitive personal information, account opening, account balances, transaction history, promo subscription, redemption records and any and all other information pertaining to all account/s now existing or which may hereafter to be opened, which authorization shall constitute a consent and shall exempt the Bank and/or the P.J. Lhuillier Group from liability under any and all bank deposit secrecy laws, including but not limited to, R.A. 1405 or The Law on Secrecy of Bank Deposits, R.A. 6426 or The Foreign Currency Deposit Act and R.A. 8791 or The General Banking Law, as well as R.A. 10173 or the Data Privacy Act of 2012 and other confidentiality laws enforced or which may hereinafter enforced. The absence of any written notice to the contrary shall be deemed by the Bank as the Client’s continuing consent under the bank secrecy, privacy and confidentiality laws, as above mentioned. The Client shall notify the branch in writing if he /she intends to withdraw his/her consent to the sharing of information provided herein.

ONLINE PAYMENTS – Clients are solely responsible for maintaining the confidentiality of their log-in credentials and ensuring the security of their online banking accounts. All transactions authorized by the clients are considered final, and CLB shall not be held liable for errors or discrepancies arising from inaccurate transaction details. The client acknowledges and accepts any applicable fees or charges associated with online transactions, and CLB reserves the right to amend these fees with prior notice. While CLB employs security measures, users are advised to report any unauthorized access promptly.

MICRO SAVINGS ACCOUNT
1. 20.1. AVERAGE DAILY BALANCE (ADB) – For Micro Savings Account (MSA), the client agrees that the ADB shall not exceed Fifty Thousand Pesos (Php50,000.00).
  1. i. The formula of Average Daily Balance is as follows:
    
    Average Daily Balance (ADB) = Sum of Daily Balances for the Period / Number of Days in the Period
    
    Number of days in the month (i.e. 30/31 days)
2. 20.2. PRODUCT FEATURES/TRANSACTIONS – The 24K Quick Card and 24K Union Pay Debit Card are instruments linked to an identified Micro Savings Account. Micro Savings is a product of CLB. The Client agrees and understands that no deposit and/or withdrawal shall be made without the Client using or presenting his/her 24K Quick Card or 24K Union Pay Debit Card issued by CLB. The Client’s Deposit Account is insured with the Philippine Deposit Insurance Corporation (PDIC).
3. 20.2. FEES, RATES AND OTHER CHARGES – The Client agrees to pay applicable fees and charges related to Micro Savings and other deposit accounts which may or may not be linked to 24K Quick Card or 24K Union Pay Debit Card issued by CLB and its use, such as but not limited to withdrawal. Such fees and or charges shall be inclusive of Philippine taxes and shall be debited from the Depositor’s account or paid upfront without further notice. Applicable fees may be found at the Bank’s website https://www.cebuanalhuillierbank.com/deposits/micro-savings/

UPGRADING OF ACCOUNT
An MSA that exceeds the Php50,000.00 maximum average outstanding balance (ADB) shall be converted to a Cebuana Savings Account (CSA). The conversion performedautomatic conversion by the Bank of accounts from MSA to CSA shall be done five (5) days after the end of each quarter. This shall be automatically computed at the end of every quarter and the account upgrade shall be processed five (5) days after the end of said quarter. Appreciation/gratitude letters will be sent to all upgraded accounts. Upgraded Accounts (CSA) require a maintaining balance of One Thousand Pesos (Php1,000.00). A charge of Two Hundred Pesos (Php200.00) will be imposed if the account balance falls below the specified maintaining balance.

The Bank shall send a Short Message Service (SMS) notification to Micro Savings Account (MSA) holders in the second (2nd) month of each quarter, informing them of their account’s eligibility for an upgrade to a Cebuana Savings Account (CSA). In the subsequent month, the third (3rd) month, the Bank will send another SMS notification to clients, confirming that their account will be automatically upgraded. Receipt of these SMS notifications will also serve as Client’s acknowledgement and acceptance of the automatic upgrading process.

The Client acknowledges their responsibility to provide accurate and valid documentation as may be required by the Bank for additional verification purposes. The additional requirements should be submitted to CLB, and/or 3rd Party Accredited Cash Agents. These requirements may include, but are not limited to, compliance with “Know Your Customer” (“KYC”) screening measures mandated by the Anti-Money Laundering Council (AMLC), submission of a duly completed Customer Information Sheet (CIS), One (1) Primary or Two (2) Secondary valid identification documents, proof of billing (e.g., electricity, water, telecommunication, etc.), and any other supporting documents as prescribed by the Bank.

CEBUANA SAVINGS ACCOUNT – Clients are solely responsible for maintaining the confidentiality of their log-in credentials and ensuring the security of their online banking accounts. All transactions authorized by the clients are considered final, and CLB shall not be held liable for errors or discrepancies arising from inaccurate transaction details. The client acknowledges and accepts any applicable fees or charges associated with online transactions, and CLB reserves the right to amend these fees with prior notice. While CLB employs security measures, users are advised to report any unauthorized access promptly.

22.1. PRODUCT FEATURES/ TRANSACTIONS – Deposits and withdrawals shall be made by the depositor and must be secured by the 24K Quick Card or 24K Union Pay Debit Card issued by CLB. The Client agrees that no deposit and/or withdrawal shall be made without the use and/or presentation of the 24K Quick Card 24K Union Pay Debit Card validly issued by CLB. The Bank may impose or change transaction and card balance limits at its option pursuant to applicable to laws, subject to thirty (30) days prior notice to Depositor. Deposits are insured with Philippine Deposit Insurance Company (PDIC) for up to the maximum amount of Five Hundred Thousand Pesos (Php500,000.00).

22.2. FEES, RATES AND OTHER CHARGES – Two Hundred Pesos (Php200.00) shall be charged to the account if the balance falls below the maintaining balance of One Thousand Pesos (Php1,000.00). The Client agrees to pay applicable fees and charges related to Cebuana Savings and other deposit accounts which may or may not be linked to 24K Quick Card or 24K Union Pay Debit Card issued by CLB and its use, such as but not limited to withdrawal. Such fees and or charges shall be inclusive of Philippine taxes and shall be debited from the Depositor’s account or paid upfront without further notice. Applicable fees may be found at the Bank’s website https://www.cebuanalhuillierbank.com/deposits/cebuana-savings/

22.3. TRANSACTION HISTORY STATEMENT – A Statement of Account (SOA) bearing all the transactions for the account is available from the Bank and can be requested through Cebuana Cares, and 3rd Party accredited Cash Agents. The SOA will be provided as a hard copy and soft copy document to be issued to the client.

22.4. EARLY CLOSURE – A closing fee shall be charged if the client wishes to close the account within thirty (30) days from its opening date.

INTEREST
The interest rate on the Savings Deposit shall be computed based on average daily balance provided the required minimum balance for the day, if there is any interest earned, shall be credited monthly. A twenty percent (20%) withholding tax shall be withheld and deducted by the Bank from the interest income on savings deposit (P.D. 1994).

DORMANT ACCOUNT
1. 24.1. An account shall be considered dormant if it becomes inactive (no deposits or withdrawals) except for posting of interest for a period of two (2) years. No transaction shall be allowed for a dormant account until the same is reactivated.
2. 24.2. Depositor will be notified sixty (60) days prior to change of account status from active to dormant. CLB shall impose a monthly service dormancy fee amounting to Php30.00 on a dormant deposit account five (5) years after the last activity provided that the account falls below the minimum monthly Average Daily Balance.
3. 24.3. Dormancy fee will only be applied to CSA account holders since there is no maintaining balance required under MSA.
4. 24.4. In case of dormancy, for MSA with zero (0) balance, the Bank reserves the right to automatically close if there is still no financial transaction movement despite continuous reminder from the Bank.
5. 24.5. Pursuant to the provision of existing laws, all “unclaimed balances” which represent deposits of money and/or interest accrued thereon held by CLB for any Account holder who has remained dormant – no further financial transactions – for a period of ten (10) years or more shall be reported and, when so ordered, deposited by CLB to the Treasury of the Philippines, to the credit of the government of the Republic of the Philippines.
6. 24.6. Dormant account shall not earn any interest while the account remains dormant. Interest accrual shall start only when the account is reactivated.
7. 24.7. The Client may reactivate a dormant account through any CLB branch upon submission of fully accomplished set of KYC documents and presentation of valid identification required by CLB.
8. 24.8. The dormant account must have a financial transaction, either deposit or withdrawal from the account for successful reactivation.
MISCELLANEOUS PROVISIONS
1. 25.1. CLIENT SUPPORT – The Bank is regulated by the BangkoSentral ng Pilipinas (BSP). For any issues, concerns, clarifications, complaints or inquiries, the Client may contact the Bank through CebuanaCARES Hotlines via the following:
  1. i. Phone: (02) 7759-9800 / (02) 8779-9800
  2. i. SMS: 0917-81CARES (22737) GLOBE / 0918-81CARES (22737) SMART
  3. i. Email: [email protected]
2. 25.2. AMENDMENTS – The Bank, may at any time and for reasons it may deem proper, amend, revise or modify these Terms and Conditions. Any such amendment, revision or modification shall bind the Client upon notice (personal or by publication, through posting on the Bank’s website or the Bank’s or Cash Agent’s premises). If the Client does not agree with the new/revised terms and conditions, he/she must notify the Bank to terminate the agreement within sixty (60) days from receipt of the individual notice or sixty (60) days from issuance of public notice. Failure to notify the Bank within the prescribed period shall be construed as acceptance by the Client of any such amendments, revisions or modifications.
3. 25.3. NOTICE – All communications and notices required to be given to the Client shall be transmitted by SMS and/or electronic mail to his mobile number and/or email address appearing in the Account Opening documents or at such other mobile phone number and/or email address that may hereafter be given in writing by the Client to the Bank.
4. 25.4. BINDING EFFECT – These Terms and Conditions are binding on the Client and his/her heirs, executors, administrators and assigners
5. 25.5. GOVERNING LAW – These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of the Philippines. Any dispute arising from this Agreement shall be submitted to the proper courts of Bacoor, Cavite, to the exclusion of all other courts