These Terms and Conditions shall form part of the specific terms and conditions of
UnionBank’s (the “Bank”) individual products and services and such other rules and
regulations governing the account/s with the Bank and shall be applicable to any future
account that may be opened with the Bank.
Provision for deposit account
Opening of Account
A Deposit Account may be opened by an individual or by two (2) or more persons jointly, who is/are free from any legal
disability. The account may also be opened by a juridical entity, in the name of a corporation, partnership, association, or
other juridical entities provided that all documents/ requirements are submitted and
The opening and maintenance of deposit accounts shall be at the sole discretion of the
Bank upon compliance with and submission of all documentary / account opening /
maintenance requirements of the Bank, and conducting Customer Due Diligence as part
of Know your Customer (KYC). The branch/unit where the account was opened
serves as the maintaining branch/unit. Unless allowed under existing laws and
regulations, the deposit accounts shall be maintained only in the depositor/s’ true and full name.
Authenticity of Documents
The customer shall ensure the validity, correctness and genuineness of information
reflected on all documents submitted to the Bank.
Complete account opening forms,
containing the specimen signature shall be submitted to complete account opening. A
minimum of 3 specimen signatures are required per customer. For personal
accounts, the account holder’s specimen signature is required. For juridical entities,
specimen signatures of authorized signatories, with authentication from the
corporate secretary are required. Specimen signatures are updated by the Bank every
five (5) years or sooner when required by the Bank.
Changes in specimen signatures and
authorized signatories shall be allowed only upon receipt of a written request from the
account holder in the form acceptable to the Bank. For joint accounts, the written request
should be signed by all the depositors. For corporations, associations, clubs and other
unincorporated organizations, the written request must be supported by a board
resolution. For partnerships, the written request must be signed by all partners.
Deposits may be made in the form of cash, check, or fund transfers. Cash and check deposits will only be credited after
verification by the Bank. Checks will be accepted on collection basis only and may
be withdrawn only after the prescribed clearing period under existing BSP/PCHC or
international clearing house rules and regulations.
In receiving checks and other items for
deposit, the Bank acts only as the collecting agent of the account holder and assumes no
responsibility beyond care in selecting correspondents. The account holder
assumes full responsibility for the correctness, authenticity and validity of all
endorsements appearing on the checks or other items deposited to 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
- existing BSP/Philippine Clearing House Corporation (PCHC) rules
and regulations; and/or
- clearing or collection arrangements made with
correspondent banks, in case of checks denominated in foreign currency.
The Bank is authorized to charge back any spurious, defective, erroneous or lost item
credited to the deposit account regardless of the time that has elapsed, whether or not the
item itself can be returned.
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, and shall prevail
over the figures/amounts indicated in the deposit slip.
The Bank will notify the account holder of
Second endorsed checks, post-dated and stale checks are not acceptable for deposit.
Any alterations or erasures made on any check deposited regardless of any signature
or initials that appear to indicate authorization of the alteration or erasure will
make the check unacceptable for clearing with the PCHC.
The Bank reserves the right to refuse
acceptance of deposits if it resolves that acceptance of deposits would expose itself
to any risks.
Deposit and/or payment for bills authorized to be paid through the Bank via UnionBank
ATM shall be credited to the corresponding accounts only after and in accordance with
the results of the verification by two (2) bank personnel. The amount counted by these
two (2) bank personnel from the customer's envelope coursed thru the machine, shall be
deemed to be the correct amount deposited. Discrepancies noted will be communicated
to the cardholder within three (3) banking days from the date deposit/payment was
The Bank records shall be conclusive on the amount of the deposit for credit to
customer's accounts despite discrepancies.
The Bank shall not be responsible for resulting entries based on erroneous or
illegible account number on the deposit slip.
The Bank reserves the right to debit the account holder's account for any amount
previously credited, if uncollected.
Cash Acceptance Machine (CAM)
The Cash Acceptance Machine (CAM) is a self-service terminal that allows the
customer to make cash deposits and payments.
Deposits and/or payments for bills
authorized to be paid through CAM shall be credited to the corresponding accounts only
after electronic verification. All successful transactions are issued a receipt, confirming
The Bank’s records shall be conclusive on the amount of the deposit for credit to
customer's accounts. It is the customer’s responsibility to ensure that the information
entered in the system are correct and notes deposited are authentic.
For Foreign Currency Deposits
Deposits may be in the form of notes, checks, drafts, and telegraphic transfers via
the Philippine Domestic Dollar Transfer System (PDDTS) and/or SWIFT acceptable
to the Bank.
The account holder warrants that the Foreign Currency Deposits (FCD):
- shall not be funded by foreign currency required to be sold and/or surrendered
under the rules and regulations of the BSP then in effect; and
- shall be funded purely by foreign currency
receipts eligible for deposit under the rules and regulations of the BSP then in
effect. The account holder holds the Bank free and harmless from liability for any
deposits made in violation of any law, rules or circulars.
Checks denominated in foreign currency
received as deposits and sent to a foreign correspondent bank for collection/ clearing
shall be governed by the following special conditions:
- the Bank is acting only as collection
- the Bank shall not be liable for any loss,
damage, or delay due to causes beyond
its control, acts of God, civil disturbances,
mail delays / fraud, equipment/systems
failures, or other events of force majeure;
- the Bank shall not be liable for any claim
for non-payment of any item unless the
non-payment results from the Bank’s duly
established and proven gross negligence
or willful misconduct.
Check deposits previously presented and subsequently returned by the drawee banks cannot be re-deposited. The Bank reserves
the right to charge clearing and/or collection charges for checks denominated in foreign
currency for deposit/collection.
The account holder fully authorized the Bank, to immediately debit from its foreign currency
or peso accounts for any returned check/s, the Bank’s minimum charges and other amounts the foreign collecting bank may
impose for any returned check. The account holder does not hold the Bank liable for any loss which may be incurred due
to any changes in the exchange rate.
Checks drawn against banks located outside the US continent are usually sent for
collection. The fees/charges collected by the clearing banks abroad shall be debited from the account holder's account. The checks
sent for collection will be credited only upon receipt of payment.
All deposits are further subject to applicable
existing and future laws, rules and regulations of the Bangko Sentral ng Pilipinas (BSP), Philippine Clearing House
Corporation (PCHC) and of the Bureau of Internal Revenue (BIR).
Waiver of Article 1250 of the New Civil Code
The account holders expressly waive the provisions of Article 1250 of the New Civil Code (concerning cases of extraordinary
inflation or deflation of foreign currency which provides 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 Article 1250 shall not be
applicable to the accounts.
Waiver of Protest
The account holder agrees to waive presentment, protest and notice of dishonor
on all checks, orders for payment, bills of exchange, promissory notes, securities,
notes, electronic debits or credits or any other payment instruments (“Instrument/s”)
that the Bank may receive in any way for discount, deposit, collection or acceptance
on the accounts. The account holder is liable to the Bank for any Instrument received for
the account holder’s account as if it were presented, protested and given notice of
dishonor in the usual way.
For Third Currency Savings Account
Withdrawals can be in the form of third (3rd) currency notes (subject to availability), demand drafts, and telegraphic transfers. In case withdrawals are made in the form of third currency demand drafts, it is agreed that any dispute arising from said payment
instruments between the account holder and the bank, shall be governed by laws of the third currency’s country of origin, pursuant to
the Bank's depository contractual arrangement with its depository bank in the
country of origin.
Passbook-based account holders may withdraw by filling out the Bank’s withdrawal slip. No withdrawal is permitted without the
presentation of the passbook. The passbook is not transferable. The Bank shall not be deemed liable for any
withdrawals made by any person who presents the passbook.
The savings passbook is issued to assist the account holder in monitoring transactions and account balance. If the deposit account allows the account holder to transact business even without the savings
passbook, through the ATM and other Bank channels, the account balance shown in the passbook will not be conclusive, unless first
updated and verified by the Bank after comparison and validation with its records.
For non-passbook accounts, the account
holder agrees to withdraw through the ATM. The Bank reserves the right to impose fees and charges for non-passbook transactions
No entries, other than those effected by the Bank, shall be recorded in the passbook. In
the event of any discrepancy between the entries in the passbook and the Bank's records, the latter shall prevail.
Possession of the passbook shall raise the presumption of ownership by the holder thereof. Any payment(s) in good faith made
by the Bank upon the presentation of the said passbook shall be deemed valid in the absence of receipt and acknowledgement by
the Bank prior to such payment of written communication from the customer stating that the passbook has been lost, stolen, or
otherwise wrongfully comes unto the hands of a third person.
A notice in writing that the passbook has been lost, stolen, or has otherwise
wrongfully come to the hands of a third person shall be a valid discharge which shall free the Bank from liability for refusing payment despite the presentation of such passbook. Further, in any such cases, the Bank may, at its option cause a substitute
passbook to be issued to such account holder under such requirements as the Bank may deem necessary.
The Bank should be notified immediately for any change in the status or address of the account holder.
For Statement-Based (ATM) Accounts
Withdrawals from this type of account are done using the ATM card and the machine.
The ATM facility allows up to PHP 20,000.00 total withdrawal per day unless otherwise indicated or requested by the customer.
The account holder accepts full responsibility for all transactions made with
the use of the card regardless of whether such use was with or without the account
holder’s knowledge or authority, and/or made with or without the account holder’s signature or PIN.
Encashments are allowed only against cleared funds. Issued checks are not negotiable after six (6) months from the date
of issuance. The same rules for second endorsed checks, post-dated and stale checks apply.
Rules and regulations of the Philippine
Clearing House Corporation (PCHC) and BSP shall govern the return of checks (whether drawn against insufficient funds or
drawn against uncollected deposits).
The Bank has the right to dishonor checks presented for reasons other than those mentioned above if it determines that honoring the check will prejudice the interest of the Bank or expose it to probable loss or
A funds transfer can only be made to and from enrolled savings/checking accounts that are in the name of the account holder
and enrolled third party accounts. Unenrolled funds transfer may be made available for certain channels as and when
additional security measures/device became available. The account holder is responsible for ensuring that correct instructions
(including transferee details) are given to the Bank. The Bank has no responsibility to verify any information contained in such
Fund transfers are done by moving funds between UnionBank accounts and other UnionBank accounts or between UnionBank
accounts and non-UnionBank enrolled accounts. It may be coursed through the branches, internet banking, mobile banking,
ATM machines and Cash Acceptance Machine (CAM). Electronic messages pertaining to fund transfer transactions received by the Bank shall be
conclusive; otherwise, any irregularities or concerns should be immediately communicated by the account holder to the
Bank. Only clear and unencumbered funds credited to the account holder’s account shall be available for transfer to other
Fund transfers may be effected immediately or scheduled in advance, and subject to the cut-off times and processing schedules of
the channel. Only cleared and withdrawable balances of the nominated payment account will be considered for funds transfer. In case
of insufficient available balance in said account, the 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 the nominated payment account. In all cases, the account
holder shall be solely responsible for making alternate arrangements for the funds transfer.
For multiple fund transfers coming from a nominated payment account where the account balance is insufficient to successfully process the transfer, the Bank, in its sole discretion, may determine which of the fund transfer requests to complete. The account holder agrees that the recipient’s account name and/or account number of the funds transfer may be disclosed to the account holder or indicated
in its statement of account. Further, the account holder also agrees that his/her/its account name and/or account number may
be disclosed in the recipient/s statement of account. All disclosures are in accordance with the confidentiality laws and disclosure
of information found in these Terms and Conditions.
In accepting payment/fund transfer instructions, the Bank acts merely as conduit
between the customer and the payee of the bill/s, undertaking to transfer funds, and therefore, the Bank does not assume
responsibility to the payee or to the customer for any discrepancies in the payment caused by account holder's error or delay in effecting
the payment instructions beyond the control of the Bank.
The account holder shall not use the Bank facility to transfer funds for illegal purposes or for any form of money laundering. The account holder agrees to hold the Bank free and harmless from any legal problems that
the fund transfer may result to. The Bank reserves the right not to perform any fund transfer transaction if it has sufficient
grounds to believe that such transfer shall place the Bank in a bad situation or expose the Bank to violation of Anti-Money
Laundering Law and existing laws and BSP regulations.
Withdrawals / encashment / payments / fund transfers are allowed only against cleared funds. It shall be made only by the account
holder personally or upon having a written authority, which has been duly authenticated and in such form acceptable to the Bank.
Only signatures appearing on the signature cards on file will be honored by the Bank.
No withdrawal of any amount in excess of
the cleared outstanding balances of an account, as shown in the bank records shall be allowed.
The Bank is not responsible for any
consequences the account holder may suffer from the unprocessed request.
Applicable fees and charges shall be implemented, depending on the chosen mode of withdrawal.
Minimum Account Balance
A minimum account balance must be maintained at the agreed/required monthly
average daily balance computed as follows:
Sum of end-of-day cleared account balance of the month
Actual Number of Days of the month
Required balance of an account may vary depending on the specific type of account or the product/service availed. Type of
Products and corresponding Minimum ADB requirement table may be seen in branch premises and the Bank’s website (www.unionbankph.com
A Maintenance Fee shall be charged to an active or a dormant account when the Average Daily Balance (ADB) of the said
account falls below the required balance for two (2) consecutive months.
Refer to the attached Fees and Charges List
(Annex A). The Fees and Charges table may also be seen posted in branch premises and the Bank’s website. Any account with zero balance for three (3) consecutive months regardless of status, may automatically be closed by the Bank without notice.
Interest, Fees, Charges and Penalties
The account holder authorizes the Bank to impose from time to time fees, service charges, and other bank charges on any or
all of the accounts, and such other products, services, facilities and channels within legal and regulatory limits.
The Bank may deduct any necessary fees, service charges, or other amounts pertaining to the accounts. Unless otherwise agreed,
the Bank may modify at any time, the rate of interest, fees, charges, and penalties applicable to any account or service and
communicate such changes to the account holder through announcements in the branch premises.
The Bank is authorized to debit the
applicable fees and charges from the account, without prior notice. If the account has insufficient funds to cover the fees and
charges, the Bank may suspend its use without any liability.
For Interest Earning Accounts
Interest rates are decided by the Bank and may vary depending on the approved interest rates schedule. It is agreed that the
rate of interest shall be variable based on the Bank's formula, which will be calculated based on the account’s daily cleared
balance, provided that, said balance does not fall below the required balance set by the Bank for the account to earn interest.
Interest computation is based on Daily Cleared Balance and is subject to applicable withholding tax. Interest is based on 365
days for Current and Savings Deposit Accounts and 360 days for short-term Time Deposits. It is accrued daily except for Dollar
Access Accounts and Premium Deposit Accounts. For regular Savings Accounts, interest is posted at the last calendar day of the quarter
while for Dollar Access Accounts, Power Checking and Premium Deposit Accounts at the last calendar day of the month. If account
is closed before interest posting, the interest accrued is forfeited in favor of the Bank. However, interest earned as of closing date
may be given upon customer's request.
Withholding Tax on Interest Income
The tax on interest earned is governed by the rates prescribed by law.
Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to the maximum amount of Five Hundred
Thousand pesos (PHP500, 000.00) per customer.
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.
In case of transfers or break-up of deposits,
PDIC shall recognize actual/beneficial ownership of transferees who are qualified relatives of the transferor. Qualified relatives
are transferees within the third degree of consanguinity or affinity of the transferor.
In case of (a) deposits in the name of, or
transfers or break-up of deposits in favour of, entities, either singly or jointly with individuals, and (b) transfers or break-up of
deposits in favour of non-qualified relatives, whenever such transfers/ break up will result in increased deposit insurance coverage,
PDIC shall recognize beneficial ownership of the entity or transferee provided that the deposit account records show the following:
- Details or information establishing the right and capacity or the relationship of the entity with the individual/s, or
- Details or information establishing the validity or effectivity of the deposit transfer, or
- Copy of Board Resolution, order of
competent government body/agency, contract or similar document as required/provided by applicable laws.
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.
PDIC may require additional documents from the account holder to ascertain the details of the deposit transfer or the right and capacity of the transferee or his relationship
to the transferor.
An account becomes dormant if there has been no activity (deposit or withdrawal excluding earned interest and withholding
tax imposed thereon) for a period of two (2) years for Savings Accounts and one (1) year for Current Accounts.
A “Notice of Dormancy” letter shall be sent to the account holder at least 60 calendar days before the account becomes dormant.
The Bank will impose a dormancy fee on a dormant account five (5) years after the last activity, provided that:
- the balance falls below the minimum
monthly ADB, if any;
- the monthly dormancy fee will not exceed
P30.00 in accordance with BSP
- the required two notice requirement prior
to charging the dormancy fee is made, as
required by existing banking regulations,
or as may be amended from time to time.
Aside from dormancy fee, a monthly service charge will be automatically deducted from dormant accounts every end of the month, if
the account's remaining balance is below the required minimum monthly average daily balance (ADB) for at least two (2)
consecutive months, or as may be required by existing BSP regulations. Refer to the latest Fees and Charges list (Annex A)
posted in the branch premises and website.
After ten (10) years of continuous inactivity, dormant accounts will be reclassified to “Due
to Treasurer of the Philippines”. In accordance with the Unclaimed Balance Law, the dormant account shall be escheated in favor of the Philippine Government upon order of the court. If the “unclaimed balance” has been deposited by the Bank to the Treasurer of the Philippines, the account holder will have to go directly to the Bureau of the Treasury for the proper procedure on reactivation.
The account holder may reactivate a dormant account by giving the Bank personal instructions for the purpose.
The account holder has to be physically present at the maintaining branch of account to update his/her/its specimen signature card and to make an over-the-counter transaction (deposit or withdrawal). The Bank has to fully establish the account holder’s identity before reactivating the dormant account and will require the account holder to present valid IDs before processing reactivation, posting any transaction or closing the dormant account.
For SSS Pensioner’s Savings Account
The account may be opened by an SSS pensioner in accordance with the Bank's account opening requirements together with
a “Letter of Introduction” (LOI) from the SSS. Only individual accounts may be opened by pensioners.
The Bank shall be relieved from any liability in case withdrawals are disallowed by reason of SSS notice to the Bank that credits to pensioner's account have been discontinued or overpayments thereto have been noted.
The closure of account must have prior approval of SSS. The Bank must transmit to SSS any information that would come to its knowledge (e.g. Death of the Pensioner) which could warrant stopping of pension payment.
The account holder is liable for all damages and losses suffered by the Bank, arising from such closure. The Bank and its officers/employees are held free and harmless from any and all liabilities, losses, claims and causes of action of whatever
kind or nature, in connection with the reporting of mishandled deposit accounts by the Bank, to the Bankers Association of the
Philippines (BAP) or to any central monitoring entity or body established by the
Closure of Account
The Bank retains the right, at its sole discretion, and at any time, without obligation to disclose the reasons for such
closure, to close any or all of the account holder’s accounts, refuse to accept any further deposits, and return to the account
holder the whole or part of his deposit together with the interest due upon the same. The account holder may be notified either
personally or by mail of the Bank's intention to close the account and interest shall cease from the date of such notification. Notice by
mail shall be deemed received five (5) days after the date of posting. If upon account closure, there remains to be
unpaid obligations of the account holder to the Bank, the Bank is fully authorized to withhold such amounts in the account
balance, properties or securities of the account holder in the possession or custody of the Bank as may be necessary to pay
existing obligations of the account holder with the Bank. The Bank is authorized to close accounts even without prior notice in case said
- mishandled by the issuance of unfunded
or insufficiently funded check(s);
- involved in or used or suspected to be
used for any fraudulent, criminal or
- There was/were misrepresentation(s) in
the opening of the said accounts and to
report such closure and the reason(s)
therefore to BAP, BSP, or to any central
monitoring body established by the BAP
or BSP to keep record of and report
mishandled deposit accounts.
The account holder agrees that in connection with the closing of a current account, all unused checks, whenever
required by the Bank, shall promptly be surrendered.
The Bank shall pay the account holder the proceeds of the closed accounts via
Manager’s Check net of all applicable charges, fees and/or taxes and/or such amounts which shall answer for the
outstanding contingent or past due liabilities, if any, under any of the products, services and facilities availed of by the account holder from the Bank. The Bank also reserves the right not to release checkbooks, Automated Teller Machine (ATM) cards or other items
paid in advance for Accounts the Bank decided to close.
The account holder holds the Bank and its officers and employees free and harmless
from all liabilities, claims and demands of whatever kind related to:
- the closing of accounts; and/or
- he dishonor of any check thereunder
which may be presented to the Bank after
the closing of the accounts; and/or
- the reporting of the closure of accounts
and the reason(s) therefore to the BAP,
BSP, or any central monitoring entity or
body or bureau established by the BAP or
BSP to keep record of and monitor
In case closure of an account upon death of the depositor, the Bank shall only release the proceeds of the account to his/her heirs
subject to the Bank’s policy on deceased depositor and applicable laws and regulation.
This Agreement shall be binding upon account holders and their heirs, executors and administrators of joint accounts. Terms
thereof shall not be waived, amended or modified, except with the written conformity of the Bank.
Joint “And” Account
The funds in a joint “and” account are presumed co-owned by all of the account holders equally, and shall be payable to and
collectible by all of them jointly during their lifetime. The Bank requires the signature of all the account holders for withdrawals,
check transactions, or written orders for payment. All of the joint “and” account holders shall be jointly and severally
liable for any overdrafts on the account, and other penalty charges that may be imposed in the course of the operation of the account.
The account holders of the joint “and” accounts authorize the Bank to allow deposits, withdrawals, check transactions or
written payment orders only with written consent, approval or signature of all the coaccount holders of the Joint “and” Account.
The Bank shall only act on the instructions given or agreed by all of the co-account holder(s) of the joint “and” account. In case
no common instructions are given by all of the co-account holder(s), the Bank may, at its option, either freeze the account until all
co-account holders arrive at common instructions or deliver the proceeds of the account to the appropriate court in an action
for interpleader to resolve account holders’ respective claims, and the account holders shall reimburse the Bank for the cost of suit,
attorney’s fees, and other expenses that it may incur. The account holders hold the Bank free and harmless from and against any and all
liabilities which may arise by reason of the Bank’s implementation of any of the instructions of the account holders or refusal
to pay any proceeds of the joint “and” account without the required discharge by all of the joint “and” account holders given to the
Bank in cases where:
- there is a claim or dispute relating to the
- there are conflicting claims or
representations as to the ownership of the
accounts, or the manner of operating the
accounts, the Bank, may at its option,
exercise such remedies permitted by law,
as the circumstances may warrant.
All account holders are required to endorse checks, notes, drafts and other instruments for payment.
Amounts owed to the Bank due to fees,
charges, or taxes shall be the responsibility of all account holders.
Upon the death of one of the co-account holders, the remaining co-account holder(s) and the legal representative(s) of the deceased co-account holder shall comply with the provisions of the Rules of Court for settlement of estate of a deceased person, other applicable laws, rules and regulations, and pertinent Bank policies including, but not limited to, co-signing the withdrawal form and relevant documents. The remaining coaccount holder(s) and the heirs of the
deceased co-account holder recognize and agree that the liability to pay any and all amounts due representing unpaid obligations, taxes, assessments or expenses arising from the release or withdrawal of the subject account or the funds therein in accordance with all
applicable laws and regulations shall their sole responsibility.
Joint “OR” Account
The account holders agree and declare that the account is their joint account, belonging to both of the account holders and payable
to either one of them.
The account holders authorize the Bank to recognize either of the signatures of the account holders in
withdrawal transactions or fund transfers. Payments to or withdrawal made by either of the account holders shall completely
discharge the Bank from any liability. The account holders authorize each of the co- account holders to endorse for deposit to
the joint account all checks, notes, drafts and other instruments payable to anyone of the joint account holders.
The following instructions shall not be honored by the Bank unless all joint account holders specifically instruct in writing and/or
are complied with:
- Change in any account information
- Instruction to change address or any other
instructions concerning the maintenance
or operation of the accounts.
- Affidavit of Loss and requests for card
replacement/ passbook replacement,
certificate of deposit, or any other
evidence of account ownership.
- Request for bank certification
- Addition/ deletion of account holder from
- Affidavit of Loss and request for
replacement of ATM Card should be
executed by the accountholder to whom
the Card was issued, and conformed to by
the co-account holder.
- Special Power of Attorney authorizing a
third party to;
- withdraw, effect funds transfer,
disbursement or any transaction relating
to the account, or
- assign or encumber the account as
security for any obligation.
Survivorship clause for Joint “OR” Account
In case one of the co-account holders predeceases the other, the entire balance of the account shall be payable to the surviving
co-account holder. The surviving account holder shall immediately notify the Bank in writing of the death of any one of the account
holders. Upon receipt of the written notice of death, the Bank may hold in the name of the surviving account holder/s all funds or items
to the credit of, or by way of security for, any service or product then standing in the name of all account holders, it being agreed and
acknowledged that as joint owners of the joint “or” accounts, remaining co-account holder/s have the right of survivorship.
If the surviving account holder/s fail to give such written notice of death and the Bank allows withdrawals on the Joint Account
before receipt of said notice, it is deemed that the surviving account holders have exercised the right of survivorship and have
complied with applicable provisions / requirements of law including, among others, payment of taxes, if any, and
satisfied any claims/debts/liens/right of setoff which the Bank or any heir or third party may have. The surviving account holders
hereby hold the Bank free and harmless and indemnified from any and all taxes, claims/debts and liabilities arising from or in
connection with this survivorship provision.
In case the Bank receives contradictory instructions from any co-account holder(s),
the Bank may, at its option, require all coaccount holders to provide the Bank with common instructions. In the absence of the
latter, the Bank may opt to either freeze the account until all co-account holders arrive at common instructions or deliver the proceeds
of the account to the appropriate court in an action for interpleader to resolve their re spective claims on the account. The
account holders agree to reimburse the Bank for the cost of suit, attorney’s fees, and other expenses that the Bank may incur for
The account holders hold the Bank free and harmless from and against any and all liabilities which may arise by reason of the
Bank’s implementation of any instruction of the account holder/s or refusal to pay any proceeds of the joint “or” account without the
requisite discharge by all of the account holders given to the Bank in cases where:
- there is a claim or dispute relating to the
- there are conflicting claims or representations as to the ownership of the accounts, or the manner of operating the
accounts, the Bank, may at its option, exercise such remedies permitted by law, as the circumstances may warrants
Declaration that Co-Accountholders are Alive
Whenever one of the account holders withdraws/effects funds transfers/draws against the account/s, the account holders
are doing so based on their continuing declaration and representation, under liability for perjury, that all their coaccountholders
are still living as of the date of the withdrawal/fund transfer/drawing against the account/s is made, and that the
Bank, may at its discretion rely on such continuing declaration and representation and the account holders agree to keep the
Bank free and harmless for its reliance on such continuing declaration and representation of the account holders.
For Minors & “In-Trust For” Accounts-deposit
For customers who are minors (below 18 years old), it is the responsibility of the parent/s or guardian/s to read, understand
and be bound by the Terms and Conditions. It is the parent/s or guardian/s responsibility to explain to the minor the use of the
products and services. The Bank is free from liabilities which may occur from the use of the account, products and services.
In opening an In – Trust For (ITF) account, the one opening the account declares that the ITF account is being held for the sole
benefit of the beneficiary(ies) named in the account opening form of the ITF account. The depositor shall provide all documents
required by the Bank to establish the identity of the beneficiary(ies), the creation of the ITF account, and the purpose of the opening of the ITF account. The Bank shall be entitled to disclose any information regarding the ITF account to the beneficiary(ies), if required.
The depositor declares that the ITF account, including payment or release of the funds, is established for a legitimate purpose, and
hereby holds the Bank free and harmless from any and all claims of whatever kind related to the opening, release and/or
disposition of the ITF account.
The ITF account may be designated as revocable
Under a revocable
ITF account, the account holder reserves the right at any time to close or terminate the account or withdraw from the account in accordance with these Terms and
Conditions. Under an irrevocable ITF account, the right to close or terminate the ITF account is relinquished and no part of
the funds therein shall revert to or may be withdrawn by the one opening the account. In the absence of a written instruction, the
Bank will process the ITF account as revocable.
Whatever funds that remain in the ITF account upon the death of the depositor who opened the ITF account shall be beneficially owned by the beneficiary(ies) and shall be released by the Bank to the said beneficiary(ies) or to the latter’s legal guardians or legal representative(s) upon presentation of the appropriate identification and other required documents and payment of applicable taxes.
The Bank may require the beneficiary(ies) to provide an indemnity agreement, court order on appointment of legal guardian, and any other document that the Bank may deem necessary or required.
Requisition/ Issuance of Checkbooks
Checkbooks are reordered by accomplishing any of the following:
- Checkbook Reorder Request Form/ Business Check Reorder Slip at any of the UnionBank branches
- Checkbook Reorder Request Bank Stub found in the check booklet
- Online Checkbook Reorder Request form which can be downloaded from UnionBank's online banking facility.
Payment for checkbook/s may either be in cash or debited from the account. Checkbooks may be linked to a deposit account or credit line maintained by the account holder with the Bank. Upon receiving any checkbook issued by the Bank, the account holder or its authorized representative shall piece- count the checks
to ascertain its completeness and immediately notify the Bank of any discrepancy. Personal checkbook consists of fifty (50) blank checks or twenty-five (25) carbonized checks if requested by the account holder. Commercial checkbook consists of one hundred (100) blank checks. The Bank is not responsible for tampered checks once the checkbook has been released to the account holder.
The account holder shall not use checks printed by or secured from printers not accredited by the Bankers Association of the Philippines (BAP) Accreditation Board. The use of MICR checks printed by, or secured from, entities other than those accredited by the Bank shall constitute a waiver on the part of the drawer/issuer of the rights to claim for reimbursement/refund or damage of any kind including, but not limited to, those related to fraudulent acts.
The account holder shall at all times ensure compliance with the following:
- maintain the checkbooks in a secure and safe place accessible only to account holder and authorized signatory(ies) and ensure that it is only the account holder
- or the duly authorized signatory(ies) who draw(s) or issue(s) the same;
- exercise due care when drawing and releasing/delivering checks, and shall not draw checks by any means or in any manner which may enable a check to be altered;
- not to release/deliver/completely drawn checks nor release/deliver checks by mail or any unsecured means;
- when drawing checks, the account holder is bound by the conditions to which checkbooks are issued, including, among others, the following:
- clearly stating the amount in words and figures in the spaces provided on the check; and
- writing words and figures close to the left-hand margin so that other words and figures cannot be inserted;
- provide and observe security measures for the safekeeping and use of checks and check records;
- exercise diligence to obtain cancelled checks and Bank statements and promptly inform the Bank in case of non-receipt of Bank statements within a reasonable time from statement cut-off date.
For Business Check
Checks with voucher are reordered by accomplishing the Business Check Reorder Slips at the branch, online via UnionBank's internet banking facility, or using the Bank Stub found in the checkbook.
Payments for checks may either be in cash or debited from the account.
Upon issuance of the checks by the Bank, the account holder or account holder's authorized representative/s shall count and acknowledge receipt of the checks. Customer or customer's authorized representative/s shall also bring any file storage device (e.g. cd or thumbdrive) for the encoding of the new check numbers by the Bank. The commercial check bundle consists of 100 blank checks with voucher. The Bank is not responsible for tampered checks once it has been released to the customer or customer's authorized representative/s.
Stop Payment Order (SPO)
An SPO may be requested only before the check has been paid or accepted or certified for payment by giving clear written instructions to the maintaining branch of the account or through the Bank channels. The account holder agrees that the SPO is accepted by the Bank on the assumption that the check has not yet been negotiated as of the date and time the SPO is issued and that stale dated checks cannot be accepted for SPO.
The SPO initiated on any check shall be made by promptly notifying the Bank in writing and by accomplishing the Bank's SPO form, among others, with the account holder fully identifying the check, indicating the date, amount, check number, and payee.
The SPO shall be effective for six (6) months, from the date of receipt of the SPO. SPOs for dated and undated checks are valid for a period of six (6) months from the date of receipt of the SPOs. SPO issued on undated checks will be void and
ineffective six (6) months after the date of the SPO and will be automatically cancelled by the Bank without need for further notice. Lifting of an SPO can only be made upon a written request if the SPO is to be revoked prior to the expiration period. Issuance of SPOs are 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 shall be debited from account holder’s account/s without further notice.
Checks drawn against a closed account will be returned for the reason “Account Closed” regardless of SPO instructions.
The Bank shall not be liable for any loss that may be suffered by the account holder due to the failure to immediately report in writing to the bank any loss or theft of check/s.
The SPO may be cancelled or lifted upon written request, if the check has not been presented to the Bank; or if the check has not been considered stale. Lifting of the SPO releases the Bank from any liability in case the check subject to SPO is later presented and paid or negotiated by the Bank.
Statement of Account
A Statement of Account (SOA) is issued quarterly for statement-based Savings Accounts. For passbook-based Savings Accounts and Dollar Access Accounts, the passbook is used to monitor transactions.
For Current Accounts, a SOA is issued monthly by regular mail within a month from availability date.
The account holder is responsible for promptly examining the Statement of Account and the paid checks or check images enclosed therein to validate if:
- any and all the entries in the Bank statements are correct;
- the amount(s), payee(s) and other data indicated on the paid checks are true and accurate and there are no discrepancies; and
- there are any fraudulent, altered, forged signatures or endorsements on the checks or the checks are defective.
The account holder shall promptly notify the Bank of any complaints or questions on the Bank statements or the enclosed paid checks or check images within twenty (20) calendar days from the statement date. Failure to make the examination or the notification within the said period shall be deemed a conclusive admission of the correctness of the Bank SOA and the enclosed paid checks or check images.
For current accounts and such other accounts where the Bank opts to deliver a SOA, the account holder agrees that if within ten (10) calendar days from SOA cut-off date, such statement has not been received, it is the account holder’s responsibility to go to the maintaining branch to ask for a copy of the SOA or avail of applicable Bank channels to view, print or download such statement, otherwise, the SOA shall be conclusively deemed to have been received by the account holder. The account holder agrees that if the Bank does not receive any complaint from the account holder within twenty (20) calendar days from statement date, any and all transactions as well as the transaction details therein shall be considered correct and accurate and any claim against the Bank shall be deemed waived. Any complaints received beyond the said 20-day period shall not be entertained by the Bank.
The UnionBank ATM card shall at all times remain the property of the Bank and the account holder agrees to promptly surrender the ATM card/s upon request. The account holder acknowledges that the Bank may withdraw or suspend the ATM card/s or related services offered without need of prior notice, and the Bank shall have no obligation to inform the account holder of the reason for such withdrawal/suspension.
The ATM card can be used in all UnionBank ATMs (on-us) and other bank’s ATM (off-site). Off-site ATM transactions are subject to fees. The cardholder is responsible for all the transactions made with the ATM card. If any account is in the name of more than one (1) person (joint
account) and any one of the joint account holders may transact on the account, the Bank may issue ATM cards to some or all of the account holders, and in such cases, the Bank may implement transfer / debit / withdrawal instructions that are received from any one of the joint account holders using any of the ATM card/s issued.
The UnionBank ATM Cards are issued for the exclusive use of the account holder and are non-transferable and cannot be lent for the temporary use of any other person, nor can the same be pledged or charged as security for any reason and in any manner whatsoever.
All transactions done through the ATM card are assumed to have been made by or authorized by the account holder.
Personal Identification Number (PIN)
Along with the card, the account holder is provided a Personal Identification Number (PIN) used to access the ATM.
The account holder agrees to keep the PIN (whether Bank-assigned or the replacement PIN of the account holder’s choice) private and confidential at all times. This shall not be disclosed, given or made available to any person under any circumstances.
Non-compliance by the account holder of this provision shall relieve the Bank of any liability for any loss arising from the use of the PIN to effect any transaction relating to the accounts of the account holder. Any
transaction effected using the account holder’s PIN shall be conclusively presumed to have been authorized by the account holder.
The customer may change his PIN at any time, via any UnionBank ATM.
While the cards are issued by the Bank, it is acknowledged that the Bank has no access to the PIN assigned to the card and does not have the capability to retrieve information related to the said PIN. In case the customer is unable to remember his PIN, a new card will be issued to the customer upon the latter’s submission of Bank’s requirements and payment of fees.
International ATM Access
ATM cards may also be used internationally. Such transactions are subject to the laws and regulations governing the use of international ATMs. Corresponding fees and charges shall apply. Cash withdrawals are converted to the currency of the institution owning the ATM, at the prevailing exchange rate, during the time of the transaction. The account holder agrees to be bound by the existing rules and regulations for foreign exchange.
The account holder acknowledges and agrees that the Bank does not have any control over the participants of the ATM or other networks through which the account holder may access the account/s, or the ATMs themselves, or the procedures or controls such ATM or other network participants adopt in regard to data / information processing including the electronic transmission or receipt of data or the accuracy of such data/information. Hence, the Bank shall not be liable for any loss or damage of whatever kind or nature incurred by the account holder related to the processing of the transactions through network participants and processors or through third party banks and ATM networks worldwide, including those arising from the collection, storage and communication of data relating to the account holder’s accounts.
The account holder’s account, or the electronic transmission or receipt of data or information relating to the account holder’s ATM Card transactions or accounts, such as, without limitation:
- in instances where the account holder is unable to use the ATM card or avail of any service due to disruption or failure of the ATMs or other networks or communications facilities linking the same,
- unauthorized or fraudulent access or utilization of the ATM card or any service including, but not limited to, the improper designation of the account from which the transaction shall be debited or credited, or
- any rejection, disruption, failure or delay relating to the use of the ATM card or availment of any service where such
rejection, disruption, failure or delay is due to circumstances beyond the Bank’s reasonable control.
The account holder agrees that by using the ATM card in ATMs outside the Philippines, the processing of the ATM Card transactions shall be subject to the collection, storage and communications of all data (such as account balance) relating to the account holder’s accounts, and the processing of the transactions may be performed, in whole or in part, electronically. Hence, apart from the Bank, there may be other entities which will have access to, and may have to collect, store or communicate, data relating to the account holder’s accounts in the processing of the ATM card transactions.
Whenever, the account holder uses the ATM card in ATMs outside the Philippines, the account holder consents to:
- The collection, storage, communication and processing of all pertinent data, such as account balance, by any means necessary to maintain appropriate transactions and account records;
- The release and transmission of all these necessary data to participants and the processors in the network;
- The retention of these data by the network; and
- The compliance of the network with all applicable laws and regulations governing disclosure of information to which they are subject.
International fees shall also apply, as determined by the international network where the transactions were coursed through.
POS Usage and Online Transactions
The ATM card may be used in POS terminals, as well as online merchants. The Bank is not liable for any loss or damage from unsuccessful transactions through POS terminals or through online merchants. Corresponding transaction fees shall be implemented for such transactions.
The account holder agrees that in cases of conflict between the account holder’s records and those of the Bank regarding reconciliation of deposit balances, the Bank's record shall, at all times, prevail.
The card shall be valid from the day of issuance or renewal, and expires on the last day of the month indicated on the face of the card. Card renewal may be initiated by the cardholder through the Branch. Card renewal is subject to the submission of complete requirements.
Lost or Stolen Card
The customer has an obligation to report to the Bank any case of lost or stolen card. The Lost Card Protection Feature absolves the cardholder from any financial liability in case the card is used for fraudulent purposes but only from the time the loss was reported to the Bank. The Bank may issue a new card to the customer, upon payment of corresponding fees.
The cardholder can request for card replacement through the Branch. Documentary requirements need to be submitted, depending on the reason for replacement. Corresponding fees and charges may apply.
Captured cards that are unclaimed for three (3) days will be destroyed without need of notifying the customer. Replacement for destroyed cards may be issued to the customer upon payment of necessary fees.