PSBank Trust, as an escrow agent, supervises and monitors the conditions of the contract of concerned parties who require the services of an agent to hold in escrow certain objects, until the conditions of the contract are fulfilled by either party or both parties.
An escrow agent acts as mediator between two parties involved in a business transaction.
Subject to exemptions under Bangko Sentral ng Pilipinas (BSP) regulations governing the mandatory cooling-off period, the TRUSTOR/s is/are entitled to a cooling-off period of two (2) banking days from the date of initial participation (the “Cooling-Off Period”) in the applicable FUND. Should the TRUSTOR/s decide(s) to avail of their right to Cooling-off period, the TRUSTOR/s shall give the TRUSTEE / MANAGER a written notice to cancel within such 2-banking period. In which case, the TRUSTEE / MANAGER shall refund or return to the TRUSTOR/s the amounts invested, including the documents submitted, without undue delay and within a maximum period of fifteen (15) banking days after receipt of such notice to cancel and shall charge ad withhold from said refund such processing fees or charges that are not greater than the actual or reasonable approximation of administrative costs incurred by the TRUSTEE as recovery thereof. As a result of the cancellation, the TRUSTOR/s understand(s) that such a cancellation may also result in a mark to market gain or loss depending on the prevailing NAVPU which shall be for the TRUSTOR/s’ own account. Otherwise, if the TRUSTOR/s fail to exercise such a right within the said Cooling-off period, the cancellation of investment beyond which shall be treated as a normal redemption subject to the applicable early redemption penalty. The cooling-off period is available for financial consumers who are individuals, or micro and small enterprises as defined in applicable DTI regulations.