Terms and Conditions

This governs the Terms and Conditions ("Agreement") for PSBank Online ("PSBO") and PSBank Mobile (“PSBM”) banking services and all its features and/or functionalities ("Service") between the Philippine Savings Bank (the "Bank") and the Customer who availed the PSBO and/or PSBM banking services. This Agreement shall supplement the terms and conditions relating to any account of the Customer and/or the respective product or service provided by the Bank.

By availing of or using the PSBO and/or PSBM banking service/s, you confirmed to have read, and understood, and you accept and agree to be unconditionally bound to  the Agreement.

DEFINITIONS

'Account' refers to the Savings / Current / Time Deposit, Loan, Debit or any other type of account which a Customer maintains with the Bank and has enrolled and/or opened in PSBO / PSBM banking services.

‘User Account’ refers to the account created by the Customer and registered at PSBO / PSBM banking services, subject to its activation by the Customer, approval by the Bank, the existence of active Account/s, and the terms and conditions of this Agreement.

'Bank' shall be used alternately with 'PSBank' to refer to Philippine Savings Bank.

'App' means the Bank's Mobile Banking Application which will be downloaded onto the mobile phone of the Customer. Usual data charges apply for the App download.

‘Check Image’ is an electronic image of an original paper check drawn on PSBank or other local banks against or payable to the account of the Customer.

'Customer' refers to you, depositor, borrower, or an individual client (single proprietors included) or account holder who maintain an account with the Bank and enroll for PSBO / PSBM banking services.

‘Device’ refers to the personal computer, desktop, laptop, mobile phone device, or any other device linked, registered, and being used by the Customer for the Account in availing the PSBO / PSBM banking services.

'Enroll / Enrollment' refers to the Customer's initiative to register with the PSBO / PSBM banking services or any feature thereof, subject to approval of the Bank.

'Financial Transactions' refer to any payment, prepaid reloading, fund transfer requests, mobile check deposit, PayMe, PaSend and Cardless Withdrawal request services, and other transactions performed in the PSBO / PSBM by or for the account of the Customer, and/or contemplated in this Agreement.

'Instruction' shall be used herein to collectively refer to any inquiry, change, update, subscription or any other requests such as but not limited to financial and non-financial transactions requested by Customer using his password or other form of customer instruction / request mechanism that the Bank may implement to authorize transactions.

'Biometric Login' is one of the Bank’s authentication methods, and the Customer's alternative unique identification in place of the Username and Password, which allows him to log in to the PSBank Mobile App, via the Customer's biometrics (his electronic face identification or any of his fingerprints), which are saved in his Device’s settings.

'Mobile Number' refers to the mobile number registered in the name of the Customer, as indicated in the account records, and as declared / provided / updated by the Customer in accordance with the terms of this Agreement, and as registered in the PSBM and PSBO. The mobile number may be nominated / enrolled / elected / linked by the Customer in order to avail certain features of the deposit and other products of the Bank.

'Email address' refers to an acceptable and valid email address of the Customer, as indicated in the account records, and as declared / provided / updated by the Customer in accordance with the terms of this Agreement, and as registered in the PSBM and PSBO. The email address may be nominated / enrolled / elected / linked by the Customer in order to avail certain features of the deposit and other products of the Bank.

‘Sender’ is a third party who sends or remits fund transfer to the Account of the Customer.

‘Mobile Check Deposit’ shall refer to the service/feature which allows a customer to deposit qualified/eligible checks electronically to his account or allow him to pay bill via mobile check deposit by capturing an electronic check image acceptable to, and within the parameters set by the Bank, and transmitting electronically such check image and information to the Bank.

'PaSend Instant Cash Padala' shall refer to the service / feature which allows a customer to send cash via PSBO or PSBM and can be withdrawn by the beneficiaries at any PSBank or Metrobank ATMs.

‘PayMe’ shall refer to the service / feature which enables a customer to collect cash from other PSBO / PSBM users through their mobile number.

'Password' pertains to the 8 to 15-digit alphanumeric with allowable special characters password used by Customer to access PSBO / PSBM or transact an online banking transaction. It refers to either the password nominated by the Customer or the one-time transaction password generated by the Bank to authenticate a financial transaction.

'Username' refers to a unique special character nominated, enrolled, and used by the Customer to identify him and allow access to the PSBO and/or PSBM banking service/s.

‘Pre-termination’ refers to the full withdrawal of the deposit amount before maturity date of the term deposit / investment.

'Prepaid Reload', refers to the payment service that allows a Customer to reload / top-up their PSBank Prepaid Accounts, prepaid cellular or broadband accounts, or toll RFID accounts.

‘Quick Response (QR) Code’, refers to a unique machine-readable code consisting of an array of black and white squares, used for storing information to identify an intended beneficiary of funds (for fund transfers) or a payee (for payments).

'Service' shall be used herein to collectively describe the PSBO and/or PSBM banking service/s, including the mobile check deposit service, online account opening service, and all its features and functionalities such as financial and non-financial transactions.

'SMS Alerts', refers to the subscription-based SMS messaging functionality of PSBO and/or PSBM wherein the Customer may request for in order to receive periodic SMS messages based on triggers or conditions s/he set on his Account.

All the terms "You", "Your" and "Yours" will refer to the PSBank Customer enrolled in PSBO and/or PSBM banking service/s. The terms "We", "Us" and "Our" refer to the Bank.

It is the intent of the parties that the agreement be gender neutral. Thus, the terms “he”, ”him” and “his” where used in this Agreement, shall refer to all genders as may be appropriate.

ELIGIBLE CUSTOMER

PSBO and PSBM banking services are available on Customer’s request for enrollment and upon approval of the Bank.

The Customer with active or new accounts may enroll in the PSBO and/or PSBM banking service/s by providing the needed customer information and nominating a username and password in order to access his enrolled accounts thru PSBO and/or PSBM. The Bank has the sole discretion to approve or decline a Customer’s enrollment requests for any justifiable reason.

Joint "OR" account may be enrolled in PSBO and/or PSBM banking service/s. Each owner/holder of the joint “OR" account must separately enroll and use different and individual username and password.  The Customer under a Joint “OR” account agrees that all transactions arising from the use of PSBO and PSBM facilities shall be binding on all "Joint OR" Account holders.

Partnership and corporate accounts, as well as Joint "AND" accounts, cannot be enrolled in the PSBO and PSBM banking service/s.

ONE TIME PASSWORD (OTP)

This feature is an added protection in using PSBO / PSBM, by requiring the Customer to authenticate his identity by using a system-generated OTP. The generated OTP is valid for a certain number of minute/s set by the Bank from the time it was requested. Upon receipt of the OTP, the Customer shall not share the same to any other person.

SAVE USERNAME

The Service allows the Customer to save his username therein to dispense with inputting again the same user name for future logins. After opting in to this feature and upon opening the PSBO / PSBM, the username field on the login page will be populated automatically. The characters displayed will be masked except for the last 3 characters.

TOUCH ID / FACE ID

The PSBM provides the Customer an alternative way to authenticate his identity to login to the PSBM App and to authorize certain transactions. Instead of using the Username and Password, the Customer’s identity is authenticated using any of the fingerprints / biometrics registered in the Customer’s mobile phone / device. This feature is only available to mobile phones / devices with fingerprint and / or face recognition sensors and with OS versions that support the Touch ID / Face ID functionality.

QUICK VIEW

The PSBM allows the Customer to view account balances in PSBM App without authentication. By clicking the Quick View button in the log-in page, the Customer will be able to view the balances of his enrolled accounts. Through this feature, Customer will also be able to Lock / Unlock all cards linked to a chosen Account. Only the last 4 digits of the account number of each account will be displayed under this feature.

ONLINE ACCOUNT OPENING

’Online Account Opening’ shall refer to the registration, opening and setting-up of the Customer’s PSBO / PSBM account in reference to the products and services of the Bank, including but not limited to Savings / Current / Time Deposit, Loan, Debit or any other type of account which a Customer may open and maintain thru the use of PSBO and/or PSBM banking services.  Depending on the products or services you will avail from the Bank, you will be asked to provide information such as your complete name, address, mobile number, email address, date of birth, place of birth, nationality, source of funds, nature of work, photo and valid ID in accordance with the requirements of Know-Your-Customer (“KYC”) of the Bangko Sentral ng Pilipinas (BSP).  The Bank may verify your registration information through a third party verification vendor, as it may deem necessary.  In some cases, the Bank may ask you to provide additional details or information that can aid in verifying your identity.

This online account opening facility is available in the PSBO / PSBM for eligible Customer.  You may open online additional account, subject to the satisfactory compliance with the requirements of the Bank, and existing regulations of the BSP and relevant laws. Prepaid or Savings Account will be automatically opened for qualified Online Account Opening applications.  This account will automatically be enrolled in the PSBM App and/or PSBO services. The account is zero maintaining balance but you need to fund this account within 90 banking days.  Otherwise, the account will automatically be closed if not funded after the 90-day period.  Once the account is funded, you will have the option to request for an ATM Debit Mastercard.

In availing this online account opening facility, you agree with the following requirements and processes:

• You should be a Filipino citizen aged 18 and above;
• You need to provide all the information being required in the Online Application Form;
• You will submit a valid ID and take a live photo of one-self/selfie;
• You will nominate log-in credentials needed to facilitate enrollment in PSBM/PSBO;
• You will be issued a Reference Number to acknowledge receipt of your application in the online account opening facility.
• The information and other personal details you will provide will be verified by the Bank in a manner it seems fit and appropriate which may include but not limited to manual, electronic and other means, in accordance with the policies and procedures of the Bank, and the rules and regulations of the BSP
• If there are additional supporting documents that will be required, you will be instructed to upload the said documents to the Bank’s Corporate Website – Document Upload module

In opening the account thru PSBO / PSBM:

• You hereby certify that all personal, financial and all other kinds of information pertaining to yourself, as provided in your online account application are true and correct, and that all the supporting documents you submitted are authentic and contain true and accurate information. For this purpose, you authorize the Bank to verify your information and supporting documents from other banks, credit bureaus, government agencies, and other third party entities where your Information may be obtained.
• You understand that the collection and processing of your information are necessary for the Bank’s evaluation of your account application and for other legal purposes as provided in this Agreement.
• You understand that any misrepresentation of your information or withholding of information required to be disclosed herein, or any finding that your supporting documents are spurious or incorrect may cause the disapproval of your online account application.
• You acknowledge that the decision whether or not to approve your online account application is upon the absolute discretion of the Bank, and which decision is considered final and binding to you.
• You agree that your online account application remains the Bank’s property, and you authorize the Bank to send you status and update of your online account application via SMS/text, email, mail or other means of communication.
• In case of disapproval of your online account application, the Bank shall not be obliged to disclose the reason/s for such disapproval.

MOBILE CHECK DEPOSIT

This feature is available in the PSBO / PSBM only for eligible customer with individual or “joint or” deposit account maintained at the Bank and enrolled in PSBO and/or PSBM.

The Bank has the sole discretion in the determination of checks that are appropriate for this feature. The Bank shall have no liability to you or any other person in the conversion and processing of your deposited check to a Check Image.

In availing this mobile check deposit feature, you agree that you shall only deposit qualified / eligible checks which have met all of the following requirements:

• Checks are drawn on the Bank or other local banks;
• Checks are payable in Philippine currency only;
• Checks are dated not more than 6 months prior to the date of deposit;
• Checks shall be either payable to:

a. You as owner of the account where the check will be deposited to. Checks that are payable to joint “and” accounts are not acceptable; or
b. The billers/merchants with whom the Bank has arrangements for mobile check payment, and validly issued by you

• Checks must be completely filled out, signed, and endorsed / presented, in accordance with the pertinent laws on negotiable instruments;
• Checks shall not have any alteration;
• The entire amount indicated in the check must be deposited to your enrolled current / savings account or, in the case of bills payments, deposited entirely to a specific biller / merchant. Partial negotiation shall not be allowed under this facility; and
• Checks must not have been previously endorsed/negotiated / presented, either manually or electronically. Checks previously deposited through PSBM which were returned shall be directly deposited to your Branch of Account, if for re-deposit or second presentment.
• Checks are acceptable under the terms of your other agreement with the Bank, and not prohibited by the Bank under its current rules relating to the use of this feature.

The Bank, at its sole discretion, may change periodically the foregoing requirements without prior notice. You agree to follow any and all other procedures and instructions for use of this feature as the Bank may establish from time to time.

In order to use this feature, you must obtain and maintain, at your expense, compatible hardware and software as specified by the Bank from time to time.

To avail of the Mobile Check Deposit facility, you agree to perform and complete the following procedures:

1. You have to capture an electronic image, through the use of any device capable of capturing images, of a qualified check and you have to perform the following:

a.  Indicate the following on the face of the check, between the Account Name and the Payee line:

•  PSBank (as the Depository Bank) and;
•  Account No. where the check will be deposited

b.  Indicate the following at the back of the check:

•  Date of Deposit
•  Signature / endorsement of the payee / depositor

c. By endorsing / signing at the back the check, you agree that any item transmitted through this service is for mobile deposit only.

2. The check electronic image must be legible and must pass the Image Quality Assurance (IQA) standards set by Philippine Clearing House Corporation (PCHC); and
3. Once prompted, you must upload the check image to PSBO / PSBM and type in all necessary information required. Details shall include, but not be limited to, name of payee; name of payor; issuing bank; date of issuance; and full amount of the check in words and in figures.
4. You shall also be responsible for visually inspecting the check and ensuring its legibility. You shall be responsible for the accurate capturing and uploading of the correct check image with the correct information in PSBO / PSBM. The Bank shall not be liable for rejected / returned checks which do not meet the foregoing requirements and specifications.

Once the Check Image has been uploaded to PSBO / PSBM, the Bank shall validate the Check Image if it meets the required specifications and Image Quality Assurance (IQA) standards, as determined by the Bank. Once the check image has been validated to have passed the required specifications, PSBank Clearing Department shall review the check on its features, technicalities and shall ensure that the check is compliant with PSBank policies and PCHC’s rules. Checks received within the set clearing cut-off shall be processed within the day. Checks received after the clearing cut-off shall be processed the next banking day.

While the check is still being processed, you may monitor the pending amount to be credited to your account under “Account Details” of PSBO / PSBM.

You shall be notified of the status of your deposit when the:

• Check has been received and will be submitted for processing;
• Check amount has been credited to payee account;
• Check has been rejected by Clearing Department, CICS or PCHC; or
• Check has been cleared or has been dishonored.

Once the check has been successfully processed and credited to the payee’s account, you shall indicate on the check that it is electronically processed.

For your protection, the Bank may establish limits on the amount and/or number of transactions per business day. The Bank may periodically change, without need of prior notice, the foregoing limits in accordance with the pertinent laws, rules, and regulations.

When using this feature, you may experience technical or other difficulties. We cannot assume responsibility for any technical or other difficulties or any resulting damages that you may incur. The service has qualification requirements, and we reserve the right to change the qualifications at any time without prior notice. We reserve the right to change, suspend or discontinue the service, in whole or in part, or your use of the service, in whole or in part, immediately and at any time without prior notice to you.

You agree to notify PSBank of any suspected errors regarding items deposited through the service.

In availing the mobile check deposit facility, you further warrant to the Bank that:

• You shall only deposit qualified / eligible checks;
• You shall not deposit duplicate checks, re-deposit or renegotiate the corresponding paper check;
• All information you have provided to the Bank are true and accurate;
• You shall comply with the terms and conditions of this Agreement, applicable laws, rules and regulations, and any and all procedures and instructions for use of the service as the Bank may establish from time to time;
• You are not aware of any circumstances which may impair the acceptability of check;
• In mobile check deposit for bills payments, you are solely responsible in ensuring that you have sufficient funds in your account. The Bank shall not be liable if such mobile check deposit is rejected due to insufficiency of funds.
• Once the check has been successfully deposited and negotiated, you shall hold the Bank, its directors, employees and agents free and harmless from any claim, action, damage, loss, liability, costs and all other expenses suffered or incurred in connection with a claim, suit, demand or other proceeding, or any damage or cost incurred arising from or in relation to this service.
• You shall be solely responsible for the original Item, including storage, retrieval and destruction. Upon your receipt of the Bank’s confirmation that it has received an image that you transmitted, you agree to prominently mark the item as “Electronically Presented” or “VOID” and to retain the physical/original copy of check for at least one-hundred eighty (180) calendar days from the date of the image transmission in a place of safekeeping and not to transmit or provide the check to any other person or financial institution. After 180 days, you agree to destroy the check that you transmitted as an image, or otherwise render it incapable of further transmission, deposit, or presentment. During the time the retained check is available, you agree to promptly provide it to the Bank upon its request to facilitate the clearing and collection process, to address third party claims, or for our own audit purposes. You agree that the electronic image of the Item or check as defined by Law and the Rules on Electronic Evidence shall become the legal and faithful representation of the Item for purposes of the Mobile Check Deposit.

You agree that the use of this feature for any and all processed checks, including returned / rejected checks is subject to bank fee. For this purpose, you authorize the Bank to charge and debit any such fee from your account.

The manner in which the items are cleared, presented for payment, and collected shall be in the Bank's sole discretion subject to the Rules for Deposit Accounts and disclosures governing your account.

The Bank, at its sole discretion, may reject a mobile check deposit transaction if such transaction is not in accordance with this Agreement or if not in the best interests of the Bank.

We are not responsible for checks that we do not receive or for images that are dropped during transmission. An image of a check shall be deemed received when you receive a confirmation from PSBank that we have received the image. Receipt of such confirmation does not mean that the transmission was error free or complete. If there is a discrepancy between the entered and confirmed amount against the amount on the scanned image, we will credit the account based on the scanned image. The check shall be deemed to have been deposited at the branch where the account is maintained.

We further reserve the right to charge back to your account at any time any item or check that we subsequently determine as spurious or ineligible.  You agree that PSBank is not liable for any loss, costs, or fees you may incur as a result of our chargeback of an ineligible or spurious check. You further undertake to indemnify the Bank for any losses or damages it may incur as a result of ineligible or spurious check that you deposited under this facility.

TIME DEPOSIT

You may use this feature in opening a time deposit account with the Bank.

The details of your time deposit placement in the PSBO / PSBM under this feature will be indicated in the Time Deposit Confirmation Advice (TDCA) to be issued under your name, and to be emailed in your registered email address.

The TDCA shall contain, among others, the principal, term, affiliate account and interest rate, and subject to the terms and conditions therein and in this Agreement.  It is not a negotiable instrument and may not be negotiated by endorsement and/or delivery but may be assigned to the Bank with your prior written consent.

Any time deposit account opened in the PSBO and/or PSBM shall have an affiliate account. The source account you selected in opening time deposit account in the PSBO and/or PSBM will automatically be considered as your affiliate account for the crediting of principal amount and/or interest of your time deposit placement upon maturity or pre-termination.

The affiliate account should be under the same account name and ownership as the time deposit account.

You may choose short term placements in 30, 60 or 90 days. With maturity instructions of either:

• Payout Principal and Interest Upon Maturity;
• Payout Interest and Rollover Principal Upon Maturity; or
• Rollover Principal and Interest Upon Maturity

You can make pre-termination of your time deposit placement via PSBO, PSBM or at any PSBank Branch. There is pre-termination when you make partial or full withdrawal of your time deposit placement before its maturity date. Any pre-termination of your time deposit placement is subject to the Bank's approval and is subject to documentary stamp taxes and pre-termination charges, which shall be for your account. In case of pre-termination, your time deposit placement will be automatically credited to your affiliate account, and in case you want to make a new or another placement, the same is subject to prevailing interest and under a new account number.

PASEND INSTANT CASH PADALA

This feature enables you to send money to your beneficiary, who do not have any existing deposit account/s. You can avail of this feature by using the Bank’s “Cardless Withdrawal” facility which is available in both PSBank and Metrobank ATMs.  This service has a transaction limit per day and will require you to input the required details of your beneficiary in the PSBO / PSBM for PaSend transaction.  You shall be responsible in providing the correct information of your beneficiary, and in confirming from your beneficiary of the receipt of your Pasend transaction. The Bank reserves its right to suspend this feature if the use thereof by the Customer is not to its best interest.

QUICK RESPONSE (QR)

By using the QR feature of PSBO and/or PSBM, you can generate a QR Code for eligible target accounts to receive or send funds / payments from / to your account by simply scanning or uploading the QR Code of your sender or beneficiary or payee as the case may be.

You agree to ensure that the generated QR Code for the target / receiving account is only provided to your intended sender / payer to secure the privacy of your account.

By using this QR feature, you agree to be bound by the terms and conditions governing QR and related financial transactions, e.g. fund transfer and payments, included herein.

You agree that the use of this feature is at your own risk, and you shall assume all incidental risks such as risks related to account privacy due to the inter-operability nature of the QR Codes, erroneous payments due to scanning or uploading of wrong QR Codes and other risks arising out of your use of this feature.

FUND TRANSFER VIA PROXY (MULTI-PROXY SERVICE)

The Multi-Proxy Service (MPS) is a feature of Bancnet's InstaPay which allows you to link your account to your nominated mobile number and/or email address registered in the PSBM / PSBO as proxy. Once linked, you have the option to receive fund transfers via your proxy mobile number and/or email address. By linking your account to your proxy mobile number and/or e-mail address, and in availing the MPS, you agree to the following:

• You consent and authorize the Bank to enroll your account in the MPS to be facilitated via Bancnet’s InstaPay.
• In the enrollment of your account, and in availing the MPS, you authorize the Bank to share your partially masked account name and proxy mobile number and/or e-mail address to Bancnet and your sender's bank. You further authorize Bancnet and your sender's bank to collect, process, store, and share to your sender the same information for purposes of fund transfer via MPS / proxy. 
• Under the MPS, you are aware that your account name will be displayed, but partially masked, in the online or mobile app system of your sender's bank during fund transfer in order for your sender to confirm that your proxy mobile number and/or email address pertains to your linked account.
• If you will make fund transfer via MPS, you may receive or access customer information of your recipient/beneficiary, and that you have the obligations to use them only for purposes of fund transfer via MPS, and not to share / store the same without the authority of your recipient / beneficiary.
• You hold the Bank free and harmless for any losses, damages, liabilities, expenses and/or claims resulting from your use of MPS / proxy, and/or access of your or another person’s customer information.
• You authorize the Bank to debit your linked account, in payment of the fees that may be charged in using the MPS.
• You may deactivate registration in the MPS, or change your linked account or proxy mobile number / email address via PSBO and/or PSBM Any deactivation or change shall be effective once acknowledged by Bancnet. However, the Bank has the right, and is given the authority, to deactivate your registration in the MPS in case your linked account becomes in dormant / frozen / garnished / closed status, or subject of restrictions, or in case your linked account name / proxy mobile number and/or email address is updated, without you initiating any change in the PSBM and PSBO. Once your registration in the MPS is deactivated, any fund transfer on your proxy mobile number and/or email address will be rejected, and you hold the Bank harmless and free from liability for any rejected fund transfer.

ONLINE LOAN APPLICATION

This feature in PSBM/PSBO allows you to apply for any loan product / facility of the Bank. By availing this feature, and submitting your loan application via PSBM / PSBO, you acknowledge the following:

• You shall provide certain personal, financial, and other data as may be required of you by the Bank relevant to the loan product / facility you apply for;
• The Bank has the sole and absolute discretion to decide on your loan application. You will be notified if your loan application is approved or not.
• If your loan application is approved, you will be required to visit our head office or any of our branch to provide and/or sign certain documents and agreements in connection with or in support of your loan application. You will also be required to pay certain fees and charges as may be disclosed to you by the Bank.
• If your loan application is not approved, the Bank has no obligation to disclose the reason for such disapproval.
• You certify that all the data and/or documents you will provide for this loan application, as well as your personal data previously provided to, and already form part of the records of the Bank are true, correct, authentic, and valid. In case there are changes or updates in the data you provided to the Bank, you must contact our customer experience team at the contact details indicated in this Agreement.
• You consent the Bank to collect, use, process, store, or share to credit bureaus, other financial institutions, relevant government agencies, accredited service providers, and concerned private individuals / institutions your personal, financial, and other data in order for us to: (a) process your loan application; (b) make validation / verification of your data; (c) update your existing data with us; and (d) comply with relevant laws and regulations.
• You further consent that your other personal data, such as but not limited to telco scores, telco usage data, etc. in the possession of mobile network operators, recipients of our disclosure, or other parties, which are necessary for credit scoring, credit evaluation, or processing of your loan application, may be collected, accessed, used, processed, stored, and shared to / by the Bank and / or its accredited service providers in order to achieve the same purposes.
• In order for us to seamlessly process your loan application, you further confirm your other consent to us, and waiver of your rights that will conflict with your consent, as provided in the CONSENT TO PROCESSING AND SHARING OF DATA of this Agreement

TRUST ACCOUNT

The Unit Investment Trust Fund (UITF) is a trust product and is not a deposit account. In opening a UITF account in the PSBO / PSBM, you, as a trustor or investor, acknowledge that:

• It is not insured by the Philippine Deposit Insurance Corporation (PDIC);
• Any losses and income arising from market fluctuations and price volatility of the securities held by the UITF, even if invested in government securities, are for your account (as the Investor / Trustor). As such, your units of participation in the UITF when redeemed, may be worth more or worth less than his initial investment contribution.
• The Bank (as the Trustee) is not liable for losses unless upon willful default, bad faith or gross negligence.
• Due to the nature of UITF investment, the returns / yields are not guaranteed, and the presentation of its historical performance is purely for reference purposes only and is not a guarantee of similar future performance. The UITF fund is not an obligation of, nor guaranteed, nor insured by the Bank’s Trust Division, as Trustee, or its affiliates or subsidiaries.
• Before making investment in the UITF, you confirm that you have read the complete details of the fund in the UITF's plan, made your own risk assessment, and when necessary, sought an independent/ professional opinion.
• You have read the detailed Terms and Conditions on UITF, as posted in https://www.psbank.com.ph under Investments – Money Market Fund.

Your participation in the UITF shall also be subject to the following terms and conditions:

1. Subscription orders will be processed only when sufficient balance is available in the source / settlement account.
2. Orders received after the cut-off time will be processed the next banking day based on the applicable Net Asset Value Per Unit (NAVPU) /price for that day.
3. For redemptions, you shall ensure that the designated settlement account is active on or before the Transaction Effectivity Date. Unsuccessful redemptions shall be coordinated with your Branch of Account.
4. The actual number of units subscribed or net settlement amount can only be computed upon the availability of the applicable NAVPU of the Fund.

Upon your investment in the UITF, , the Bank’s Trust Division  (as Trustee), confirms your participation as investor / trustor in the UITF Fund based on the amount stated in the Confirmation of Participation (COP) that may be issued to you, subject to all of the terms, conditions, and provisions of the Participating Trust Agreement and the Declaration of Trust approved by the Trustee's Board of Directors and the Bangko Sentral ng Pilipinas (BSP), Plan Rules and Regulations (the "Plan"), applicable laws and regulations, and the Bank’s actual receipt of your cleared funds.

Your interest stated in the COP shall be a proportionate undivided interest in the net assets comprising the Fund, established under the Plan and said assets shall at all times be considered as assets held by PSBank and title thereto shall be vested solely in the Trustee in accordance with pertinent laws and regulations.

As investor / trustor, you shall examine the issued COP and notify the Bank’s Trust Division (as the Trustee) in writing within the prescribed period from receipt thereof of any error in executing your instructions. If the Bank does not receive any notice within said period, the COP shall be conclusively deemed as correct in all respects and so approved by you, and The Bank, its Trust Division, officers and employees will be released from all liability in implementing your instructions regarding the transaction set forth in the COP.

The COP is non-negotiable and serves only to confirm the units you subscribed as of the date of the Confirmation. It shall not be used to redeem any Units. In case there is discrepancy in the COP, your outstanding Units shall be based on the records of, and the statements of account issued by, the Bank’s Trust Division.

COOLING-OFF PERIOD

A cooling-off period of two (2) banking days is granted from the date of your account opening / term placement / investment. During the cooling-off period, you may cancel or terminate your account without penalties, by submitting a written notice to the Bank. The Bank, however, reserves the right to deduct or debit from your account the documentary stamp and other taxes due thereon, if any, and collect reasonable processing, closure / pre-termination, and administrative fees when applicable, to cover the costs incurred during account opening.  The cooling-off period is available for financial consumers who are individuals, or micro and small enterprises as defined in applicable DTI / BSP regulations.

FINANCIAL TRANSACTIONS

Any instruction or information that you will make in the PSBO and/or PSBM shall be irrevocable, and the Bank shall not be held liable for any erroneous transaction/s arising from inaccurate information you supplied.

You shall be responsible in indicating or keying in the correct account number/s, bill reference numbers, mobile number, or any account identification numbers for any payment, prepaid reload, fund transfer or any other financial instructions, including transactions made via QR Code or those executed via PSBank Payment Authorization Facility which uses your PSBO / PSBM credentials to process the payment to government agencies and other covered billers.

You shall hold the Bank free and harmless from any claims arising out of mistakes you made in transacting any financial transaction, e.g., Prepaid Mobile / RFID Reload errors, including but not limited to (1) mobile / RFID number keyed in by mistake; (2) postpaid mobile number selected for reload; (3) selection of expired prepaid mobile number or any other inadvertent/wrong entry.

You shall hold the Bank free and harmless from any loss, damages, late charges, penalty, loss, expenses, whether direct or indirect, incurred/to be incurred by you and/or the Utilities / Services not being delivered by the Merchant Establishments on account of such non-processing of Instructions due to the inadvertent typing errors / inaccurate information you supplied.

In the event of any payment instruction declined or any failed prepaid reload transaction for any reason whatsoever, the Bank shall credit back the amount of payment to your Account, and shall not be liable for any late charges, penalty, loss, damage, whether direct or indirect, costs, charges or expenses you incurred in this regard.

You further agree that any complaint in connection with unprocessed prepaid mobile / RFID reload or declined/unposted payments shall be referred to and addressed by your telecom provider, or your biller / merchant establishment/s.

You agree that the Bank may place limits, as it deems fit from time to time, on the number of transactions that you may carry out in a particular period, minimum or maximum amount per transaction, or the aggregate payments and/or fund transfers that you may make during a particular period or any other restrictions as the Bank may, in its sole discretion, place on the Account. You hereby agree to abide by and be bound by all such limits that may be placed by the Bank from time to time.

CONSENT TO PROCESSING AND SHARING OF DATA

In providing the Information and related electronic documents and in availing the PSBO and/or PSBM, you hereby authorize the Bank, without need of prior notice, to collect, record, use, process, store, and/or share to any of its affiliates and/or subsidiaries within the Metrobank Group (the Group), or its agents or service providers, or third parties which provide necessary and related services or have contractual obligations with the Group, or to any government agency or regulatory body authorized by law to receive, my Information, personal circumstances and relevant account information, data or opinion, including but not limited to account opening date, account balances and any or all other Information pertaining to all my Account/s now existing and/or which hereafter may be opened, whether or not assigned as collateral, for any of the following purposes:

1. In order to commence and facilitate the efficient delivery, administration, operation and/or implementation of your deposit account and other related products and services you availed from the Bank;
2. For your protection and/or of the Bank against fraudulent, unauthorized, or illegal transactions, and anti-money laundering and terrorist financing risks;
3. In the validation, verification, and/or updating of your Information and related documents;
4. In order for the Bank to enforce its rights and interests and/or to perform its obligation by reason of any law, rules and regulations, contract, or orders from any court or quasi-judicial and administrative offices;
5. In the investigation, prosecution, or defense of the Bank or its directors, officers, and/or employees with regard to the settlement of disputes or claims pertaining to this deposit account and other related products and services.;
6. In order to communicate with you relevant marketing information, to carry out market research about their products and services, cross-refer, cross-sell, inquire on my status, and make credit opinion and evaluation and that you are aware that you will be contacted through automated or electronic means including email, phone, mobile applications, and post or automated calls; and
7. In order to analyze your banking and financial transactions so that they can make a customer profile and send you customized communications.

In granting the above authorities, you dispense your right to data privacy and confidentiality and such other rights as may be provided under Republic Act (R.A.) No. 1405 (Law on Secrecy of Bank Deposits),R.A. No. 6426 (Foreign Currency Deposit Act of the Philippines), R.A. No. 8791 (General Banking Law of 2000), R.A. No. 10173 (Data Privacy Act of 2012), and all other applicable rules and regulations issued by the Bangko Sentral ng Pilipinas and other regulatory bodies that uphold data privacy and confidentiality, which may be in conflict with the Bank’s obligation in carrying out said authorities.

For Interbank Fund Transfer transactions, you hereby consent to the implementation of PESONet and InstaPay related services, including the sharing of relevant data, to prevent fraud and unlawful access to InstaPay and PESONet accounts and transactions. 

You are aware of your rights as a data subject, as listed on PSBank’s Privacy Policy Statement available on https://www.psbank.com.ph/ and you agree that your consent and authorization under this Agreement shall remain valid and subsisting unless otherwise revoked or cancelled in writing.

INFORMATION SECURITY

The Bank shall process and safeguard your personal, account and any other information communicated to it in accordance with the declared, specified and legitimate purpose for which they were obtained within the bounds of applicable Philippine laws  such as Republic Act Nos. 1405 and 6426 (deposit secrecy laws), Republic Act No. 10173 (Data Privacy Act of 2012), their Implementing Rules & Regulations and other related rules & regulations that may be issued by the pertinent regulatory agencies such as, but not limited to,  the Bangko Sentral ng Pilipinas (BSP), Anti-Money Laundering Council (AMLC), and the National Privacy Commission (NPC).

The Bank’s Privacy and Security Policy, which contains the norms, infrastructure, standards, and procedures in continually safeguarding customer information and ensuring its confidentiality is available and can be accessed through its website at www.psbank.com.ph.

You are aware that the PSBO or PSBM is accessible through the username and password you registered with the Bank and any Instruction using the same, whether initiated by you or not, shall be deemed to have originated from you.

You are aware of the confidential nature of password or any other passwords and this Agreement, and you confirm that you accept full responsibility for all transactions processed through the use of your password. Any Instruction using your password shall be conclusively presumed to have been made or authorized by you.

You agree that the Bank shall not be liable for any fraudulent, duplicate or erroneous instructions given to the Bank by usage of your password. The Bank shall not be required to verify or make further inquiry into the identity of the sender, or the message integrity of any instruction received by it, so long as it satisfies itself of the correctness of the username, password and/or mobile phone device used to transact in the PSBO and/or PSBM.

You shall not disclose to other people any information that should only be known by you, such as, but not limited to, your Account Number and assigned Account Nickname, Username and Password. You shall hold the Bank free and harmless, and defend it, against any and all claims or causes of action or accusation, for all unauthorized transactions as a consequence of your account details and PSBO and/or PSBM information being known by other person, except when there is gross negligence on the part of the Bank.

You understand that the PSBO / PSBM banking services have various internal security measures, and you agree to the following precautions when using the said services and its features, to further minimize the probability of error, fraud or any unauthorized transactions:

• You shall not store nor record your password in the manner that would compromise the security of your PSBO and/or PSBM transactions.
• You undertake to change your password at regular interval, at the instruction of the Bank, or on any event of breach of confidentiality.
• You hereby acknowledge and accept that SMS notifications may be sent to you without being encrypted and may include your name and information pertaining to your Account(s). You undertake to delete from the Inbox / Sent Items Folder of the mobile phone and/or of the email address all messages relating to the Service including but not limited to SMS Alerts that may contain certain Account information. The Bank shall not be held liable for any breach of confidentiality of Account details sent to your mobile device and/or email address.
• You shall log off after using the Service to prevent unauthorized access to your account.
• You undertake to protect the mobile / telecommunication device, laptop, computer, and other equipment that you use while using the PSBO / PSBM from any data failure, corruption, computer viruses and bugs or related defects.

You undertake to inform and contact, immediately and without delay, the Bank’s Customer Experience team based on its contact details indicated in this Agreement and/or in the Bank’s website, of any event of loss / stolen or change of mobile phone and/or SIM for immediate deactivation of the Service.  All transactions and instructions conducted and received via your SIM prior to the knowledge of PSBank of such loss or theft shall be binding upon you, and shall be presumed to have been sent by you.

You shall be liable and you hold the Bank free and harmless, and indemnify it from / for any claims, loss, or causes of action as a result of unauthorized transactions caused by your breach of your obligations herein, your failure or delay to notify the Bank on the unauthorized access of your account, or your negligence in handling your account.

AVAILABILITY

We shall use reasonable efforts to ensure that the Service is available 24/7 and shall exert best efforts to execute Instructions such as but not limited to SMS Alerts, Payments and Fund Transfers within the timeframe specified by the Bank. However, we do not guarantee the fulfillment of Instructions/availability of PSBO / PSBM banking services by reason of the services being temporarily unavailable due to maintenance, computer, telecommunication, electrical, network failure and/or any other reasons beyond our control. We shall not be liable for any loss, damage whether direct or indirect, costs, charges or expenses incurred or to be incurred by you due to a delay / inability in providing the Service.

You acknowledge that the receipt of any text/SMS message including but not limited to SMS Alerts may be delayed or disrupted by factor(s) affecting the telecommunications equipment or network facilities provided by your telecoms service provider and other factors outside of our control such as but not limited to signal problems, mobile number inactive or inaccessible or cellular equipment malfunction, closed / blocked / dormant mobile service accounts or insufficient mobile airtime credits / balance. We shall not be held liable for any loss, damages any late charges, penalty, loss, damage, expenses, whether direct or indirect, incurred/to be incurred by Customer on account of such non-receipt of SMS messages.

PROFILE SETTINGS

You understand that you have the right to modify your profile information registered for the Services and have the sole option to enroll in subscription-based SMS Alerts. The Bank has the sole discretion to deny at any time certain profile management and subscription rights.

You agree that Instructions such as request to modify PSBO and/or PSBM profile information including but not limited to addition/change of e-mail address may also be given by phone to the Bank’s Customer Experience team.

The Bank will exercise due diligence in verifying your details over the phone, but you shall be responsible and hold the Bank harmless and free from liability from / for any and all losses that you may incur as a consequence of inaccurate information or inadvertent error that you may provide during the phone conversation.

SMS ALERTS

The PSBO and/or PSBM SMS Alerts is a subscription-based SMS service that enables you to request and receive real-time SMS notifications including but not limited to account balance reporting, debit notifications, and debit frequency alerts. SMS alerts are triggered by the specific settings/limits you set prior to activation of the SMS alert service.

By subscribing to this feature, you understand that the SMS Alerts is a trigger-based SMS service, and you hereby grant permission to the Bank to send out SMS messages to your mobile phone any time of the day.

You also hold the Bank free and harmless from any and all liability relating to secrecy laws or regulations, should any SMS Alerts be delivered to your mobile phone which may include your name and information pertaining to your Account(s), and which may be viewed or accessed by persons other than yourself.

You understand that by enrolling and/or availing this feature, you hereby agree and grant permission to the Bank to push SMS messages relating to the Service any time of the day. You thereby hold the Bank free and harmless from any and all liability, claims, including, but not limited to, those relating SMS spam complaints.

FEES

You agree that the fees in using the PSBO / PSBM and its features, as disclosed in the App, will be charged to your account.

You understand that your access to PSBO and/or PSBM banking services will utilize the network facilities and services of your telecom provider and to this extent such access will also be subject to and governed by any terms and conditions prescribed by your telecom provider in separate agreements with you.

You agree that your telecom provider has the sole discretion to charge fees as it may deem fit and you shall be responsible for all fees, charges and expenses which may be imposed by your provider in servicing your telecommunications equipment in connection with the use of PSBO and/or PSBM banking service.

However, you may discontinue or unsubscribe at any time to the PSBO / PSBM banking services such as but not limited to SMS Alerts, but you shall remain liable for payment of airtime, bill or other charges in connection with availing of the services provided in the PSBO and/or PSBM which may have been charged by your telecom service provider prior to such disconnection / un-subscription requests.

You shall not involve the Bank and hold it harmless to/from any dispute you may have with your telecom service provider or any third-party service provider.

Without prejudice to applicable BSP Rules and Regulations, the Bank likewise reserves the right to modify/impose existing/new fees in your availment of any feature of PSBO / PSBM, exclusive of the amount payable to any of your telecom service provider. You shall be notified of such fees via Bank’s website or in the manner provided in this Agreement. Any imposition and modification of the fees shall be valid and binding upon you on the date of effectivity provided in the notice.

TERMINATION

The Bank may at its sole discretion temporarily suspend or terminate the services in the PSBO and/or PSBM either wholly or partially, for whatever reason, without need of prior notice to you. The Bank shall not be liable for any loss, damage whether direct or indirect costs, charges or expenses that you may incur as a result of such suspension or termination of PSBO / PSBM.

DEACTIVATION

The Bank may also act upon your request for temporary turn off or deactivation of any services in PSBO and/or PSBM. You understand that all financial transactions for future date execution shall be automatically cancelled and all subscription-based Alerts shall be suspended. You shall hold the Bank harmless against any claims, loss, damages, costs, charges or expenses arising out of cancellation and non-execution of future-dated financial transactions and subscription-based Alerts as a consequence of such deactivation request.

You hereby irrevocably authorized the Bank to permanently deactivate your User Account in case of your failure to activate it for a period of three (3) years from registration, or your failure to maintain any active Account with the Bank. In permanently deactivating your User Account, the Bank shall have the right not to include the same in the Bank’s system or pool of registered PSBO and/or PSBM accounts.

OWNERSHIP AND LICENSE

You agree that the Bank retains all ownership and proprietary rights in the Services, associated content, technology, and website(s). Your use of the Services is subject to and conditioned upon your complete compliance with this Agreement. Without limiting the effect of the foregoing, any breach of this Agreement immediately terminates your right to use the Services. Without limiting the restriction of the foregoing, you may not use the Services (i) in any anti-competitive manner, (ii) for any purpose that would be contrary to the Bank's business interest, or (iii) to the Bank's actual or potential economic disadvantage in any aspect.  You may not copy, reproduce, distribute or create derivative works from the content and agree not to reverse engineer or reverse compile any of the technology used to provide the Services.

DISCLAIMER OF WARRANTIES AND LIMITATION OF THE BANK’S LIABILITY

Under no circumstances shall we be liable for any loss or damages whatsoever arising out of or in connection with: (i) your use of or access to (or inability to use or access) the Service; or (ii) any failure, error, omission, interruption, defect or delay in transmission of any data relating to the Service, unless it is caused solely by the negligence or willful default on our part or on the part of our staff or agents. We shall not be liable to you and/or third party for any modification, non-availability, malfunctioning, suspension or discontinuance of the Service, whether within or outside our control.

GOVERNING LAW

This Agreement shall be governed by the pertinent laws of the Republic of the Philippines as well as all applicable rules and regulations of the Bangko Sentral ng Pilipinas.  PSBank is a financial institution being supervised by the Bangko Sentral ng Pilipinas (BSP), and BSP may be reached with the following points of contact:

• BSP contact details: (632) 8708-7087
• BSP Webchat: https://www.bsp.gov.ph
• SMS: 21582277 for Globe subscribers only
• BSP Facebook: https://www.facebook.com/BangkoSentralngPilipinas
• BSP Consumer Affairs email address: [email protected]

LAWFUL USE

You agree that you will not use the Service in an unlawful, fraudulent or abusive manner or for any purpose that is not allowed by this Agreement.

ATTORNEY’S FEES

Should we be compelled to engage the services of Legal Counsel to enforce the terms of this Agreement or when the matter is referred to a collection agent, the Customer agree to pay collection and/or attorney's fees equal to 10% of the amount due which in no case shall be lower than PhP50,000.00 plus costs of suit.

​VENUE

The Customer irrevocably consents that any legal action, suit or proceeding arising out of or relating to this Agreement may be instituted at the option of the Bank in any competent court in Metro Manila or where the Bank has a branch or office, to the exclusion of all others courts. The foregoing, however, shall not limit or be construed to limit the right of the Bank to commence proceedings against the Customer in any other venue where assets of the Customer may be found.

CORRESPONDENCE

When required, the notices and correspondences, including but not limited to demand letters, summons, subpoenas or notifications for any judicial or extra-judicial action, relative to any account of the Customer, shall be sent to the Customer in the last known / given / identified address indicated in the Bank’s records. The mere act of sending any correspondence, by mail or by messenger or by email, or by other electronic means, to said last known / given / identified address shall be valid and effective notice to Customer for all legal purposes and the fact that any communication is not actually received by the Customer or returned unclaimed to the Bank or that no person was found at the address given or the address cannot be located, shall not relieve the Customer from the effects of such notice. 

CONFIRMATION OF ACCOUNTS

Per BSP Circular 871, or other relevant regulation, the Bank has the obligation to confirm by direct verification, at least once a year, the Customer’s deposit and loan account balances, and other outstanding balances of borrowings, liabilities, receivables and payables. In order for the Bank to comply with its obligation, you agree to receive via mail or email or other electronic means, at the Bank’s option, any confirmation letter that the Bank shall issue to you pursuant to the said BSP Circular or any amendments thereto, without need of your prior confirmation or instruction.

CUSTOMER COMPLAINTS​

You shall communicate with the Bank for any complaint / concern / issue on your account / investment through the use of the following points of contact:

• Email: [email protected]
• Customer experience hotline (632) 8845-8888
• Live Chat through the Bank’s website at psbank.com.ph, and official Facebook account

The Bank shall conduct an investigation in accordance with its established procedures and shall notify you of its findings, which shall be considered as final and conclusive.

CONSENT TO THE TERMS AND CONDITIONS

By opening the Account with PSBank, and in availing / using its product/s, facility/ies, and service/s, including but not limited to electronic / mobile / internet banking services and other related channels, of the Bank, the Customer agrees to be bound by the terms and conditions herein, the General Provisions on Deposits and Other Products / Services, the operational rules and regulations, policies, terms and conditions governing the said product/s, facility/ies, and service/s, including any amendment or supplement thereon, as well as the functionalities and features of the product / facility/ies and services and the required fees associated therewith. The Customer further agrees and accepts to be bound by the data privacy and security policies of the Bank. , The Customer further affirms and accepts the features, requirements, risks, and benefits in availing the product/s, facility/ies, and service/s as fully disclosed and explained by the Bank.

You may access the latest copy of General Provisions on Deposits and Other Products / Services posted in https://www.psbank.com.ph/ for reference.

AMENDMENTS

The Bank reserves the right to change, amend, modify, or supplement from time to time, any of the terms and conditions herein provided, and such changes shall be effective immediately upon posting thereof in the bank’s website. Said changes or supplements, if posted in the Bank's website (www.psbank.com.ph) or conspicuous place inside the premises of the Bank shall constitute sufficient notice to the Customer.

Your continued use of the Account, and availment of the Service and other products and services of the Bank shall constitute your consent to the amended / modified / supplemented terms. Should you not agree with the amendment / modification / supplement of the Agreement, you may terminate the Agreement and close the Account, provided prior notice is given to the Bank at least thirty (30) days prior to such termination / closure, otherwise, the amendment / modification / supplement shall be binding to you.

In all cases, not specifically provided in these Terms and Conditions, or otherwise by written agreement between you and the Bank, or in case not covered by laws, the rules and regulations of BSP, AMLC, and other related regulatory agencies, the usual customs and procedures common to Philippine banks shall govern the transactions between you and the Bank.

PROOF AND RECORD OF TRANSACTIONS

You acknowledge that:

1. Each successful banking transaction shall be evidenced by a system generated reference number and may be used by the Bank as basis in investigating your complaint, if any. A system-generated notification which contains a list of all successful or failed transactions shall also be sent to your registered e-mail address or mobile number after the transaction.
2. Statement of Account (SOA) for the past two (2) months of your enrolled deposit or loan account or the Transaction History of your enrolled account may be downloaded via PSBO / PSBM.
3. You may also make an online request for a copy of the Bank Statement covering your transactions for not more than two (2) months. For this purpose, you authorize the Bank to transmit the Bank Statement to your enrolled e-mail address or such other modes under this Agreement, or for branch pick-up, as the case may be. The Bank reserves the right to reject the printing of the Bank Statement for a Customer whose deposit account status is disqualified for printing, or for any other reason as may be determined by the Bank.
4. you understand that the Bank shall not automatically release the monthly transaction history of your PSBank Prepaid Mastercard but shall be available via the applicable Bank's e-banking services.
5. You agree that if the Bank does not receive any complaint within twenty (20) calendar days from statement cut-off date, the said Statement and all transactions therein shall be considered correct and any claims against the Bank shall be waived.
6. The Bank's record of your transactions processed and validated by the use of the Bank's service, facilities, and channels shall be conclusive proof of the nature and circumstances surrounding the transactions, as well as of the Instructions received and shall be binding for all purposes.

PROMOTIONS

As customer of the Bank, and in order to improve your experience with the Bank, you hereby authorize the Bank to offer its other products and services. And provided that you give consent to the Bank, you authorize the Bank to share your personal details to its affiliates and subsidiaries for the latter to offer or promote their products and services.