eC-Savings Terms and Conditions
GENERAL PROVISIONS FOR eC-Savings
This Agreement covers and governs the relationship between the Client and the Bank. The Bank may, from time to time, amend, revise or modify this Agreement, as is customary in the conduct of the banking business or in the Bank’s judgment is necessary for the protection of the Client and the Bank.
- The following definitions apply:
- eC-Savings is a regular savings deposit that offers traditional and non-traditional financial services for the unbanked and under banked Filipinos. Verified GCash App users, who are Filipino citizens aged 18 and above, can open an eC-Savings account through the GSave marketplace application.
- GSave is a digital savings account where funds can be secured while earning interest. Users can open a savings account with any of GCash’s bank partners in the GCash marketplace.
- Cebuana Lhuillier Bank (“CLB” or the “Bank”) is a rural bank duly registered with the Bangko Sentral ng Pilipinas (BSP) and licensed as an Electronic Banking and Electronic Money Issuer.
- Know Your Customer (KYC) is a process to establish the full identity of individuals looking to transact with a financial firm, which is usually done by requiring identification cards from a client as required by the Bangko Sentral ng Pilipinas (BSP).
- Client/Account Holder is a person listed or identified as the holder of a Financial Account by the Financial Institution that maintains the account.
- Deposit is a type of banking transaction that entails the funding of money to a specified account.
- Withdrawal is a type of banking transaction which involves the debiting funds from a specified account.
- Inactive accounts are those with no deposits or withdrawal transactions for a certain period of time.
- Enhanced due diligence is a risk assessment procedure involving the collection and analysis of data on high-risk customers exhibiting elevated risks of illicit activities, such as money laundering or fraud, necessitating additional investigation and scrutiny.
- This Agreement governs the relationship between the Client and the Bank. The Bank may, from time to time, revise, modify or amend the terms and conditions of this Agreement, as deemed customary in the conduct of the banking business or necessary for the Bank’s protection.
- The Client hereby warrants that all information pertaining to his/her identity and personal circumstances is true and correct and authorizes the Bank to verify said information. Furthermore, the Client confirms, declares, and acknowledges ownership and/or control of the mobile phone number and electronic-mail address provided to the Bank. Any communication or announcement made by the Bank to these contacts will be considered the primary method of communication. Feedback or communication from these contacts will be assumed to originate directly from the Client unless otherwise notified in writing.
- The Client, when so required by the Bank or otherwise, is responsible for updating any changes to the information provided during account opening, such as, but not limited to, the address, mobile phone number, and email address. Immediate written notification to the Bank is required for any change in contact details or information. Unless otherwise advised in writing, the Bank will consider the information initially provided to be true and complete if no updates are given.
- The Client hereby releases and forever discharges the Bank, its stockholders, directors, officers, employees, and representatives, from any and all liability, claims, causes of action, damages, liabilities, suits, or similar nature arising out of or in connection with the Client’s failure to update the Bank regarding changes in personal information or failure to receive notifications from the Application. Additionally, the Client agrees to indemnify, defend, and hold harmless the Bank, its stockholders, directors, officers, employees, and representatives, from and against any and all claims, causes of action, damages, liabilities, suits, or similar nature, including legal fees and expenses, arising out of or relating to such failure to update or receive notifications. The Client acknowledges that this release and indemnification shall fully absolve the Bank from any and all liabilities, responsibilities, or obligations arising from the account opening process.
- The eC-Savings account available through GCash’s GSave, comes with the following features:
- No initial deposit is required, and there is no minimum balance. An account with a balance as low as 0.01 will earn interest, and there is no maximum account balance limit.
- Interest Rate: 3.5% per annum
- Interest Crediting: Monthly.
- Free Accident Insurance coverage for depositors is capped at P300,000.00 – tiered based on ADB, terms and conditions apply.
- The User’s Record of Transactions is responsible for verifying history details and records to make sure that there are no unauthorized transactions.
- The eC-Savings account available through GCash’s GSave, comes with the following features:
- 18 years old
- Must be a Filipino citizen
- Fully verified GCash app user
DEPOSITS
- A fully verified GCash user with sufficient funds in their GCash Wallet can use the GCash App to perform deposit/cash-in transactions.
- In case of insufficient funds in the GCash Wallet, the user shall be notified thereof through a message/prompt appering on the GCash App, which states: “You have insufficient GCash balance to complete this transaction.”
- Withdrawals from the eC-Savings account can be initiated in-app via GSave by transferring funds from the eC-Savings account balance to the GCash Wallet.
- The eC-Savings account should have sufficient funds to cover withdrawal transactions. In case the amount to be withdrawn is more than the existing Account Balance, the user will be notified thereof through a message/prompt appearing on the GCash app, which states: “Your withdrawal is more than your account balance. Please enter a new withdrawal amount..”
- The eC-Savings account available through GCash’s GSave, comes with the following features:
- Maximum Cash Deposit per Transaction: P50,000.00
- Maximum Cash Deposit per Day: P100,000.00
- Maximum Withdrawal Limit per Day: P50,000.00
- Maximum Withdrawal Limit per Month: P100,000
- The interest rate shall be computed based on the average daily balance. If there is any interest earned, it shall be credited monthly. Interest bearing accounts shall earn 3.5% interest per annum basis and in accordance with pertinent laws, rules and regulations. A twenty percent (20%) withholding tax shall be withheld and deducted by the Bank from the interest income on savings deposit (P.D.1994)
- Dormant account shall not earn any interest while the account remains dormant. Interest accrual shall start only when the account is reactivated.
- Account holders who deposit and maintain the qualified Average Daily Balance (ADB) at the time of account opening and for at least 30 days thereafter will be eligible for free personal accident insurance. The coverage amount will be tiered based on the ADB.
- Account holders will receive a notification regarding the granting of insurance and the insurance policy if they qualify. To file a claim, please contact Cebuana Lhuillier Insurance Brokerage at [email protected].
- An account with balance shall be considered dormant if it becomes inactive (no deposits or withdrawals) except for posting of interest for a period of two (2) years. No transaction shall be allowed for a dormant account until the same is reactivated.
- User/Client/Account Holder will be notified sixty (60) days prior to change of account status from active to dormant.
- Pursuant to provisions of existing laws, all “unclaimed balances” which represent deposits of money and/or interest accrued thereon held by CLB for any Account holder who has remained dormant for a period of at least ten (10) years shall be reported and, when so ordered, deposited by CLB to the Treasury of the Philippines, to the credit of the government of the Republic of the Philippines.
- The Account Holder may reactivate a dormant account by sending a reactivation request through customer support at [email protected].
- For successful reactivation of a dormant account, a financial transaction, either a deposit or withdrawal, must be made from the account.
- An account that remains unfunded and inactive (no deposit or withdrawal transaction) for three consecutive months will be subject to automatic closure.
- Clients may request the closure of their eC-Savings account through (02) 7759-9800/(02) 8779- 9800, 0917-81 CARES (22737) / 0918-81 CARES (22737), or through email at [email protected]. The client remains responsible for account transactions until the account is terminated or suspended.
- The Bank reserves the right to suspend or close the account immediately in the following situations:
- Multiple accounts or existing Micro Savings Account or Cebuana Savings Account opened due to system error;
- Individuals included in the AML Sanction List and Watchlisting Database
- High Risks in Enhanced Due Diligence and did not provide supporting documents
- Engaged or engaging in any unlawful activity as defined in the Anti Money Laundering/ Counter-Terrorism Financing rules;
- Misrepresentation of the account holder;
- Falsification of information or documents;
- Those who already have an eC Savings account and recently included in the PEP List;
- Account is being used for fraudulent activities;
- Refusal of account holder to participate in fraud investigation of the bank within specified time.
- CLB, its stockholders, directors, officers, employees, and representatives shall be held free and harmless from any liabilities, claims, and demands arising from: (a) account closure, (b) dishonor of post-closure checks, and (c) reporting of account closure and their reasons to the relevant regulatory bodies or accredited credit bureaus or organizations tasked with maintaining records of mishandled deposit accounts.
- The Account Holder authorizes the Bank to apply all or a portion of the amount deposited in the Account Holder’s eC-Savings Account as payment, in whole or in part, of any obligation owed by him/her to CLB.
- The details in the eC-Savings Account’s transaction records are presumed true and correct unless the Client notifies the Bank through Cebuana Cares in writing of any disputes within fifteen (15) calendar days from the transaction date. If no dispute is reported within this period, all transaction details and records are deemed true and correct. Disputed transactions shall only be adjusted once the claim/dispute has been properly processed, investigated, and proven to be in favor of the Client.
- The Bank makes no warranty, express or implied, regarding the performance of this Agreement or the electronic banking functionalities or other services offered hereunder. CLB’s electronic banking service is offered on an “as is” or “as available” basis without warranties of any kind, except those required by law and other rules and regulation issued by pertinent government agencies. CLB further makes no warranty (1) as to the content, quality or accuracy of data or information provided by CLB hereunder or received or transmitted using the electronic banking channels; (2) as to any service or product obtained using the electronic banking service; (3) that the electronic banking service will be uninterrupted or error-free; or (4) that any particular result or information will be obtained. CLB shall not be liable for any loss, added cost, compensation, damage or liability that the Client may incur as a result of any delay, interruption or termination of the electronic banking transaction whether caused by administrative error, technical, mechanical, electrical or electronic malfunction or any cause beyond CLB’s control (including but not limited to acts of God, labor disputes, failure of communication lines, interconnection problems, mobile phone signal/reception problems, interference or damage by third parties).
- Subject to the provisions herein, if CLB is found liable for any act or omission for any reason whatsoever, CLB’s liability shall be limited to the amount of the relevant transaction or actual damages to the Client, whichever is lower. CLB shall not be liable to the Client for any indirect, special, exemplary, punitive or consequential loss or damages arising from or in connection with the opening and maintenance of an eC-Savings account and the electronic services associated with it, including but not limited to lost opportunities or profit.
- The Bank is committed to respecting and protecting data privacy rights of the Client as a data subject in accordance with R.A. 10173 (“Data Privacy Law of 2012”), its Implementing Rules and Regulations and other applicable laws of the Republic of the Philippines. In the course of providing services to the Client, CLB may collect information (including personal information) relating to the Client, including the transactions, accounts, account information or records. For this purpose:
- The Client authorizes and grants free, voluntary, and unconditional consent to Cebuana Lhuillier Rural Bank (“CLB” or the “Bank”) for the collection, use, storage, retention, verification, and processing of her/his personal information and/or sensitive personal information (collectively referred to as “information”). This information may be contained in the customer record form or any other form or document that the Client (or agent/authorized representative) has or will submit to CLB in the course of her/his transactions with it, and for specified purposes herein which, in all cases, are in compliance with the Bank’s legal or contractual obligations and for any of the following legitimate purposes prescribed by the Data Privacy Act and its Implementing Rules and Regulations.
- The Client understands that the information collected, processed, and retained shall be for the following purposes: client identification; profiling; direct marketing and cross- selling of products; and compliance with BSP rules, AMLA, and other purposes that may be required or allowed by law. The Client has been informed that she/he has the option not to provide the foregoing information, in which case the Client understands that her/his transaction will not be processed. The Client has also been informed that she/he can make corrections to any inaccurate or deficient information and that she/he has the option to withdraw her/his consent prior to the processing of her/his transaction by emailing Cebuana Lhuillier Rural Bank at [email protected] or calling Telephone Numbers (02) 8779-9800 PLDT | (02) 7759-9800 GLOBELINES.
- The Client authorizes the Bank to collect, process, disclose, or verify her/his information from any person or entity that it may deem necessary, including credit bureaus, financial institutions, and government authorities. The Client agrees to hold the Bank, and the persons or entities from whom it may obtain, disclose, or verify her/his information, free and harmless from any liability arising from the use of such information. The Client acknowledges that her/his information will be retained, and her/his consent shall remain valid for as long as necessary for the fulfillment of the purposes specified herein or as may be required for legal, regulatory, or legitimate business purposes.
- The Client hereby certifies that the foregoing information is freely and voluntarily given and is true and correct to the best of her/his knowledge. Further, the Client hereby authorizes Cebuana Lhuillier Rural Bank to disclose and share her/his information with its subsidiaries, affiliates, partners, agents, sub-agents, and other third-party providers pursuant to the purposes specified in this consent T&C, for other legitimate purposes, or to provide services to her/him and/or to implement transactions which the Client may request or authorize.
- The Client acknowledges that the Philippine government, United States government and governments of other foreign jurisdictions where transactions pertaining to his/her account may transpire may require the Bank, its branches ,agencies, and the P.J Lhuillier Group to disclose or produce information concerning his/her account. For this purpose, the Client hereby waives his/her rights under R.A. 1405 (Law on Secrecy of Bank Deposits), R.A. 6426 (Foreign Currency Deposit Act of the Philippines), R.A. 8791 (General Banking Law of 2000), or any other pertinent law or regulation, as the same may be amended from time to time, and hereby authorizes the Bank, its branches and agencies, and all of the Bank’s subsidiaries or affiliates, without prior notice to the Client, to make any and all disclosure of information regarding the account as may be required.
- The Client hereby holds the Bank, its directors, officers, employees and other duly authorized representatives free and harmless against all liability arising from any loss or damage which the Client may incur or suffer as a result of such disclosure.
- For (a) sales and marketing activities, cross-referencing, status inquiry: cross-selling or the offering of the various products and services of the Bank and the P.J Lhuillier Group, including but not limited to, credit opinion and evaluation by and for an entity belonging to the P.J Lhuillier Group, or application for insurance products with an insurance company within P.J Lhuillier Group; (b) compliance with legal, regulatory or other contractual obligations of the Bank; and (c) providing efficient services, the Client hereby gives its consent to, and authorizes the Bank to process, obtain, collect, record, organize, store, update, modify, use, access and/or share/disclose within the P.J Lhuillier Group and third party service providers, with corresponding duty to keep such information confidential, without prior notice to the Client, relevant account information/data/opinion pertaining to the Client, including but not limited to personal circumstances, privileged information, sensitive personal information, account opening, account balances, transaction history, promo subscription, redemption records and any and all other information pertaining to all account/s now existing or which may hereafter to be opened, which authorization shall constitute a consent and shall exempt the Bank and/or the P.J Lhuillier Group from liability under any and all bank deposit secrecy laws, including but not limited to, R.A. 1405 or The Law on Secrecy of Bank Deposits, R.A. 6426 or The Foreign Currency Deposit Act and R.A. 8791 or The General Banking Law, as well as R.A. 10173 or the Data Privacy Act of 2012 and other confidentiality laws enforced or which may hereinafter enforced. The absence of any written notice to the contrary shall be deemed by the Bank as the Client’s continuing consent under the bank secrecy, privacy and confidentiality laws, as above mentioned. The Client shall notify the branch in writing if he/she wishes to withdraw their consent to the sharing of the information provided herein.
- The Client warrants that he/she is aware of the provision of R.A. No. 9160 (Anti-Money Laundering Act of 2001) and acknowledges that his/her account is subject to the provisions of R.A. No. 9160, including any and all amendments, rules or regulations pertaining thereto. The Client hereby agrees to keep the Bank, its directors, officers and employees free and harmless from any and all liabilities for any action taken in compliance therewith.
- The Bank is regulated by the Bangko Sentral ng Pilipinas (BSP). For any issues, concerns, clarifications, complaints or inquiries, the Client may contact the Bank through Cebuana Cares Hotlines via the following:
- Phone : (02) 7759-9800/(02) 8779-9800
- SMS : 0917-81 CARES (22737) GLOBE / 0918-81 CARES (22737) SMART
- Email : [email protected]
- Address: 5/F PJL Corporate Center – Annex II, 1782 Nicanor Garcia corner Candelaria Sts., Brgy. Valenzuela, Makati City 1208
- Any amendment, revision, or modification to the terms and conditions of this Agreement shall bind the Client upon notice, whether provided personally or through publication, such as posting on the Bank’s website or premises. If the Client does not agree with the new/revised terms and conditions, they must notify the Bank to terminate the agreement within thirty (30) days from receipt of notice. Failure to do so within the prescribed period shall be construed as acceptance by the Client of any such amendments, revisions, or modifications
- Except for the immediately preceding section and all other notices which can be posted publicly, all communications and notices required to be given to the Client shall be transmitted by SMS and/or electronic mail to his mobile cell phone number and/or email address appearing in the Account Opening documents or at such other mobile phone number and/or email address that may hereafter be given in writing by the Client to the Bank.
- The terms and conditions are binding on the Client and his/her heirs, executors, administrators and assigners.
- The terms and conditions of this Agreement shall be governed by and construed in accordance with the laws of the Republic of the Philippines. Any dispute arising hereunder shall be submitted to the exclusive jurisdiction of the proper courts of Bacoor City, Cavite.
DEFINITIONS
THE AGREEMENT
CLIENT INFORMATION
eC-Savings FEATURES
ACCOUNT OPENING ELIGIBILITY AND REQUIREMENTS
WITHDRAWALS
TRANSACTION LIMITS
INTERESTS
INSURANCE
DORMANCY
ACCOUNT CLOSURE
Upon bank-initiated termination or closure of the account, the client’s funds or deposits shall be promptly returned to the client, subject to the condition that the client is not subject to a freeze order issued by the AMLC or the Court of Appeals. If, however, the client is unable to claim their remaining funds, said funds shall be held in Accounts Payable (AP) until such time as the client claims their remaining deposits or funds.
LEGAL COMPENSATION CLAUSE
TRANSACTION DISPUTES
EXCLUSION FROM LIABILITY
LIMITATION OF LIABILITY
DATA PRIVACY
DISCLOSURE OF INFORMATION
CONSENT TO SHARE INFORMATION
ANTI-MONEY LAUNDERING
CLIENT SUPPORT
AMENDMENTS
NOTICE
BINDING EFFECT
GOVERNING LAW