Peralink Terms and Conditions


  1. TERMS OF USE

    1. 1.1   These terms and conditions (“T&C” or “Terms”) govern the terms under the opening and maintenance of the deposit accounts, and related services with Cebuana Lhuillier Bank (“CLB” or the “Bank”), Philippine Deposit Insurance Corporation (PDIC) as well as the provisions of Anti-Money Laundering Act (AMLA), Data Privacy Act (DPA), Foreign Account Tax Compliance Act (FATCA) and other existing and future laws, rules, and regulations of the Philippines relating to the opening and maintenance of deposit accounts, services, products, or facilities availed by the customer with the Bank.

    2. 1.2   These T&C shall be effective, valid and binding from the time that you agree to it upon registration or the time you use any of the deposit account services, and will be in full force and effect up to the time that it is terminated by you or us, save for some provisions which shall remain effective after termination, as stated in this T&C, under any law, rule or regulation.


  2. DEFINITION OF TERMS

    1. 2.1 “Account(s)” shall refer to deposit(s), or deposit placement(s) with the Bank in the products covered by this General Terms and Conditions (T&C), or the products covered themselves.

    2. 2.2 “Account holder”, “Depositor”, “You”, “Your”, and “Yourself” shall refer to PeraLink agent-account holder(s) or PeraLink Regular Savings Account Holder(s) of the Bank.

    3. 2.3 “Bank”, “CLB”, “We”, “Us”, “Our”, “Ours”, and “Ourselves” shall refer to Cebuana Lhuillier Rural Bank together with its employees, directors, affiliates, successors and assigns. Cebuana Lhuillier Rural Bank is duly registered with the Bangko Sentral ng Pilipinas (BSP).

    4. 2.4 “Know Your Customer” shall refer to the procedure that the Bank maintains to ensure the conduct of necessary due diligence including:

      1. Establishing and verifying the true identity of the Account holder based on official documents or other reliable and independent source documents, data or information. In case of corporate and juridical entities, verifying their legal existence and organizational structure, as well as the authority and identification of all persons purporting to act on their behalf;

      2. Identifying the beneficial owner and taking reasonable measures to verify their identity based on official documents, or using relevant information or data obtained from reliable sources.

      3. Understanding the nature of the customer’s business and its ownership and control structure, in case of juridical persons or legal arrangements. The Bank conducts ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of the relationship to ensure that the transactions being conducted are consistent with the Bank’s knowledge of the Account holder, their business, and risk profile, including, where necessary, the source of funds.

    5. 2.5 “Over-the-counter” or “OTC” shall refer to the Bank’s service wherein the Depositor can make transactions at Bank’s branch or affiliate counters.

    6. 2.6 “PeraLink” refers to the money transfer service platform that provides various financial services, allowing more money transfer options, flexibility and ease of transacting business.

    7. 2.7 “PeraLink agent” shall refer to the accredited PeraLink partner(s) by the Bank.


  3. PROVISIONS FOR PERALINK DEPOSIT ACCOUNT

    1. 3.1 Purpose of the Account

      1. The PeraLink accounts to be maintained at the Bank shall serve as the settlement account in the PeraLink Portal for funding of various financial services.

      2. These financial services include but not limited to eLoad, cash-in, cash out, bills payment, pawn renewal and domestic remittance.

    2. 3.2 Opening of Account

      1. The Accounts may be opened and maintained at the sole discretion of the Bank, upon your compliance with all the account opening/maintenance/documentary requirements as may be required/imposed by the Bank from time to time such as, but not limited to, “Know Your Customer” (“KYC”) as required by the AMLC, the submission of duly completed and executed account opening forms, the appropriate corporate Board Resolutions and approvals (If applicable), delivery of the initial deposit amount and such other supporting documents as may be prescribed by the Bank.

      2. Complete account opening forms must contain the specimen signature(s) of the Depositor.

      3. You agree to nominate a branch of convenience, which may be any Bank branch which will: (a) identify, assist and orient you in your account opening; and (b) facilitate your over-the-counter transactions.

    3. 3.3 Account Services

      1. Deposit

        1. The PeraLink agent-depositor agrees that any deposits to be made to the account shall be via Cash-In at the Bank’s affiliate branches. The Depositors shall provide all the necessary information to the Bank’s affiliate personnel.

        2. This Deposit account does not require initial deposit and has no required minimum Average Daily Balance (ADB).

        3. The Depositor may cash-in with a maximum limit of PHP500,000, resets every 24 hours.

        4. For each deposit made to your Account, you warrant that you have full and absolute title and right of disposition over the money and funds in your Account.

        5. CLB may, at its discretion, refuse to accept deposits or at any time return all or part of a deposit together with the interest due.

        6. CLB reserves the right to debit back any item previously credited to the Account which turns out to be an improper or erroneous credit. In such event, CLB will have the right to debit the existing balance if the Account and/or any other fund of the Account holder in the custody of the Bank for the exact amount in question.

        7. The Bank may impose or change transaction and card balance limits at its option pursuant to applicable to laws, subject to thirty (30) days prior notice to Depositor. Deposits are insured with Philippine Deposit Insurance Company (PDIC) for up to the maximum amount of Five Hundred Thousand Pesos (Php500,000.00).


      2. Withdrawal

        1. The PeraLink agent-depositor agrees that any withdrawals to be made to the account shall be via Cash-out at the Bank’s affiliate branches. All withdrawals to be executed by the depositor must be made following the bank’s procedures for Cash-Out.

        2. The Depositor may cash-out with a maximum limit of PHP 50,000 per transaction, with an aggregate daily limit of PHP 200,000 which resets every 24 hours.

        3. You will not be permitted to withdraw from your Account any amount in excess of the outstanding available balance in your Account.

        4. For each deposit to or withdrawal made from your Account, you warrant that you have full and absolute title and right of disposition over the money and funds in your Account.

    4. 3.4 Account Transactions

      1. You agree that all transactions done via account application shall be processed from your Account. The transaction amount verified by the Bank is deemed to be the correct amount transacted by you in your Account.

      2. By using your OTP, Password or PIN, or other forms of authentication including but not limited to signed form or memo, you authorize the Bank to carry out the transactions that you have initiated through the account application via ATM, POS, or online transactions. All transactions shall be deemed as having been authorized by you and shall be valid and binding.

      3. The Bank reserves the right to impose and change the maximum limit per day for all types of transactions regardless of the available balance in your Account.

      4. In case of transactions with third parties, such as bills payments, POS purchases, prepaid reload, and the like, CLB merely serves as a conduit between you and the payee. The Bank shall not be held liable for any action or claim which may arise between you and the payee.

    5. 3.5 Interest

      1. The Account shall earn interest at a rate determined by the Bank on a per annum basis and in accordance with applicable laws, rules, and regulations.

      2. The Account shall be eligible to earn interest provided that it is active and with a monthly average daily balance greater than or equal to PHP5,000. The computed interest shall be credited on a monthly basis.

      3. A twenty percent (20%) withholding tax shall be withheld and deducted by the Bank from the interest income on savings deposit (P.D. 1994).

    6. 3.6 Fees, Rates and Other Charges

      1. The Bank is authorized to collect all applicable service charges, penalty charges, and other fees your Account may incur.

      2. Service charges, fees and penalties include but are not limited to, the following:

        1. Fees for Accounts falling below the required maintaining balance;

        2. Dormancy fee;

        3. Other fees and charges the Bank may impose or introduce from time to time, depending on the policy it may adopt within the limits allowed by law and regulations.

      3. Accounts with zero balance due to service charges or other causes may be closed by the Bank, as provided in the next section on “Closing/Suspension of Account.”

      4. The Bank may change service and other bank charges from time to time with prior notice as stipulated by applicable laws.

      5. The Bank may suspend or terminate Services if at any time there are insufficient funds in the said Account/s to cover applicable fees and charges, without the Bank incurring any liability as a result thereof.

    7. 3.7 Closing/Suspension of Account

      1. The Account holder may request CLB to terminate or suspend the Deposit account by submitting a written request to the Cebuana CARES or any Cebuana Lhuillier Pawnshop branches. The Bank shall process the request within fifteen (15) calendar days upon receipt.

      2. The Account holder shall remain responsible for any transactions made on the account until the time of termination of the account.

      3. The Bank also reserves the right to terminate or close the account at any time with or without prior notice, and in any of the following instances: a) discovery of any form of fraud; b) violation of any of the provisions of the terms and conditions and rules and regulations of CLB supplementary thereto; and c) other grounds warranted by law.

      4. The Bank is authorized to report such termination, suspension or closure to the BSP or to any monitoring body of the BSP.

      5. The Account holder shall hold the Bank, its directors, officers and employees free and harmless from all liabilities, claims and demands arising from the above actions of the Bank.

    8. 3.8 Dormancy and Unclaimed Balances

      1. Account shall be considered dormant if it becomes inactive (no deposits or withdrawals) except for posting of interest for a period of two (2) years. No transaction shall be allowed for a dormant account until the same is reactivated.

      2. Depositor will be notified sixty (60) days prior to change of account status from active to dormant. CLB shall impose a monthly service dormancy fee amounting to Php 30.00 on a dormant deposit account five (5) years after the last activity provided that the account falls below the minimum monthly Average Daily Balance.

      3. In case of dormant accounts with zero (0) balance, the Bank reserves the right to automatically close provided that there is still no financial transaction movement despite continuous reminder from the Bank.

      4. Pursuant to the provision of existing laws, all “unclaimed balances” which represent deposits of money and/or interest accrued thereon held by CLB for any Account holder who has remained dormant – no further financial transactions – for a period of ten (10) years or more shall be reported and, when so ordered, deposited by CLB to the Treasury of the Philippines, to the credit of the government of the Republic of the Philippines.

      5. Dormant account shall not earn any interest while the account remains dormant. Interest accrual shall start only when the account is reactivated.

      6. The Account holder may reactivate a dormant account through any CLB branch upon submission of fully accomplished set of KYC documents and presentation of valid identification required by CLB.

      7. The dormant account must have a financial transaction either deposit or withdrawal from the account for successful reactivation.


  4. MISCELLANEOUS PROVISIONS

    1. 4.1 ACCOUNT HOLDER SUPPORT – The Bank is regulated by the Bangko Sentral ng Pilipinas (BSP). For any issues, concerns, clarifications, complaints or inquiries, the Account Holder may contact the Bank through Cebuana CARES Hotlines via the following:

      Phone : (02) 7759-9800 / (02) 8779-9800
      SMS : 0917-81CARES (22737) GLOBE / 0918-81CARES (22737) SMART
      Email : [email protected]
      Address : 5/F PJL Corporate Center – Annex II, 1782 Nicanor Garcia corner Candelaria Sts.,
      Brgy. Valenzuela, Makati City 1208

    2. 4.2 AMENDMENTS – The Bank, may at any time and for reasons it may deem proper, amend, revise or modify these Terms and Conditions. Any such amendment, revision or modification shall bind the Account Holder upon notice (personal or by publication, through posting in the Bank’s website or the Bank’s). If the Account Holder does not agree with the new/revised terms and conditions, he/she shall notify the Bank to terminate the agreement within thirty (30) days from receipt of the individual notice or thirty (30) days from issuance of public notice. Failure to notify the Bank within the prescribed period shall be construed as acceptance by the Account Holder of any such amendments, revisions or modifications.

    3. 4.3 CHANGE OF PERSONAL INFORMATION OR CIRCUMSTANCES – The Depositor(s) shall properly inform the Bank or its affiliates for any change of personal information (e.g. Address, Marital Status, etc.). The Depositor shall hold the Bank, its affiliates, directors, officers and employees free and harmless from damages, claims and demands for relying on the existing information provided by the Depositor as a result of the failure of the Depositor(s) to update his/her personal information.

    4. 4.4 NOTICE – All communications and notices required to be given to the Account Holder shall be transmitted by SMS and/or electronic mail to his mobile cellphone 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 Account Holder to the Bank.

    5. 4.5 BINDING EFFECT – These Terms and Conditions are binding on the Account Holder and his/her heirs, executors, administrators and assigns.

    6. 4.6 GOVERNING LAW – These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of the Philippines. Any dispute arising hereunder shall be submitted to the exclusive jurisdiction of the proper courts of Bacoor, Cavite.