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Terms and Conditions for Opening and Maintenance of Deposit Accounts

The terms You and/or Your shall refer to the accountholder/s of Bank of Makati (A Savings Bank) Inc., The Bank , We and/or Our shall refer to Bank of Makati (A Savings Bank) Inc.

The terms Account and/or Accounts shall refer to each or such products, services or facilities of the Bank which you opened and/or availed.

You agree that any Savings, Current and Time Deposit which you opened and/or maintained with us shall be considered as part of the Bank s accounts, products and services which may be accessed through various channels and shall be subject to and governed by these terms and conditions and any amendments, modifications and revisions hereto. All terms and conditions of existing Savings, Current and Time Deposit and/or such other account agreements with us, insofar as not inconsistent with the Consolidated Terms and Conditions governing all our products and services shall remain in full force and effect.

You further agree that we shall have the right to add, revise, amend or cancel, in whole or in part, any of the Accounts and such other products, services as well as the terms and conditions thereof, such as but not limited to terms and conditions on minimum balance requirement to earn interest and relevant services charges. Any such addition, revision, amendment or cancellation will take effect and become binding on you from such written notice or electronic email thereof sent by us or the same is published, displayed, advertised or posted in Bank premises and/or websites, whichever is applicable.

New Accounts and such other products and services may be introduced by us from time to time. By using these new Accounts and such other products and services when they become available, you agree to be bound by the terms and conditions covering the same including any and all amendments, modifications and revisions thereof. The existing terms and conditions governing the Accounts such other products and services already availed shall likewise govern the availment of upgraded/expanded/improved versions, as well as variants or affiliated versions thereof, in addition to any other or new terms and conditions, insofar as not inconsistent therewith.

Any Accounts and such other products and services and/or its upgraded/expanded/improved versions, variants and/or affiliated versions thereof which are availed and/or enrolled by us, at its option, in the pertinent delivery system or channel of the Bank without need of further notice or advice to you.

If any terms and conditions or its modifications, additions, revisions or supplements thereto is declared to be invalid or unenforceable, the remaining portions or provisions thereof shall nevertheless remain in full force and effect.

The terms and conditions herein shall be governed by and construed in accordance with the applicable laws of the Philippines and by the Bank s by-laws, regulations and practices which shall be brought to your attention by publication, display, advertisement, posters or otherwise and you submit to the non-exclusive jurisdiction of the Philippines courts.

All circulars, rules and regulations and guidelines of Bangko Sentral ng Pilipinas (BSP), Philippine Deposit Insurance Corporation (PDIC), Anti-Money Laundering Council (AMLC) and such other regulatory bodies on, among others, deposit accounts/investment placements shall form part of and be incorporated by reference to these terms and conditions. You also agree that all the accounts and such other products, services, facilities and channels shall likewise be governed by all applicable circulars, rules and regulations of the BSP, PDIC, AMLC and such other regulatory bodies.

a. Upon the opening of any of the Accounts with the Bank and after compliance with all the account opening/maintenance requirements, you warrant the following: a) that you have the capacity to contract; b) that you lawfully own the funds deposited into the account; and c) that said funds were not obtained through illegal means. In case of corporate accounts, you warrant that you are the authorized signatory/ies of the corporation and have secured all approvals and authorizations necessary to make the terms and conditions of the Accounts, products, service, facilities and channels as well as any modifications, additions revisions and/or supplements thereto, binding and enforceable

b. For our and your protection under the provisions of Republic Act No. 1405, as amended, it is hereby agreed that we will not entertain any inquiry from any third party regarding your account unless authorized in writing by you, or unless authorized by law.

c. In all cases not specifically provided in the foregoing or otherwise by written agreement between you and us, the applicable rules and regulations of the BSP, Bankers Association of the Philippines (BAP), Philippine Clearing House Corporation (PCHC), Chamber of Thrift Banks and Anti-Money Laundering (AMLA) Law (R.A. 9160, as amended) shall govern the transaction between you and us in regard to the Account.

a. You shall accurately accomplish the appropriate deposit slip in making your deposit. We shall not be liable for any damage or loss resulting from your error in accomplishing said deposit slip. You likewise warrant the genuineness and validity of the checks deposited including all signatures, endorsements and other information thereon.

b. In receiving checks for deposit, we act merely as your collecting agent. For this purpose, you authorize us to engage correspondent banks and send checks for collection or clearing. We shall not be liable for checks lost in transit and/or for negligent acts of said correspondent banks. Further, you agree that checks sent for collection shall be subject to applicable clearing rules, including the necessary charges, penalties and fees resulting therefrom. We reserve the right to charge you, or your account, for the amount of checks credited to your account but subsequently dishonored for whatever reason, including clearing charges, penalties and fees, regardless of whether the check itself is returned or not and regardless of the time that has elapsed. Second endorsed checks are not allowed.

c. In case of returned check for Time Deposit Placement, the Time Deposit account shall be canceled and closed regardless of whether the returned item represents partial or entire placement. The Original Certificate of Time Deposit (CTD) shall be deemed null and void and the said CTD shall be surrendered immediately to us. We have the right to dishonor any future claims on the original CTD.

d. In case of credits/payments to your Account, you represent that you are entitled to receive such credits/payments from the payor. Incase of debits/payments from your Account, you represent that you have authorized such debits/payments from your Account, you represent that you authorized such debits/payments to the payee. The Bank is authorized to effect any adjustments on what has been credited to/debited from the Accounts to, among others, correct any error or mistake committed, without need for any further instrument, deed, consent or authorization. Should the Account balance be insufficient to allow debit of much amount in order to correct said error or mistake, you hereby other Account in your name, whether singly or jointly with others, or whether maintained with the Bank. This is without prejudice to the Bank’s right to consolidated, transfer and set-off your Account balances as set forth herein below.

e. Deposits under hold-out, garnishment, sequestration, adverse claim, freeze order or other legal/contractual impediment, may not be withdrawn up to the amount covered by the lien or claim. We shall notify you of any garnishment, attachment, levy or any order issued by proper authorities against the account.

You shall maintain the minimum Average Daily Balance (ADB) requirement for deposits, the amount of which shall be posted or announced by us from time to time. If the balance falls below the required ADB for a period of one (1) month for dormant accounts and two (2) consecutive months for active accounts, the applicable service charges shall be debited monthly from the account. ADB shall be computed as, follows:

ADB = (Day 1 ending balance+ Day 2 ending balance .+ Day 30/31 ending balance)
(No. of days in a month i.e. 30/31 days)

The Bank may impose and collect services charges and/or maintenance fees on Accounts to be debited monthly from the Account as applicable, whether active or dormant, where the account balances: (i) have fallen below the required minimum monthly ADB, for dormant accounts; and (ii) have fallen below for at least two (2) consecutive months, for active accounts. Any Account with zero balance, regardless of status, may automatically be closed by the Bank. You ensure that you are always aware of the details of the required minimum monthly ADB, and all the applicable service charges, maintenance fees, and penalties, which are available upon request or published/posted within the Bank s premises and/or its website, whichever is applicable.

The current service charges, and/or maintenance fees and the required monthly ADBs for various types of Accounts, products, and services, as well as changes and updates thereof, are will be included herein and made integral parts hereof. Any change in the terms and conditions for the imposition of service charges and maintenance fee e.g. increase in the amount of such charges and fees or increase in the required minimum monthly ADB shall take effect only after due notice to the depositor. Provided, that information by regular mail, statement of account messages, electronic mail, courier delivery and/or other alternative modes ofcommunication on the depositor s last known address prior to implementation or posting of notices for a period of 60 calendar days prior to effectively in prominent places of the Bank, shall be considered sufficient notice. Failure of the depositor to manifest or register his objection to the new service charges and maintenance fees or any change in their terms and conditions in writing within thirty (30) calendar days from the posting of the notice of amendment shall be deemed to constitute acceptance of such changes.

You agree not to close the Account within one (1) month from Account opening and hereby authorize the Bank to immediately and automatically effect a one (1) month partial hold-out on your Account, in an amount equivalent to a maintenance fee currently imposed by the Bank or in such amount as may subsequently be prescribed. You agree that in the event that the Account is closed within one (1) month from Account opening.. The maintenance fee shall immediately be paid and the amount subject of the partial hold-out shall automatically be applied to the payment of said fee.

We are authorized to debit your account for any applicable service charges, fees and penalties. We reserve the right to impose new service/maintenance charges and change existing charges within the limits allowed by law or pertinent regulations. Such charges shall be deducted from your account and we shall not be liable for the dishonor, as a result thereof, of checks, drafts, notes or other instruments because of insufficient funds.

Accounts which have no activity (deposit/withdrawal/encashment/ fund transfer) for at least two (2) years for savings accounts and at least one (1) year for current accounts, shall be considered dormant and are subject to monthly service charges which may be amended by us periodically. On the 5th year of being inactive and with a deposit balance below the required maintaining balance, a dormant fee shall be debited from the account Moreover, accounts dormant for ten (10) consecutive years shall be escheated in favor of the Treasurer of the Philippines. You shall be informed by registered mail service of the Philippine Postal Corporation or other mail couriers on your last known address, as per Bank policy. The fee to be collected is Php30 for all DORMANT ACCOUNTS that is inactive for five (5) years, has balances that are below maintaining deposit requirement, and has been sent notices prior to the actual processing of fees.

We shall have a lien against the balance of the account for any obligation of you due to us or any of our subsidiaries and affiliates, and the same may be collected from the said balance or offset against each other without need of prior written notice or demand, and we shall not be liable for the dishonor, as a result, thereof, of checks, drafts, notes or other instruments because of insufficiency of funds. We are authorized to debit the account in case of erroneous credit and similar transactions.

In case of computerized operation, we shall not be liable for any loss or damage that may be incurred by you or any third party due to or occasioned by force majeure imperfect computer programming procedures and operations, or by any defect in the material or workmanship of any computer equipment, provided that there is no contributory negligence on the part of the Bank or its employees.

You shall promptly notify us in writing of any changes on personal details such as your contact number(s) & work address(es), or any change of address.. All correspondence relative to the account, including demand letters, summons, subpoenas or notification for any judicial or extra-judicial action, shall be sent to you in the last known address indicated in our records. The mere act of sending any correspondence by mail or by messenger to said last known address shall be valid and effective notice to you for all legal purposes, and the fact that any communication is not actually received by you, or that it has been returned unclaimed to us, or that no person was found at the address given, or that the address cannot be located, shall not relieve you from the effects of such notice.

In the event the we are compelled to institute judicial or extra-judicial action or proceeding to enforce collection of the indebtedness arising hereunder, you agree and shall be bound to pay us an additional sum equivalent to 20% of the total amount due, including accrued interests and penalties, as attorney s fees which in no case shall be less than P20,000.00 plus cost of suit. You irrevocably consent that any legal action, suit or proceeding arising out of or relating to this Agreement may be instituted at our option in any competent court in Metro Manila or where we have a branch or office. The foregoing, however, shall not limit our right to commence proceedings against you in any other venue where assets of you may be found.

You hereby agree to be bound by the Terms and Conditions printed in the said Passbook / Time Deposit Certificate of your Account(s).

a. You can request for checkbook reorder in the branch where your Account is maintained. You agree that the checkbook you ordered will be for pick-up at your maintaining branch on the date specified by the branch or as stated in the confirmation receipt of checkbook reorder. You hereby authorize the Bank to debit your account the applicable service charge for safekeeping of unclaimed reordered checkbooks within 30 days from notice of the availability of such checkbook for pick-up. You agree to submit a letter of authorization if such checkbook(s) will be picked-up by a representative.

b. You shall maintain your checkbooks in a secure and safe place accessible only to you and your authorized signatory(ies), and you shall ensure that it is only you or your duly authorized signator(ies) who draw(s) or issue(s) the same. Checks with incomplete details or alterations or erasures on any of the details of the check regardless of any signature or initials that appear to indicate authorization of the alteration or erasure shall not be honored or accepted by the Bank in accordance with PCHC rules and regulations.

c. When withdrawing from checking accounts, a checkbook issued to you shall be used as withdrawal and payment medium. When drawing checks, your are bound by the conditions to which checkbooks are issued such as clearly stating the amounts in words and figures in the spaces provided on the check, writing words and figures close to the left-hand margin so that other words and figures cannot be inserted, and ensuring that there are no alterations in the entries in the checks.

d. Any issuance of checks shall be governed by the rules and regulations imposed by the BSP, PCHC and all applicable effective laws of the Republic of the Philippines.

e. Any check drawn against insufficient funds or drawn on uncollected deposit shall be subject to a penalty charge to be imposed on both working and non-working days at such rate/amount as may be fixed by PCHC. The same penalty charge shall be imposed on such check, notwithstanding the late funding made by you on Saturday or the next banking day. The Bank reserves the right to dishonor and return checks, at its discretion, without prior notification at any time and you agree that the Bank shall have no liabilities arising from said dishonor and return.

f. When the account is closed, whether by us or by you, we shall require you to surrender all unused checks before the balance of the account is released.

a. Savings Accounts
You agree that we shall not be liable for payments made to any person shall present such passbook. No entries other than those effected by us shall be recorded in the passbook. The passbook is issued to assist you in monitoring your transactions and account balance. In the event of any discrepancy between the entries in the passbook and our records, the latter shall prevail. Passbooks are not transferrable Only duly accomplished withdrawal slip containing signatures in ink or other means of writing with a character of permanence shall be honored.

b. Current Account
Withdrawals from Current Accounts made thru checks should be duly executed by you. Only checks containing signatures, using ink or other means of writing with a character of permanence shall be honored

c. Time Deposits
Time Deposits (TD) are deemed automatically paid/terminated at maturity date with proceeds credited to a settlement account you designated upon your TD account opening pursuant to your instruction appearing on you TD certificate. Presentation of the certificate will no longer be necessary to effect auto-payment on maturity date/last maturity date. If terminated prior to maturity date/last maturity date, the original certificate shall be endorsed and suffered for payment, proceeds of which will be credited to your designated settlement account.

You agree to complete and submit signature cards containing your specimen signatures or those of your authorized signatory/ies and Customer Information Form and other required Bank forms in such manner and such frequency as may be required by us, the laws, and/or applicable BSP and AMLC regulations.

a. Statement of Account (SOA), together with scanned images of canceled/negotiated checks and other debit/credit items, shall be given to you, or its authorized representative in case of corporation, as per your instruction, i.e., to be picked up from us or mailed to you. If we do not receive any complaint from you thirty (30) days from SOA date, said statement and all transactions therein shall be considered correct and any claim against us shall be waived. Furthermore, we shall not be held liable for claims of forgery and any other defect on honored checks if not reported within thirty (30) days from SOA date.

b. We reserve the right to destroy monthly Bank statements including any related canceled/paid checks and/or any debit/credit memos remaining unclaimed for a period of one (1) year from the time the SOA were made available for pick-up or from the time it was returned by post office.

a. No order for stop payment on checks issued, or subsequent revocation thereof, shall be honored unless made in the Stop Payment Order (SPO) form prescribed and duly acknowledged by us. If the check has been negotiated, the SPO shall not be carried out. Any correction of such order shall not be honored unless made in writing and duly acknowledged by us.

b. You agree to hold us, our officers and employees free and harmless from any liability arising from and/or for all expenses and costs incurred in refusing payment of said items subject of SPO and further agrees not to hold us liable on account of payment contrary to the order, or on account of non-payment contrary to the revocation of the order for stop payment if the same occurs through inadvertence or negligence, or if by reason of the aforesaid payment other items drawn by you are returned for insufficiency of funds. You are not excused from liability arising from insufficiency of funds in your account when you issue a stop payment order.

We are authorized to close the Accounts even without prior notice to you in cases where: a) we are unable to validate your existence/ identity during home/office visit; b) failure of verification: the bank shall exert efforts at ascertaining the accuracy of the information given by the Depositor. Should the Bank have reason to believe that any of the information furnished by the Depositor herein is false, inaccurate, erroneous or is otherwise not subject to verification, the Bank shall have the right and is so hereby authorized to close the account without notice to the Depositor. The Bank shall not be liable for whatever losses or damages may arise to the Depositor as a result thereof. c) said account is mishandled by the issuance of unfunded or insufficiently funded check/s; d) on account of involvement in any fraudulent or illegal activities e) Your Credit Report or findings is adverse; f) kiting activities are established in the account; g) said account incurs zero (0) balance status or negative balance due to service charge imposed for dishonored checks; h) said account has nil or no sufficient balance to pay/cover prevailing service charges in favor of the Presenting Bank due to returned check/s; or for such other causes which, in our opinion, warrant or necessitate the closure of the account. We shall report such closure and the reasons thereof to any central monitoring entity or body established by law to keep record of and to monitor mishandled deposit accounts. In the event that an account is closed due to mishandling under letter b above, a registered mail shall be forwarded to you at your address indicated in the our records. The Bank s Manager s Check shall be issued for the balance of your account, and you shall be required to return to us any unused checks you may have in your possession. You shall hold us, our officers and employees free and harmless from all liabilities, claims and demands of whatever kind in connection with or arising from: a) the closing of the account; and/or b) the dishonor of any check thereunder which may be presented to us after the closing of the account; and/or c) the reporting of the closure of account and the reasons thereof.

a. When fixed term deposits/investments are placed with us, both we and you agree to be bound by the terms and conditions set forth in this document and in the Passbook/Certificate of Time Deposit which we will issue to the Depositor.

b. Pre-termination fees shall be subject to existing Bank policy.

c. Time Deposits (TD) are deemed automatically paid/terminated at maturity date with proceeds credited to a settlement account you designated upon your TD account opening pursuant to your instruction appearing on your TD certificate unless the Bank receives from you a written instruction to the contrary. The TD Certificate shall be surrendered to the Bank before any withdrawal from the settlement account will be allowed. If terminated prior to maturity date/last maturity date, the original certificate shall be endorsed and surrendered for payment, proceeds of which will be credited to your designated settlement account.

d. Interest earned is subject to 20% final withholding tax except interest on Time Deposits which have a term of more than five (5) years. Such interest is exempt from final tax. Preterminated tax-exempt placements shall be subject to applicable tax provided by law/ regulation.

e. Withdrawal of this deposit before the maturity date may be allowed. However, the interest rate shall be adjusted in accordance with the existing policy of the Bank. Documentary Stamp Tax shall also be deducted from the proceeds of the preterminated deposit.

f. If the deposit is not withdrawn/renewed on its maturity date, it shall thereafter earn interest equivalent to the prevailing regular savings deposit rate up to the time of withdrawal/ renewal.

g. This deposit is not assignable/transferable. Moreover, no encumbrance of this deposit shall be valid and binding against the Bank.

h. In case of joint account, the depositors declare under penalties of perjury that his/her co-depositors is/are still living at the time of withdrawal.

i. The Bank reserves the right to change, amend or modify any of the terms provided herein.

a. Your employees who availed of the payroll service through ATM should open an ATM Payroll Savings Account.

b. You shall be responsible for the submission to the Bank of all the necessary documents for the opening of the savings account of each of your employee who availed of the payroll service through ATM. Upon completion of all necessary documentation, each payroll employee who opened a savings account will be issued an ATM card.

c. In cases of deletion and/or addition to your payroll list, the same shall become effective only upon receipt of the Bank of a written notice from you of such changes and upon complete submission of the documentary requirements for opening a regular ATM Savings Account for the employee concerned in cases of additional employees.

d. Payroll Accounts with no credit activity for 90 days and with zero or negative balances shall automatically be closed by the Bank without need of notice to you or to your employee concerned. On the other hand, payroll accounts with positive balances but with no credit activity for 90 days shall be treated as a regular account subject to the minimum balance (MINB) requirement. Thereafter, should the account balance turn zero or negative because of MINB charges, the Bank shall be likewise close the account without notice to you or to your employee concerned.

e. Upon your written advice and for justifiable reason/s, the Bank may, at its discretion, hold and/or block the payroll account of any of your employees. The Bank is indemnified at all times against all actions, proceedings, claims, losses, damages, costs and expenses which may be brought against the Bank by you or your employees or suffered or incurred by the Bank which shall have arisen directly or indirectly out of or in connection with the Bank s acceptance or non-acceptance of said instruction from you. Such indemnity shall continue notwithstanding the termination of any of the Bank s products or services.

a. Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum amount of Five Hundred Thousand Pesos (P500,000.00) per Depositor or such other amount as may subsequently be set by law.

b. PDIC shall recognize the registered owner/holder of a Legitimate Deposit in our books as the deposit entitled to deposit insurance, except where our records show that the Legitimate Deposit is maintained in the same right and capacity for the benefit of another Depositor, in which case PDIC shall recognize the latter as the beneficial owner of the account entitled to deposit insurance.

c. In cases a) where a deposit account(s) with an outstanding balance of more than the statutory maximum amount of insured deposit is/are broken up and transferred into one or more account(s); or b) for deposit accounts and deposit transfers made in favor of individuals or of entities, either singly or jointly with individuals, from an account in the name of corporation, partnership, association, or unincorporated entity, the PDIC shall recognize the transferee(s) as the beneficial owner(s) of the account(s) when: i) the transfer was made with all of the following conditions present: a) the break-up and transfer of deposit to the transferee is for a Valid Consideration; b) the details or information for the transfer, which establish the validity of the transfer from the transferor to the transferee, are contained in any of the Deposit Account Records of the Bank.

d. Deposit Splitting occurs whenever a deposit account(s) with an outstanding balance of more than the statutory maximum amount of insured deposit maintained under the name of natural or juridical persons is/are broken down and transferred into two or more accounts in the name(s) of natural or juridical persons or entities who have no Beneficial Ownership on transferred deposits in their names within one hundred twenty (120) days immediately preceding or during a bank-declared bank holiday, or immediately preceding a closure order issued by the Monetary Board of the Bangko Sentral ng Pilipinas for the purpose of availing of the maximum deposit insurance coverage.

e. Upon the determination by the PDIC of Beneficial Ownership or Deposit Splitting, the outstanding Legitimate Deposit(s) in the closed bank maintained for the benefit of the beneficial owner/transferor, although in the name of another person(s) or entity/ entities, shall be subject to consolidation with the other Legitimate Deposits of the beneficial owner/transferor in said closed bank for deposit insurance purposes.

We reserve the right to change, amend or modify any of the terms and conditions herein provided which shall be posted in a conspicuous place inside our premises and such posting shall constitute sufficient notice to you. It is agreed that such shall be binding as though assented by you.

The terms and conditions agreed to by the Depositor for his/her other accounts shall remain in full force.

You agree to be serviced by third persons/entities engaged by the Bank. Further, you agree and authorize the Bank to make disclosures of information regarding your Account/s to: (i) third persons and entities to facilitate implementation of the Bank products, services, facilities and channels; or (ii) such bodies/agencies having regulatory authority over the Bank or having regulatory authority or jurisdiction where your checks, deposits, withdrawals or fund transfers pass/are cleared/transmitted or delivered; or (iii) such other persons or entities the Bank may deem as having authority or right to such disclosure of information, as and when required by the circumstances, as in the case of: (a) the Bank s participation in any ATM network, electronic fund and/or credit card network; or (b) resulting from the Bank s outsourcing of its function, such as but not limited to, compliance with Know Your Client (KYC) requirements, completion of signature cards and Customer Information Form (CIF), signature verification, distribution of account opening kits, remittance to and remittance from your account/s and printing/processing of bank statements. As such, you expressly waive your right under the Bank Secrecy Law and allow access to any information regarding your account/s.

We reserve the right to terminate or suspend the agreement covering the products, services, channels and facilities or to terminate or suspend your current or future use of the same in whole or in part, if among others, you provide any information that is untrue, inaccurate, not current or incomplete or we have reasonable grounds to suspect that such information is untrue, inaccurate or incomplete or for any cause whatsoever, at any time without prior notice.

You authorize us to, with no liability, combine or consolidate the outstanding balance in any of your accounts with any of your other accounts which you maintain with us and our subsidiaries and affiliates, and set-off and/or transfer any moneys standing to the credit of such other accounts in, or towards, satisfaction of your liabilities, including whatever fees, charges, taxes and/or any amount which may be owed or owing with us, our subsidiaries, and/or affiliates. You agree that this right to set-off/transfer applies whether or not the outstanding obligation is in a currency different from currency of the moneys intended for setting-off/transfer, or is held at a branch in different jurisdiction, or held by you jointly with other persons. For such purpose, we shall be entitled to convert the balance in such other account into the same currency as the outstanding obligation, including change of Account Number. Our rights hereunder shall not be affected by your death or subsequent legal incapacity.

We reserve the right to dispose and destroy any documents relating to the Accounts or your instructions within a period of time as may be allowed under relevant laws, rules and regulations.

a. We shall have no obligation or liability for any reduction due to taxes or depreciation in value of funds credited to or maintained in your accounts.

b. All expenses and legal costs, associated with our rights hereunder or the enforcement of your obligations under these terms and conditions shall be for your account and may be debited against any of your accounts.

c. We shall incur no liability if it is unable to process your transaction because of the existence of any one or more of the following circumstances:

i.) If, through no fault of the Bank, your nominated payment accounts does not contain sufficient funds to complete the transaction. Only, cleared and withdrawable balances of said Accounts shall be considered and made available for payment.

ii.) If there are security concerns, or if the nominated payment Account does not maintain the required ADB, or has been suspended or has expired.

iii.) The facility is not working properly and you know or have been advised of the malfunction before you execute the transaction.

d. We shall not be liable for (i) your non-compliance with the provision/s of these terms and conditions; (ii) your failure to transact during offline situations or during other instances as we may determine; (iii) for any loss or damage, whether the same is caused or is due to unauthorized or fraudulent access or utilization of any service, facility or channel or it attribute (directly or indirectly) to any dispute or any other matter of circumstances. These include, but not limited to, the failure of any computer, machine, data processing system or transmission link; (iv) any delay or failure to post any payments, or any misposting due to, among others, your error in encoding the account number, mobile numbers or reference numbers, as well as any discrepancy between the billing amount and the paid amount. The same shall be resolved between you and the payee-companies and/or individuals; or (v) Bank's failure to (a) effect any payment transaction, or (b) provide any of our products, services, channels and facilities, or (c) carry out your instructions, including telephone instructions or send a monthly statement to you.

You hereby authorize the Bank to:

a. Rely and act, without liability on our part, upon:

i). All instructions received by us, such as but not limited to, telephoned instructions, faxed instructions and transaction triggers, including encoded data or uploaded files, which shall be deemed conclusive and properly authorized by you;

ii). The genuineness of the documents submitted and the signatures and seals on such documents;

iii). All instructions, information, orders, requests and communication (collectively, the Information ) received by the Bank from you or any of your authorized third-party by whatever medium; and

b. Accept such information as correct, accurate and duly authorized by you The Bank will process your transactions based on the information you have provided. We shall not be held liable for transactions that have been completed based on erroneous requests, including but not limited to (i) Erroneous and invalid data, such as, but not limited to, mobile number, account/reference number or scheduled dates for payments/funds transfer inputted; or (ii) Erroneous amount inputted. As such, we will not be responsible for the verification and accuracy of information received by us. Our records and books shall be conclusive evidence of such information.

You are hereby authorize us and our partner institutions to offer your participation in promos, etc., by communicating to you in writing or through our channels.

You agree that the provisions of Article 1250 of the Civil Code of the Philippines concerning extraordinary inflation or deflation of currency stipulated shall not be applicable to your account.

Interest on your Accounts will be calculated based on such Accounts daily balance provided that your balance does not fall below the required balance to earn interest. Interest earned shall be credited according to the present Bank-determined interest rate and as may be subsequently be changed/amended.

I/We hereby certify that the above information is true and correct and that any material misrepresentation or falsity shall be construed as an act to defraud the Bank for which I/we can be held civilly and/or criminally liable. I/We commit to inform the Bank in writing of any change in the foregoing information herein provided. I/We hereby authorize Bank of Makati to verify and investigate any and all information herein as the Bank may deem appropriate.

Likewise, I/we hereby certify to have read, understood and agreed to be bound by the terms and conditions applicable and governing my/our account, including any and all amendments thereto. Said terms and conditions shall likewise apply to all my/ our existing and future accounts with Bank of Makati, including my/our heirs, successors-in-interest and assignees.

I/We hereby hold Bank of Makati free and harmless from any and all liabilities and/or responsibilities arising out of, or as a consequence of account opening/maintenance, where the same is not directly due to the willful misconduct or gross negligence of the Bank or its authorized representatives.

In compliance with the requirements of the Republic Act No. 10173 known as the Data Privacy Act (DPA) of 2012 and its implementing rules and regulations, I/we authorize the general use and sharing of all information obtained from me/us in the course of my/our transaction/s with Bank of Makati (A Savings Bank), Inc., its subsidiaries, affiliates, and their authorized representatives and agents, or from third parties. These data, which include my/our personal information or sensitive personal information1 may be collected, processed, stored, updated, or disclosed by Bank of Makati (A Savings Bank), Inc. or continually be collected, stored, processed and/or shared for five (5) years from the conclusion of my/our transaction with Bank of Makati (A Savings Bank), Inc., its subsidiaries, affiliates, and their authorized representatives and agents or until the expiration of the retention limits set by applicable law, whichever comes later, (i) for legitimate purposes2 , (ii) to implement transactions which I/we request, allow, or authorize, (iii) to offer and provide new or related products and services of the Bank of Makati (A Savings Bank), Inc., its subsidiaries, affiliates, and their authorized representatives and agents or third parties, and, (iv) to comply with the Bank of Makati (A Savings Bank), Inc., its subsidiaries and affiliates internal policies and its reporting obligations to governmental authorities under applicable laws and regulations.

I/we confirm that I/we have read, understood and agree to the foregoing terms and the terms of the Data Privacy Statement posted at Bank of Makati (A Savings Bank), Inc. website (https://www.bankofmakati.com.ph/) and/or the printed copy thereof obtained from the Bank. The terms as provided herein is a concise version of the Data Privacy Statement and agreement to the terms hereof is tantamount to agreement to the full text of the Data Privacy Statement. Your continued availment of any product or service from the Bank shall be deemed your continued assent to the terms of the Data Privacy Statement, its amendments and modifications, which amendments or modifications may be made by the Bank without need of prior notice.

1. Name, address, contact details, age, gender, marital status, birthday, SSS/GSIS, TIN, education, employment or financial or medical information, spouse details, and other information classified as personal data, personal information, or sensitive personal information under the Data Privacy Act of 2012, and those of the applicant’s authorized representatives, as well as accounts, transactions, and communications.

2. Including but not limited to know your customer checks, credit and risk management, prevention and detection of fraud or crime, system or product development and planning, cross-selling, direct marketing, profiling, complaints management, insurance, audit and administrative purposes, and relationship management.