The following provisions shall govern the BPI Direct Save-Up Automatic Savings Account
- Account Opening and Maintenance - The BPI Direct Save-Up
Automatic Savings Account + Insurance (hereinafter referred to as “Save-Up Account”)
is opened and maintained at the sole discretion of the BPI Direct Savings Bank (hereinafter
referred to as “Bank”) subject to the BPI Direct Terms and Conditions and your continued
compliance with the existing Account maintenance requirements and such other requirements
that the Bank may impose from time to time.
The Save-Up account shall be opened under the same account name as the designated
Settlement Account. Other applicable information and instruction in the Accountholder/s'
most recent bank records shall also be applied to the Save-Up account. Any request
for change in the details lifted from the bank records of the Accountholder/s shall
be applied in the Save-Up account by the Bank only if (a) the details are consistent
with the existing and most recent records of the Accountholder/s at the time of
the request and (b) upon receipt by the Bank of a written or authorized notice from
- Designation of a Settlement Account – Upon opening of the
Save-Up account, you shall designate a Settlement Account which shall be the source
and recipient of scheduled funds transfer or remittances to and from your Save-Up
account, respectively. This Settlement Account may be changed only upon receipt
by the Bank of your written authorization or authorized notice. Joint “AND” Accounts
are not eligible as Settlement Account for Save-Up.
- Signature Cards – You have authorized the Bank to (i) secure
a copy of your Settlement Account’s signature card on file at the time the Save-Up
Account was opened (ii) to use the authorized signatures appearing thereon as the
same authorized signatures for your Save-Up Account. Only signatures appearing on
the signature cards on file will be honored by the Bank for funds transfer, remittance
and such other instructions affecting the Save-Up Account.
- Waiver of Rights under the Bank Secrecy Law / Disclosure
of Information - For having authorized the Bank to secure a copy of your Settlement
Account’s signature card as provided for in Section 3 above, you have agreed to
waive your rights under the Bank Secrecy Law. You further 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
functions, such as but not limited to, compliance with Know Your Client ("KYC")
requirements, completion of signature cards and Customer Information Sheets ("CIS"),
signature verification, distribution of account opening kits, withdrawal from or
deposit to your Account(s) through remittance facilities 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).
You likewise agree that the Bank may share information relating to your loan and
credit card Accounts with other banks and/or credit rating/information agencies
unless you specifically instruct otherwise in writing.
- Issuance of the Information Card – The Bank shall issue
a Save-Up Information Card each for you and your co-depositor/s which shall contain
your Save-Up Account Number, Card Number and Joint Account Indicator (JAI). It shall
also serve as proof of your free life insurance coverage with BPI-Philam Life Assurance Corp.
- Acceptance of Deposits - Deposit to your Save-Up Account
shall be via funds transfer or remittance through any of the following channels:
internet banking via BPI Express Online; mobile banking via BPI Express Mobile and
phone banking via Express Phone 89-100. No over-the-counter deposit transaction
is allowed for your Save-Up Account.
- Withdrawals from the Account - No over-the-counter withdrawal
is allowed from your Save-Up Account. Withdrawals can be made via a funds transfer
or remittance from your Save-Up Account to the Settlement Account through the following
channels: internet banking via BPI Express Online, mobile banking via BPI Express
Mobile and phone banking via BPI Express Phone.
- Joint Accounts – For Joint “AND/OR” Save-Up Accounts,
the Bank shall implement funds transfer, remittance and such other instructions
affecting the Save-Up Account which are received from any of you. You further agree
that all instructions, directions and transactions to be made by any one of you
through any of the Bank’s services, facilities and channels are done with the consent
of your Joint Accountholders.
- Alternative Banking Channels - Your Save-Up account
can be accessed through the following alternative banking channels: internet banking,
mobile banking and phone banking.
- Life Insurance Coverage - All Save-Up Account depositors
are insured, under BPI-Philam Life Assurance Corp. subject to the terms and conditions
stated in Master Policy No. 9900000985. Each insured, regardless of the number of
Save-Up Accounts opened, is entitled to life insurance benefits subject to maximum
limits as follows:
In case of Joint “AND/OR” Save-Up Accounts, the benefits will be computed based
on the Insured’s equal share of the account’s average MTD-ADB
- Basic Life – Five (5) times
the account’s average month-to-date average daily balance (MTD-ADB) of the past
three (3) calendar months prior to the Insured’s demise, up to Php 2.0 million.
- Accidental Death – Additional
five (5) times the account’s average month-to-date average daily balance (MTD-ADB)
of the past three (3) calendar months prior to the Insured’s demise, up to Php 2.0
- Accidental Dismemberment
– In accordance with the Schedule of Dismemberment Benefits up to Php 2.0 million.
- Change in Product Features - The Bank shall have the
right to change or amend the features, benefits, rates and insurance coverage of
the Save-Up Account product at anytime subject to a sixty (60) day prior notice
to you before its effectivity.
- Acknowledgement and Confirmation - You agree and understand
that if no advise to the contrary is received by the Bank within 20 calendar days
from account opening date, you conform to the provisions printed herein and to the