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LandBank Deposit Account Terms and Conditions

Here's the Official Terms and Conditions of LandBank Deposit Accounts. Some frequently asked questions will be answered such as:
  • How to withdraw your money in LandBank without personally going to the bank?
  • What will happen to the share (money) of a deceased member of a JOINT ACCOUNT in LandBank? Do his children, heir, relative or legal representative has the right to withdraw the money in his behalf?
  • Is the ownership of LandBank Passbook transferrable to another person?
  • What will happen to my LandBank account if it's inactive (no transaction) for 2 years? Are there any hidden charges to a dormant or inactive account?


LandBank Deposit Account Terms and Conditions

The following Terms and Conditions (T&C) shall govern my/our deposit account/s with Land Bank of the Philippines.

"LBP" and "Bank" shall refer to Land Bank of the Philippines. "I", "We", "me", "us", "my", and "our" shall refer  to any person who opens an account with LBP. "ATM Card" refers to the Automated Teller Machine (ATM) Card issued by LBP.

These T&C shall govern the use of Passbook, Checkbook, ATM Card, LandBank Visa Debit Card (LVDC), and LandBank's Electronic Banking (e-Banking) facilities and services such as PhoneAccess, iAccess, Mobile Banking, etc. including any and all amendments thereto, and such other rules, regulations, terms and conditions as may be issued by the Bank from time to time.

By signing on the T&C or my-our use of the Passbook, Checkbook, ATM Card or LVDC and LANDBANK's e-Banking facilities and services, I/we hereby acknowledge and confirm that I/we have fully read, understood and agreed to be bound by these T&C with respect to my/our deposit account or accounts ("Account" or "Accounts").


I. Account Opening

I/We are free from any legal disabilities when opening an Account.

I/We assure the Bank that I/we am/are the true owner/s of the Account and if another person is opening or transacting on my/our behalf, he/she is my/our authorized representative, subject to the submission of the documentary requirements of the Bank. I/We agree to hold the Bank free from any and all damages and liabilities that may arise from any fraudulent transaction in the account or fraudulent account opened in my/our name.

The Account shall be governed by the present and future rules and regulations of the Bank, the Philippine Clearing House Corporation (PCHC), the Anti-Money Laundering Council, the Bangko Sentral ng Pilipinas (BSP), and all other applicable laws of the Philippines.

I/We hold the Bank free from any and all damages and liabilities in complying with the requirements of the law, including the reporting requirement to authorized agencies.


II. Joint "AND" Account

By opening a joint "and" account, we warrant that we jointly own the account. Upon withdrawal, all of our signatures are required in the withdrawal slip.

Upon the death of one of us, the share of the deceased co-depositor may be withdrawn by the legal heir/representative jointly with the surviving depositor, subject to the requirements of the law and that of the Bank.


III. Joint "OR" Account

By opening a joint "or" account, we warrant that we jointly own the Account and the Bank recognizes the existence of a survivorship agreement between us. Either one of us may encumber, pledge or even withdraw the entire deposit without the knowledge, consent and signature of the other.

Upon the death of one of us, the surviving co-depositor may withdraw the balance of the deposit subject to the requirements of the law and that of the Bank.


IV. Deposits

The Bank shall credit to my/our Account any cash and check deposit only after the Bank's verification. Checks will be accepted on collection basis and may be withdrawn only after these are cleared from the clearing house.

I/We hereby authorize the Bank to deduct from my/our account any defective or lost item previously credited, regardless of the time that has elapsed and whether the item can be returned or not. 


V. Interbranch Deposit

Interbranch deposit is allowed subject to the Bank's existing policy.


VI. Passbook

The passbook is not transferrable.

The bank presumes that the presenter of the Passbook is the owner of the account. I/we hold the Bank free from any damages and liabilities for payments made to any person who presented my/our Passbook unless the Passbook was declared lost and the Bank has received notarized affidavit of loss from me/us prior to the payment.

In the event of any discrepancy between the entries in the Passbook and the Bank's records, the latter shall prevail.


VII. Withdrawals

The Bank shall allow withdrawals from my/our Account upon presentation of my/our Passbook together with a duly accomplished withdrawal slip.

I/We agree that only checks/withdrawal slips containing signatures in ink or other means of writing with a character of permanence which can be verified by LBP shall be honored.


VIII. Interbranch Withdrawal

Interbranch withdrawal is allowed subject to the Bank's existing policy.


IX. Dormant Account

The Bank will classify the Account as DORMANT when it becomes inactive or has no transactions (deposits or withdrawals) for two (2) years for Savings Account and one (1) year for Current Account.

The Bank shall impose a monthly service charge on dormant account if the balance falls below the required minimum balance.

The Bank shall escheat Account which are inactive for ten (10) consecutive years in favor of the Treasurer of the Philippines.


X. Pledge or Assignment of Account

I/We shall advise the Bank in writing of my/our intention to assign or pledge my/our Account as collateral for an obligation and must comply with all the requirements of the Bank for such assignment or pledge.


XI. Lien on the Account

The Bank shall have a lien and authority to debit from my/our Account any obligation (including but not limited to any applicable service charges, fees and penalties) due to the Bank or any of its subsidiaries and affiliates without prior written notice.


XII. Interest Rate

The Bank shall compute the interest earnings based on my/our cleared withdrawable balance on a monthly or quarterly basis, as the case may be interest rate is subject to change from time to time, as may be prescribed by LBP, without prior notice.


XIII. Current Account

I/We allow the electronic celaring of my/our check/s and hereby waive the presentation for payment of the original to the Bank.

I/We shall be provided with a Statement of Account (SOA) to be mailed to my/our last recorded address or to be picked-up by me/us at LBS Servicing Branch.

The SOA shall be considered correct if the Bank does not receive any written objection within ten (10) calendar days after my/our receipt  and any claim against the Bank shall be considered waived.


XIV. Stop Payment Orders on Current Account

My/Our request for stop payment order and its cancellation shall be in writing and submitted to my/our Servicing Branch immediately upon knowledge of the lost check.

I/We agree to hold the Bank free and harmless from any and all damages and liabilities on payment of check with stop payment order, unless the same amounts to fraud or gross negligence.

I/We also agree that after the expiration of six (6) months from the date of stop payment of check, the request for stop payment shall be considered cancelled and should there be any fee occasioned by the stop payment, the same shall be charged by LBP against my/our account.


XV. Mishandled Account

I/We hold the Bank free and harmless from any and all damages and liabilities in closing my/our Current Account even without prior written notice due to mishandling (i.e. issuance of unfunded check) and the subsequent dishonor of any check presented after the closure, including the reporting of the closure of my/our account and reason/s therefore to the Banker's Association of the Philippines (BAP) or any central monitoring entity or body.


XVI. Updating of Account

I/We shall promptly notify the Bank in writing of any change in official mailing/email address, contact numbers/ source of funds or civil status and shall personally fill-out a new Specimen Signature Card or as required by the Bank.


XVII. Anti-Money Laundering

I/We warrant that the funds deposited are not proceeds of any criminal or illegal activity. The Bank reserves the right to close my/our Account without prior notice or consent if there is reasonable ground to believe that the fund are proceeds of a criminal or other illegal activity.

I/We hold LBP, its officers and employees free and harmless from whatever liability that may arise should I/we and/or the account be made subject to the applicable provisions of the Anti-Money Laundering Law, as amended, such an applicable provisions of the Anti-Money Laundering Law, as amended, such a but not limited to transaction reporting, investigation, prosecution, asset preservation and/or forfeiture by applicable government authority, as the case may be.

I/We hereby agree to hold the Bank free and harmless from any damages and liabilities arising from technical errors committed by the Bank ...


XVIII. Deposit Insurance

My/Our Account of Accounts shall be subject to applicable PDIC laws, rules and regulations, and any and all amendments thereof that may be issued in the future, including its insured value.


XIX. General/Special Power of Attorney

I/We agree to comply with the requirements of the Bank in the acceptance of special and general powers of attorney or written authorizations issued in favor of other persons to act in my/our behalf.


XX. Miscellaneous

I/We attest that the information provided herein are true, correct and voluntarily given. LBP is authorized to give information on the account appropriate agencies in case of questionable implementation thereof and represent and warrant that the opening of the account and all transactions made thereon are not in violation thereof. I/We acknowledge that LBP is duty bound to comply with certain requirements under the law such as record management, reportorial requirements, disclosure of certain information about the account and transactions pertaining thereto, and in connection therewith, hereby holds LBP free and harmless from any and all liabilities claims and/or damages that may arise therefrom.

I/We hereby authorize LBP, a banking institution duly organized and existing under and by virtue of the Provision of RA 3844, as amended, with principal office at the LBP Plaza, 1598 M.H. del Pilar St., cor. Dr. J. Quintos St. Malate, Metro Manila, Philippiones to inquire and make verification with any bad financial or lending institution whether juridical or otherwise as to the state and condition of any and all kinds of accounts I/we keep and maintain with all or all of them, and I/we hereby waive my/our rights to the secrecy thereof.
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