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These are the Rules and Regulations governing Metrobank's savings account passbook. These are basically important to all Metrobank account holders as to remind them some important guidelines concerning their savings account passbook. Some vital questions will be answered such as:
> How to withdraw your money without personally going to the bank?
> Can a minor or a person below 18 years open a Metrobank account?
> What to do if your Passbook is lost or stolen?
> Are there any hidden charges for dormant accounts?
> Can a living person withdraw the money if his joint partner of the joint account is dead?
Answers to such questions and many more will be revealed to you as you go along reading the whole article.
Picture of a Metrobank Passbook Savings Account
1. WHO MAY OPEN ACCOUNTS - Any person who is at least seven (7) years of age and not suffering from any legal disability may open a savings account in the METROPOLITAN BANK & TRUST COMPANY (the "Bank"). A parent may open a savings account for the account of his minor child. Such account remains under the exclusive control of the parent. However, he may neither assign the account nor subject it to any other lien or encumbrance. Upon his death, the account passes on the child. Any guardian, trustee or administrator may also open a savings account for a person or estate committed to his care.
2. DEPOSITS- The Bank shall require an initial minimum deposit from the depositor. It may, at any time, return to the depositor his deposit, together with the interest due. The Bank will notify the depositor, either personally or by mail, of its intention to close the account, and interest will cease from the date of such notice.
Check deposits are treated as collection items only and as such, posting of check deposits shall not be construed as an acceptance of the deposit. Furthermore, the Bank reserves the right to immediately charge off returned items or deny acceptance of the check.
3. THE PASSBOOK - Upon opening of a savings account, the Bank will furnish the depositor with a passbook in which all deposits and withdrawals made by the depositor will be entered by the Bank. A depositor must, under no circumstances, write anything on the passbook, as the Bank will not be responsible for any sum not properly recorded and acknowledged thereon. No entries in the passbook shall be made except by the Bank. The passbook is not a conclusive evidence of the balance in the account. Furthermore, it is not transferable.
All entries in the passbook shall be machine-printed/validated to be considered as valid entries of the Bank. For typewritten entries, they shall contain the affirmation/authentication of two (2) authorized officers of the branch through their signatures/initials opposite the typewritten entries.
The Bank shall not allow any deposit or withdrawal unless the passbook is presented by the depositor. He shall carefully safekeep the passbook. In case it is lost or stolen, he shall promptly report it in writing and submit an affidavit to the Bank giving all the circumstances surrounding the loss. If it is not found within a reasonable time, the depositor may apply for a new passbook which, when issued, shall show the balance outstanding to his credit as shown in the books of the Bank. The depositor shall pay a service fee for the replacement of the lost passbook.
4. HOW TO DEPOSIT - The depositor or his representative may make deposits by properly filling out a deposit slip. If the depositor cannot write, he must have the deposit slip filled out by a person other than an employee of the Bank.
5. HOW TO WITHDRAW - The depositor or his representative may make withdrawals by properly filling out a withdrawal slip. The Bank may allow withdrawals by a person other than the depositor himself only upon the depositor's written authority which must be fully authenticated. If the depositor cannot write, he must have the withdrawal slip filled out by a person other than an employee of the Bank, who, must sign the same as one of the two witnesses to the affixing of the fingerprint of the depositor.
No depositor shall be permitted to withdraw from his savings account any amount in excess of the balance outstanding to this credit as shown by his passbook. Neither will a depositor be permitted to withdraw any sum that includes fractional part of a peso except when closing the account. The Bank reserves the right to require 60 days prior written notice of any withdrawals from a savings deposit.
If the Bank has knowledge of the death of person who maintained a deposit jointly with another, it shall not allow any withdrawal by a surviving depositor from the said account unless the Bureau of Internal Revenue (BIR) has certified that proper taxes have been paid thereon. For this purpose, all withdrawal slips shall contain statement to the effect that all of the joint depositors are still living at the time of withdrawal by any one of the joint depositors.
6. CLAIM AGAINST ERRONEOUS ENTRY - A depositor must promptly question any erroneous entry in his passbook before leaving the Bank premises.
7. INTEREST - Deposits shall earn interest at such rate as may be determined by the Bank in accordance with the pertinent regulations/guidelines issued by the Bangko Sentral ng Pilipinas (BSP). The minimum amount that shall be entitled to interest shall be fixed by the Bank and shall be computed based on actual daily/cleared balance compounded quarterly. No interest shall be paid on accounts (a) which have remained dormant/inactive for two (2) years; or (b) closed prior to interest posting. A dormant account that is reactivated shall earn interest starting from date of reactivation. All returned checks shall be excluded from interest computation from date of deposit to date of return. The passbook must be presented to the Bank to have the interest entered thereon.
8. SERVICE CHARGE - A service charge shall be imposed without notice on an active account that falls below the required monthly Average Daily Balance (ADB) for at least two (2) consecutive months. A service charge will likewise be imposed without notice on dormant account if its balance falls below the required monthly ADB. The service charge shall be subject to change with prior notice that shall be posted within the Bank premises.
9. CLOSING OF THE ACCOUNT - When a depositor wishes to close his savings account, he shall fill out a withdrawal slip that must be made out for the amount of the balance outstanding to the depositor's credit as reflected in the passbook. The depositor shall pay the Bank a service charge for closing his account within thirty (30) days from opening date.
10. CHANGE OF ADDRESS - A depositor shall immediately notify the Bank in writing of any change in his address or contact information.
11. DORMANT ACCOUNTS - A dormancy fee shall be collected on accounts that are inactive for at least two (2) years regardless of account balance. A dormant account that is reactivated shall earn interest starting from date of reactivation, and may be classified as dormant again after having been inactive for two (2) years. The dormancy fee shall be immediately debited from the dormant savings account.
12. COMPUTER BREAKDOWN - In case of computerized operations, the Bank shall not be liable for any loss or damage that may incurred by the depositor(s) or any third party due to any information in the passbook which may be erroneous, delayed, or subject to adjustments as occasioned by computer programming defects, faulty communication lines and/or any other deficiencies (hardware and software) of the computer system.
13. EXTRAORDINARY INFLATION OR DEFLATION - In case of extraordinary inflation or deflation of the currency stipulated herein, the provision of Article 1250 of the Civil Code shall not apply.
14. ACCEPTANCE OF RULES - The depositor is understood to have accepted and therefore shall be bound by the conditions stated herein and other additional regulations as the Bank may subsequently make covering his savings account. The Bank reserves the right to revise any of the foregoing rules and regulations. New, revised or amended rules and regulations shall be posted within the Bank premises.
15. PDIC* - Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum amount of Two Hundred Fifty Thousand Pesos (250,000.00 pesos) per depositor.
PDIC shall presume that the name/s appearing on the deposit instrument is/are the actual/beneficial owner/s of the deposit except as may be provided herein.
In case of transfers or break-up of deposits, PDIC shall recognize actual/beneficial ownership of transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor.
In case of (a) deposits in the name of, or transfers or break-up of deposits in favor of, entities, either singly or jointly with individuals, and (b) transfers or break-up of deposits in favor of non-qualified relatives. whenever such transfers/break-up will result in increased deposit insurance coverage, PDIC shall recognize the beneficial ownership of the entity or transferee provided that the deposit account records show the following:
PDIC may require additional documents from the depositor to ascertain the details of the deposit transfer or the right and capacity of the transferee or his relationship to the transferor.
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