Banco De Oro (BDO) Bank Rules and Regulations of their Savings Account

• Can a person below legal age (18 years old) open a BDO account?
• What should you do if your Passbook is lost? Are there any hidden fees or charges?
• Are there any charges when you want to close your BDO account?
• How could you withdraw your money without you personally going to the bank?
• What to do if the teller entered an incorrect amount of money you deposit?
• What will happen to your account if its inactive or dormant for 2 years? Are there any charges?

Picture of a Banco de Oro (BDO) Savings Account Passbook 

1. OPENING A SAVINGS ACCOUNT - Any person seven (7) years of age or more and not suffering from any legal disability other than minority may open a personal savings account in Banco De Oro. A father and/or mother may open a parental savings account for each of their/his/her minor children, and such account remains under the exclusive control of the parent/s until the child/minor reaches legal age, in which case, exclusive control passes to the child, unless it is ordered by the parent/s at the time of account opening that withdrawal can be made by the child/minor also.

Any guardian, trustee or administrator may also open a savings account for each person or estate committed to this care. Accounts opened under more than one name shall be subject to the conditions, together with all modifications thereof, contained in the Terms and Conditions Governing Deposit Accounts signed by the depositor's during account opening.

The initial deposit and the minimum subsequent deposits must be at least in such amount as may be reasonably determined by the Bank. Second endorsed checks are not acceptable as deposits.

2. DEPOSIT PASSBOOK - Upon opening of a savings account, the Bank will furnish the depositor a deposit 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 other than those effected by the Bank itself shall be recorded in the passbook. In the event of any discrepancy between the entries in the passbook and those appearing in the records of the Bank, the latter shall prevail.

No deposit or withdrawal will be permitted by the Bank unless the passbook is presented by the Depositor. The savings passbook should be carefully kept by the depositor. If the passbook is lost, mislaid or stolen, the Bank should be immediately notified by the depositor in writing by executing an Affidavit/Declaration of Loss to be duly notarized and submitted to the Bank. Consequently, the Bank will not be held liable for payments made to any person who shall present such passbook. if no Affidavit/Declaration of Loss was submitted by the depositor prior to the payment.

The savings account may be closed and a new account opened or a replacement passbook may be issued under the old account number at the option of the depositor. In either case, the Bank will enter the balance outstanding to the depositor's credit as shown in the books of the Bank.

3. DEPOSIT TRANSACTIONS - All deposits must be made by the depositor personally or by his representative by accurately filing out a deposit slip and presenting it, together with the passbook, to the Bank. If the depositor is unable to write for some reason, he must have the form filled-out by any person other than an employee of the Bank. The Bank shall not be liable for losses caused by any and all inaccuracies in filling out the deposit slip. The minimum amount acceptable for subsequent deposit shall be such as may be fixed by the Bank for all savings accounts.

Deposit of checks, drafts, money orders and treasury warrants shall be accepted by the Bank conditionally, i.e., as subject to collection only and shall not be considered as credited to the depositor's account until the proceeds thereof shall have been definitely received by or credited to the Bank. The Bank shall not be responsible for the loss or pilferage thereof in transit. The depositor is not entitled to be credited for or withdraw the amount corresponding the said terms unless cleared funds have been actually received by or credited to the Bank. If the Bank fails to realize the value of the item by reason of the loss or forgery or any other cause of dishonor, the Bank is entitled at any time to charge back the amount credited or demand reimbursement from the depositor of such amount. All endorsements and/or lack of endorsements on the items deposited are guaranteed by the depositor.

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

4. WITHDRAWAL TRANSACTIONS - All withdrawals must be made by the depositor personally by properly filing out a withdrawal slip and presenting it together with the passbook to the Bank. Withdrawals by a person other than the depositor himself may be allowed only upon the depositor's written authorization which shall be verified by the Bank.

The depositor will not be permitted to withdraw from his savings account any amount in excess of the balance outstanding to his credit as shown by his passbook. Neither will he be permitted to withdraw a sum smaller than the amount fixed by the Bank except when closing the account. No maximum limit is set on the frequency of withdrawals that can be made from one savings account during the calendar month. However, the depositor may be requested to give at least one (1) day written notice in advance of any withdrawal where the interest of the depositor or the Bank so dictates.

5. CLOSING OF ACCOUNTS - When a depositor wishes to close his account, he should fill out the ordinary form for a withdrawal which must be made out for the entire amount of the balance outstanding to the depositor's credit as shown in the records of the Bank. The depositor will pay the Bank a service charge in such amount as may be reasonably imposed by the Bank if he closes his account within thirty (30) days from dated of opening. No person other than the depositor will be allowed to close a Savings Account.

The depositor may be notified either personally or by mail of the Bank's intention to close the account, and interest will cease from date of closure of the account.

6. INTEREST - The account shall earn interest at the prevailing basic rate as prescribed by the Bank from time to time in accordance with existing laws/regulations of the Bangko Sentral ng Pilipinas provided that the minimum average daily cleared balance requirements is met. Interest shall be computed based on month-to-date average daily cleared balance and credited to the account at month end.

7. CLAIMS AGAINST ERRONEOUS ENTRY - Any claim by a depositor against any erroneous entry in his passbook must be made by him before leaving the Bank or on the occasion when the entry was made. All entries posted in the passbook should be examined by the depositor on the occasion in which they were made and any claim against erroneous entry should be made by the depositor on the same occasion or before leaving the bank premises. Otherwise, the Bank will be relieved of the responsibility in connection therewith.

8. DORMANT ACCOUNT - A handling fee per month in such amount as may be fixed by the Bank shall be charged for dormant accounts. Accounts are considered dormant if no deposit or withdrawal has been made for the last two (2) years. Any account which has remained dormant for a continuous period of ten (10) years shall be escheated to the Treasurer of the Philippines in accordance with the Unclaimed Balances Law.

9. PDIC REGULATORY ISSUANCE

1. Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum amount of Five Hundred Thousand Pesos (P500,000) per depositor.
2. PDIC shall resume that the name/s appearing on the deposit instrument is/are the actual/beneficial owners of the deposit, except as provided herein.
3. 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 by the transferor.
4. 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 beneficial ownership of the entity or transferee provided that the deposit account records show the following

1. details or information establishing the right and capacity or the relationship of the entity with the individual/s or:
2. details or information establishing the validity or effectivity of the deposit transfer or
3. copy of Board Resolution, order of competent government body/agency, contract or similar document as required/provided by applicable laws.

In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to consolidation with the other deposits of the transferor.

5. 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.

10. OTHERS

1. The Bank is authorized to debit the account for any applicable service charges, fees and penalties.
2. Withholding Tax - A final tax shall be withheld from the interest on savings deposits in accordance with applicable laws or regulations.
3. Assignment of an Account - The passbook is non-transferable or assignable. The assignmenet of an account in favor of any beneficiary during the lifetime of the depositor to take effect after his death will be dealt with in conformity with the provisions of the law regarding the liquidation and disposition of a decedent's estate.
4. Change of Address or Status. The depositor should immediately notify the Bank of any change in his status or address.
5. The provision of Article 1250 of the Civil Code is not applicable to the depositor's account.
6. These rules and regulations shall be in addition to the pertinent TERMS AND CONDITIONS GOVERNING DEPOSIT ACCOUNTS

The Bank may, without notice to the depositor, make such other rules and regulations or amend these rules and regulations as it may deem necessary for the best interest of the Bank and its depositors provided such additions, alterations or amendments are not contrary to banking laws and and the regulations of the Bangko Sentral ng Pilipinas or the By-Laws of the Bank.

All persons, at the time of opening a savings account, shall subscribe their names on the Customer Account Record of the Bank, and by doing so, they thereby agree to be bound by these rules and regulations including any amendments and additions thereto.
 

Transaction Codes