China Bank Policy on Withdrawals
One the major banks in the Philippines, China Bank stated this policy regarding withdrawals on their General Terms and Conditions of Deposit Products:
For ChinaCheck Plus account, over-the-counter withdrawals should be made through the issuance of a check.
If your account is linked to a TellerCard, you may also withdraw through ATM.
Withdrawals made from accounts of corporations, partnerships, or associations shall be by such officer(s) as may be designated in the By-Laws and board/partnership/association resolution of the corporation, partnership, or association.
You assume full responsibility for the accuracy, correctness, genuineness, and validity of all information filled out in the withdrawal slip/other form(s).
Until such time as actual payment comes into possession of the Bank, no drawing is allowed on uncollected funds unless with prior arrangement, and any such withdrawal shall no alter the character of the Bank as a mere collecting agent. The Bank has the right to charge back any amount previously credited, whether the deposited item is returned or not. Should the Bank allow such drawings against uncollected deposits upon prior arrangement with the Bank which is not in writing, this document shall be the basis for your liability to the Bank for such amount drawn should the deposited item be later returned, and such act of the Bank shall be considered as only by its tolerance and no contractual right whatsoever can be acquired by you thereby, so that said practice can be stopped by the Bank at any time without prior notice to you. This also applies to unpaid deposit items due to insufficiency of funds, forgery, stoppage of payment, or other reasons.
Withdrawals against cash deposits or deposits of US Dollar/Euro checks/drafts shall only be allowed after a specified number of banking days from the date of deposit as specified in the Annex."
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