TERMS AND CONDITIONS PREMIUM SAVINGS Dear Depositor, Welcome to PSSLAI. Thank you for giving us the opportunity to serve you through our Premium Savings Account (PSA) product. This passbook is given to you upon opening of the account. Please present this to the Teller when transacting business. By accepting this passbook and affixing your signature on your signature cards, you confirm that you have read, understood, and voluntarily gave your unconditional assent to be bound by, the following Terms and Conditions governing your PSA. OPENING OF ACCOUNTS The PSA may be opened for a minimum deposit of One Hundred Pesos (PhP100.00). Upon opening of the account, the depositor will be furnished this passbook which should be presented by the member-depositor when making deposits and withdrawals. Entries in the passbook are not valid unless countersigned by the personnel in charge across the transaction entry with the corresponding receipt/reference number. Under no circumstances should a member-depositor make entries in the passbook, either electronically or in handwriting. The entries in the passbook shall bind the depositor unless a request or notice for correction of the entries therein is made by the depositor before leaving the premises of the Association on the same day that the entry is made. The Association reserves the right to refuse any request for correction not made in strict observance of the foregoing requirements. DEPOSITS Deposits must be made by the depositor personally or through a representative. For deposits through a representative, the Association shall accept the deposit only upon presentation of a written authority executed and signed by the depositor authorizing the deposit. Deposits may also be made through correspondent banks. In receiving deposits through correspondents, the Association assumes no responsibility beyond ordinary
diligence in the selection of its correspondents. The Association will not be liable for the fault or negligence of its correspondents nor for losses in transit, and each correspondent shall not be liable except for his/her own negligence, until such time that actual payment is received by the Association. No drawing is allowed upon uncollected funds, and the Association reserves the right to charge from the depositor s account, without prior notice, any defective, erroneous or lost amount credited to the account regardless of the time that has elapsed, whether or not the item itself can be returned. The Association may allow drawings from uncollected funds upon prior arrangement and subject to such terms and conditions that it may impose in consideration of such arrangement. The accommodation maybe discontinued by the Association at any time without prior notice to the depositor. This also applies to unpaid investment items due to insufficiency of funds, forgery, unauthorized overdrafts, stoppage of payment and similar cause. The depositor is responsible for the correctness, genuineness, and validity of all signatures/endorsements appearing on all checks or other items deposited. All deposits other than the currency received by the Association are subject to later verification and all items credited are subject to the final payment in cash or solvent credit. The Association reserves the right to return checks, whether tendered for deposit or collection, presented after six (6) months from date of issuance thereof. The Association or its correspondents may send items, directly or indirectly to any bank including the payer and accept drafts or credit as conditional payment in lieu of cash. The Association reserves the right to charge back any item drawn upon the Association which is not made good at close of the business day when the deposit was made. The amount shown in the Balance column of the passbook shall be legally conclusive as to the actual balance of the account if it matches the Association s books and records. Deposits made in more than one name shall be payable to any/either of them as indicated in the signature cards/s, provided that a written declaration is made under the penalties of perjury that the codepositor/s is/are still living and provided further, that the signatures of all the payees appear in the deposit slip or, in case of checks, that the appropriate endorsements by all depositors are made. Deposits made jointly in the name of two or more persons can be withdrawn through withdrawal slip signed by all of them. WITHDRAWAL A withdrawal must be made by the depositor personally or through an authorized representative. The Association reserves the right to require the depositor to give prior written notice of withdrawal of not more than thirty (30) days or limit the number of withdrawals in accordance with Section 4208S of the Manual of Regulations for Non- Bank Financial Institutions (MORNBFI). The Association, may at its option, waive the period of notice provided for, but such waiver shall not constitute a waiver of notice in
any other case at any other time. In withdrawals through a representative, the Association shall allow the withdrawal only upon presentation of a written authority executed and signed by the depositor. Proof of identification of both the memberdepositor and the representative shall be attached to the written authority. The Association reserves the right to refuse to honor instructions that do not comply with the foregoing requirements. The written authority and the signature on the withdrawal slip shall serve as authority for the Association to honor the request and facilitate the withdrawal from the member -depositor s account. The member-depositor shall hold the Association free and harmless from any liability or loss that he/she may suffer on account of the Association s implementation of the instructions in the withdrawal slip. MINIMUM BALANCE A minimum balance of One Hundred Pesos (PhP100.00) is required to maintain the account. Accounts falling below the required minimum balance at any day of the month will be charged a monthly maintenance fee of Ten Pesos (PhP10.00). INTEREST Deposits shall earn interest at such rates as may be set by the Board of Trustees, subject to existing laws & regulations. Interest is credited quarterly on March 31st, June 30th, September 30th and December 31st at the rate prescribed by the Association. No interest will be paid on accounts with available balance less than the minimum amount required. If an account is closed before the end of the quarter, interest earned from the last credit date shall be forfeited. In case of death of any Depositor, the legal heirs shall promptly notify the Association in writing of such fact of death. Any notice made verbally or through publication in the obituary shall not be considered as notice to the Association regarding such depositor s death. Upon receipt by the Association of the notice of death together with the complete set of documents required by the Association, the credit balance of any deposit/s in the name of the depositor will be paid to his legal heirs or such other persons legally entitled thereto. In cases wherein the depositor has signed a survivorship agreement as stated in the joint account form with his/her co-depositor, the Association shall honor the agreement before applying the laws of succession in accordance with the Civil Code of the Philippines. PASSBOOK OWNERSHIP This passbook is not transferable. Possession of this passbook shall give the presumption of ownership in favor of the possessor and any payment made by the
Association upon the production of this passbook shall have the same effect as if made to the depositor personally. LOST PASSBOOK Notice in writing should be given to the Association at once if this passbook is lost, mislaid, or stolen. The Association holds itself free from any loss which may occur prior to the receipt of such notice, and the depositor hereby holds, renders and saves the Association free and harmless from any and all losses, liabilities, claims, damages, choice of action, taxes, expenses, attorney s fees and the like which the depositor may sustain or suffer prior to the receipt of such notice. Any lost passbook must be returned/ surrendered to the Association when found. The Association, at its option, may cause a substitute passbook to be issued to the Depositor/s on such terms or indemnity to the Association as it may deem proper, provided that the original passbook shall be voided. The sum of Fifty Pesos (PhP50.00) will be collected for the issuance of a replacement passbook or any amount the Association may require to cover the cost of a new passbook. CLOSURE OF ACCOUNT Whenever warranted, the Association may, at any time, return to the depositor the whole, or any part, of this deposit together with interest due upon the same. The Depositor will be notified either personally or by mail of the Association s intention to close the account and the accrual of interest will cease from date of such notification. The Association may close an account any time and without prior notice to the depositor, if the deposit balance becomes zero for any cause whatsoever including the imposition of service charges, withdrawal by the depositor, or for claims and demands in connection with the closure of the account. Account closed within ninety (90) days from the date of opening will be charged Fifty Pesos (PhP50.00) processing fee. This passbook must be surrendered upon full withdrawal, closure or termination of membership in the Association. CHANGE IN PERSONAL INFORMATION The Member shall promptly advise the Association in writing of any changes in the Member s personal information. DORMANT ACCOUNTS Accounts without client-initiated deposit or withdrawal transaction/s for a period two (2) years shall be considered as Dormant for which a corresponding fee may be imposed by the Association in accordance with Section 4209S of the MORNBFI.
Crediting of quarterly interests and transfer of excess capital contribution shall be considered client-initiated transactions. Accounts will be activated as soon as the member makes any transaction/s in his account. GOVERNING LAWS/REGULATIONS All transactions in this account shall be governed by these basic rules, applicable Laws of the Republic of the Philippines, as well as the rules and regulations of PSSLAI and the Bangko Sentral ng Pilipinas. AMENDMENTS These Terms and Conditions may be amended or changed at any time at the Association s discretion after posting the corresponding notice for a period of ten (10) days at the premises of the Association. In the event of any amendment or additional regulation in the Laws of the Republic of the Philippines or the Bangko Sentral ng Pilipinas, the Association reserves the right to transfer the Depositor s deposit balance to a product with similar features and Terms and Conditions. Thank you for giving us the privilege to serve you. We assure you that we will do our best to live up to your trust and confidence. Sincerely yours, PSSLAI