UNIONBANK OF THE PHILIPPINES

Topics: Cheque, Fractional-reserve banking, Deposit account Pages: 5 (3044 words) Published: March 6, 2015

UNIONBANK OF THE PHILIPPINES
Interest computation is based on Daily Cleared Balance and is subject to CURRENT ACCOUNTS TERMS AND CONDITIONS A. OPENING OF ACCOUNT
A Current Account may be opened by an individual, singly or by two (2) or more persons jointly, who is/are free from any legal disability subject to the Bank's account requirements.

The account may also be opened by a juridical entity, in the name of a corporation, partnership, associations, and other juridical entities provided all documents / requirements are submitted and complied with.

The initial deposit, minimum balance requirement (MBR) to operate the account and to earn interest shall be set by the Bank.

B. DEPOSITS

Deposits may be made in the form of cash, check, or fund transfers. Check deposits received after the clearing cut-off time are considered transactions of the following day.
Second endorsed checks, post-dated and stale checks are not acceptable for deposit. As the owner of the account, the client shall ensure the validity, correctness, and genuineness of all endorsements appearing on all checks or items to be deposited to his account. Any alterations made on any check deposited must be authenticated by the drawer's full signature. In receiving checks and other items for deposit, the Bank obligates itself only as the depositor's collecting agent, assuming no responsibility beyond carefulness in selecting correspondents, and is liable only when actual payment shall have come into its possession. The Bank reserves the right to refuse acceptance of deposits if it resolves that acceptance of deposits would expose itself to any risks.

C. ENCASHMENT

Encashment are allowed only against cleared funds.
Issued checks are not negotiable after six (6) months from date of issuance. The Bank has the right to dishonor checks if the drawer's signature differs from the specimen signature on file; the check is postdated/stale- dated; the amount in words and figures differ; and alterations in the check are not signed in full by the drawer. The Bank has the right to dishonor checks presented for reasons other than those mentioned above if it determines that honoring the check will prejudice the interest of the Bank or expose it to probable loss or damage.

D. INTEREST, FEES, CHARGES, AND PENALTIES
The Bank may impose and deduct any necessary fees or other amounts pertaining to the account the depositor has. Unless otherwise agreed, the Bank may modify at any time the rate of interest fees, charges, penalties, or other amounts applicable to any account or service and communicate such changes to the depositor through announcements in the branch premises.

Minimum Account Balance

A minimum account balance must be maintained at the agreed /required monthly average daily balance computed as follows: Sum of end-of-day Cleared Account Balance of the month divided by the actual number of Days of the Month.

*Required balance of an account varies depending on the specific type of account or its product/service availment with the Bank. A Maintenance Fee shall be charged to an active or a dormant account when the Average Daily Balance (ADB) of the said account falls below the required balance for two (2) consecutive months. Refer to the updated Fees and Charges List/Table posted in the branch premises.

For Interest Earning Accounts

Interest rates are decided by the Bank and may vary depending on the approved interest rates schedule. It is understood that the rate of interest shall be variable based on he Bank's formula, which shall consider the accounts clear balance for the day. With holding tax. Interest is based on 365 days for Current and is accrued daily except for Premium Deposit Accounts. Interest on this account type is posted at the last calendar day of the month. If account is closed before interest posting, the interest accrued is forfeited in favor of the Bank. However, interest earned as...
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