Common use of Closing of Accounts Clause in Contracts

Closing of Accounts. CANCELLATION OF DEBIT CARDS AND CREDIT CARDS, TERMINATION OF AGREEMENT The Customer/ Card holder agree, declare and undertakes; 18.1. That the Bank is authorized to close all or part of the accounts opened in his name and/or terminate the agreement in the event he fails to comply with any of the agreement provisions, in case of his bankruptcy, exceeds his credit card limits or the presence of other justifiable grounds, such closures/settlements and terminations to be made by proper notifications; that the Bank may request the return of the Bank’s Credit Card; that any expired card(s) may not be renewed; that in the event the agreement is cancelled or the Credit Card(s) are not renewed by the Bank, the liabilities of the Customer arising from the use of such Credit Card(s) shall continue; that agreement provisions shall be valid until all of his/their debts and liabilities are entirely performed; that debts and liabilities to arise due to the use of the credit card(s) despite the Bank’s notification of the agreement’s termination, shall become mature as of the date on which the credit card(s) has/ have been used and without the need of any further notifications to be served to the Customer/ Card holder. 18.2. That he/ they shall pay all of his/ their debts in sum and in cash in case the agreement is terminated for reasons given above; that until the entire amount of the outstanding debt is paid, he shall pay default interest, commissions and costs within the framework of the provisions foreseen in the agreement. 18.3. Any unused check leaves or those check leaves which are unsuitable for use shall be returned to the Bank upon the closure/settlement of the account together with those check leaves and books unused until that date. 18.4. That in the event the Bank settles/ closes accounts and/ or cancels cards granted, suspends their use or are not renewed, any interests, commission and other receivables to be collected by the Bank in relation to such closure, settlement, cancellation or suspension and any other grounds shall be immediately paid by himself to the Bank upon the notification of such suspension, cancellation, closure or settlement and that the Bank shall reserve the right to claim interest on said grounds. 18.5. That in order to make any termination request, a notification must be served one month in advance and that all receivables of the Bank to arise in connection with this agreement shall be covered by himself and that all accounts must be settled/ closed by then; that in the event the account is closed by the termination of the agreement by the Bank or himself, the outstanding balance remaining in his account shall be transferred to a blocked non-interest bearing account without prejudice to the foregoing provisions. 18.6. That in the event the services performed within the scope of this agreement, the agreement shall not automatically expire, yet be suspended until a new service is used. He/they further agree(s) that in the event he/ they applies/ apply to the Bank to take advantage from any of the services given in this agreement however, the agreement provisions shall become effective again and that all banking transactions to be made within the framework of said services shall entirely be governed by the provisions of this agreement.

Closing of Accounts. CANCELLATION OF DEBIT CARDS AND CREDIT CARDS, TERMINATION OF AGREEMENT Only The Customer/ Card holder agree, declare and undertakes; 18.1Depositor may close the account. That the Bank is authorized to The Depositor may close all or part of the accounts opened in his name and/or terminate the agreement in the event he fails to comply with any of the agreement provisions, in case of his bankruptcy, exceeds his credit card limits or the presence of other justifiable grounds, such closures/settlements and terminations to be made by proper notifications; that the Bank may request the return of the Bank’s Credit Card; that any expired card(s) may not be renewed; that in the event the agreement is cancelled or the Credit Card(s) are not renewed by the Bank, the liabilities of the Customer arising from the use of such Credit Card(s) shall continue; that agreement provisions shall be valid until all of his/their debts and liabilities are entirely performed; that debts and liabilities to arise due to the use of the credit card(s) despite the Bank’s notification of the agreement’s termination, shall become mature as of the date on which the credit card(s) has/ have been used and without the need of any further notifications to be served to the Customer/ Card holder. 18.2. That he/ they shall pay all of his/ their debts in sum and in cash in case the agreement is terminated for reasons given above; that until the entire amount of the outstanding debt is paid, he shall pay default interest, commissions and costs within the framework of the provisions foreseen in the agreement. 18.3. Any unused check leaves or those check leaves which are unsuitable for use shall be returned to the Bank upon the closure/settlement of the account together with those check leaves and books unused until that date. 18.4by filling out the prescribed form for withdrawal. That The Depositor will pay a service charge in the event the Bank settles/ closes accounts and/ or cancels cards granted, suspends their use or are not renewed, any interests, commission and other receivables to such amount as may be collected reasonably imposed by the Bank in relation to such closure, settlement, cancellation or suspension and any other grounds shall be immediately paid by himself to the Bank upon the notification of such suspension, cancellation, closure or settlement and that the Bank shall reserve the right to claim interest on said grounds. 18.5. That in order to make any termination request, a notification must be served one month in advance and that all receivables of the Bank to arise in connection with this agreement shall be covered by himself and that all accounts must be settled/ closed by then; that in the event BDO if the account is closed within thirty (30) days from date the account was opened. However, BDO reserves the right to immediately close the Depositor's account at any time without prior notice in case of misrepresentation or falsity of information provided by the termination Depositor or if BDO perceives, at any time and in its sole discretion, that the account may be used or is being used in connection with any fraudulent or illegal activities or transactions; or if BDO perceives, at any time and in its sole discretion, that the account may be or may have been used or is being used in connection with any fraudulent or illegal activities or transactions; or if BDO perceives, at any time and in its sole discretion, that it may be exposed to any financial, operational, legal, reputational or other risk in maintaining the account, or if the Depositor fails to abide by any provision of the agreement by terms and conditions for deposit accounts. BDO reserves the Bank right to close the account if the Depositor has handled the account in a manner not satisfactory to BDO and/or if the Depositor draws check against insufficient funds and / or himselfuncollected deposits and any two (2) of such checks are presented to BDO within a 30-day period. In such event, BDO shall pay the outstanding Depositor the balance remaining in of his account account, if any, upon his return of unused checks to BDO. Furthermore, BDO and its officers and employees shall be transferred held free and harmless from any liabilities, claims and demands of whatever kind in connection with or arising from (a) closure of the account(s) and/ or (b) the dishonor of any check which may be presented to a blocked non-interest bearing BDO after the closure of the account(s) and/or (c) the reporting of the BDO of the account without prejudice closure and the reason therefore to the foregoing provisions. 18.6. That in the event the services performed within the scope of this agreement, the agreement shall not automatically expire, yet be suspended until a new service is used. He/they further agree(s) that in the event he/ they applies/ apply to the Bank to take advantage from any Banker’s Association of the services given in this agreement however, the agreement provisions shall become effective again Philippines (BAP) or any monitoring entity or body established by BAP or law to keep record of and that all banking transactions to be made within the framework of said services shall entirely be governed by the provisions of this agreementmonitor mishandled deposit accounts.