Closure of the Account. 10.1. The Cardholder agrees that any intention on his/her part to close the Account shall be notified through the Corporate Client except in cases where the Account has been reclassified as a personal savings/regular checking account or regular US dollar savings account. 10.2. The Bank, at its own discretion, may also initiate account closing and blocking of transactions immediately if any of the following scenarios happen: (a) The ePaycard kits are unclaimed beyond the period of thirty (30) days after the account opening; (b) The Account has insufficient balance to pay corresponding bank charges; (c) If the Account has been or is being mishandled by the Cardholder in any way or handled unsatisfactorily such as, but not limited to, issuance of unfunded or insufficiently funded check(s); (d) If the Account is or has been involved in, used, or suspected to be used for any fraudulent, criminal or unlawful activities or transactions; (e) In case of document deficiencies, false or inaccurate information supplied by the Cardholder, or misrepresentations in the opening of the Account; (f) If in the determination of the Bank, the maintenance of the Account exposes the Bank to any kind of risk such as but not limited to financial, operational, legal, reputational or other risks; and (g) If in the Bank’s sole determination, there are circumstances that warrant termination or closure of the Accounts, such as but not limited to, the failure by the Cardholder to abide by this T&Cs. 10.3. The Cardholder shall hold the Bank, its officers and employees free and harmless from any and all liabilities, claims and demands of whatever kind or nature related to or arising from: (a) Account closure for whatever reason; (b) The dishonor of any check thereunder which may be presented to the Bank after the closing of the Account; and/or (c) The Bank reporting the account closure and the reason(s) therefor to the BSP, Bankers Association of the Philippines (BAP) or any other central monitoring entity or bureau established by the BAP or BSP to keep record of and monitor mishandled accounts. 10.4. The Cardholder agrees that all unused checks shall immediately be surrendered to the Bank upon the closure of a current/checking account. 10.5. In all instances of Account closure, the Bank shall return the deposit, if any, net of applicable charges, fees, taxes, and/or any contingent or past due liabilities of the Cardholder to the Bank. The Cardholder may be notified either personally, by mail or through the Bank’s electronic channels, of the Bank’s intention to close the Account and interest, if any, shall cease from the date of such notification. Notice by mail shall be deemed received five (5) days after the date of posting. In all cases, the release of the funds of closed accounts shall be subject to the Bank’s verification and submission of pertinent documents from the Cardholder /his heir/s or beneficiary/ies. 10.6. After an Account is closed, the Bank has no obligation to accept deposits or pay any outstanding items or other debits. The Cardholder agrees to hold the Bank free and harmless from refusing to honor any item, credits or other debit on a closed Account. 10.7. This T&Cs shall remain in full force and effect and shall apply to any transaction that is completed prior to the Account’s closure notwithstanding that the transaction has not yet been processed; except in cases where the continuation of the instruction or action results to violation to any applicable laws. 10.8. The closure of the Account shall not affect or deter the Bank from claiming or enforcing any liability/liabilities incurred by the Cardholder in respect to things done or omitted to be done prior to its termination.
Appears in 2 contracts
Sources: Epaycard Visa Debit Card Agreement, Epaycard Visa Debit Card Agreement
Closure of the Account. 10.1. The Cardholder agrees that any intention on his/her part to close the Account shall be notified through the Corporate Client except in cases where the Account has been reclassified as a personal savings/regular checking account or regular US dollar savings account.
10.2. The Bank, at its own discretion, may also initiate account closing and blocking of transactions immediately if any of the following scenarios happen:
(a) The ePaycard kits are unclaimed beyond the period of thirty (30) days after the account opening;
(b) The Account has insufficient balance to pay corresponding bank charges;
(c) If the Account has been or is being mishandled by the Cardholder in any way or handled unsatisfactorily such as, but not limited to, issuance of unfunded or insufficiently funded check(s);
(d) If the Account is or has been involved in, used, or suspected to be used for any fraudulent, criminal or unlawful activities or transactions;
(e) In case of document deficiencies, false or inaccurate information supplied by the Cardholder, or misrepresentations in the opening of the Account;
(f) If in the determination of the Bank, the maintenance of the Account exposes the Bank to any kind of risk such as but not limited to financial, operational, legal, reputational or other risks; and
(g) If in the Bank’s sole determination, there are circumstances that warrant termination or closure of the Accounts, such as but not limited to, the failure by the Cardholder to abide by this T&Cs.
10.3. The Cardholder shall hold the Bank, its officers and employees free and harmless from any and all liabilities, claims and demands of whatever kind or nature related to or arising from:
(a) Account closure for whatever reason;
(b) The dishonor of any check thereunder which may be presented to the Bank after the closing of the Account; and/or
(c) The Bank reporting the account closure and the reason(s) therefor to the BSP, Bankers Association of the Philippines (BAP) or any other central monitoring entity or bureau established by the BAP or BSP to keep record of and monitor mishandled accounts.
10.4. The Cardholder agrees that all unused checks shall immediately be surrendered to the Bank upon the closure of a current/checking account.
10.5. In all instances of Account closure, the Bank shall return the deposit, if any, net of applicable charges, fees, taxes, and/or any contingent or past due liabilities of the Cardholder to the Bank. The Cardholder may be notified either personally, by mail or through the Bank’s electronic channels, of the Bank’s intention to close the Account and interest, if any, shall cease from the date of such notification. Notice by mail shall be deemed received five (5) days after the date of posting. In all cases, the release of the funds of closed accounts shall be subject to the Bank’s verification and submission of pertinent documents from the Cardholder /his heir/s or beneficiary/ies.
10.6. After an Account is closed, the Bank has no obligation to accept deposits or pay any outstanding items or other debits. The Cardholder agrees to hold the Bank free and harmless from refusing to honor any item, credits or other debit on a closed Account.
10.7. This T&Cs shall remain in full force and effect and shall apply to any transaction that is completed prior to the Account’s closure notwithstanding that the transaction has not yet been processed; except in cases where the continuation of the instruction or action results to violation to any applicable laws.
10.8. The closure of the Account shall not affect or deter the Bank from claiming or enforcing any liability/liabilities incurred by the Cardholder in respect to things done or omitted to be done prior to its termination.
Appears in 1 contract
Sources: Epaycard Visa Debit Card Agreement