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A Savings 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.
For Social Security System (SSS) Pensioner's Savings Accounts
The account may be opened by an SSS pensioner in accordance with
the Bank's account opening requirements together with a “Letter of
Introduction” (LOI) from the SSS. Only individual accounts may be
opened by pensioners.
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.
Deposit and/or payment for bills authorized to be paid through the Bank
via UnionBank ATM shall be credited to the corresponding accounts only
after and in accordance with the results of the verification by two (2)
bank personnel. The amount counted by these two (2) bank personnel
from the client's envelope coursed thru the machine, shall be deemed to
be the correct amount deposited. Discrepancies noted will be
communicated to the cardholder within three (3) banking days from the
date deposit/payment was made. The Bank records shall be conclusive
on the amount of the deposit for credit to client's accounts despite
The Bank shall not be responsible for resulting entries based on
erroneous or illegible account number on the deposit slip/envelope.
The Bank reserves the right to debit the depositor's account for any
amount previously credited if uncollected.
For Dollar Savings Account
Deposits may be in the form of notes, checks, drafts, and telegraphic
transfers via the Philippine Domestic Dollar Transfer System (PDDTS)
and/or SWIFT acceptable to the Bank.
It is expressly agreed and understood that the provision of Article 1250
of the New Civil Code pertaining to cases of extraordinary inflation or
deflation of foreign currency and stipulates that unless agreement exists
to the contrary, the basis of payment shall be the value of the currency at
the time of establishment of the obligation, shall not be applicable to this
deposit account.
Checks drawn against banks located outside the US continent are
usually sent for collection. The fees/charges collected by the clearing
banks abroad shall be debited from the depositor's account. The checks
sent for collection will be credited only upon receipt of the advice of
All deposits are further subject to applicable existing and future laws,
rules and regulations of the Bangko Sentral ng Pilipinas (BSP) and of the
Bureau of Internal Revenue (BIR).

Withdrawals shall be made only by the depositor personally or upon his
written authority duly authenticated and in such form acceptable to the
Bank. Only signatures appearing on the signature cards on file will be
honored by the Bank.
No withdrawal of any amount in excess of the cleared outstanding
balances of an account as shown in the bank records shall be allowed.
For Passbook-Based Accounts
No withdrawal is permitted without the presentation of the passbook.
No entries other than those effected by the Bank shall be recorded in the
savings passbook. In the event of any discrepancy between the entries
in the passbook and the Bank's records, the latter shall prevail.
For Statement-Based (ATM) Accounts
Withdrawals from this type of account are done using the ATM card and
the machine. The ATM facility allows up to PhP 20,000.00 total
withdrawal per day unless otherwise indicated or requested by the client.
The cardholder shall be liable for all withdrawals arising from the use or
misuse of the card.
Bills Payment may be done via UnionBank ATMs and www. website.
Fund transfers may be done by moving funds between UnionBank
accounts and to non-UnionBank accounts. Electronic messages
pertaining to fund transfer transactions received by the Bank shall be
conclusive; otherwise, error reports should be immediately
communicated to the Bank.
In accepting payment/fund transfer instructions, the Bank acts merely as
conduit between the client and the payee of the bill/s, undertaking to
transfer funds, and therefore, the Bank does not assume responsibility to
the payee or to the client for any discrepancies in the payment caused
by depositor's error or delay in effecting the payment instructions beyond
the control of the Bank.
The depositor shall not use the Bank facility to transfer funds for illegal
purposes or for any form of money laundering. The depositor agrees to
hold the Bank free and harmless from any legal problems that the fund
transfer may result to.
The Bank reserves the right not to perform any fund transfer transaction
if it has sufficient grounds to believe that such transfer shall place the
Bank in bad situation or expose the Bank to violation of Anti-Money
Laundering Law and existing laws and BSP regulations.
For Dollar Savings Account
Withdrawals can be in the form of US dollar notes (subject to
availability), demand drafts, and telegraphic transfers. In case
withdrawals are made in US dollar demand drafts, it is agreed that any
dispute arising from said payment instruments between the depositor
and the bank shall be governed by laws of the State of New York, USA
pursuant to the Bank's depository contractual arrangement with its
depository bank in the USA.
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.
Regular Savings
Dollar Savings
Dollar Access

Min. Required ADB

*Required balance of an account may vary 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.

Withdrawals / encashment / payments / fund transfers are allowed only
against cleared funds.

Refer to the updated Fees and Charges List/Table posted in the branch

JOINT ACCOUNT Interest rates are decided by the Bank and may vary depending on the approved interest rates schedule. Withholding Tax The tax on interest earned is governed by the rates prescribed by law. or transfers or break-up of deposits in favor of. PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee. The Bank must transmit to SSS any information that would come to its knowledge (e. through Customer Service at (02) 841-8600. The client shall submit an Affidavit of Loss within twenty-four (24) hours after notification to the Bank of the loss of the card. in accordance with the rules for settlement of estate of a deceased person. In the absence of any of the foregoing. Refer to the latest Fees and Charges list posted in the branch premises. entities. For passbook-based Savings Accounts and Dollar Access Accounts. K. the legal representative of the deceased codepositor shall co-sign the withdrawal form with the surviving codepositor. PDIC may require additional documents from the depositor to ascertain the details of the deposit transfer or the right and capacity of the transferee or his relationship to the transferor. It is understood that the rate of interest shall be variable based on he Bank's formula. executors. After ten (10) years of continuous inactivity. The client may at any time change his PIN via UnionBank Automated Teller Machine (ATM).The depositors agree and declare that the account is their joint account belonging to and payable to both the depositors. or • Details or information establishing the validity or effectivity of the deposit transfer. interest is posted at the last calendar day of the quarter while for Dollar Access Accounts at the last calendar day of the month. the entire balance of the account shall be payable to the surviving co-depositor. DORMANT ACCOUNT An account becomes dormant if there has been no activity (deposit or withdrawal excluding earned interest and withholding tax) for a period of two (2) years. or has otherwise wrongfully come to the hands of a third person shall be a valid discharge which shall free the Bank from liability for refusing payment despite the presentation of such passbook. PDIC shall recognize actual/ beneficial ownership of transferees who are qualified relatives of the transferor. I. G. The depositor may be notified either personally or by mail of the Bank's intention to close the account and interest shall cease from the date of such notification. refuse to accept any deposits. In case of failure by the client to remember such codes. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor.For Interest Earning Accounts H. PDIC shall presume that the name/s appearing on the deposit instrument is/are the actual/beneficial owner/s of the deposit. • Joint “And” Account . The Bank should be notified immediately for any change in the status or address of the depositor. or otherwise wrongfully comes unto the hands of a third person. In case one of the co-depositors predeceases the other. a new card will be issued to the client upon the latter's submission of Bank's requirements and payment of fees. the Bank may. contract or similar document as required/provided by applicable laws. Further. or • Copy of Board Resolution. J. In accordance with the Unclaimed Balance Law. stolen. The depositors authorize the Bank to recognize either of the signatures of the depositors in withdrawal transactions or fund transfers. Interest computation is based on Daily Cleared Balance and is subject to withholding tax. except as provided herein. interest earned as of closing date may be given upon client's request. which shall consider the accounts clear balance for the day. dormant accounts shall be reclassified to “Due to Treasurer of the Philippines”. However. Death of the Pensioner) which could warrant the stoppage of the pension payment.00) per depositor' account. and assigns and terms thereof shall not be waived.The depositors agree and declare that the account is their joint account belonging to both of the depositors and payable to either one of them. In case of (a) deposits in the name of. E. and (b) transfers or break-up of deposits in favor of non-qualified relatives. subject to consolidation with the other deposits of the transferor. • Joint “Or” Account . . Notice by mail shall be deemed received five (5) days after the date of posting. any case of lost card. administrators. except with the written conformity of the Bank. The Bank shall not be liable for any withdrawal or losses that may arise due to the loss of the card despite receipt of client's report. PDIC shall recognize beneficial ownership of the entity or transferee provided that the deposit account records show the following: • Details or information establishing the right and capacity or the relationship of the entity with the individual/s. For regular Savings Accounts. stolen. order of competent government body/ agency. the interest accrued is forfeited in favor of the Bank. at its option cause a substitute passbook to be issued to such depositor under such requirements as the Bank may deem necessary. and return to the depositor the whole or part of his deposit together with the interest due upon the same. 000. the passbook is used to monitor transactions. the dormant account shall be escheated in favor of the Philippine Government upon order of the court. rules and regulations. whenever such transfers/ break up will result in increased deposit insurance coverage. and other related laws. For SSS Pensioner's Savings Accounts The closure of account must have prior approval of the SSS. CLOSURE OF ACCOUNT The Bank may at any time close an account. a monthly service charge will be automatically deducted from dormant accounts every end of the month if the account's remaining balance is below the required minimum monthly average daily balance (ADB). the client is provided a 4-digit Personal Identification Number (PIN) used to access an Automated Teller Machine (ATM) and Unionbank's internet banking facility. ATM CARD The UnionBank ATM card is and shall remain the property of the Bank. either singly or jointly with individuals. Aside from dormancy fee. Upon the death of one of the co-depositors.g. should it appear that such transaction is made prior to the system-tagging of client's account in order to hold transactions made via the lost card. DEPOSIT INSURANCE Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to the maximum amount of Five Hundred Thousand pesos (PhP500. Interest is based on 365 days for Savings Accounts and is accrued daily except for Dollar Access Accounts. This Agreement shall be binding upon Joint Account depositors and their heirs. in any such cases. In case of transfers or break-up of deposits. PASSBOOK Possession of the passbook shall raise the presumption of ownership thereof. The client agrees to keep this PIN private and confidential and this shall not be disclosed. when applicable. The Bank has no capacity to know or view the PIN issued to the client. Lost Card The client has the obligation to report to the Bank. amended or modified. F. The Bank may issue a new card to the client upon payment of corresponding fees. The Bank requires the signature of all the depositors in withdrawal transactions or payment of funds. If account is closed before interest posting. A notice in writing that the passbook has been lost. Any payment(s) in good faith made by the Bank upon the presentation of the said book shall be deemed valid in the absence of receipt and acknowledgement by the Bank prior to such payment of written communication from the client stating that the passbook has been lost. and made available to any person under any circumstance. Payments to or withdrawal made by either of the depositors shall completely discharge the Bank from any liability. STATEMENT OF ACCOUNT A Statement of Account (SOA) is issued quarterly for statement-based Savings Accounts. given. The client agrees to free the Bank of any liability that results from disclosure of such code. Security Access Code / Personal Identification Number (PIN) Along with the card.

any of the products and services provided by the Bank and any of the terms and conditions pertaining to any product or service. revise. Banker's Association of the Philippines (BAP). or services are subject to specific terms and conditions agreed upon with the Bank. in whole or part. association. The Bank will not be liable to honor signatures that differ from the client's specimen signatures on file. among others. Changes in authorized signatory are allowed only upon receipt by the Bank. as well as its subsidiaries and affiliates. The account is further subject to the Bank's terms and conditions regarding the Internet Banking facility. through an addendum to these terms and conditions. the usual customs and procedures between the Bank and the depositor. In the interest of the Bank. understood. products or services. the client agrees to return the card immediately to the Bank upon its request. guarantee confidentiality of client's accounts. rules. and other similar laws when reporting covered or suspicious transactions to the Anti-Money Laundering Council. policies and circulars (and those that may be issued from time to time) by the BSP. breakdown in computers and communication facilities. typhoons. canceled. By my/our signature/s herein. and regulations from time to time as the need arises and the depositor hereby consents to said policies. The bank may. the Bank's record shall. due to any fortuitous event. 1405 as amended. and fully agree with the UNIONBANK DEPOSIT TERMS AND CONDITIONS with which I/we was/were duly provided. phone banking. or claim of whatever nature that the depositor may suffer in connection with the use of the Bank's systems. or any act or circumstance beyond the control of the Bank. the Bank shall be relieved from any liability in case withdrawals are disallowed by reason of SSS notice to the Bank that credits to pensioner's account have been discontinued or overpayments thereto have been noted. It is an app available to Java-enabled phones and Smartphones. damage. SIGNATURE OVER PRINTED NAME DATE . and (c) Fund Transfer. Replacement for destroyed cards may be issued to the client upon payment of necessary fees. which is available in the UnionBank Internet Banking website. M. the Megalink relative to ATM banking.Captured Card Captured cards remaining unclaimed for three (3) days will be destroyed without need of notifying the client. thereby preventing its use to perform electronic transactions. (b) inaccurate. public disturbances and calamities. all correspondences shall be mailed to the address shown on the Bank's record. terminate such card's validity. For corporations. OTHERS The depositor agrees that in cases of conflict between his records and those of the Bank regarding reconciliation of deposit balances. N. The client shall use his primary ATM card number or his nominated Access ID and PIN / Password to access this facility. or for any loss. The Bank. and other similar cases. amend or cancel.A. The Bank shall be promptly notified of any change in status or address of the depositor. MOBILE BANKING UnionBank Mobile Banking is a channel that allows clients to check their account and do various transactions such as: fund transfers. 6426 as amended. prevail. The Bank reserves the right to add. products. rules. L. and agrees to abide by them. INTERNET BANKING UnionBank Internet Banking is a facility that allows clients to access their accounts and to perform various transactions online such as the following: (a) Account balance and transaction history. and procedures. of a written request from the depositor. without notifying the client. No. buy load. which is made available during the activation of the UMobile app. The account is subject to UnionBank's Mobile Banking Terms and Conditions. by the BSP or by the government which the Bank is bound to comply with or strictly implement. injury. For SSS Pensioners.A. The depositor also agrees that where particular transactions. the existing rules and regulations.unionbankph. such as but not limited to: (a) prolonged power outages. or similar electronic transactions. The Bank and its officers and employees shall not be deemed to have violated R. R. clubs and other organizations. No. such terms and conditions shall take precedence.8791. (b) Bills Payment. No. The Bank reserves the right to adopt policies. without prior notification. The depositor holds the Bank free and harmless from any liability or causes of action in case limitations or restrictions are imposed on the operation and maintenance of the account. floods. incomplete or delayed information is received by the depositor due to disruption or failure of any communication In all other cases not specifically provided under these terms and conditions. otherwise. shall be taken into consideration in the operation and maintenance of the account and in resolving issues involving transactions between the Bank and the depositor. The depositor or authorized signatory is required to update his signatures at least once every two (2) years or whenever deemed necessary by the Bank. at all times. or that are applicable thereto. and bills payment using their mobile phone. Once or replaced by the Bank at anytime and at the latter's discretion. receipt of which I/we confirm by our signature/s below. I/we acknowledge that I/we have read. the client may activate the app by downloading it and using the assigned MPIN. the written request must be supported by a Board Resolution. www. R. and these terms and conditions shall be of supplementary character for said transaction/s. Card Termination The card may be terminated.A. and relevant laws and regulations affecting US dollar accounts. The Bank shall not be liable for any failure to provide any service or to perform any obligation.