Terms and Conditions
These Terms and Conditions shall govern
the opening and maintenance of the
deposit accounts and related services with
the UnionBank of the Philippines (the
“Bank”).
It shall be governed by the provisions of
Bangko Sentral ng Pilipinas, Philippine
Clearing House Corporation (PCHC), the
Bureau of Internal Revenue (BIR), Anti-
Money Laundering Act (AMLA), Foreign
Account Tax Compliance Act (FATCA),
Philippine Deposit Insurance Corporation
(PDIC), Data Privacy Act (DPA), and other
applicable existing and future laws, rules,
and regulations of the Philippines, relating
to the opening and maintenance of deposit
accounts, services, products, or facilities
availed by the account holder/s.
PROVISIONS FOR DEPOSIT ACCOUNT
Opening of Account
An individual or by two (2) or more persons
jointly, who is/are free from any legal
disability may open a Savings, Checking,
Time, or Foreign Currency Deposit Account
(FCDU).
The opening and maintenance of deposit
accounts, upon compliance with and
submission of all documentary / information
requirements and customer identification,
shall be at the sole discretion of the Bank.
It shall be maintained only in the account
holder/’s true and full name.
A passbook, Automated Teller Machine
(ATM) or debit card, checkbook, or
Certificate of Time Deposit (CTD) shall be
issued, depending on the type of account
opened, for the exclusive use of the
account holder/s, and its ownership is non-
transferrable.
May 2019
Minimum Balance Requirement
The Account holder agrees that the deposit
account shall have an Average Daily
Balance (ADB) which the Bank has the
discretion to set. Failure to maintain the
ADB for two (2) consecutive months shall
subject the deposit account to a
Maintenance Fee.
Account Holder Information
It is the Account holder/s duty to keep
updated the specimen signatures,
authorized signatories, personal and
contact information of the deposit account.
The provided contact information will be
used by the Bank to send correspondence
to Account holder regarding the Account
holder/s account, or services, products, or
facility/ies availed by the Account holder/s
from the Bank. Any change or update in
information must be made through a
written request to the Bank signed by the
Account holder/s. The Account holder/s
agree/s that the Bank is entitled to refuse
to process any transactions where Account
holder/s’ signature/s is/are needed if the
signature/s do/does not match the
signature/s specimen provided by the
Account holder/s on the signature card.
The account holder/s shall update their
information on record as required by
regulators and the Bank’s internal policies,
rules and regulations.
The recipient’s account name and/or
account number of the funds transfer may
be disclosed to the account holder or
indicated in its statement of account.
Further, the account holder also agrees
that his/her account name and/or account
number may be disclosed in the recipient/s
statement of account. All disclosures are in
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accordance with the confidentiality laws
and disclosure of information found in
these Terms and Conditions.
Joint Account
The Bank shall be authorized to execute
banking transactions upon receipt of
written consent or signature from any of
the named account holders for a Joint
"OR" account while from all of the named
Account holders for a Joint "And" account.
The following instructions shall not be
honored by the Bank unless all joint
account holders specifically instruct in
writing and/or are complied with:
a. Change in any account information
b. Instruction to change address or any
other instructions concerning the
maintenance or operation of the
accounts.
c. Affidavit of Loss and requests for card
replacement/ passbook replacement,
certificate of deposit, or any other
evidence of account ownership.
d. Request for bank certification e.
Addition/ deletion of account holder
from the account. f. Affidavit of Loss
and request for of ATM Card should be
executed by the account holder to
whom the Card was issued, and
conformed to by the co-account holder.
g. Special Power of Attorney authorizing a
third party to;
i. withdraw, effect funds transfer,
disbursement or any transaction
relating to the account, or
ii. assign or encumber the account
as security for any obligation.
In case the Bank receives contradictory
instructions from any co-account holder(s),
May 2019
Terms and Conditions
the Bank may, at its option, either (i)
require all account holders to provide the
Bank with common instructions; or (ii) to
freeze the account until all co-account
holders arrive at common instructions.
In the event of any legal dispute regarding
the release of funds among the account
holders, the Bank may deliver the proceeds
of the account to the appropriate court in
an action for interpleader to resolve their
respective claims on the account. The
account holders agree to reimburse the
Bank for the cost of suit, attorney’s fees,
and other expenses that the Bank may
incur for the purpose.
The account holders hold the Bank free and
harmless from and against any and all
liabilities which may arise by reason of the
Bank’s implementation of any instruction of
the account holder/s or refusal to pay any
proceeds of the Joint “OR” account without
the requisite discharge by all of the account
holders given to the Bank
Declaration that Co-Account holders are
Alive
Whenever one of the account holders
withdraws/effects funds transfers/draws
against the account/s, the account holders
are doing so based on their continuing
declaration and representation, under
liability for perjury, that all their co- account
holders are still living as of the date of the
withdrawal/fund transfer/drawing against
the account/s is made, and that the Bank
may rely on such continuing declaration
and representation and the account
holders hold the Bank free and harmless
for its reliance on such continuing
declaration and representation of the
account holders.
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For Minors & “In-Trust For” (ITF)
Accounts deposit
For customers who are minors (below 18
years old), it is the responsibility of the
parent/s or guardian/s to read, understand
and be bound by the Terms and
Conditions. It is the parent/s or guardian/s
responsibility to explain to the minor the
use of the products and services. The
Bank shall be entitled to disclose any
information regarding the ITF account to
the beneficiary/ies, if required.
PRODUCTS
Passbook and CTD
Possession of the passbook or CTD shall
raise the presumption of ownership thereof.
All release of funds made by the Bank
upon presentation of the passbook or CTD
shall be presumed valid, provided that no
written notice from the Account holder of
the loss, theft or unauthorized possession
of said passbook or CTD, has been duly
acknowledged by the Bank at the time of
said release.
ATM or Debit Card
The ATM card is and shall at all times
remain the property of the Bank and thus
cannot be lent, pledged, nor charged as a
security for any reason. Pursuant to said
ownership and its obligation as a
depository bank, the Bank has the right to
retrieve the ATM or Debit card/s, or
suspend its functionalities and other
related services, and has no obligation to
justify said retrieval or suspension to the
Account holder/s.
May 2019
Terms and Conditions
The Bank sets a daily maximum
withdrawable amount from the ATM or
Debit card and has the right to change it at
any time, or may approve any change
requested by the Account holder/s.
The ATM or Debit card shall be valid from
the day of issuance or renewal, and
expires on the last day of the month
indicated on the face of the card.
ATM or debit cards may also be used
internationally, subject to the laws and
regulations governing the use of
international ATMs. Cash withdrawals are
converted to the currency of the institution
owning the ATM, at the prevailing
exchange rate, during the time of the
transaction. The Account holder agrees to
be bound by the existing rules and
regulations for foreign exchange
In case of loss of the card, the Account
holder/s are only absolved from financial
liability incurred from any unauthorized or
fraudulent purpose after the loss was
reported to the Bank in accordance with
the prescribed procedure for reporting lost
or stolen cards.
Captured cards in ATMs can only be
claimed for three (3) days from capture.
Otherwise, unclaimed cards will be
destroyed without need of notifying the
Account holder.
The account holder/s accept/s full
responsibility for all transactions made with
the use of the card. The Bank has no
access to the Personal Identification
Number (PIN) assigned to the card and
does not have the capability to retrieve it.
Given this, the PIN can only be changed in
any UnionBank ATMs. In cases where the
Page 3 of 15

account holder/s are unable to remember
the PIN, the card will have to be replaced.
Non-compliance by the account holder of
this provision shall relieve the Bank of any
liability for any loss arising from the use of
the PIN to effect any transaction relating to
the accounts of the account holder.
SERVICES
The following are the services that the
Bank offers. The Bank may, at its sole
discretion refuse to provide any or all of the
following services to an account.
Statement of Account (SOA)
The Bank shall be sending a SOA on a
scheduled basis in accordance with
regulatory and internal policies. The
account holder/s shall be responsible for
promptly examining the SOA including the
paid checks or check images enclosed
therein and notifying the Bank in case of
non-receipt within ten (10) calendar days
from cut-off date.
The account holder is responsible for the
following: a. any and all the entries in the
Bank statements are correct; b. the
amount(s), payee(s) and other data
indicated on the paid checks are true and
accurate and there are no discrepancies;
and c. there are any fraudulent, altered,
forged signatures or endorsements on the
checks or the checks are defective.
Deposit Acceptance
Deposits in the form of cash, check, or fund
transfer will only be made available to the
account of the account holder/s after
verification or after the settlement/clearing
period under existing clearing house rules
May 2019
Terms and Conditions
and regulations. Checks drawn against
banks outside the US continent are usually
sent for collection. Foreign currency check
deposits previously presented and
subsequently returned by the drawee
banks cannot be re-deposited.
Second endorsed checks, post-dated and
stale checks are not acceptable for deposit.
Withdrawals
Withdrawals / encashment / payments /
fund transfers or any type of drawings are
only allowed against cleared funds.
Over-the-counter withdrawals for Passbook
based accounts will be permitted only upon
presentation of the passbook.
Time Deposit Renewal
The Account holder/s may also
renew/rollover the Time Deposit fully or
partially. For partial rollovers or additional
deposits, the Time Deposit account shall
be closed and the amount to be rolled over
shall be processed as a new placement.
Non-renewal of Time Deposit
If the Time Deposit is not withdrawn or
renewed on its maturity date, the funds
shall automatically earn interest at a rate of
savings deposit prevailing on the time of its
maturity date on a per annum basis, until
the date of actual withdrawal or renewal of
the Time Deposit.
Requisition or Issuance of Checkbooks
Checkbooks can be reordered at a
Unionbank channel and are subject to the
payment of applicable fees and charges.
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The account holder shall at all times
ensure compliance with the following: a.
maintain the checkbooks in a secure and
safe place accessible only to account
holder and authorized signatory(ies) and
ensure that it is only the account holder b.
or the duly authorized signatory(ies) who
draw(s) or issue(s) the same; c. exercise
due care when drawing and
releasing/delivering checks, and shall not
draw checks by any means or in any
manner which may enable a check to be
altered; d. not to release/deliver/completely
drawn checks nor release/deliver checks
by mail or any unsecured means; e. when
drawing checks, the account holder is
bound by the conditions to which
checkbooks are issued, including, among
others, the following: i. clearly stating the
amount in words and figures in the spaces
provided on the check; and ii. writing words
and figures close to the left-hand margin so
that other words and figures cannot be
inserted; f. provide and observe security
measures for the safekeeping and use of
checks and check records; g. exercise
diligence to obtain cancelled checks and
Bank statements and promptly inform the
Bank in case of non-receipt of Bank
statements within a reasonable time from
statement cut-off date.
Stop Payment Order (SPO)
An SPO can be issued on any
outstanding unpaid checks and are
subject to the payment of applicable fees
and charges. The SPO shall be valid and
revocable only up to six (6) months from
the date of receipt.
CHANNELS FOR SERVICES
Channels for services are local and
international Automated Teller Machines,
May 2019
Terms and Conditions
Online Banking, Point of Sale (POS)
terminals, Cash Acceptance Machines,
Cash Recycler Machines, Teller Cash
Recycler, Virtual Teller Machine, and
Check Deposit Machines. The use of
these channels shall be governed by their
individual Terms and Conditions, and
applicable charges may apply.
International ATM Access The account
holder’s account, or the electronic
transmission or receipt of data or
information relating to the account holder’s
ATM Card transactions or accounts, such
as, without limitation:
a. in instances where the account holder is
unable to use the ATM card or avail of
any service due to disruption or failure of
the
ATMs or other networks or
communications facilities linking the
same,
b. unauthorized or fraudulent access or
utilization of the ATM card or any service
including, but not limited to, the improper
designation of the account from which
the transaction shall be debited or
credited, or
c. any rejection, disruption, failure or delay
relating to the use of the ATM card or
availment of any service where such
rejection, disruption, failure or delay is
due to circumstances beyond the Bank’s
reasonable control.
UnionBank Online and Digital Channels
The Account holder acknowledges by
signing in this document, that he/she will
read, comprehend and fully agree with
UnionBank Online’s terms and conditions as
found in the UnionBank Online Application –
Terms & Conditions or at
https://online.unionbankph.com/online-
Page 5 of 15

banking/more/terms and have been duly
informed of the possible fraud schemes and
risks pertaining to such.
INTEREST, FEES, CHARGES, AND
PENALTIES
The Bank has the right to impose, from
time to time interest, fees, service charges,
and other bank charges on any or all of the
accounts, and such other products,
services, facilities and channels within legal
and regulatory limits. The Bank is
authorized to debit the applicable penalties,
fees, and charges from the account,
regardless of status, without prior notice. If
the account has insufficient funds to cover
the fees and charges, the Bank may deny
the use of such products, services, facilities
and channels without any liability.
Interest Computation
Interest rates are decided by the Bank’s
formula and interest rate payouts may vary
depending on the approved interest rates
schedule or type of deposit account.
Gross interest computation shall be the
product of the principal amount, the interest
rate of the product, and the number of days
accrued divided by the applicable day-
count convention. Net interest computation
shall be the gross interest deducted by the
withholding tax.
If account is closed before interest posting,
the interest accrued is forfeited in favor of
the Bank. However, interest earned as of
closing date may be given upon customer's
request.
May 2019
Terms and Conditions
Time Deposit Waived Fees
Account holder/s shall be permitted to
cancel or treat the Time Deposit, with a
term longer than one year, as null and void,
without penalty, subject to submission of
written notice of cancellation within two
banking days from the time it was opened,
but subjected to processing and
administrative fees and taxes.
Time Deposit Pre-termination Fees
For Time Deposit accounts, in case the
placement or part thereof is withdrawn
before maturity, or if the Time Deposit is
pre-terminated, the account will be closed
and the prevailing savings deposit rates,
depending on the type of Time Deposit
Account, shall be used as basis for
computation; provided that, if the interest
had been paid in advance, the
corresponding rebate shall be charged
against the placement.
ACCOUNT CLOSING
Closure of Account
The account/s may be closed by either:(1)
the Account holder/s, voluntarily by
physically requesting branch to close the
account and updating the necessary
documents; (2) upon death of an Account
holder in an individual account; or (3) by
the Bank and return the deposit net of
charges, applicable fees, taxes, and/or
contingent or past due liabilities. The
deposit account shall also be automatically
closed by the Bank without prior notice to
the Account holder/s if the balance is zero
for three (3) consecutive months. The
account holder may be notified either
personally or by mail of the Bank's
intention to close the account and interest
Page 6 of 15

shall cease from the date of such
notification. Notice by mail shall be deemed
received five (5) days after the date of
posting.
The Bank is authorized to close accounts
even without prior notice in case said
accounts are:
a. mishandled by the issuance of unfunded
or insufficiently funded check(s); or
b. involved in or used or suspected to be
used for any fraudulent, criminal or
unlawful activities.
c. There was/were misrepresentation(s) in
the opening of the said accounts and to
report such closure and the reason(s)
therefore to BAP, BSP or to any central
monitoring body established by the BAP or
BSP to keep record of and report
mishandled deposit accounts.
The Bank is fully authorized to withhold
unpaid obligations of the account holder/s
to the Bank in the account balance,
properties, or securities of the account
holder/s in the possession or custody of the
Bank, as may be necessary to pay existing
obligations. Upon closure of the deposit
account for any reason, the Account
holder/s agree/s, when so required by the
Bank, to promptly surrender their proof of
deposit – CTD, passbook, or all unused
checks.
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 heir/s or
beneficiary/ies.
Deceased Depositor
In case of account closure due to the death
of an Account holder, the release of the
proceeds of the closed account to the
May 2019
Terms and Conditions
deceased Account holder/s legal heirs, or
to the named beneficiary/ies if the account
is an In-Trust For (ITF) account, or to their
legal guardians or legal
representative/s,shall be subject to the
Bank’s policy on Deceased Depositor and
applicable laws and regulation.
Right of Survivorship for Joint “OR”
Account
In case of death of one of the account
holder in a Joint “OR” account, the
surviving account holder/s must
immediately notify the Bank in writing of the
death of any one of the account holders.
Upon receipt of the written notice of death,
the Bank may hold in the name of the
surviving account holder/s all funds or
items to the credit of, or by way of security
for, any service or product then standing in
the name of all account holders, it being
agreed and acknowledged that as joint
owners of the Joint “OR” accounts,
remaining co-account holder/s have the
right of survivorship, and that the entire
balance of the account shall automatically
be payable to the surviving account
holder/s.
Failure of the surviving account holder/s to
give written notice of death of a account
holder shall be deemed that the surviving
account holder/s have exercised the right
of survivorship and have complied with
applicable provisions / requirements of law
including, among others, payment of taxes,
if any, and satisfied any
claims/debts/liens/right of setoff which the
Bank or any heir or third party may have.
The surviving account holders hereby hold
the Bank free and harmless and
indemnified from any and all taxes,
claims/debts and liabilities arising from or
in connection with their failure to give
Page 7 of 15

written notice of death of an account holder
to the Bank, and their right of survivorship.
PERIOD OF INACTIVITY
Dormant Account
A deposit account, with the exclusion of
time deposits, shall be deemed dormant if
there has been no activity (excluding
earned interest and withholding tax
imposed thereon) for a period of two (2)
years for Savings Accounts and one (1)
year for Current Accounts.
The account holder/s has/have to be
physically present at the maintaining
branch of account to request reactivation
of a dormant account, update
documentary / information requirements,
and transact over-the-counter (deposit or
withdrawal).
Escheated Account
After ten (10) years of continuous inactivity,
dormant accounts will be reclassified to
“Due to Treasurer of the Philippines”. In
accordance with the Unclaimed Balance
Law, the dormant account shall be
escheated in favor of the Philippine
Government upon order of the court. If the
“unclaimed balance” has been deposited
by the Bank to the Treasurer of the
Philippines, the account holder will have to
go directly to the Bureau of the Treasury
for the proper procedure on reactivation.
MISCELLANEOUS
The Bank reserves the right to change or
modify at any time the minimum account
balance, interest rate, service charges,
May 2019
Terms and Conditions
fees, penalties, other amounts and terms
pertaining to the accounts and/or services
described in these Terms and Conditions.
The account holder/s agree/s to be
responsible to check announcements from
time to time in the branch premises or the
Bank’s website at www.unionbankph.com
for any changes or modifications to these
Terms and Conditions.
Deposit Insurance
Deposits are determined and insured by
the Philippine Deposit Insurance
Corporation (PDIC) and are at a per
customer basis.
AMLA Reporting
The account holder shall not use the Bank
facility to transfer funds for illegal purposes
or for any form of money laundering. The
account holder 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 a bad situation or expose
the Bank to violation of Anti-Money
Laundering Law and existing laws and BSP
regulations.
The account holder authorizes the Bank to
make the necessary verifications, records,
reports, submittals and other processes, as
well as perform such acts for the purpose
of complying with the Anti-Money
Laundering Act (Republic Act No. 9160, as
amended), its implementing regulations,
and other laws or rules regulating the
accounts and the account holder hereby
Page 8 of 15

waives corresponding rights under
Republic Act. No. 1405, as amended,
Republic Act No. 6426 as amended,
Section 55.1 of Republic Act No. 8791 and
other applicable laws or regulations for this
purpose.
Foreign Account Tax Compliance Act
(FATCA) -deposit
The Bank reserves the right to block any
payment or transaction on the account that
will result in the Bank, any of its affiliates or
its third party service provider/s, or any
Payment Infrastructure Provider being in
breach of any requirement under FATCA,
similar domestic or foreign legal
requirement or agreement.
For the purpose of this agreement,
"Payment Infrastructure Providers" refers
to any third party that forms part of the
global payment systems; "FATCA" refers to
section 1471 to 1474 of the United States
Internal Revenue Code or any associated
regulations or official guidance; "IGA"
means any intergovernmental agreement
between the US and any other jurisdiction,
or any treaty, law, regulation or official
guidance relating to an IGA, that facilitates
the implementation of FATCA; "FFI
Agreement" means any agreement
pursuant to the implementation of FATCA
or an IGA with the US Internal Revenue
Service, the US Government or any other
Authority.
The Bank, any affiliate, or third party
service provider reserves the right to
withhold or deduct an amount for any
applicable tax, duties, or other lawfully
collected amounts ("Collected Amounts")
May 2019
Terms and Conditions
which are required to be withheld or
deducted to comply with any law or
regulation of any domestic or foreign
jurisdiction, or any agreement entered into
with or between any authority, as required.
Any Collected Amount will be timely paid to
the relevant authority as required. The
Bank will notify the customer of any
Collected Amount as soon as reasonably
possible. The customer acknowledges that
the Bank will not be required to reimburse
any amount withheld or deducted by a
Payment Infrastructure Provider.
Further, if the Bank, any affiliate, or third
party service provider pays or are required
to pay an authority from their own funds to
settle an amount that should have been,
but was not a Collected Amount, the
customer shall pay the amount, plus any
applicable interest and penalties. The
customer understands that the Bank is not
required to contest any demand made by
an Authority for such payment.
DISCHARGE OF THE BANK’S
LIABILITIES
The Bank shall not be liable for any failure
to provide any service or to perform any
obligation, or for any loss, damage, injury,
or claim of whatever nature that the
account holder may suffer in connection
with the use of the Bank's systems, due to
any fortuitous event, typhoons, floods,
public disturbances and calamities, or any
act or circumstance beyond the control of
the Bank, such as but not limited to:
Page 9 of 15

a. prolonged power outages, breakdown
in computers and communication
facilities, and other similar cases;
b. inaccurate, incomplete or delayed
information is received by the account
holder due to disruption or failure of any
communication.
The Bank shall be under no liability to the
Account holder/sin respect of any loss or
damage arising directly or indirectly from:
a. Any loss or damage howsoever
incurred or suffered by the customer by
reason of the Bank’s refusal or the
refusal of other financial institutions or
third parties, to allow a Card
transaction, or to accept the Card or the
PIN, or to provide cash advance up to
the Credit Limit or at all;
b. Refusal of any merchant affiliate of
member institution of Mastercard or
VISA International to honor the Card;
c. Any defect or deficiency in the goods or
services supplied to the customer by
any Merchant Affiliate or, where
applicable, for any breach or non-
performance by a Merchant Affiliate or
a Card Transaction;
d. Malfunction of any ATM or disruption of
communication systems;
e. Exercise by the Bank of its right to
demand and procure the surrender of
the Card prior to its expiry date,
whether such demand and surrender
are made and/or procured by the
Account holder/s or by any other
person, or through the Bank’s ATM;
f. Exercise of the Bank’s right to suspend
or deactivate a Card, or to close an
account;
g. Any injury to the Account holder/s’
credit character and reputation arising
from the repossession of Card, any
request or demand for the surrender of
May 2019
Terms and Conditions
the Card, or the refusal of any person
to honor or accept the Card;
h. Any misstatement, misrepresentation,
error or omission in Account holder/s’
Statement of Account;
In all other cases not specifically provided
under these terms and conditions, the
usual customs and procedures between
the Bank and the Account holder/s, the
existing rules and regulations, policies and
circulars (and those that may be issued
from time to time) by the Bangko Sentral
ng Pilipinas (BSP), Banker's Association of
the Philippines (BAP), Bancnet, and
relevant laws and regulations affecting
foreign currency accounts, shall be taken
into consideration in the operation and
maintenance of the account and in
resolving issues involving transactions
between the Bank and the customer.
The customer 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, by the BSP or by the
government which the Bank is bound to
comply with or strictly implement.
In any action arising from this Agreement
or any incident thereto which the customer
or any other party may file against the
Bank, the Bank’s liability shall not exceed
One Thousand Pesos (PHP1,000.00) or
the actual damages proven, whichever is
lesser.
Liability Limits
The Bank will not be liable for any loss,
damage (including special, indirect or
consequential damages) or delay resulting
from any force majeure event, including
failure, error, malfunction or inaccessibility
Page 10 of 15

of any of the Bank’s systems and
machines.
The Bank’s liability for gross negligence
shall be limited to actual damages but in
no case exceed Ten Thousand Pesos
(PHP10,000.00).
The account holder agrees that the Bank
will use the applicable foreign exchange
rate at the actual time of conversion. In the
event that the account holder’s transaction
is cancelled and/or the account is due for a
refund, the amount that the Bank shall
credit back is based on the received credit
memo or credit instructions from the
merchant or remitting bank. The account
holder agrees not to hold the Bank liable
for any for any fees which may be charged
pursuant to or as an incident of the foreign
currency conversion and/or reversal, for
any loss, damage or claims of whatever
nature which the account holder may incur
due to nonconversion or any changes in
the exchange rate.
The account holder acknowledges and
agrees that the Bank does not have any
control over the electronic devices on
which the ATM card or debit card is used
and as such, the account holder agrees to
indemnify and render the Bank, its
directors, officers, employees, agents and
assigns, free and harmless from any loss,
damage, claim of whatever nature for any
failure and/or malfunction of the electronic
device itself or any system or network upon
which said electronic device is critically
dependent on, or any other disruption,
failure or delay due to circumstances
beyond the control of the Bank.
Liability Limits for Deposits in General
The Bank reserves the right to refuse to
May 2019
Terms and Conditions
accept certain items for depositor return all
or part of a deposit at its sole discretion.
The Bank shall not be responsible for
resulting entries based on erroneous or
illegible account number on the deposit slip.
If the Bank refuses to accept items for
deposit, accepts them conditionally, and/or
dishonors checks presented the Bank is not
responsible for any consequences the
account holder may suffer there from. The
account holder holds the Bank free and
harmless from liability for any deposits
made in violation of any law, rules or
circulars.
The Bank is not responsible for tampered
checks once the checkbook has been
released to the account holder. If a check
is dishonored for any reason, including but
not limited to material alteration, fraud or
forgery, the account holder gives the Bank
full power and authority, in the Bank’s sole
discretion, to debit any and all amounts
that have been credited to the account
resulting from the dishonored check, and/or
offset the same against any funds which
the account holder may have with the Bank
until fully satisfied.
Bank Records
Any discrepancies or errors in Bank
records should be immediately
communicated by the account holder to the
Bank. The Bank records shall be
conclusive on the amount of the deposit for
credit to customer's accounts despite
discrepancies.
Possession or presentation of CTD will be
subject to final verification against the
Bank’s official records. The Bank’s records
regarding the account shall always prevail
in case of any conflict.
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The account holder agrees that in cases of
conflict between the account holder’s
records and those of the Bank regarding
reconciliation of deposit balances, including
discrepancies in the entries in the
passbook the Bank's record shall, at all
times, prevail.
Electronic Banking
The Bank shall have no obligation nor shall
it incur any liability if it does not complete a
transfer, whether immediate or scheduled
due to inactive account, insufficiency of
funds in the nominated payment account,
or dormancy. Any fees or charges which
the account holder incurs as a result of the
Bank’s failure to complete a transfer for the
foregoing reasons, shall be the account
holder’s sole responsibility.
The Bank does not assume responsibility
to the payee or to the customer for any
discrepancies in the payment caused by
account holder's error or delay in effecting
the payment instructions.
The account holder declares that the ITF
account, including payment or release of
the funds, is established for a legitimate
purpose, and hereby holds the Bank free
and harmless from any and all claims of
whatever kind related to the opening,
release and/or disposition of the ITF
account.
The account holders hold the Bank free
and harmless from and against any and all
liabilities which may arise by reason of the
Bank’s implementation of any of the
instructions of the account holders or
refusal to pay any proceeds of the joint
“and” account without the required
May 2019
Terms and Conditions
discharge by all of the joint “and” account
holders given to the Bank in cases where:
a. there is a claim or dispute relating to the
account; or
b. there are conflicting claims or
representations as to the ownership of the
accounts, or the manner of operating the
accounts. The Bank, may at its option,
exercise such remedies permitted by law,
as the circumstances may warrant.
The account holder accepts full
responsibility for all transactions made with
the use of the card and for making sure
that there are no unauthorized
transactions.
The account holder is responsible for all
the transactions made with the ATM card.
If any account is in the name of more than
one (1) person (joint account) and any one
of the joint account holders may transact
on the account, the Bank may issue ATM
cards to some or all of the account holders,
and in such cases, the Bank may
implement transfer / debit / withdrawal
instructions that are received from any one
of the joint account holders using any of
the ATM card/s issued.
All transactions done through the ATM card
are assumed to have been made by or
authorized by the account holder. Non-
compliance by the account holder of this
provision shall relieve the Bank of any
liability for any loss arising from the use of
the PIN to effect any transaction relating to
the accounts of the account holder. Any
transaction effected using the account
holder’s PIN shall be conclusively
presumed to have been authorized by the
account holder.
Page 12 of 15

The account holder is responsible for
ensuring that correct instructions
(including transferee details) are given to
the Bank. The Bank has no responsibility
to verify any information contained in such
instructions.
In receiving checks and other items for
deposit, the Bank acts only as the
collecting agent of the account holder and
assumes no responsibility beyond care in
selecting correspondents. The account
holder assumes full responsibility for the
correctness, authenticity and validity of all
endorsements appearing on the checks or
other items deposited to the Bank.
The Bank reserves the right to debit the
account holder's account for any amount
previously credited, if uncollected and for
charges that may be imposed by
correspondent and/or drawee bank and the
relevant clearing house. The account
holder authorizes the Bank to automatically
debit the account for any amounts which
have been credited in the event of over-
crediting, fraud, mistake, discrepancy or
any other reason within our discretion.
For multiple fund transfers coming from a
nominated payment account where the
account balance is insufficient to
successfully process the transfer, the
Bank, in its sole discretion, may determine
which of the fund transfer requests to
complete.
AGREEMENT TO BE BOUND
These Terms and Conditions shall be
applicable to UnionBank deposit accounts.
These are supplementary to specific terms
and conditions of other UnionBank
May 2019
Terms and Conditions
products and services availed of by the
customer.
The Bank reserves the right to adopt
policies, rules, and regulations from time to
time, as the need arises. The Bank also
reserves the right to amend, in whole or
part, any of the products and services and
its corresponding terms and conditions.
The customer hereby consents to said
policies, rules, and procedures, and agrees
to abide by them.
If the customer continues to operate the
account after receiving the notification of
changes in these Terms and Conditions, it
is assumed that the customer agrees with
the modifications.
Venue of any action arising from or related
to these Terms and Conditions shall be
brought only in the proper courts of Pasig
City, Philippines, to the exclusion of any
other venues.
In case any provision or portion of these
Terms and Conditions is declared invalid or
unenforceable for any reason or should the
Bank decide to terminate or cancel any of
the products or facilities or services which it
provides, it shall not affect the other
provisions of these Terms and Conditions
which shall remain valid and binding.
Waiver of Article 1250 of the New Civil
Code
The account holders expressly waive the
provisions of Article 1250 of the New Civil
Code (concerning cases of extraordinary
inflation or deflation of foreign currency
which provides 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) and
Page 13 of 15

hereby agree that Article 1250 shall not be
applicable to the accounts.
The Bank reserves the right to dishonor
and return checks at the Bank’s sole
discretion and without need of prior
notification. The account holder agrees
that the Bank shall have no liabilities
arising from said dishonor and return.
COMPLAINTS HANDLING
The account holder/s shall immediately
report if their card is lost or stolen, or there
are unauthorized debit transaction/s,
concerns, complaints, errors or requests,
or other type of contingencies, the
customer may visit the nearest UnionBank
branch or contact the UnionBank Customer
Service through the following numbers:
 Customer Service:
o 84-186 or (02)841-8600
 Domestic Toll Free:
o 1800-1888-2277
 Universal Toll Free:
o IAC+800-8277-2273
 Trunkline:
o (02) 667-6388
The customer may also send an email to
customer.service@unionbankph.com or
submit the complaint via the UnionBank
website.
Account holder/s shall be informed about
the possible investigation charge of PhP
1,000 should the claim/complaint be
proven malicious and untrue.
For complaints on transactions as well as
the transaction details, the account
holder/s has/have twenty (20) calendar
days from statement date to raise any
May 2019
Terms and Conditions
issues thereon otherwise the transactions
shall be considered correct and accurate
and any claim against the Bank shall be
deemed waived.
Prior to receipt by UnionBank of account
holder’s report of loss / theft / unauthorized
transaction/s, all transactions generated by
the use of the card shall be deemed
conclusively binding on the account holder
and UnionBank will not be held liable for
any loss or damage incurred by the
account holder.
There are two types of
complaints/requests:
• Simple complaint/request refers to any
complaint/request where frontline
staff/officer solution or immediate
explanation or action can be rendered.
A resolution is immediate if it can be
resolved without the need for third party
intervention. Resolution must be
achieved within a 7-day period.
• Complex complaint/request refers to
any complaint/request which needs
assessment, verification, or investigation
with third-party intervention. Resolution
may be achieved ideally within a 45-day
period.
Account holder acknowledges that he/she
has read, understood and fully agree with
the Bank’s Privacy Policy as found in
www.unionbankph.com/online/privacypolicy
and receipt of which he/she confirms by
his/her/their signature/s below.
Page 14 of 15
 Terms and Conditions

By my/our signature/s herein, I/we

acknowledge that I/we have read,
understood, and fully agree with the 15-
page UNIONBANK TERMS AND
CONDITIONS with which I/we was/were
duly provided, receipt of which I/We
confirm by my/our signatures below

_________________________ ______
SIGNATURE OVER PRINTED NAME DATE

_________________________ ______
SIGNATURE OVER PRINTED NAME DATE

Union Bank of the Philippines is supervised

by the Bangko Sentral ng Pilipinas with
telephone number (02) 7087087 and e-mail
address: consumeraffairs@bsp.gov.ph.

May 2019 Page 15 of 15