The acceptance of the passbook or the signing of the Bank’s signature card shall constitute a valid assent by the depositor to these Rules and Regulations and to any amendment thereof as herein provided.
The Premium Savings Deposit (PSD) may be opened subject to the presentation of documents acceptable to the Cooperative Bank of Quezon Province (CBQP) and after verification of the applicant’s identity and/or authority to open the account.
Passbook. PSD shall be evidenced by a passbook which must be presented at every transaction covering this account at the issuing CBQP Branch. Possession of the passbook shall raise the presumption of ownership. The depositor is therefore advised to take care of the passbook and should notify the Bank if the same is lost.. The Bank shall not be responsible for payment made in good faith and upon presentation of the passbook.
Deposits. Deposits to the account may be made by accomplishing a deposit slip and presenting the same together with the deposit item(s) and passbook to the Teller only at the issuing CBQP branch. Deposit in the form of checks will not be considered good until properly cleared.
Withdrawals. The depositor must make withdrawals personally or, upon written authority, by a representative, by accomplishing a withdrawal slip and presenting the passbook only at the issuing CBQP Branch. The Bank reserves the right to require thirty days notice by the depositor of any intended withdrawal from the account, but if any, permit any withdrawal without such notice, provided withdrawal is made only at the CBQP Office/Branch where the account is maintained.
Interest. Your deposit shall earn interest rate comparable to that of time deposit. It is mutually agreed that the interest rate appearing on the face of this passbook is subject to adjustment on the date of deposit and every interest period thereafter based on the prevailing bank rate for PSD.
The interest shall be subject to the 20% withholding tax or the applicable rate as may be provided by law or BIR regulation at the time of withdrawal.
This deposit shall automatically be renewed if not withdrawn on maturity date for the same period of time and apply the prevailing bank rate.
In case of full or partial withdrawal of the principal before the maturity date, the interest shall be:
25% of the agreed interest rate- if withdrawal is made within the first half from the value date; or
50% of the agreed interest rate – if withdrawal is made within the second half from value date.
Assignment or pledge of savings account deposits shall not be binding on the Bank unless made with the Bank’s prior consent in writing.
In case of extraordinary inflation or deflation of currency stipulated herein, the provision of Article 1250 of the Civil Code shall not apply.
This is to certify that this Premium Savings Deposit Account is officially registered in the books of COOPERATIVE BANK OF QUEZON PROVINCE, ___________________ Office/Branch.
_________________________ _________________________________
Authorized Signature Authorized Signature
I hereby agree to conditions stated in the Rules and Regulations Governing Premium Savings Deposit and acknowledge receipt of the original copy of this PSD Passbook.
__________________________ ___________________________
Depositor’s Signature Depositor’s signature
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