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1.WHO MAY OPEN ACCOUNTS-
Any person who is at least seven (7) years old and not suffering from any legal disability may open a savings account in the COOPBANK.
A parent (father or mother) may open a parental savings account for his/her minor children; and such account remains under the exclusive control of the parent who opened the account until the minor reaches legal age, in which case, exclusive control passes to the emancipated child, unless the parent authorizes that withdrawals can also be made by the minor.
Any guardian, trustee, or administrator may also open a savings account for each person or estate committed to his/her care.
Deposits made by a corporation, partnership or association can be withdrawn by such officer, partner or employee as may be authorized in Board Resolution, Articles of Partnership, or Power of Attorney, as the case may be.
Deposits made jointly in names of two or more persons, but not payable to either, can only be withdrawn against a receipt signed by all of them.
Deposits made in more than one name payable to either may be paid to either of the depositor named.
2. DEPOSITS –
An initial deposit of P 500.00 shall be required from the depositor. For minor (below 18 years old), an initial deposit of P 100.00 shall be allowed.
A deposit of less than ONE PESO shall not be received by the Bank.
No deposit in Savings Account will be subject to withdrawal by check of the depositor.
Savings deposits may be withdrawn only in the manner provided hereinafter.
Check deposits are treated as collection items and as such, posting of check deposit shall not be construed as an acceptance of the deposit.
3. THE PASSBOOK –
Each depositor of the Bank shall be furnished with a Passbook.
No entries in the Passbook shall be made except by the Bank.
The Passbook is not conclusive evidence of the balance in this account and is not transferable.
No withdrawal will be permitted by the Bank unless the Passbook is presented by the depositor.
In case it is lost, mislaid or stolen, the fact should at once be reported in writing or an affidavit should be submitted to the Bank.
If not found within a reasonable time, an application for writing for a new Passbook should be made by the depositor, in which, when issued, the balance outstanding to his credit as shown in the books of the Bank shall be posted herein.
A P 25.00 service fee shall be collected from the depositor for the replacement of lost passbook.
4. HOW TO MAKE DEPOSIT –
All deposits may be made by the depositor personally, or by his representative by filling out properly the deposit slip form.
If the depositor cannot write, he must have the the form filled out by some person other than an employee of the Bank.
5. HOW TO MAKE WITHDRAWALS-
A. All withdrawals must be made by the depositor personally by filling out properly a withdrawal slip.
Withdrawals from a Savings Account by a person other than the depositor himself may be authorized by the Bank only upon the depositor’s written authority which must be fully authenticated.
If the depositor cannot write, he must have the withdrawal slip filled out by some person other than an employee of the Bank, who must sign his name as one of the witnesses to the fingerprint of the depositor.
No depositor shall be permitted to withdraw from his Savings Account any amount in excess of the balance outstanding to his credit as shown by his passbook.
No depositor will be permitted to withdraw any sum which includes a fractional part of a Peso, except when closing the account.
The Bank reserves the right to require 60 days written notice in advance of any withdrawals from a Savings Account.
If the Bank has knowledge of the death of a person who maintained a deposit jointly with another, it shall not allow any withdrawal by a surviving depositor from the said joint account unless the BIR has certified that the taxes imposed thereon have been paid.
6. CLAIM AGAINST ERRONEOUS ENTRY-
Any claim by a depositor against any erroneous entry on his passbook must be made by him before leaving the bank or on the occasion when the entry is made.
7. INTEREST-
Deposit shall earn interest at such rate determined by the Bank in accordance with the pertinent regulations/guidelines issued by the Bangko Sentral ng Pilipinas. ( 2% p.a.)
The minimum amount which shall be entitled to interest shall be P500.00 and shall be computed based on actual average daily/cleared balances; Deposits of minor, below 18 years old with a minimum amount of P100.00 actual average daily/cleared balances shall also earn interest.
Interest is credited to the depositor’s Passbook quarterly.
INTEREST: No interest shall be paid on account ( a) which have remained inactive or dormant for one year regardless of balance; or closed prior to interest posting.
A dormant account which is reactivated shall earn interest starting from the date of reactivation provided the amount reactivated is not less than the minimum maintaining amount fixed by the bank. .All returned checks shall be excluded from the interest computation from date of deposit to date of return. The passbook must be presented to this bank to have the interest entered thereon.”.(As amended June 11, 2003 BOD Res. No. 078-2003)
A dormant account which is reactivated shall earn interest starting from the date of reactivation.
All returned checks shall be excluded from interest computation from date of deposit to date of return.
The Passbook must be presented to the bank to have the interest entered thereon.
Interest rate is subject to change when conditions warrant.
8. PENALTY CHARGE-
A monthly penalty charge of P 50.00 shall be imposed on regular Savings Account falling below the minimum deposit requirement (P500.00) during the month, whether the account is active, dormant or with automatic transfer agreement.
The penalty charge is subject to change with prior notice which shall be posted within the bank premises.
9. CLOSING OF DEPOSITOR’S ACCOUNT-
A depositor should fill out the withdrawal slip which must be made out for the amount of the balance outstanding to the depositor’s credit as reflected in the passbook.
A service fee of P50.00 shall be required for closing his account within sixty (60) days from opening date. ‘
10. CHANGE OF ADDRESS
Any depositor who moves to some other place should immediately notify the Bank in writing of his new address.
11. DORMANT ACCOUNTS
An account is considered Dormant if it has been inactive for at least one (1) year.
A service fee of P 50.00 shall be collected per month on accounts which are inactive or dormant for at least one (1) year and with balances of less than P 500.00 ( P100.00 for minor)
Service fee shall be immediately debited from the Dormant .
No interest shall be paid on account which have remained inactive/dormant for one (1) year with balances below P1000.00, or (P100.00 for minor)
A dormant account which is reactivated shall earn interest starting from the date of reactivation.
11. COMPUTER BREAKDOWN
The Bank shall not be liable for any loss or damage that may be incurred by depositors or any third party due to their use of information in the Passbook which may be erroneous , delayed or subject of bank adjustments as ocassioned by computer programming defects, faulty communication lines, and/or by any deficiencies (hardware and software) of the computer system.
12. CASH BASIS ONLY
In case the Savings Account is opened on Cash Basis, no check, draft, telegraphic transfer, postal money order, treasury warrant, and/or other forms of deposit/credit instruments shallbe accepted/allowed for deposit or credit to depositor’s Savings Account.
13. EXTRAORDINARY INFLATION OR DEFLATION
In case of extraordinary inflation or deflation of the currency stipulated herein, the provision of Article 1250 of the Civil Code shall not apply.
14. ACCEPTANCE OF RULES
The depositor is understood to have accepted and therefore shall be bound by the conditions stated herein and other additional regulations as the Bank may subsequently make covering his Savings Account. The Bank reserves the right to revise any of the foregoing Rules and Regulations. Announcement with respect to the new, revised or amended rules and regulations shall be posted within the Bank premises.
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