Terms and Conditions


BASIC DEPOSIT ACCOUNT

1. Passbook must be presented every time a deposit or withdrawal is made.

2. Initial Deposit should not more than P100.00.

3. Required minimum Average Daily Balance (ADB) is P1000.00 to earn interest.

4. The depositor agrees that this Basic Deposit Account is governed by the laws, Presidential Decrees, Circulars of the Bangko Sentral ng Pilipinas and policies adopted by the Board of Directors of the Rural Bank of Cauayan, (Isa.), Inc.

5. Checks deposited shall be accepted on collection basis and maybe withdrawn only after the prescribed reglamentary clearing period. The bank may charge back any defective or lost items credited to this account, regardless of the time that has elapsed, whether or not the item itself can be returned. The depositor assumes full responsibility for the validity of the items deposited, as well as the correctness and genuineness of all the endorsements thereon.

6. Deposits and withdrawals must be in units of One Peso (1.00).

7. A Basic Deposit Account opened and subsequently closed within a period of thirty (30) days will be charged P100.00 to cover the cost of the passbook and ledger card.

8. Deposit under Basic Deposit Account shall earn an annual Interest of 0.25% computed based on the account’s Average Daily Balance (ADB) and shall be posted every quarter end.

9. Accounts closed before the end of reference quarter will not earn interest for the quarter.

10. Interest Earned every quarter shall be subject to Twenty percent (20%) withholding tax as per National Bureau of Internal Revenue Code of 1997 Chapter III Sec. 24 under RA 10653.

11. The bank reserves the right to require advance notice in writing before any substantial withdrawal is made.

12. Any claim by the depositor against any erroneous entry in the book must be made before leaving the bank.

13. Depositors must not write or alter anything in the passbook or deface the same.

14. In case of death of the depositors the balance outstanding will be paid to his/her legal heir/s.

15. Notify the bank immediately in case of loss or destruction of the passbook.

16. Deposit account showing no activity for a period of two (2) years shall be considered as dormant account. The Bank shall send individual notifications to the client’s last known address/email address/ contact number indicated in the Client Information Sheet sixty (60) days prior to dormancy of the account.

17. Should the depositor exceed the P 50,000.00 maximum balance, the bank should convert the Basic Deposit Account to a Regular Deposit Account.

18. That as per BSP Circular 928 Series of 2016, pursuant to Monetary Board Resolution dated September 29, 2016 Dormant Accounts will be included in the list of unclaimed balances to be submitted to the Treasurer of the Philippines for escheat in accordance with the Unclaimed Balances Act if account has no activity for ten (10) years.

19. The foregoing rules, regulations and conditions shall be deemed accepted by the depositor upon acceptance this TERMS and CONDITIONS.


INTEREST BEARING CHECKING ACCOUNT

1. The depositor agrees that this demand deposit account is governed by the laws, Presidential Decrees, Circulars of the Banko Sentral ng Pilipinas and policies adopted by the Board of Directors of the Rural Bank of Cauayan, (Isa.), Inc.

2. Initial deposit should not be less than P 10,000.00 to open an Interest Bearing Checking Account.

3. Withdrawal over the counter is not allowed. All withdrawals shall be done using a check.

4. The bank shall issue a passbook and Check booklet at the cost of the depositor and shall surrender all unused checks upon closing of the account.

5. Required minimum Average Daily Balance (ADB) is P 10,000.00.

6. Interest Bearing Checking Account shall earn an annual interest of 0.25% computed based on the account’s Average Daily Balance (ADB) and shall be posted every quarter end.

7. Accounts closed before the end of reference quarter will not earn interest for the quarter.

8. Interest Earned every quarter shall be subject to Twenty percent (20%) withholding tax as per National Internal Revenue Code of 1997 Chapter III Sec. 24 under RA 10653.

9. Checks deposited shall be accepted on collection basis and maybe withdrawn only after the prescribed reglamentary clearing period. The bank may charge back any defective or lost items credited to this account, regardless of the time that has elapsed, whether or not the item itself can be returned. The depositor assumes full responsibility for the validity of the items deposited, as well as the correctness and genuineness of all the endorsements thereon.

10. The Depositor assumes full responsibility of monitoring/checking if fund is enough against issued checks.

11. Cash deposits must be in units of One Peso (1.00).

12. A Demand deposit account opened and subsequently closed within a period of thirty (30) days will be charged P100.00 to cover the cost of the passbook and supplies.

13. The bank reserves the right to require advance notice in writing before any substantial issuance of check is made.

14. Any claim by the depositor against any erroneous entry in the book must be made before leaving the bank.

15. Depositors must not write or alter anything in the passbook or deface the same.

16. In case of death of the depositors the outstanding balance will be paid to his/her legal heir/s.

17. Notify the bank immediately in case of loss or destruction of the passbook.

18. Deposit account showing non-activity for a period of one (1) year/365 days after the last activity shall be considered dormant. The Bank shall send individual notifications to the client’s last known address/email address/ contact number indicated in the Client Information Sheet sixty (60) days prior to dormancy of the account.

19. The Bank shall impose and collect Dormant Service Charge (DSC) of P30.00 monthly on dormant accounts that fall below the required minimum monthly average daily balance without any transaction for five (5) years (1825 days).

20. The Bank shall impose and collect Below Maintaining Service Charge of P50.00 every end of day on deposit accounts that fall below the required minimum average daily balance.

21. The bank shall dishonor checks issued by the drawer and return it to payee whenever the check is under the following cases;

a. When the check is drawn against insufficient fund (“DAIF”).
b. When the check is drawn against uncollected deposit (“DAUD”).
c. When the Drawer notify the bank of a stop payment order for the issued check (“SPO”).
d. When the check is from a drawer’s closed account (“AC”).
e. When the check is drawn six (6) month ago from the date of the check (“STALE CHECK”).
f. When the check is post dated once it is drawn to the bank (“PDC”).
g. When the check has a the following technical defects;
i. Checks with erasure, alteration and/or deficiency (incomplete information such as date, payee, amount in words,/figures, signature) will no longer be accepted, regardless of any signature to indicate authorization.
ii. Checks that are folded, crumpled, deformed, mutilated, with torn edges, smudges among others.
iii. Use of “check-writer” which affixes the numbers in the amount in words line.

22. The bank shall impose a filing fee of P200.00 per check on Stop Payment Order (SPO) requested by the depositor.

23. The bank shall impose Returned Check Service Charge for every check mentioned in number 21 letter A, B and C by P2,000.00 for the first P40,000.00 and additional P200.00 for every P40,000.00 excess and a fraction thereof.

24. The bank has the discretion to impose Returned Check Service Charge for every check mention in number 21 letter “G” by P2,000.00 for the first P40,000.00 and additional P200.00 for every P40,000.00 excess and a fraction thereof.

25. The bank reserves the right to automatically close the account under the following grounds:

a. When the DDA has ten (10) or more returned checks in a month.
b. The ADB is not enough to cover Returned Check Charges.
c. The depositor intentionally uses the account for fraudulent transactions.
d. The account is identified/involved in suspicious activity e.i, issuing a check with an amount that is not consistent to his financial capacity. Issued 1M amount of check but his declared source of income is below 30k per month.

26. That as per BSP Circular 928 Series of 2016, pursuant to Monetary Board Resolution dated September 29, 2016 Dormant Accounts will be included in the list of unclaimed balances to be submitted to the Treasurer of the Philippines for escheat in accordance with the Unclaimed Balances Act if account has no activity for ten (10) years.

27. The foregoing rules, regulations and conditions shall be deemed accepted by the depositor upon signing this term and condition.


REGULAR CHECKING ACCOUNT

1. The depositor agrees that this demand deposit account is governed by the laws, Presidential Decrees, Circulars of the Banko Sentral ng Pilipinas and policies adopted by the Board of Directors of the Rural Bank of Cauayan, (Isa.), Inc.

2. Initial deposit should not be less than P 5,000.00 to open a Regular Checking Account.

3. Withdrawal over the counter is not allowed. All withdrawals shall be done using a check.

4. The bank shall issue a passbook and Check booklet at the cost of the depositor and shall surrender all unused checks upon closing of the account.

5. Required minimum Average Daily Balance (ADB) is P 5,000.00.

6. Interest Bearing Checking Account shall earn an annual interest of 0.25% computed based on the account’s Average Daily Balance (ADB) and shall be posted every quarter end.

7. Accounts closed before the end of reference quarter will not earn interest for the quarter.

8. Interest Earned every quarter shall be subject to Twenty percent (20%) withholding tax as per National Internal Revenue Code of 1997 Chapter III Sec. 24 under RA 10653.

9. Checks deposited shall be accepted on collection basis and maybe withdrawn only after the prescribed reglamentary clearing period. The bank may charge back any defective or lost items credited to this account, regardless of the time that has elapsed, whether or not the item itself can be returned. The depositor assumes full responsibility for the validity of the items deposited, as well as the correctness and genuineness of all the endorsements thereon.

10. The Depositor assumes full responsibility of monitoring/checking if fund is enough against issued checks.

11. Cash deposits must be in units of One Peso (1.00).

12. A Demand deposit account opened and subsequently closed within a period of thirty (30) days will be charged P100.00 to cover the cost of the passbook and supplies.

13. The bank reserves the right to require advance notice in writing before any substantial issuance of check is made.

14. Any claim by the depositor against any erroneous entry in the book must be made before leaving the bank.

15. Depositors must not write or alter anything in the passbook or deface the same.

16. In case of death of the depositors the outstanding balance will be paid to his/her legal heir/s.

17. Notify the bank immediately in case of loss or destruction of the passbook.

18. Deposit account showing non-activity for a period of one (1) year/365 days after the last activity shall be considered dormant. The Bank shall send individual notifications to the client’s last known address/email address/ contact number indicated in the Client Information Sheet sixty (60) days prior to dormancy of the account.

19. The Bank shall impose and collect Dormant Service Charge (DSC) of P30.00 monthly on dormant accounts that fall below the required minimum monthly average daily balance without any transaction for five (5) years (1825 days).

20. The Bank shall impose and collect Below Maintaining Service Charge of P50.00 every end of day on deposit accounts that fall below the required minimum average daily balance.

21. The bank shall dishonor checks issued by the drawer and return it to payee whenever the check is under the following cases;

a. When the check is drawn against insufficient fund (“DAIF”).
b. When the check is drawn against uncollected deposit (“DAUD”).
c. When the Drawer notify the bank of a stop payment order for the issued check (“SPO”).
d. When the check is from a drawer’s closed account (“AC”).
e. When the check is drawn six (6) month ago from the date of the check (“STALE CHECK”).
f. When the check is post dated once it is drawn to the bank (“PDC”).
g. When the check has a the following technical defects;
i. Checks with erasure, alteration and/or deficiency (incomplete information such as date, payee, amount in words,/figures, signature) will no longer be accepted, regardless of any signature to indicate authorization.
ii. Checks that are folded, crumpled, deformed, mutilated, with torn edges, smudges among others.
iii. Use of “check-writer” which affixes the numbers in the amount in words line.

22. The bank shall impose a filing fee of P200.00 per check on Stop Payment Order (SPO) requested by the depositor.

23. The bank shall impose Returned Check Service Charge for every check mentioned in number 21 letter A, B and C by P2,000.00 for the first P40,000.00 and additional P200.00 for every P40,000.00 excess and a fraction thereof.

24. The bank has the discretion to impose Returned Check Service Charge for every check mention in number 21 letter “G” by P2,000.00 for the first P40,000.00 and additional P200.00 for every P40,000.00 excess and a fraction thereof.

25. The bank reserves the right to automatically close the account under the following grounds:

a. When the DDA has ten (10) or more returned checks in a month.
b. The ADB is not enough to cover Returned Check Charges.
c. The depositor intentionally uses the account for fraudulent transactions.
d. The account is identified/involved in suspicious activity e.i, issuing a check with an amount that is not consistent to his financial capacity. Issued 1M amount of check but his declared source of income is below 30k per month.

26. That as per BSP Circular 928 Series of 2016, pursuant to Monetary Board Resolution dated September 29, 2016 Dormant Accounts will be included in the list of unclaimed balances to be submitted to the Treasurer of the Philippines for escheat in accordance with the Unclaimed Balances Act if account has no activity for ten (10) years.

27. The foregoing rules, regulations and conditions shall be deemed accepted by the depositor upon signing this term and condition.


SAVINGS ACCOUNT

1. Passbook must be presented every time a deposit or withdrawal is made.

2. Initial Deposit should not be less than P1,000.00

3. Required minimum Average Daily Balance (ADB) is P1,000.00 to earn interest.

4. The depositor agrees that this Savings Account is governed by the laws, Presidential Decrees, Circulars of the Bangko Sentral ng Pilipinas and policies adopted by the Board of Directors of the Rural Bank of Cauayan, (Isa.), Inc.

5. Checks deposited shall be accepted on collection basis and maybe withdrawn only after the prescribed reglamentary clearing period. The bank may charge back any defective or lost items credited to this account, regardless of the time that has elapsed, whether or not the item itself can be returned. The depositor assumes full responsibility for the validity of the items deposited, as well as the correctness and genuineness of all the endorsements thereon.

6. Deposits and withdrawals must be in units of One Peso (1.00).

7. A Savings Account opened and subsequently closed within a period of thirty (30) days will be charged P100.00 to cover the cost of the passbook and ledger card.

8. Deposit under Savings Account shall earn an annual Interest of 0.25% computed based on the account’s Average Daily Balance (ADB) and shall be posted every quarter end.

9. Accounts closed before the end of reference quarter will not earn interest for the quarter.

10. Interest Earned every quarter shall be subject to Twenty percent (20%) withholding tax as per National Bureau of Internal Revenue Code of 1997 Chapter III Sec. 24 under RA 10653.

11. The bank reserves the right to require advance notice in writing before any substantial withdrawal is made.

12. Any claim by the depositor against any erroneous entry in the book must be made before leaving the bank.

13. Depositors must not write or alter anything in the passbook or deface the same.

14. In case of death of the depositors the balance outstanding will be paid to his/her legal heir/s.

15. Notify the bank immediately in case of loss or destruction of the passbook.

16. Deposit account showing no activity for a period of two (2) years shall be considered as dormant account. The Bank shall send individual notifications to the client’s last known address/email address/ contact number indicated in the Client Information Sheet sixty (60) days prior to dormancy of the account.

17. The Bank shall collect Below Maintaining Service Charge (BMSC) of P25.00per month on deposit account that fall below the required minimum monthly average daily balance for two (2) consecutive months for active accounts and upon transfer for dormant accounts.

18. The Bank shall collect a Dormancy Service Charge (DSC) of 30.00 per month on dormant accounts that fall below the required minimum monthly Average Daily Balance (ADB) five (5) years (1825 days) after last transaction.

19. That as per BSP Circular 928 Series of 2016, pursuant to Monetary Board Resolution dated September 29, 2016 Dormant Accounts will be included in the list of unclaimed balances to be submitted to the Treasurer of the Philippines for escheat in accordance with the Unclaimed Balances Act if account has no activity for ten (10) years.

20. The foregoing rules, regulations and conditions shall be deemed accepted by the depositor upon signing this TERMS and CONDITIONS.

Data Privacy Statement


PRIVACY NOTICE

Confidentiality and privacy are vital features of the banking industry. Rural Bank of Cauayan, Inc. (RB Cauayan) is committed in ensuring that your data is protected in accordance with Republic Act no. 10173 or the Data Privacy Act of 2012 and its Implementing Rules and Regulations.


DEFINITION OF TERMS

1. Consent of the data subject refers to any freely given, specific, informed indication of will, whereby the data subject agrees to the collection and processing of personal information about and/or relating to him or her. Consent shall be evidenced by written, electronic or recorded means. It may also be given on behalf of the data subject by an agent specifically authorized by the data subject to do so.

2. Personal information refers to any information whether recorded in a material form or not, from which the identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information, or when put together with other information would directly and certainly identify an individual.

3. Privileged information refers to any and all forms of data which under the Rules of Court and other pertinent laws constitute privileged communication.

4. Sensitive personal information refers to personal information:

a. About an individual’s race, ethnic origin, marital status, age, color, and religious, philosophical or political affiliations;
b. About an individual’s health, education, genetic or sexual life of a person, or to any proceeding for any offense committed or alleged to have been committed by such person, the disposal of such proceedings, or the sentence of any court in such proceedings;
c. Issued by government agencies peculiar to an individual which includes, but not limited to, social security numbers, previous or current health records, licenses or its denials, suspension or revocation, and tax returns; and
d. Specifically established by an executive order or an act of Congress to be kept classified.


PROCESSING OF PERSONAL INFORMATION

A. COLLECTION

The bank’s data collection process for the core banking system starts upon client application. After getting consent, the branch provides the client with KYC documents such as Client Information Form (CIF) and the signature card, in compliance with Customer Due Diligence required under AMLC. Personal information and Sensitive Personal Information, as well as financial data are included in these documents.
For employee files, data collection starts during the recruitment process, wherein applicants for various positions are required to submit personal files in compliance with the Labor Code and the bank’s internal policies.

B. USE

All data collected from clients, regardless of product or service acquired, is used by the bank for the following purposes, subject to Bank Secrecy Law and Data Privacy Act:
1. Bank’s operations;
2. Compliance with regulations;
3. In agreement with third-party wherein the bank acts as a conduit (e.g. ACPC);
4. For research purposes with BSP accredited/recognized organizations.
Transactions indicated in number 3 and 4 requires a Data Privacy Agreement between the bank and the third-party, unless the agreement is inherent in the transaction or third-party’s operations, to ensure that accountability and adherence to the applicable laws are in place.
Data collected from employees are used during assignment of duties, evaluation, promotion and demotion, compensation and benefits, and other purposes allowed under the Labor Law.

C. STORAGE, RETENTION AND DESTRUCTION

The bank shall ensure that personal data under its custody are protected against any accidental or unlawful destruction, alteration and disclosure as well as against any other unlawful processing. The bank shall implement appropriate security measures in storing collected personal information, depending on the nature of the information. All information gathered shall be retained based on the MORB and shall be disposed and destroyed, through secured means.

D. ACCESS

Access to data collected by the bank is limited to those with appropriate authority necessary to carry-out their duties and functions in the bank. Access beyond this is subject to approval of the President and/or the Board.

E. DISCLOSURE AND SHARING

Disclosure and sharing of any personal information from clients or employees beyond what are necessary for the performance of the bank’s duties and purposes mentioned above are strictly prohibited. All employees and personnel of the bank shall maintain the confidentiality and secrecy of all personal data that come to their knowledge and possession, even after resignation, termination of contract, or other contractual relations. Personal data under the custody of the bank shall be disclosed only pursuant to a lawful purpose, and to authorized recipients of such data.


RIGHTS OF A DATA SUBJECT

In adherence to the Data Privacy Act, all data subjects are entitled to the following rights:

1. To be informed whether personal data pertaining to you shall be, are being, or have been processed, including the existence of automated decision-making and profiling.
2. To object to processing of your personal data, including processing for direct marketing, automated processing, or profiling and in case of changes or amendments in processing.
3. To access your personal data.
4. To require the bank to correct any of your personal data, if inaccurate.
5. To obtain a copy of your personal data in an electronic or structured format for your further use.
6. To suspend, withdraw, or order the blocking, removal, or destruction of your personal data from RB Cauayan's system. It is understood that if you exercise this particular right, RB Cauayan has the right to terminate its services with you.
7. To file a complaint with the NPC.
8. To be indemnified for any damages sustained due to such inaccurate, incomplete, outdated, false, unlawfully obtained or unauthorized use of your personal data.

We may charge a fee for processing your request/s for access and/or update. Such a fee depends on the nature and complexity of your request. Information on any processing fee will be made available to you prior to making the request.


CONTACT US

For inquiries regarding your data privacy, you may contact us at:

DATA PROTECTION OFFICER

dpo@rbcauayan.com

(+63) 917 705 8812


CHANGES TO THE STATEMENT

We may modify or amend this Privacy Statement from time to time to keep up with any changes in relevant laws and regulations applicable to us or how we collect, use, protect, store, share or dispose of your personal information. Any relevant updates will be posted on this website.

*Last updated June 27, 2023




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