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Depositary banks, on account of networth, resources, past performance, or Shall be used to represent himself in any public/private
other pertinent criteria, have been qualified by MB to function under an document
expanded foreign currency deposit system MUST State or affix his real/original name and all names
Shall be exempt from maintaining 15% of the cover in the form of foreign or aliases or pseudonym he is or may have been authorized
currency deposit with CB to use.
Subject to prior CB approval, depositary banks may extend foreign currency o Sec 4
loans to any domestic enterprise, without the limitations prescribed 6 months from the approval of this act, all persons who
regarding maturity and marketability have used any name and an alias different from those
Such loans shall be eligible for purposes of 100% foreign currency cover authorized in section 1 of this act and duly recorded in the
prescribed local civil registry shall be prohibited to use such other
name or alias.
4. Withdrawability and Transferability of Foreign Currency Deposits
No restriction on withdrawal by depositor of his deposit or
On the transferability of the same abroad II. Administration of Deposits
Except those arising from the contract between the depositor and the bank
A. Specimen Signatures, ID Photos
G. Anonymous and Numbered Accounts
Anonymous or accounts under fictitious names should not be kept/allowed 1.
All banking institutions required to set a minimum 3 specimen signatures
Where numbered accounts is allowed, banks/non-bank financial institutions from each depositor
should ensure that client is identified in an official or other identifying 2. To update such every 5 years or sooner, at the discretion of banks
documents 3. At their option, to submit ID photos with specimen signatures
4. BSP Circular No. 564 Series of 2007 – list of valid identification cards)
RPC
a. p. 96
o Any person who shall publicly use a fictitious name for the purpose
b. Student beneficiaries of OFW who are not yet of voting age shall be
of concealing a crime, evading the execution of a judgment or
required to present 2 IDs.
causing damage (Art. 178)
i. Remittance claims – School ID with photo and signature
Civil Code
of principal is acceptable as one of the two.
o Employment of pen names or stage names is permitted, provided it
ii. Also birth certificate, library ID, membership ID signed by
is done in good faith and there is no injury to third persons. Pen
organization in university
names and stage names cannot be usurped (Art. 379)
c. B and NB4 shall require
o No person shall use different names and surnames (Art. 380)
i. Two valid IDs on a one time basis only or at the
RA 6085 commencement of business relationship
o Sec 1 ii. Updated photo, other relevant information
Pseudonym is a normally accepted practice for literary, d. Financial transactions may include remittances
cinema, television, or radio or other entertainment i. Anti-Money Laundering Act of 2001
purposes 1. Financial transaction
Must use name registered at birth in the office of the local a. Any act establishing a right or obligation
civil registry, or baptized with or giving rise to any contractual or legal
For aliens – registered with Bureau of Immigration or relationship between parties
substitute name authorized by the court b. Movement of funds by any means with a
1 year from approval of this act – register names with covered institution
residence B. Minors and Corporations As Depositors
o Sec 2
Alias – obtain judicial authority, only for one alias 1. Minors
Petition for an alias – include baptismal and family name a. Vested with special capacity and power to make savings or time
and the name recorded in the civil registry, if different deposits, withdraw, receive interests without the assistance of their
His immigrant’s name, if an alien parents or guardians provided:
His pseudonym if meron i. At least 7 years of age
o Sec 3 ii. Able to read and write
Name he is baptized with, or the one registered in local
civil registry or BOI, or pseudonym
4 Banks and non bank financial institutions
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iii. Have sufficient discretion After the clearing cut-off time until the close of the regular banking hours
iv. Not otherwise disqualified by any other incapacity May be booked as deposits on the day of the receipt
b. Parents ay deposit for their minor children and guardians for their Other non-cash deposits shall be treated as contingent accounts on the day of
wards receipt and shall be booked as deposits the following banking day
2. Deposit in Thrift Banks
a. Minors may make deposits and withdraw them intheir own names H. Booking of Deposits after Regular Banking Hours
i. If any guardian shall give notice in writing to any thrift Shall be treated as contingent accounts on the day of receipt and shall be
bank not to make payments of deposits, dividends or booked as deposits the following banking day
interest to the minor of whom he is a guardian, then
payment shall be made only to the guardian I. Average Daily Balance
3. Corporations Service charges and/or maintenance fees on savings and demand deposit
a. Incorporation stage – Cash - SEC shall require a Bank Certificate of accounts whether active or dormant that fall below required minimum
deposit of paid-up capital notarized in place where signed monthly average daily balance (ADB)
b. Post Incorporation – Opening account – BOD issues a resolution
Conditions
authorizing signatories and specifying depositary bank
Clearly stated in the terms and conditions of the deposit
C. Time Payment of Interest on Time Deposits/ Deposit Substitutes
Rate/amount of charges is properly disclosed
Deposit account balances are below the required minimum monthly
1. Interest or yield on time deposit/deposit substitute may be paid at maturity
ADB for dormant accounts and for at least 2 consecutive months
or upon withdrawal or in advance
RMM ADB of deposits are properly disclosed among the terms and
2. Shall not exceed interest for 1 year
conditions of the deposit
Period of dormancy shall be properly disclosed; depositors shall be
D. Treatment of Matured Time Deposits/Deposit Substitutes
informed by registered mail with return card on his last known
1. Time deposit not withdrawn or renewed on its due date shall be treated as a
address at least 60 days prior to the imposition of dormancy fee.
savings deposit and shall earn interest
Change in terms and conditions for the imposition of service charges and/or
2. Interest from date of actual withdrawal or renewal at a rate applicable to
maintenance fees shall take effect only after due notice to the depositor
savings deposits
3. A deposit substitute instrument not withdrawn or renewed on its maturity Information by regular mail, statement of account messages, electronic mail,
date shall become payable on demand, earn interest, or yield from maturity courier delivery and/or alternative modes of communications on the
to actual withdrawal or renewal at a rate applicable to a deposit substitute depositor’s last known address at least 60 days prior to implementation shall
with 15 day maturity be sufficient
4. Banks with quasi-banking functions shall continue to consider matures and Failure to manifest or register his objection to the new service in writing
unwithdrawn deposit substitutes as such and subject to reserves. within 30 days shall be deemed to constitute acceptance of such changes.
Banks shall post the information on their websites, ATMs, on-screen
E. Clearing Cut-off Time messages; conspicuous places near bank at least 60 days prior to
1. GR: all deposits and withdrawals during regular banking hours shall be implementation.
credited/debited to deposit liability accounts on the date of receipt or
payment III. Survivorship Agreement
2. 2 hours before clearing at BSP
3. Not earlier than 3 ½ hours before start of clearing for all its branches, A. Definition
agencies, extension offices Survivorship agreement
4. No BSP clearing – 2 hours before start of local clearing When joint (and several) owners of a deposit, agree that either of
them could withdraw part or whole of said account during lifetime
F. Booking of Cash Deposits of both
1. Cash deposits received after clearing cut-off time until the close of the And the balance, if any, upon death of either, belonged to the
regular banking hours shall be booked as deposits in the day of the receipt. survivor
An Aleatory contract – mutual agreement of joint depositors
permitting either of them to withdraw whole deposit and transfer it
G. Booking of Non-cash Deposit to the survivor
“On us” checks, manager’s/cashier/treasurer’s checks and demand drafts Bank accounts may be created by joint owners
drawn against depositary bank B. Survivorship Agreement not Invalid Per Se but may be Violative of Law
And treasury warrants and postal money orders Operation/effect may be violative
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Mere cloak to hide an inofficious donation, to transfer property in fraud of V. Duties of Banks
creditors, to defeat legitime,
May be annulled A. Meticulous Care
Required to take meticulous care of the deposits of its clients
IV. Nature of Bank Deposits Client – right to expect high standards of integrity and performance from it.
Knowing the signatures of its clients
A. Nature Depositors not estopped from questioning wrongful withdrawals
Fixed, savings, and current deposits of money in banks that are true deposits even if they failed to question errors in statements sent by the bank
are considered simple loans and not preferred credits to them for verification
Irregular deposits
Loans because they earn interest B. Payment to Proper Party
Covered by law on loans Payment of money deposited with the bank that will extinguish its obligation
Current and saving deposits are loans to a bank because it can use is payment to the person of
the same The creditor
Depositor is the creditor; bank is the debtor of depositor To one authorized by him
Failure of bank to honor time deposit is failure of obligation as a Or by law to receive it
debtor and not a breach of trust arising from a depositary’s failure Payment to the wrong party does not extinguish the obligation
to return the subject matter of the deposit As to the creditor who is without fault or negligence
Relationship between depositor and the Savings and Loan Association is that Even in good faith
of creditor and debtor By mistake
Ownership of the amount deposited was transmitted to the bank upon Error induced by fraud or third person
perfection and can make use of the amount for its operations, pay interests
on deposits and pay withdrawals
Bank has the obligation to return the amount deposited; Failure to return C. In Case of Death of Depositor
will only give rise to civil liability and NOT misappropriation under RPC NIRC
Bo obligation to return the same money deposited If a bank has knowledge of the death of a person who maintained a
Contract governed by Civil Code Art. 1980 bank deposit account alone or jointly with another,
Savings deposit agreement between bank and depositor is the contract which It shall not allow any withdrawal from the said deposit account
determines the rights and obligations of the parties Unless, the Commissioner has certified that taxes imposed are paid
Administrator of estate OR any 1 of the heirs, upon authorization by
Bank acquires ownership of deposits but coupled with obligation to pay
the Commissioner, withdraw an amount NOT exceeding P20,000
depositor equal amount of demand
All withdrawal slips shall contain a statement that all of the joint
Draw checks against current account or ask for release of funds in
depositors are still living at the time of withdrawal by any one of the
savings account
joint depositors, under oath.
Creditor to expect checks to be honored by the bank as debtor
Bank does not have a unilateral right to freeze the accounts of a
depositor based on mere suspicion that funds were proceeds of
VI. Secrecy of Bank Deposits
scam the depositor was allegedly involved in.
A. Purposes (Secrecy of Bank Deposits Act)
B. Set-Off
To give encouragement to the people to deposit money in banks
When a depositor is indebted to a bank
Debts are mutual To discourage private hoarding, so the same may be properly utilized by
Between same parties banks in authorized loans to assist in the economic development of the
Same right – the bank may apply the deposit to the payment of the country
debt due
Provided there is no express agreement to the contrary B. Privacy
And the deposit is not specifically applicable to other particular Civil Code
purpose Every person shall respect the dignity, personality, privacy and
peace of mind of his neighbors and other persons
Meddling/prying into each other
Violation of rights and liberties
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Privacy of letters and private communications a) Upon written permission of the depositor
RPC b) Impeachment case
Violation of secrets by an officer c) Order of the court – bribery or dereliction of duty of public officials
Revelation of trade and industrial secrets d) Money deposited or invested is subject matter of litigation
Trespass to dwelling
Special Law B. Garnishment
Invasion of privacy Rules of Court:
o Anti-Wiretapping, secrecy of BD, IPC Officer may levy in debts due the judgment obligor and other credits,
including bank deposits, financial interests, royalties, commissions and other
C. Absolute Confidentiality personal property not capable of manual delivery in the possession or control
All deposits of whatever nature, including investments in bonds issued by of third parties.
PH Government are all confidential, it may not be examined, inquired, or Levy
looked into by any person, government official, bureau or office o Made by serving notice upon person owing such debts or having in
Unlawful for any official or employee of a banking institution to disclose to his possession or control such credits to cover such amount as will
any person any information concerning deposits satisfy judgment and other lawful fees
1. Prohibition against inquiry into or disclosure of deposits under RA Garnishee shall make a written report to the court within 5days from service
8367 (Non-Stock Savings and Loan Associations) of notice of garnishment
All deposits of whatever nature with an Association are confidential, many o Stating whether or not judgment obligor has sufficient funds or
not be examined, inquired or looked into by any PGBO credit to satisfy amount of the judgment
Except o How much funds/credits the garnishee holds for the judgment
o Upon written permission of the depositor in cases of impeachment obligor
o Upon order of a court in cases of bribery or dereliction of duty of Garnished amount in cash or check shall be delivered directly to the
public officials judgment oblige within 10 working days from notice
o Where money deposited or invested is the subject matter of Lawful fees shall be paid directly to the court
litigation When there are 2 or more garnishees to satisfy the judgment, judgment
Unlawful for any official/employee to disclose to information concerning obligor shall have the right to indicate the garnishee who shall be required to
deposits deliver the amount due
Properties exempt from execution
2. Foreign Currency Deposits (FCD) a. Family home/homestead
Absolutely confidential nature b. Ordinary tools and implements personally used for his trade,
Except upon written permission of the depositors employment, or livelihood
Cannot be examined, inquired, or looked into by any PGBO whether judicial, c. 3 horses, 3 cows, or 3 carabaos or other beasts of burden
administrative or private d. Clothing, ordinary personal use, except jewelry
FCD shall be exempt from attachment, garnishment, order of court, e. Household furniture and utensils
legislative body, government agency, administrative body f. Provisions for 4 months
g. Professional libraries and equipment of judges, lawyers, engineers,
3. Confidentiality of Deposits in Islamic Banks teachers, etc not exceeding 300,000
Banking transactions may not be examined, inquired or looked into by any h. 1 fishing boat and accessories not exceeding 100,000
PGBO except: i. Salaries, wages, or earningwithin 4 months preceding the levy
o Inspection by bank’s auditor j. Lettered gravestones
o Upon written permission by the depositor k. Monies benefits, privileges, or annuities growing out of any life
o In cases where the money deposited or the transaction concerned is insurance
the subject of court order l. Right to receive legal support , money or property obtained as such
support or any pension or gratuity from the government
Unlawful for official/employee of Islamic Bank designated by BOD to
m. Properties actually exempted by law
examine or audit the books of Bank to disclose or reveal any confidential
information Prohibition against examination/inquiry into a bank deposit does not
preclude its being garnished to insure satisfaction of a judgment
VII. Exceptions To Secrecy of Deposits o No real inquiry
o Disclosure is incidental to the execution process
A. Exceptions under the Bank Secrecy Law:
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o Administer oath, issue subpoena, subpoena duces tecum, take
C. Secrecy and Exemption from Attachment and Garnishment of Foreign testimony in any investigation or inquiry including the power to
Currency Deposits Cannot be Used as Device for Wrongdoing examine and have access to bank accounts and records
Exemption from attachment, garnishment or order of court, legislative body, An in camera inspection may be allowed but there must be a pending case
government agency or administrative body is not applicable to a foreign before the court of competent jurisdiction
transient o Bank personnel and account holder must be notified to be present
o Otherwise, injustice would result to a citizen aggrieved by foreign during inspection and must cover only account identified in the
guest pending case
Investigation by OMB is not considered pending litigation and would not
D. Graft and Corruption warrant the opening of the bank account for inspection
RA 1405 provides that bank deposits are absolutely confidential – may not
be examined, inquired or looked into H. Preliminary Attachment
Except Any person owing debts to the party whose property is attached or having in
o Anti Graft Law his possession or control any credit or other personal property belonging to
o Cases of unexplained wealth such party, may be required to attend before the court where the action is
o Bribery pending or before a commissioner
o Dereliction of duty May be required to attend to give information respecting the property, be
Public office is a public trust – his life, so far relevant to his duty is open to examined on oath
public scrutiny May order personal property capable of manual delivery to deliver to the
Inquiry to illegally acquired property extends to cases where such property is clerk of court or sheriff
concealed by being held by or recorded in the name of other persons
I. Disclosure of Dormant Accounts
E. Authority to Inquire into Bank Deposits under the Anti-Money All banks shall forward to the Insular Treasurer a statement under oath of
Laundering Act their respective managing officers
AMLC may examine any particular deposit/investment with any banking o All credits and deposits held by them in favor of persons known to
institution or non-bank financial institution upon order of the court be dead
a. There is probable cause that deposits/investments are related to an o Or who have not made further deposits or withdrawals during the
unlawful activity preceding years
b. A money laundering offenses o Arranged in alphabetical order
No court order shall be required in the following: o According to the names of depositors
a. Kidnapping for ransom Names and last known place of residence or post-office
b. Comprehensive Dangerous Drugs Act addresses of the persons in whose favor such credit or
c. Hijacking and violations of RA 6235 – Civil Aviation deposits stand
d. Destructive Arson, murder by terrorists against combatant persons Amount and date of the outstanding credit or deposit;
whether money or security
F. Periodic or Special Examination Date when person in whose favor the credit stand died or
BSP may inquire into or examine any deposit or investment with any date when he made his last deposit/withdrawal
banking institution or non-bank financial institution when the examination Interest due on credit/deposit
is made in the course of a periodic or special examination IS shall publish once a week for 3 consecutive weeks in at least 2 newspapers
Disclosure is allowed in examination in a special or general examination of a of general circulation in the locality where the bank is situated
bank authorized by the Monetary Board IS’s duty to inform Atty-General of the existence of unclaimed balances
o MB after being satisfied that there is reasonable ground to believe
that a bank fraud or serious irregularity has been/being committed J. Authority of the Commissioner of Internal Revenue to Inquire into
Another exception – an independent auditor hired by the bank to conduct its Deposits
regular audit – cannot be found in statute books but common sense = Section 6 NIRC
disclosure is a natural consequence of examination Commissioner is authorized to inquire into the bank deposits of:
a. Decedent to determine gross estate
G. In Camera Inspection by the Ombudsman b. Any taxpayer who filed an application for compromise of his tax
Power of the Ombudsman liability by reason of financial incapacity to pay his tax liability
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In case taxpayer files an application to compromise the payment of his tax
liabilities on his claim that his financial position demonstrates a clear
inability to pay the tax assessed, application shall not be considered
Unless and until he waives in writing his privilege under RA 1405 or under
other general or special laws
K. Waiver by DOSRI
NCBA
Any director, officer or stockholder who, together with his related interest,
contracts a loan or any form of financial accommodation from:
o His bank or
o From a bank:
Which is a subsidiary of a bank holding company of which
both his bank and the lending bank are subsidiaries or
In which a controlling proportion of the shares is owned by
the same interest that owns a controlling proportion of the
shares of his bank,
In excess of 5% of the capital and surplus of the bank, or
maximum amount permitted by law, whichever is lower,
Shall be required by the lending bank to waive the secrecy
of his deposits of whatever nature in all banks in the
Philippines
Any information obtained from the examination of the
deposit shall be confidential and may be used by
examiners only in connection with their supervisory and
examination responsibility or by the BS in a legal action it
has initiated involving the deposit account.
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