CYBER ACCOUNT TERMS

For purposes of this Cyber Account Terms, "Cyber Account" means a deposit account opened at UnionBank of the Philippines; and "we," "our," or "us" refer to the Bank. "You" and "your" refer to the owner of a Cyber Account.

CYBER ACCOUNT

Ownership. A Cyber Account is a single ownership account by an individual.

Your Responsibility. You are responsible for all obligations arising out of the ownership and maintenance of a Cyber Account, including the amount of any check, draft or other instrument (each, an "Item") deposited to the account, any service charges to the account, our losses arising from the breach of any representation or warranty you make to us or under applicable law, and the costs we incur to enforce our rights or to collect any sum you owe us, including, to the extent permitted by law, our reasonable attorney's fees.

DEPOSITS TO ACCOUNT

Accepting Deposits. You authorize us to accept cash and Items for deposit to your Deposit Account if they are made payable to you or to your order. You also authorize us to deposit to your account wire transfers and other forms of credit (such as direct deposits or other automated clearinghouse entries) received for your benefit. Second endorsed checks, post dated and stale checks are not accepted for deposit.

Our Receipt of Deposits. In receiving deposits, except cash, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. All deposits are posted to your Cyber Account in Philippine Pesos, subject to our receipt of final payment. If final payment is not received on any Item you deposited to your account or if any direct deposit, automated clearinghouse deposit or electronic fund transfer to your account is charged back to us for any reason, you agree to pay us the amount of the chargeback, and you authorize us to debit the Cyber Account, without prior notice and at any time, for the amount of the returned Item or other deposit, our returned item fee, any interest paid on the deposit, and any other fee we pay or loss we incur. We may also use any other legal remedy to recover the amount you owe us. We are not responsible for any transactions until we actually receive and record them. We are not liable for the default or negligence of our duly selected correspondents, nor for losses in transit.

Same Day Availability. Funds from electronic payments such as direct deposits of payroll or electronic benefits and cash deposits you make to your Cyber Account will be available on the day the Bank receives the payment.

WITHDRAWALS FROM ACCOUNTS

ATM Cards: You will be given an ATM card that is linked with your Cyber account.

ATM PIN: An ATM PIN will be issued to you and you should memorize it. You will not disclose, give or make available to any other person your PIN. The Bank recommends that you regularly change your PIN.

Card Transactions: Only ATM withdrawals will be allowed. You may use your card at ATMs, which are part of the electronic service network (Megalink) to which the Bank belongs to. ATM withdrawals are available up to the daily authorization limits specific to members of UBP’s service network(s) provided the available balance is greater than the amount requested.

Point of Sale Transactions: You may use your card to purchase goods and services from merchants that participate in the service network(s) and have agreed to accept your card as a means of payment. Purchases made with your card are referred to as point-of-sales (POS) transactions, and will be charged against your Cyber Account.

Refusal on Withdrawals: We also may refuse to allow any withdrawals without liability to you if we have a concern that one or more transactions on your account may have been unauthorized or fraudulent, if there is a dispute concerning the Cyber Account that makes us uncertain regarding the instructions that have been given, the Cyber Account is garnished or attached, the Cyber Account has been pledged as collateral for a debt, the availability of the funds on deposit cannot be verified, any required documentation has not been presented, or you have failed to repay an obligation to us on time.

Loss of Card: Tell us at once if you believe your Card has been lost or stolen or if you think your PIN is no longer secure or confidential.

ACCOUNT STATEMENTS

General. You will be able to review transactions on your Cyber Account daily through the unionbankph.com Website. You should review your transaction history regularly to protect your rights, including your right to dispute transactions that you believe are unauthorized.

Your Responsibility To Examine Transactions. You must examine your transactions carefully and reconcile your account promptly. You must notify us of any irregularities within a reasonable time (not to exceed 60 calendar days) after transaction occurred. If you do not notify us within that time period, then you cannot recover any amount from us with respect to such Item. In addition, we will be relieved of any liability if you do not notify us in writing within fourteen (14) days after information about the first such irregularity was made available to you.

GENERAL PROVISIONS

Dormant Accounts. You account will become dormant after a year of inactivity. After ten (10) years of continuous inactivity, the dormant account will be escheated in favor of the Philippine Government in accordance with the Unclaimed Balances Law, and we will have no further liability to you for such funds.

Account Closing. You agree to notify us of your intention to close your Cyber Account, and we reserve the right to request that your notice be in writing that affirmatively acknowledges that closing the account could effect your receipt of Financial Services. After a Cyber Account is closed, we have no obligation to accept deposits or pay any outstanding Items or other debits. You agree to hold us harmless for refusing to honor any Item, credits or other debit on a closed account.

Service Charges. You agree to pay the charges as shown on the Schedule of Rates and Fees. As these charges are incurred or, at our option, when we send you an e-mail notification that you should review your account information, we will deduct the charges directly from your Cyber Account balance. We will not be liable for dishonor of your Items or other debits resulting from our deduction of any charges as authorized by your acceptance of these terms.

Interest Rates. Your Cyber Account earns interest at such rate and compounding frequency as shown on the Schedule of Rates and Fees subject to applicable taxes.

Signature Cards. You will provide us with any signature cards and other documentation or information that we request in connection with your Cyber Account. You will be required to update your signature every five (5) years or whenever deemed necessary by the Bank.

Deposit Insurance.
1. Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to a maximum amount of Five Hundred Thousand Pesos (P 500,000.00) per depositor.
2. PDIC shall presume that the name/s appearing on the deposit instrument is/are the actual/beneficial owner/s of the deposit, except as provided herein.
3. In case of transfers or break-up of deposits, PDIC shall recognize actual/beneficial ownership of transferees who are qualified relatives of the transferor. Qualified relatives are transferees within the third degree of consanguinity or affinity of the transferor.
4. In case of (a) deposits in the name of, or transfers or break-up of deposits in favor of, entities, either singly or jointly with individuals, and (b) transfers or break-up of deposits in favor of non- qualified relatives, whenever such transfers/ break up will result in increased deposit insurance coverage, PDIC shall recognize beneficial ownership of the entity or transferee provided that the deposit account records show the following:
  i. details or information establishing the right and capacity or the relationship of the entity with the individual/s, or
  ii. details or information establishing the validity or effectivity of the deposit transfer, or
  iii. copy of Board Resolution, order of competent government body/ agency, contract or similar document as required/provided by applicable laws.
    In the absence of any of the foregoing, PDIC shall deem the outstanding deposit as maintained for the benefit of the transferor although in the name of the transferee, subject to consolidation with the other deposits of the transferor.
5. PDIC may require additional documents from the depositor to ascertain the details of the deposit transfer or the right and capacity of the transferee or his relationship to the transferor.

FINANCIAL SERVICES TERMS

This Financial Services terms govern your use of Financial Services available at our unionbankph.com Website.

Definitions: In this terms, "Account" means your Cyber Account; "Password" means the password you use to access the Financial Services at the unionbankph.com Website and your Cyber Account through a personal computer or other electronic terminal; and "Business Day" means Monday through Friday, except holidays.

FINANCIAL SERVICES

We offer the following types of Financial Services for your Cyber Account via unionbankph.com Website.
1. Account Inquiry
  You may view your Current Balance, Available Balance and Transaction History.
2. Transfers to Your Other Accounts at the Bank.
  You may transfer funds from your Cyber Account to your other accounts in the Bank and open a Time Deposit Account.
3. Transfers to Third Parties within the Bank.
  You may transfer funds from your Cyber Account to third parties ("Recipients or Beneficiaries") who have deposit accounts with the Bank. You will be responsible for informing the Recipient regarding this transfer. Such transactions are irrevocable once effected.
4. Transfers to Third Parties outside the Bank.
  You may transfer funds from your Cyber Account to third parties who have accounts at other Philippine Banks. You will be responsible for informing the Recipient regarding this matter. Such transactions are irrevocable once effected.
5. Bills Payment
  You may pay your bills from your Cyber Account to institutions which the Bank has collection agreements.
6. New Services or Changes
  We may from time to time, introduce new or change the services offered in our unionbankph.com Website.
 
   

GENERAL PROVISIONS

Terms Relating to Goods and Services Purchased using Electronic Transfers.
1. No Liability. The Bank will not be responsible in any way for any goods or services you decide to purchase, including without limitation, their quality, safety, legality or delivery. The Bank will not become involved in any dispute involving such goods or services. You also agree to release the Bank and its respective directors, officers, employees and agents from any and all claims, demands and damages between persons using the Financial Services of unionbankph.com, including any claims, demands or damages arising out of or related to the purchase or sale of goods or services.
2. Rejected Funding Transactions. Payments are made solely out of funds on deposit with the Bank. If you are the recipient of a transfer from another Bank customer, and the sender reverses or charges back a transaction used to fund your transfer, the Bank immediately and without notice or presentment may debit your account for the amount of the transfer, regardless of whether your account has a sufficient balance to fund the transaction. You are responsible for any charges incurred created because of the reversal. You may incur interest, fees and charges if there are insufficient funds in your Cyber Account to cover such amount.

Taxes. You are responsible for paying any and whatever taxes due or may be imposed upon arising from availment of the services and products embodied by the UnionBank Cyber Account. You authorize UBP to automatically charge or debit your account for any and all such taxes due.

Service Charges. You agree to pay the charges as shown on the Schedule of Rates and Fees. As these charges are incurred or, at our option, when we send you an e-mail notification that you should review your account information, we will deduct the charges directly from the Cyber Account balance. We will not be liable for dishonor of your Items or other debits resulting from our deduction of any charges as authorized by your acceptance of these terms.

Errors and Questions. Notify us in case of errors and questions about your statement. You can do any of the following:
1. Send an email to internet@unionbankph.com or our Call Center at customer.service@unionbankph.com.
2. Call our Call Center Hotline @ 84186 (Metro Manila), 254-7524 (Metro Cebu), 222-2500 (Metro Davao). Or call our domestic toll free number, 1-800-1888-2277. Our universal toll free number is +800-8277-2273. They are available 24 hours a day, 7 days a week.
3. Write to Customer Service Dept., UnionBank, 9th floor Peak Tower Alfaro Street, Makati City. Attn: Internet Services.

We must hear from you not later than sixty (60) days after you made a transaction on which the problem or error appeared. If you notify us verbally, we may require that you send us your complaint or question in writing within 24 hours.

When you tell us about the problem, please:
1. Tell us your name, your Cyber Account or card number and/or access ID.
2. Describe the error or transaction and explain why you believe it is an error.
3. For a bill payment, tell us the account number used to pay the bill, date the payment was sent, payment amount, and confirmation number for the payment in question.

We will tell you the results of our investigation. We will correct any error if it is directly attributable to act of negligence or deliberate act on our part, otherwise UBP cannot undertake to correct the error even if it is remediable. For bills payment, we will coordinate with the appropriate institution

GOVERNING LAWS

This Cyber Account Agreement is governed by the provision of Bangko Sentral ng Pilipinas and applicable laws on the Philippines relating to the covered transactions herein.

SCHEDULE OF RATES AND FEES

Cyber Account – EON Product
Minimum Initial Deposit P 0.00
Maintaining Balance P 0.00
Interest (computed based on Average Daily Balance (ADB))  
  • Average Daily Balance Above 10,000
    		•  0.500%
  • Average Daily Balance Below 10,000
    		•  0%
  • Withholding Tax
    		•  20%
    Visa Electron Annual Fee P 350.00 annually
    Withdraw Cash from a UnionBank ATM P 10.00 (after the 3rd withdrawal)
    Withdraw Cash from a non-UnionBank ATM within the Philippines P 12.00
    Withdraw Cash from an international Visa PLUS ATM US $3.00*
    Balance Inquiry from an international Visa PLUS ATM US $1.00
    Send Electronic Funds Transfer to another EON account FREE
    Send Electronic Funds Transfer to another UnionBank account FREE
    Send Electronic Funds Transfer to other Banks P 10.00**
    Receive Electronic Funds Transfer from another EON account FREE
    Receive Electronic Funds Transfer from another UnionBank account FREE
    Receive Electronic Funds Transfer from another Bank FREE***
    CyberCheck  
  • Branch Pick-up
    		•  P 10.00
  • Delivered via courier service
    		•  P 50.00 (within Metro Manila)
    P 60.00 (outside Metro Manila)
    Inactivity Charges  
  • Inactivity Charges (No transactions for 1 year)
    		•  P 200.00 monthly until account becomes active
  • Dormancy Charge (No transactions for 2 years)
    		•  P 500.00 monthly for 10 years. After 10 years if account is still inactive, the balance is escheated or turned over in favor of the government
    Transaction Diary P 200.00

    NOTES:

    * International Withdrawals declined due to insufficient funds are charged a US $1.00 service fee

    ** Some local banks may charge a fee on the EFT transactions sent by our EON accountholders. These banks often charge a receiving fee from the amount that is to be credited to the account. This is in addition to the P10.00/P30.00 that Union Bank will charge for the transaction.

    *** For Incoming Remittances with incorrect account numbers and/or incorrect account names, a repair fee of P100 may be charged

    Proceed to Visa Electron Terms