Business Deposit

MAYA BANK BUSINESS DEPOSITS TERMS AND CONDITIONS, PRIVACY NOTICE, AND LEGAL DECLARATION

TERMS AND CONDITIONS

1. General Terms and Conditions

1.1 These terms and conditions (these “T&C”) govern the terms under which you may access and use the products of Maya Bank, Inc. By opening a business deposit account and/or availing of our services, you agree to be bound by these T&C. The General Terms and Conditions (GT&Cs) of Maya Bank accessible through this link:https://mayabank.ph/terms-conditions/ are deemed incorporated into these T&C. In case of conflict or inconsistency between the GT&Cs and these T&C, the terms of these T&C shall prevail.

1.2 Under these T&C, the terms “Maya Bank”, “Bank”, “we”, “us”, and “our” refer to Maya Bank, Inc. together with its employees, directors, affiliates, successors, agents, and assigns. Maya Bank, Inc. is a digital bank, duly licensed by the Bangko Sentral ng Pilipinas (“BSP”).

1.3 The terms “you” and “your” refer to the entities and/or their duly authorized representatives who avail of the services of Maya Bank as their depositary bank.

1.4 The term “Maya” refers to Maya Philippines, Inc. together with its employees, directors, affiliates, successors, and assigns. Maya Philippines, Inc. is a remittance company, electronic money issuer and operator of payment systems, duly licensed by the BSP and the Securities and Exchange Commission (SEC).

1.5 These T&C shall be effective, valid, and binding from the time that you signify your agreement to these T&C and will be in full force and effect up to the time that it is terminated by you or us, save for some provisions which shall remain effective after termination, as stated in these T&C, under any law, rule, or regulation.

2. Definition of Terms

2.1 Account – refers to the Maya Bank Business Deposit Account subject to these T&C. 

2.2 Account Holder – refers to an entity that maintains a business deposit account with Maya Bank. The words “you” or “your” as used in these T&C shall pertain to the Account Holder.

2.3 Affiliates refers to any person or entity controlled by or under common control with another person. For purposes of these T&C, any of the entities under the MVP Group of Companies, including but not limited to Maya Philippines, Inc., PLDT, Inc., Metro Pacific Investments Corporation, Smart Communications, Inc., The Manila Electric Company, Maynilad Water Services, Inc., Metro Pacific Tollways Corporation, and MediaQuest Holdings, Inc., shall be considered as Affiliates of Maya Bank.

2.4 AMLA – refers to the Anti-Money Laundering Act, otherwise known as Republic Act No. 9160, as amended, as implemented by the Anti-Money Laundering Council of the Philippines (“AMLC”).

2.5 Disputed Transaction – refer to a transaction that was reported to us or that we have reasonable ground/s to believe that such transaction appears to be unusual or without clear economic purpose, from an unknown or illegal source or unlawful activity, or facilitated through fraud or crime and other social engineering schemes.

2.6 Dormant Account refers to any savings account that has had no client-initiated deposit or withdrawal for a period of two (2) years

2.7 Maya Bank Account or Account – refers to your business deposit account with Maya Bank.

2.8 Maya Business Manager – web application owned by Maya, that serves as the interface between the Account Holder and his Maya Bank Account, which terms of use shall be in accordance with the Terms and Conditions and User’s Guide found in the said Maya Business Manager.

3. Opening of an Account

3.1 You may open and maintain Accounts subject to our approval at our sole discretion, upon your submission, compliance and our verification of all the requirements needed for opening accounts, in accordance with BSP onboarding and due diligence requirements, AMLA and other applicable laws and regulations. These requirements include, but are not limited to, the following:

3.1.1 Name of juridical person;

3.1.2 Name, address and citizenship or nationality of the beneficial owner, if applicable and authorized signatories;

3.1.3 Official address;

3.1.4 Contact numbers;

3.1.5 Nature of business;

3.1.6 Specimen signatures or biometrics of the authorized signatory;

3.1.7 Certificate of Registration issued by the Department of Trade and Industry (“DTI”) if sole proprietorship or Certificate of Registration by the Securities and Exchange Commission (“SEC”) if partnership or corporation, Certificate of Registration by the Bangko Sentral ng Pilipinas (“BSP”) if money changers or foreign exchange dealers and remittance agents and transfer companies

3.1.8 Secondary license or certificate of authority issued by the supervising authority or other government agency;

3.1.9 Articles of partnership or incorporation, if applicable;

3.1.10 Latest General Information Sheet, if applicable;

3.1.11 Secretary’s Certificate certifying that a resolution, in accordance with your articles of incorporation or partnership and by-laws, was validly passed by your board of directors or the partners of a partnership, if applicable. The resolution must contain the designation of Maya Bank as the depositary bank of the corporation or partnership and the name and title of the representative/s authorized to act on your behalf; and

3.1.12 Minimum initial deposit, as may be imposed by Maya Bank.

3.2 Opening of your Account may also be initiated upon your availment of related Maya products or services subject to your submission or updating of the documents as above-enumerated or as may be required by Maya Bank, from time to time. For this purpose, you agree to share to Maya Bank any relevant information (personal or otherwise) or supporting documents as above-enumerated (collectively “KYC documents”) which you may have submitted to Maya for purposes of your availment of Maya products or services and vice versa. You agree that Maya Bank may rely on any of your declarations or KYC documents submitted to Maya. You further agree that any KYC documents you submitted containing Maya only without any specification as to Maya Bank or Maya Philippines may be deemed to refer to both unless otherwise stated by you in writing. Any relevant updates to your KYC documents with Maya shall also be considered as having been shared to Maya Bank.

4. Maintenance of Account

4.1 You agree that withdrawals must be made through the modes that may be provided by Maya Bank. These may be subject to the procedures of Maya Bank’s partner entities and your providing of the required information in the Maya Business Manager.

4.2 Relevant fees may be charged to you for the maintenance of your account and transactions initiated on your account. Updated fees and charges for the Account may be found in the Maya Bank website (refer to this link:https://support.mayabank.ph/s/article/What-are-the-fees-charged-to-my-Maya-Business-Deposit-account )

4.3 Maya Bank shall notify you on the imposition of fees, should it decide to impose or revise any service charges, fees and penalties that will be applicable to your Accounts and as may be necessary for the maintenance, processing for claiming balance, and closure of your Accounts. These fees may include charges for closed accounts, mishandled accounts, and/or dormant accounts, subject to compliance with the notice requirements under applicable laws and regulations. For this purpose, Maya Bank is authorized to debit from any of your Accounts the applicable service charges, fees, and/or penalties. In addition to or in lieu of personal notice, the amount of fees and charges are posted on the Maya Bank website, or such other communication channels, and as the same may be amended, revised, updated and/or supplemented from time to time.

4.4 You must maintain a minimum monthly average daily balance (“ADB”), which amount is reasonably determined by Maya Bank and may be subject to change upon prior notice. Failure to maintain a balance equal to or greater than the minimum monthly ADB for at least two (2) consecutive months will entail the imposition of a maintenance fee.

4.5 In all instances, any aggregate and unpaid charges or fees shall immediately become due without need for demand and may be debited without prior notice from any remaining funds, money, or assets in any of Your or the Account Holder’s accounts with Maya or Maya Bank. This includes unpaid charges or fees in case of erroneous, fraudulent or instances of unlawful crediting of transactions in your accounts with Maya or Maya Bank. We shall notify you of such deduction within a reasonable period.

4.6 Interest bearing accounts shall earn interest per annum at a rate to be agreed upon by you and Maya Bank, subject to pertinent laws, rules, and regulations. Deposit interest rates may be changed, provided that such change shall take effect immediately after public notice.

4.7 Interest income shall be credited to your account on the first day of every succeeding month, minus applicable withholding taxes.

4.8 If you are considered as a holder of a Foreign Account Tax Compliance Act (“FATCA”) reportable Account, you shall:

a. Identify yourself as such holder;

b. Provide Maya Bank with your U.S. Tax Identification Number; and

c. Provide other documents or information as may be required by all the applicable laws, rules, or regulations, such as the Intergovernmental Agreement between the Philippines and the United States of America.

You also hereby declare under penalty of perjury that:

a. All of the information that you have provided are true and correct; and

b. You waive your rights pertaining to bank secrecy, privacy, or data protection rights on your Account if and when required by FATCA.

Failure to do the above may constrain Maya Bank to initiate withholding of the legally mandated amounts or to initiate the closure of your Account.

4.9 You agree that Article 1250 of the Civil Code shall not apply in case of extraordinary inflation or deflation of the currency stipulated herein.

4.10 If your Account has no client-initiated deposit or withdrawal for two (2) years and after providing you the required notifications under applicable laws and regulations, your account shall be considered dormant. Dormancy fees may be imposed after a period of five (5) years from the time of your last deposit or withdrawal. If your Account has no remaining balance at the time it became dormant, Maya Bank shall have the right to automatically close your Account with notice to you.

In addition to dormancy fees, Maya Bank may likewise impose other service fees on the dormant account as may be notified to you in accordance with applicable laws and regulations.

Dormant accounts shall not be entitled to earn any interest, bonus, or benefit. No inward or outward transfers may also be done on dormant accounts. However, dormant accounts may be reactivated and you are required to initiate a deposit or withdrawal transaction within a period after a successful reactivation. Reactivation of the dormant account may require resubmission of due diligence documents such as, but not limited to, updated identification cards, if applicable.

Failure to reactivate your account and initiate a transaction thereafter will retain its dormancy status.

Any account with remaining balance that has been dormant for ten (10) years shall be included in the list of unclaimed balances to be submitted to the Treasurer of the Republic of the Philippines and will be subject to escheat in favor of the Government of the Republic of the Philippines in accordance with the Unclaimed Balances Act, and other relevant rules and regulations.

5. Transactions under Maya Bank Account

5.1 You understand that when Maya Bank accepts your transactions with third parties through use of your Account, such as but not limited to bills payment or disbursement, Maya Bank merely serves as a conduit between you and your payee, employee, service provider or all of your other counterparty. Unless due directly to Maya Bank’s gross negligence, you agree not to hold Maya Bank liable for any action or claim which may arise between you and your payee, employee, service provider or your other counterparty.

5.2 You accept full responsibility for all transactions made through your account. All transactions using the Account shall be deemed by Maya Bank as having been made with your knowledge or authority and shall be valid and binding upon you. You accept Maya Bank’s record of transaction as conclusive and binding for all purposes in the absence of manifest error. You further agree to waive any and all rights and remedies against Maya Bank in connection therewith.

5.3 Maya Bank shall not be held responsible for any error in any of the transaction because of insufficient, inaccurate, or incorrect information you have provided. Any charges or penalties incurred as a result of erroneous or unsuccessful transaction shall be shouldered by you as the Account Holder.

5.4 We will attempt to process transactions promptly, but any transaction may be delayed or cancelled for a number of reasons including but not limited to: our efforts to verify your identity; to validate your transaction instructions; to contact you; due to variations in business hours and currency availability; availability of the system which may be affected by service disruptions or system maintenance; or otherwise to comply with applicable laws, rules, or regulations.

5.5 We may, in our absolute discretion, refuse or cancel transactions or services if: (a) Maya Bank is unable to verify your identity; (b) Maya Bank is unable to verify the identity of the recipient; (c) you do not comply with information requests pursuant to Clause 5.6; or (d) Maya Bank reasonably believes you are using its facilities, or allowing it to be used, in breach of these T&C or any applicable laws, rules, or regulations.

5.6 If we have executed the transaction in accordance with the instructions you have provided to us, and that the instructions prove to have been incorrect, we are not liable for the incorrect execution of the transaction. We will however make reasonable efforts to recover the funds or we may make adjustments as may be lawfully warranted under the circumstances. We may charge you a reasonable fee, reflective of our efforts, to do so. Unless there are exceptional circumstances, no adjustment will be made for any currency fluctuations which may have occurred between the time you pay us the transaction amount and the time of credit.

5.7 Unless restrained or directed otherwise through a written order by the BSP or a court of competent jurisdiction, Maya Bank shall have the right to automatically suspend or block the transaction or any Account in the event that Maya Bank has reason to believe that the transaction or the account may be illegal or used for fraudulent or suspicious businesses or by an unauthorized person. To the extent permitted by law, Maya Bank shall not have the obligation to inform you prior to suspending, freezing, holding, or blocking the transaction pursuant to this clause, if such suspension or blocking is due to actual or suspected violation of relevant laws or regulations, which may include, but is not limited to Anti-Money Laundering Act (AMLA or RA 9160 as amended), Anti-Financial Account Scamming Act (AFASA or RA 12010) and other relevant laws and regulations. You acknowledge the authority of Maya Bank to suspend, freeze, hold or block the transaction and the closure of the Account and accordingly, you shall hold Maya Bank free and harmless against any and all consequences of such actions or any loss or damage which you may suffer as a result thereof.

5.8 Payment of bills to accredited billers listed in the Maya Business Manager using funds from Maya Bank shall be available. Maya Bank reserves the right to make available the bills payment feature in its application and to add and remove the billers available therein.

5.9 Payment of bills does not require a printed receipt from the Biller. The act of paying a biller and input of the password and/or other authorization means, for the purposes of authorizing a payment, or unlocking for internet transactions, or payment made through Maya Business Manager App and Web Portal, or Platform, or accessed through an accredited Third Party platform or channel shall be sufficient evidence that the payment made has been authorized, validated, and cannot be disputed by the Account Holder. Once the transaction has been authorized and consummated, Maya Bank shall not be held liable for any undelivered goods and non-performance of services, defects, damages, and after-sales services of such goods and/or services, any error in the amount keyed-in or entered, and/or any other dispute between the biller and the Account Holder arising from such payment. Maya Bank shall also not be liable in the event that the account is accessed by a person other than an authorized user using the latter’s credentials. Nevertheless, Maya Bank shall reasonably address and/or assist the Account Holder on concerns or disputes on involved Transactions, within Maya Bank’s capabilities, terms of use, and applicable policies, laws and regulations, and may impose fees when applicable.

5.10 The Maya Bank reference number in the email confirmation and In-App transaction receipts / logs shall be the Account Holder’s proof of payment.

5.11 All bills payment transactions shall be in accordance with the terms of use as stated herein.

5.12 Bills payment shall be considered final and irreversible/irrevocable once the Account Holder confirms payment by pressing the “Pay” button. In this case, any disputes on bills payment made shall be settled with the Biller.

5.13 In the event that the amount is not debited immediately from the Maya Bank account but was settled to the Biller due to a system error or other technical issue, the amount which was paid to the Biller will subsequently be deducted from the Maya Bank Account during reconciliation.

5.14 Employee disbursement may also be made available to your Account subject to Maya Bank’s approval. In case you have availed of the same, it enables you to disburse salary of your employees to their respective Maya Account as may be designated by you. You hereby represent and warrant that you have secured the consent of your employees to credit the amount you have transferred to them in their Maya Account. You further represent that they have authorized you to share their personal data such as but not limited to bank account information (if other than Maya), salary information etc., to Maya.

5.15 In the instance that this Account is used for Employee Disbursement, in no case shall Maya Bank advance the cash value that should be credited to the Employees; neither shall Maya Bank extend credit to any of your employees under this Agreement. In the same manner, Maya Bank shall not be liable to the employees, should you fail to fully credit or fund the Account, which shall be the source of amounts to be credited to the Employees, with at least the total amount of the disbursement of all of the Employees for a particular disbursement period.

5.16 You shall be responsible in ensuring that only valid and active accounts of intended Employees are included in the accounts list for crediting. Should there be an error in your/company’s registered information provided to Maya Bank that will result to the erroneous crediting of the Maya Accounts (e.g., credited to a different account number), Maya Bank shall not be held liable for such error. Any reversal of erroneous transactions shall only be made by Maya upon receipt of a written notice from your Authorized Signatory or User. Maya Bank will only reverse whatever is the remaining value stored in the Maya Account to which the erroneous credit was made at the time written notice was received. You shall be the party responsible for informing and obtaining authorization from the Employee/es concerned.

5.17 If upon following the procedure for erroneous crediting, Maya Bank finds that there is no balance in the account erroneously credited, you shall bear all loss and shall be responsible in going after the owner of the account erroneously credited, together with all costs.

6. General Terms of Service

6.1 Maya Bank agrees to act as a depositary bank for your deposit account. Such deposit account may be an interest- or non-interest-bearing account and will enable you to receive and make payments, as well as have a facility for store of value.

6.2 The applicable laws and rules of the Philippine Deposit Insurance Corporation (“PDIC”) relating to deposits shall govern. Applicable deposit accounts are insured by the PDIC up to a maximum of One Million Pesos (P1,000,000.00) per depositor. PDIC shall presume that the name/s appearing on the certificate of deposit is/are the actual/beneficial owners of the deposit, except as provided therein.

6.3 Maya Bank’s office hours shall be from 9AM to 6PM, Mondays to Fridays. Maya Bank’s online platforms are available 24/7 subject to the cut-off time of its partners applicable to certain transactions. You shall be notified in advance or at the soonest possible time of maintenance activities and the like.

6.4 Maya Bank reserves the right to modify, suspend, stop, or terminate any of its services immediately upon notice, at any time and from time to time, within applicable laws and regulations of the Philippines.

6.5 You will not use any device, software, or routine to interfere or attempt to interfere with the proper working of the Maya Business Manager.

6.6 Maya Bank reserves the right to verify any activity that is done through its facilities, especially if it involves compliance with AMLA or with other laws, rules, or regulations. Pursuant to the Implementing Rules and Regulation (“IRR”) of the AMLA, you grant Maya Bank the power and authority to report covered and suspicious transactions involving your account to the AMLC.

Pursuant to the IRR of the AMLA, you shall also authorize Maya Bank to maintain and safely store all records of all transactions involving your Account for five (5) years from the dates of these transactions. With respect to closed accounts, we shall also preserve and safely store the records on customer identification, account files, and business correspondence for at least five (5) years from the dates when they were closed.

Pursuant to the duties imposed by the AMLA, you agree to hold free Maya Bank from any liability.

You acknowledge that in compliance with AFASA (RA 12010), we may temporarily hold your funds subject of a disputed transaction within the period as prescribed by law and implementing rules and regulations issued by the BSP.

In compliance with the authority to hold the funds subject of a disputed transaction, you acknowledge that we cannot be held administratively, criminally, and civilly liable in our exercise to hold the disputed fund in your Account.

You further acknowledge that upon the conclusion of relevant investigation of Maya Bank or other requesting bank or financial institutions or upon instructions by the Bangko Sentral ng Pilipinas or upon court order, Maya may permanently hold, suspend, freeze or block any of your access to the disputed fund or your Account.

6.7 Fees and other charges shall be in accordance with the Table of Fees and Charges posted in the Maya Bank website (refer to https://support.mayabank.ph/s/article/What-are-the-fees-charged-to-my-Maya-Business-Deposit-account) as which may be subject to changes upon discretion of Maya Bank and in accordance with laws, rules, and regulations. However, in the situation where there are insufficient funds in your Account to cover such fees and other charges, we reserve the right, without incurring any liability, to refuse to carry out the transaction. Any changes in the fees and charges shall take effect in accordance with the notice from Maya Bank subject to compliance with the notice requirements under applicable laws and regulations.

6.8 In order to comply with our obligations under relevant laws, we reserve the right to require further information or evidence relating to your personal information and to the purpose of any transaction using our facilities.

6.9 You authorize Maya Bank and/or any of its agents to disclose to third parties any and all information you have provided and consent to the use and processing of such information by Maya Bank and/or any of its agents, Affiliates, or third parties including credit bureaus for legitimate business purpose.

7. Your Obligations

7.1 You agree to abide by the obligations stated under this section. You understand that failure to abide by these obligations is subject to Maya Bank applying reasonable penalties to you and your Account, including but not limited to charges, suspension, and/or termination of your Maya Bank Account, and proper reporting to the applicable authority of the laws, rules, and regulations that govern Maya Bank.

7.2 You agree not to use any “deep-link”, “page-scrape”, “robot”, “spider”, or other automatic device, program, algorithm or methodology, or any similar or equivalent manual process, to access, acquire, copy, or monitor any part of the Maya Business Manager, or in any way reproduce or circumvent its navigational structure or presentation, as well as to obtain or attempt to obtain any material, document, or information through any means not purposely made available through our facilities.

7.3 You agree not to gain or attempt to gain unauthorized access to any part or feature of the Maya Business Manager or to any other system or network connected to the Maya Business Manager. You also agree not to gather, harvest, or otherwise collect information about others using the Maya Business Manager without our explicit informed consent; nor restrict, prevent, or prohibit any other party from using our facilities, including but not limited to such actions which may tend to discourage others from using the services, such as stalking, flaming, or lashing out at other parties, spamming or sending unsolicited information, advertisements or content, flooding or sending repetitive messages, trolling or use of insulting or deliberately divisive information, material or content, other forms of annoyances, and the like.

7.4 You agree not to circumvent, disable, or otherwise interfere with security-related features of the Maya Business Manager, including those that prevent or restrict use or copying of any content, material, or information available on or through the Maya Business Manager, as well as those that enforce limitations on the use of our facilities.

7.5 You agree not to probe, scan, or test the vulnerability of the Maya Business Manager or any network connected to it, and not to breach the security or authentication measures on the same. You agree not to reverse look-up, trace, or seek to trace any information on any user of or visitor to the Maya Business Manager, or any other client of Maya Bank including any account maintained with our facilities not owned by you, to its source, or exploit these or any information made available or offered by or through the Maya Business Manager, in any way where the purpose is to reveal any information, including but not limited to personal identification, other than your own information.

7.6 You agree to use or access Maya Business Manager for your information and personal use solely as intended through the provided functionality of the Maya Business Manager. You agree not to copy or download any material or content from or through them unless such copying or downloading is explicitly allowed by a visible manifestation thereof such as a “download” button or a similar link ostensibly displayed. You further agree not to engage or attempt to engage in the use, copying, transmission, broadcast, display, distribution, or sale of any of the contents, material, or information available on or through the Maya Business Manager, including user comments and the like, other than as expressly permitted herein, or as explicitly indicated.

7.7 You agree that you will not take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the Maya Business Manager or its systems or networks, or any systems or networks connected to it.

7.8 You agree not to incorporate any word in your name, message identification, or custom user title that is defamatory, obscene, or profane, or which violates any trademark, service mark, or other intellectual property rights of any third party, including that of Maya Bank. You likewise agree not to use any trademark, trade name, service mark, or logo in a way that is likely or intended to cause confusion about the owner or authorized user of such marks, names, or logo.

7.9 You agree not to use any device or routine to interfere or attempt to interfere with the proper working of the Maya Business Manager or any transaction being conducted using our facilities, or with any other person’s use of these facilities. You agree that you will not engage in any activity that interferes with or disrupts our services or the servers and networks which are connected to our facilities.

7.10 You undertake to provide us with: (a) true, accurate, current and complete evidence of your identity, and promptly update your personal information if and when it changes; (b) provide us with any identity documentation as may be requested by us; and (c) any other information that must be provided for our services to be properly executed. You agree not to conceal your true name or use a fictitious name, otherwise, Maya Bank may file a criminal case against you for violation of penal laws of the Philippines, including the Anti-Alias Law (Commonwealth Act No. 142, as amended by Republic Act No. 6085), among others.

7.11 You agree to update your specimen signature, biometrics, or other similarly pertinent information every three (3) years or earlier when required by Maya Bank. Any changes in specimen signatures, authorized signatories, or other similarly pertinent information can be done provided that you file a written request with Maya Bank in the prescribed form. Maya Bank reserves the right to require you to submit relevant documents to support the changes.

7.12 Once you confirm the transaction or ask Maya Bank to proceed with the Transaction, you agree that you may not cancel nor reverse such transaction. Maya Bank shall proceed with crediting the account of the recipient and once the money or fund is in the account of the beneficiary or recipient, Maya Bank cannot reverse nor deduct such account without the proper court order or authorization.

7.13 Maya Bank reserves the right to hold the appropriate account, within the prescribed periods provided for by laws and regulations, upon showing by clear and sufficient proof that the crediting was patently erroneous, illegal, fraudulent or invalid hence, necessitating reversal of the transaction. However, if our investigation reveals an erroneous transaction or charge occurred due to your mistake or error, such as but not limited to access to phishing, smishing, and or vishing links or similar fraudulent transactions, entering incorrect recipient details or biller information, or there were no suspicious activities, the transaction will be considered final. The outcome of our investigation will be final and conclusive.

7.14 You agree not to use the facilities of Maya Bank for any purpose that is illegal, unlawful, or prohibited by these Terms, or to solicit the performance of any illegal activity or other activity which infringes on the rights of Maya Bank or others, which includes but is not limited to selling, leasing, or giving your Account to a third party.

7.15 We shall notify you of any updates, but you are likewise responsible for checking update/s and will download such update/s to the Maya Business Manager before use. You also agree that the device used to access the Maya Business Manager is compatible or meets the minimum system requirements of the Maya Business Manager. You understand that certain Maya Business Manager functions may not be available or may be disabled by Maya Bank if you do not perform the needed update or meet the compatibility / minimum system requirements. You agree that it is your responsibility to take all reasonable precautions to ensure that the device used to access the Maya Business Manager is free or is reasonably protected from any computer viruses or similar devices or software including, but not limited to, Trojan horses and worms.

7.16 You agree that it is your responsibility to securely keep your PIN and/or Password. The use of your User ID, PIN and/or Password including one-time passwords (OTPs) will serve as your irrevocable authorization for us to carry out transactions that you initiated. Any fraudulent activity by your agents, employees, officers, and authorized representatives using your User ID, your PIN, Password and/or OTP, such as but not limited to unauthorized withdrawals or transfers, that may bring about financial losses to you is your sole responsibility.

7.17 You agree that by supplying your personal information for the purpose of availing yourself of the Service, you expressly consent to the processing of your supplied personal information for the purpose of creating and maintaining your Account. Such consent includes authorization for Maya Bank to disclose, exchange, and release the said information to its associates, Affiliates, subsidiaries, officers, employees, agents, lawyers, and other consultants, pre-paid/debit/credit bureaus or any such persons as Maya Bank deems necessary, or as required by laws, rules, or regulations. In the event that the disclosure or processing of your information does not fall among the above-mentioned situations, we will obtain the necessary consent, subject to existing laws, rules, and regulations on bank secrecy, data privacy, and other relevant laws, rules, and regulations.

7.18 In opening and maintaining a savings account and/or availing any of the bank products and services covered under these T&C, you agree to hereby waive, in favor of Maya Bank, including any of its Affiliates, service providers, shareholders, associates, subsidiaries, officers, employees, agents, lawyers, partners, and other consultants, your rights under Section 55.1 (b) of Republic Act No. 8791 (The General Banking Law of 2000), under Republic Act No. 1405, or any other right pertaining to secrecy of bank deposits for any of the following purposes:

a. Updating your Maya Bank account upon your request;

b. Validating your identity before providing our services, or responding to any of your queries, applications, feedback, and complaints;

c. Managing our day-to-day business operations;

d. Keeping your information updated through our official data touchpoints;

e. Providing customer service and support;

f. Performing credit checks or due diligence checks to minimize risks or frauds;

g. Safeguarding your account and protect you against fraud and other criminal activity;

h. Settling claims or disputes involving any of our products and services;

i. Complying with all applicable laws and regulations as well as performing our obligations from any legal authorities;

j. Marketing and Credit scoring;

k. Updating you on changes to our products or services; and

l. For any other lawful purpose that Maya Bank may deem fit or necessary.

8. User Representation and Warranties

8.1 You warrant that you are fully able and competent to legally bind your entity to and abide by all of the terms, conditions, obligations, declarations, affirmations, representations, and warranties set forth in these Terms, relative to the applicable laws, rules, and regulations of the Philippines.

8.2 You warrant that all information you provided Maya Bank is true, correct, and accurate. You further warrant that in case of any change in the circumstances which affect the information you have provided to Maya Bank, you shall inform Maya Bank of such changes within fifteen (15) days from the occurrence of the said change. Maya Bank, its officers, and/or employees shall be held free from any liability for any damages, claims, or demands from your failure to do so or to inform Maya Bank in a timely manner.

By visiting and/or using the Maya Business Manager, you declare, undertake, and affirm that you take sole responsibility for whatever consequences that may arise out of your visit and/or use of our facilities. You understand that Maya Bank shall not be liable for, and you hereby hold Maya Bank free from, any direct, incidental, special, consequential, indirect, or punitive damages whatsoever resulting from your use of, or your inability to use, our facilities. On the other hand, you declare, undertake, and affirm that you shall indemnify Maya Bank for any direct, incidental, special, consequential, indirect, or punitive damages whatsoever resulting from your use of the Maya Business Manager contrary to these Terms. You further agree, undertake, and commit to indemnify Maya Bank for any breach of its proprietary and other rights, including breach of these Terms, which you may commit in the course of or arising out of your use of our facilities.

9. Reserved Rights

9.1 You understand and agree that Maya Bank reserves the right, at its sole discretion but without obligation, to deny access to and/or discontinue its services or any component thereof to anyone at any time, temporarily or permanently with due notice and with reasonable ground/s for closure, except for the reasons of AMLA, AFASA, other applicable laws, or when otherwise prohibited by law to disclose and/or notify, or when Maya Bank deems it necessary in order to protect itself and other Account Holders. You hereby irrevocably agree, affirm, and warrant to hold Maya Bank free from any liability, both under equity and the law, arising or that may arise out of any such denial of access to or the discontinuation of its services. Maya Bank further reserves the right to reject, suspend, or freeze your application or transaction should we find that you have provided false, inaccurate, or incomplete information, or if you are in violation of any applicable law, rules, or regulations, this Maya Bank Terms and Conditions, and/or the Maya Business Manager Terms and Conditions.

9.2 You understand and agree that Maya Bank reserves the right, at its sole discretion but without obligation, to collect, screen, review, flag, filter, modify, block, refuse, or remove any and/or all information provided by any user, explicitly or implicitly, to and through its facilities, including but not limited to hardware information, IP address, browser-type related information, cookies, and the like. You hereby irrevocably agree, affirm, and warrant to hold Maya Bank free from any liability, both under equity and the law, arising or that may arise out of any such collection, screening, review, flagging, filtering, modification, blocking, refusal, or removal of any and/or all information provided by any user to and through its facilities.

9.3 You understand and agree that Maya Bank reserves the right, at its sole discretion but without obligation, to enhance, improve, develop, and introduce new features and functionalities to its facilities at any time and without prior notice. You hereby understand, agree, and affirm that any such enhancement, improvement, development, new feature, and/or new functionality to the Maya Business Manager shall form part of its services as defined herein and thus shall likewise be covered by these Terms and its subsequent revisions or amendments, as applicable.

9.4 You understand and agree that Maya Bank reserves the right, at its sole discretion, to verify, check, cross-refer, validate, and ascertain the veracity and truthfulness of all information supplied by you by acquiring, accessing, retrieving, or otherwise acquiring similar or additional information supplied by you to other third-party service providers, including, but not limited to telecommunications providers, etc. You hereby expressly, unequivocally, and voluntarily allow Maya Bank to request for and secure such information, and expressly, unequivocally, and voluntarily instruct such third-party providers to: (a) receive and process Maya Bank’s request; (b) favorably act at all times on any such request by producing the information requested; and (c) when requested by Maya Bank provide the latter with certified digital or printed copies of the said information.

9.5 You understand and agree that Maya Bank reserves the right, at its sole discretion but without obligation, to send you or cause to send you service updates and/or messages, including SMS, notifications, email and/or any data message transmission, informing you of enhancements, improvements, developments, features, functionalities, products, promotions, offers, advertisements and/or any other information relative to its services and Maya Bank. Maya Bank makes no warranty of any kind, express or implied, for such service updates and/or messages, but you hereby agree to receive such service updates and/or messages and hold Maya Bank free from any liability and/or claims for indemnification or damages that may arise therefrom.

9.6 You understand and agree that Maya Bank reserves the right, at its sole discretion, to set limitations to and charge fees and applicable taxes for the use of its facilities, at any time and upon prior notice. You further understand and agree that Maya Bank reserves the right, at its sole discretion and under no obligation, upon notice, to change the applicable fees, taxes, and charges levied for the use of the services, at any time, subject to the conditions set out in Section 15.1 of the Terms and Conditions.

9.7 You understand and agree that Maya Bank reserves the right, at its sole discretion but without obligation, to enforce the provisions of these Terms, including but not limited to performing investigation and legal actions with law enforcement agencies regarding the Account Holder. Non-enforcement of any of the rights of Maya Bank under these Terms, under the law or under principles of equity shall not be construed as a waiver thereof. Likewise, no subsequent course of action by Maya Bank by you, and/or by any third party, individually or collectively, shall not operate and shall not be construed to operate as abandonment, amendment, or modification of these Terms. You likewise hereby declare, affirm, and undertake the sole obligation to indemnify Maya Bank or any third party for any damage Maya Bank or said third party may sustain as a result of your use of our facilities.

9.8 You understand and agree that Maya Bank reserves the right, at its sole discretion but without obligation, to limit the provision, availability, quantity, and quality of any feature, product, or service to any person or to anyone within the same geographic area, demographic profile, or any other market, commercial, and/or trading segments. You likewise understand and agree that Maya Bank reserves the right, at its sole discretion but without obligation, to administer and operate any and/or all of its services from any or various locations outside the Republic of the Philippines. You further understand, agree, and hold Maya Bank free from any liability arising therefrom, that not all features, products, or services discussed, referenced, provided, or offered through or in the Maya Business Manager are available to all persons or in all geographic locations, or are appropriate or available for use outside the Republic of the Philippines. Any part or the whole of these Terms are void where prohibited. You hereby understand, agree, and undertake sole responsibility for your continued access to or use of our facilities, as well as the results or consequences of such access and use, including the responsibility for compliance with applicable local laws and the sole liability for non-compliance or breach thereof.

9.9 You understand that and agree that Maya Bank reserves the right, in case of any amount mistakenly credited to your Account, to debit the erroneously credited amount from your Account and/or any of your accounts.

9.10 To the extent allowed by laws and regulations, you understand and agree that Maya Bank reserves the right to comply with a notice or order from a court or other competent authority for the garnishment, attachment, freezing, or sequestration of any or all of your Accounts. The amount subject of the notice or order shall automatically be on hold and no withdrawals will be allowed until the order has been lifted.

9.11 You understand and agree that in the event that:

a) a claim or dispute arises in relation to the Account, its ownership, or operation;

b) conflicting instructions are given in relation to the Account;

c) it receives a request or instruction to freeze the Account; or

d) other similar or analogous circumstances occur,

Maya Bank reserves the right, in its sole discretion, to take any necessary actions, such as freezing of the account or filing interpleader suits. You understand that such actions are authorized, approved, and ratified by you and you hold Maya Bank free from any liability arising therefrom.

10. Closing of Account

10.1 You are free to close your Account with Maya Bank, subject to the submission of necessary documents and the surrender of items or documents evidencing ownership. A reasonable nominal charge will be imposed if the Account is closed within thirty (30) days from its opening.

10.2 Maya Bank may also immediately initiate closure of your Account without prior notice if misrepresentation or falsity of the information provided by you is found if the balance of the Account becomes zero (0) and remains as such for a substantial amount of time, if the Account has or is being used for fraudulent or illegal activities, or if Maya Bank finds it reasonable in order to protect its interest. Maya Bank may also initiate closure of your Account when it finds that you have not handled the Account in a manner satisfactory to Maya Bank. Maya Bank is authorized to keep records and inform the Bankers Association of the Philippines of the closure of such accounts.

11. Data Privacy Statement

11.1 You authorize Maya Bank and its official partners to process the personal information that you have provided directly or indirectly in our data collection touchpoints relevant to the respective purposes furnished to you in our privacy notices. With your active use of our products and services, you agree to the Data Privacy Statement of Maya Bank found in: http://www.mayabank.ph/privacy

12. Liabilities

12.1 You agree to indemnify, defend and hold harmless Maya Bank, its subsidiaries and affiliates, and their directors, officers, employees and agents, from and against any loss, damage, liability, costs and expenses, including reasonable attorney’s fees (collectively, “Losses’), arising out of or based on:

a. breach of, or failure to perform, any of your obligations contained in these T&C;

b. your or your representatives’ gross negligence or willful misconduct;

c. Acts or omissions by you or your representatives; or

d. errors incurred by or judgments/decisions made by you or your employees.

12.2 Subject to notice to you, you may be penalized by Maya Bank equivalent to the amount of damage or cost incurred or penalty paid arising from your action as listed in the preceding section or from failure to comply with any provision of these T&Cs as well as other agreements with Maya Bank.

12.3 Maya Bank agrees to indemnify, defend and hold harmless you, your subsidiaries and affiliates, and your directors, officers, employees and agents, from and against any losses arising out of or based on (a) breach of, or failure to perform, any obligation of Maya Bank contained in these Terms, or (b) the gross negligence or willful misconduct of Maya Bank.

12.4 In no event shall Maya Bank and you be liable, in the absence of gross negligence and willful misconduct, for any indirect, special, incidental or consequential damages under these Terms, including, without limitation, loss of profits, revenue, data or use, even if Maya Bank and/or you have been advised of the possibility of such damages.

13. Governing Law and Venue of Litigation

13.1 These T&C shall be construed and governed in accordance with the laws of the Philippines.

13.2 You understand and agree that these T&C including all disputes relative to your use of the services of Maya Bank and relating to your Account shall be governed by the laws of the Republic of the Philippines without regard to conflict of laws provisions. In case of any dispute arising out of these Terms or your use of the Services, you hereby agree, undertake, and commit to resolve or attempt to resolve such dispute promptly and in good faith. In case of failure to resolve any such dispute, you agree to the jurisdiction by and venue in the appropriate courts of Makati City, Philippines, to the exclusion of all other courts, and waive as you hereby waive, any objection to such jurisdiction or venue.

14. Non-Waiver of Rights by Maya Bank

14.1 Failure, omission, or delay on the part of Maya Bank to exercise its right or remedies under these Terms and Conditions shall not operate as a waiver. Any such waiver shall be valid only when reduced in writing and delivered to the Account Holder.

15. Separability Clause

15.1 Should any term or condition in these T&C be rendered void, illegal, or unenforceable in any respect under any law, the validity, legality, and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.

16. Amendments

16.1 Maya Bank may at any time and for whatever reason it may deem proper, amend, revise, or modify these T&C, which shall only be implemented sixty (60) days after notice to you. You agree that for purposes of these T&C, publication of the revised T&C in Maya Bank’s website shall be considered as sufficient notice. It is the Account Holder’s responsibility to regularly check any changes to these T&C at the Maya Bank’s website. Your continued use of the Maya Bank’s services and continued maintenance of your Account after any such changes constitutes acceptance of the new T&C. Failure to notify Maya Bank of your intention to terminate your Account shall be construed as acceptance of the amendments to these T&C. You may notify Maya Bank of your rejection of the amendments to these T&C within thirty (30) days from receipt of individual notice or thirty (30) days from issuance of public notice. Proper notice of your rejection would entitle you to exit the contract without penalty.

17. Notices

17.1 All notice requirements shall be as stated in these T&C. If Maya Bank is required to send notice to you, it shall do so through available channels including but not limited to, In-App notifications, SMS, email, or registered mail which shall be sent to your registered address. Publication in Maya Bank’s website shall also be sufficient notice, as may be required by these T&C.

18. Customer Service

18.1 At Maya Bank, we consider our customer’s financial questions, needs and feedback as very important. If you have any concerns about a procedure or have encountered a problem with our service, we will do our best to address it within ten (10) business days. Should your concern require more time to be resolved, we will update you every step of the way.

You may contact our Customer Service number and social media network:

You have our assurance that we will handle your concerns, feedback and information with utmost confidentiality and will strive to resolve them as soon as possible. Maya Bank will handle the information we receive as construed in Section 10 Data Privacy Statement.

Maya Bank is regulated by the Bangko Sentral ng Pilipinas.: www.bsp.gov.ph

19. Corporate Governance

19.1 Maya Bank’s business activities are regulated by its own internal business rules and Corporate Governance policies which are compliant with applicable anti-corruption laws. Maya Bank’s policies and internal controls are designed to prevent bribery from occurring, avoid appearance of wrongdoing and enable Maya Bank personnel to respond promptly and effectively to any inquiries about its conduct. In case of any violation of the Corporate Governance policies by Maya Bank, its Stockholders, Directors, officers, employees, or agents, any party may report the same to Maya Bank’s Corporate Governance Office, by sending an e-mail to [email protected] from 9am to 6pm, Philippine Time, Mondays through Fridays, except holidays.

Maya Bank reserves the right to modify or revise the fees and charges, and include additional fees and charges. Account Holder shall be informed of any fees and charges imposed on his/her account at least 60 days prior to implementation.

DATA PRIVACY

To ensure that you (customer) can make informed decisions about providing your personal data to us during the migration of your settlement destination account to Maya Bank, Inc. (Maya Bank, we, us, our), and when using our services, we provide you this privacy statement outlining our data collection practices and the choices you have concerning how the data is being collected and used.

By providing your personal data to us, you agree to the processing set forth in this privacy statement.

The personal data we collect

We value and respect your privacy so it’s only right that you know exactly what information about you is collected when you bank with us. We only collect what is necessary for us to provide our services to you. The term “Personal Data” refers to any personal data that can be used to identify you as an individual.

• Name
• Home Address
• Business Address
• Email Address
• Mobile / Telephone Number (Work) Date of Birth
• Nationality
• Government Issued ID’s
• Mobile Number

Our use of personal data

We may use your personal data to provide you with our services and to ensure your optimal banking experience. We take very careful measures to maintain the confidentiality, integrity, and availability of your personal data by deploying technical and administrative security controls when transmitting and storing it to carry out our services for you. We use your personal data for the following purposes:

1. Process your business deposit account application.
2. Validate your identity before providing our services or responding to any of your queries, applications, feedback, and complaints.
3. Manage our day-to-day business operations.
4. Provide customer service and support
5. Perform credit checks or due diligence checks to minimize risks or fraud.
6. Comply with all laws and obligations from any legal authorities.
7. Update you on changes to our products or services.

Personal Data Sharing

We may permit selected third parties to use your Personal Data for the purposes set out above. These parties are contractually prohibited from using Personal Data for any purpose other than for the purpose specified in their respective contracts and will be subject to obligations to process Personal Data in compliance with the same safeguards that we deploy. We may share your personal data with:

1. Maya Bank’s Affiliates and partners for them to process the Personal Data, for the same purposes as indicated above; and
2. Maya Bank’s partner companies and service providers who help us provide our products and services to you; and
3. Maya Bank’s security partners who provide us with information and services to protect you against fraud and abuse; and
4. Third parties who provide products or services to Maya Bank or its affiliates and partners for the same purposes as described above; and
5. Other third parties, where required or permitted by law, including regulatory authorities, government agencies, as well as parties with whom you voluntarily transact.

Personal Data Storage and Retention

Your personal data records are stored securely in our live databases and backup cloud platforms. Our retention periods are based on business needs and your Personal Data that is no longer needed is either irreversibly anonymized (and the anonymized information may be retained) or securely destroyed. We follow the requirements of RA 9160 otherwise known as the Anti-Money Laundering Act of 2001 and other applicable laws and regulations which may have their own storage and retention requirements.

You may reach out to us

Should you have any questions or concerns related to your privacy; or if you would like to exercise any of your rights as a data subject, you may contact our data protection office through: [email protected]. For more information on how we process your personal information, please refer to: http://www.mayabank.ph/privacy