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Dear Depositor,

Welcome to PSSLAI. Thank you for giving us the opportunity to serve you
through our Cash Advance Storage Account (CASA) product. This passbook is given to
you upon opening of the account. Please present this to the Teller when transacting
business. By accepting this passbook and affixing your signature on your signature
cards, you confirm that you have read, understood, and voluntarily gave your
unconditional assent to be bound by, the following Terms and Conditions governing
your CASA.


The CASA may be opened for a minimum deposit of One Hundred Pesos (PhP100.00).
Upon opening of the account, the depositor will be furnished this passbook which
should be presented by the member-depositor when making deposits and
withdrawals. Entries in the passbook are not valid unless countersigned by the
personnel–in–charge across the transaction entry with the corresponding
receipt/reference number. Under no circumstances should a member-depositor make
entries in the passbook, either electronically or in handwriting. The entries in the
passbook shall bind the depositor unless a request or notice for correction of the
entries therein is made by the depositor before leaving the premises of the Association
on the same day that the entry is made. The Association reserves the right to refuse
any request for correction not made in strict observance of the foregoing requirements.


Deposits must be made by the depositor personally or through a representative. For

deposits through a representative, the Association shall accept the deposit only upon
presentation of a written authority executed and signed by the depositor authorizing
the deposit. Deposits may also be made through correspondent banks. In receiving
deposits through correspondents, the Association assumes no responsibility beyond
ordinary diligence in the selection of its correspondents. The Association will not be
liable for the fault or negligence of its correspondents nor for losses in transit, and
each correspondent shall not be liable except for his/her own negligence, until such
time that actual payment is received by the Association. No drawing is allowed upon
uncollected funds, and the Association reserves the right to charge from the
depositor’s account, without prior notice, any defective, erroneous or lost amount
credited to the account regardless of the time that has elapsed, whether or not the item
itself can be returned. The Association may allow drawings from uncollected funds
upon prior arrangement and subject to such terms and conditions that it may impose
in consideration of such arrangement. The accommodation maybe discontinued by the
Association at any time without prior notice to the depositor. This also applies to
unpaid investment items due to insufficiency of funds, forgery, unauthorized
overdrafts, stoppage of payment and similar cause. The depositor is responsible for
the correctness, genuineness, and validity of all signatures /endorsements appearing
on all checks or other items deposited. All deposits other than the currency received by
the Association are subject to later verification and all items credited are subject to the
final payment in cash or solvent credit. The Association reserves the right to return
checks, whether tendered for deposit or collection, presented after six (6) months from
date of issuance thereof. The Association or its correspondents may send items,
directly or indirectly to any bank including the payer and accept drafts or credit as
conditional payment in lieu of cash. The Association reserves the right to charge back
any item drawn upon the Association which is not made good at close of the business
day when the deposit was made. The amount shown in the “Balance” column of the
passbook shall be legally conclusive as to the actual balance of the account if it
matches the Association’s books and records. Deposits made in more than one name
shall be payable to any/either of them as indicated in the signature cards/s, provided
that a written declaration is made under the penalties of perjury that the co-
depositor/s is/are still living and provided further, that the signatures of all the payees
appear in the deposit slip or, in case of checks, that the appropriate endorsements by
all depositors are made. Deposits made jointly in the name of two or more persons can
be withdrawn through withdrawal slip signed by all of them.


A withdrawal must be made by the depositor personally or through an authorized

representative. The Association reserves the right to require the depositor to give prior
written notice of withdrawal of not more than thirty (30) days or limit the number of
withdrawals in accordance with Section 4208S of the Manual of Regulations for Non-
Bank Financial Institutions (MORNBFI). The Association, may at its option, waive the
period of notice provided for, but such waiver shall not constitute a waiver of notice in
any other case at any other time. In withdrawals through a representative, the
Association shall allow the withdrawal only upon presentation of a written authority
executed and signed by the depositor. Proof of identification of both the member-
depositor and the representative shall be attached to the written authority. The
Association reserves the right to refuse to honor instructions that do not comply with
the foregoing requirements. The written authority and the signature on the withdrawal
slip shall serve as authority for the Association to honor the request and facilitate the
withdrawal from the member-depositor’s account. The member-depositor shall hold
the Association free and harmless from any liability or loss that he/she may suffer on
account of the Association’s implementation of the instructions in the withdrawal slip.


A minimum balance of One Hundred Pesos (PhP100.00) is required to maintain the

account. Accounts falling below the required minimum balance at any day of the
month will be charged a monthly maintenance fee of Ten Pesos (PhP10.00). At no
instance shall the balance of the CASA fall below the minimum deposit prescribed by
the Association except if the member-depositor is closing his account.


Deposits shall earn interest at such rates as may be set by the Board of Trustees,
subject to existing laws & regulations. Interest is credited quarterly on March 31st,
June 30th, September 30th and December 31st at the rate prescribed by the
Association. No interest will be paid on accounts with available balance less than the
minimum amount required. If an account is closed before the end of the quarter,
interest earned from the last credit date shall be forfeited. In case of death of any
Depositor, the legal heirs shall promptly notify the Association in writing of such fact of
death. Any notice made verbally or through publication in the obituary shall not be
considered as notice to the Association regarding such depositor’s death. Upon receipt
by the Association of the notice of death together with the complete set of documents
required by the Association, the credit balance of any deposit/s in the name of the
depositor will be paid to his legal heirs or such other persons legally entitled thereto. In
cases wherein the depositor has signed a survivorship agreement as stated in the joint
account form with his/her co-depositor, the Association shall honor the agreement
before applying the laws of succession in accordance with the Civil Code of the


This passbook is not transferable. Possession of this passbook shall give the
presumption of ownership in favor of the possessor and any payment made by the
Association upon the production of this passbook shall have the same effect as if
made to the depositor personally.

Notice in writing should be given to the Association at once if this passbook is lost,
mislaid, or stolen. The Association holds itself free from any loss which may occur
prior to the receipt of such notice, and the depositor hereby holds, renders and saves
the Association free and harmless from any and all losses, liabilities, claims, damages,
choice of action, taxes, expenses, attorney’s fees and the like which the depositor may
sustain or suffer prior to the receipt of such notice. Any lost passbook must be
returned/ surrendered to the Association when found. The Association, at its option,
may cause a substitute passbook to be issued to the Depositor/s on such terms or
indemnity to the Association as it may deem proper, provided that the original
passbook shall be voided. The sum of Fifty Pesos (PhP50.00) will be collected for the
issuance of a replacement passbook or any amount the Association may require to
cover the cost of a new passbook.


Whenever warranted, the Association may, at any time, return to the depositor the
whole, or any part, of this deposit together with interest due upon the same. The
Depositor will be notified either personally or by mail of the Association’s intention to
close the account and the accrual of interest will cease from date of such notification.
The Association may close an account any time and without prior notice to the
depositor, if the deposit balance becomes zero for any cause whatsoever including the
imposition of service charges, withdrawal by the depositor, or for claims and demands
in connection with the closure of the account. Account closed within ninety (90) days
from the date of opening will be charged Fifty Pesos (PhP50.00) processing fee. This
passbook must be surrendered upon full withdrawal, closure or termination of
membership in the Association.


The Member shall promptly advise the Association in writing of any changes in the
Member’s personal information.


Accounts without client-initiated deposit or withdrawal transaction/s for a period two

(2) years shall be considered as Dormant for which a corresponding fee may be
imposed by the Association in accordance with Section 4209S of the MORNBFI.
Crediting of quarterly interests and transfer of excess capital contribution shall be
considered client-initiated transactions. Accounts will be activated as soon as the
member makes any transaction/s in his account.

All transactions in this account shall be governed by these basic rules, applicable Laws
of the Republic of the Philippines, as well as the rules and regulations of PSSLAI and
the Bangko Sentral ng Pilipinas.


These Terms and Conditions may be amended or changed at any time at the
Association’s discretion after posting the corresponding notice for a period of ten (10)
days at the premises of the Association. In the event of any amendment or additional
regulation in the Laws of the Republic of the Philippines or the Bangko Sentral ng
Pilipinas, the Association reserves the right to transfer the Depositor’s deposit balance
to a product with similar features and Terms and Conditions.

Thank you for giving us the privilege to serve you. We assure you that we will do
our best to live up to your trust and confidence.

Sincerely yours,