BPI Europe Deposit Account - Terms and Conditions
- As accountholder(s), referred hereunder by the terms "you" and/or "your", of the Bank of the Philippine Islands (Europe) Plc (BPIE), referred as "Bank", “we” and/or “our”. You agree to be bound by our Rules and these Terms and Conditions as well as conditions in our website.
- Accounts may be opened by and maintained at the sole discretion of the Bank, upon your compliance with the account opening/maintenance requirements. Your account details and transactions may be consolidated , linked, stored and analyzed with other accounts you may have with/by members of the Bank of the Philippine Islands group outside of the U.K. or the European Union.
- Account s can be held by you at any time under your own name or held jointly
- Minimum initial deposit and a minimum balance on the account may be required.
- The Bank may accept your deposits in cash, direct credit or cheque. If your deposit was by cheque, no cash withdrawal or fund transfer can be made until the cheque has cleared through the UK Banking System which might take up to 5 working days.
- If after opening the new account you are not happy with your choice of account, you may transfer the balance to another account with us or you may close your account without any loss of money. If your original deposit is by cheque, you cannot transfer or close your account until the cheque is cleared which might take up to 5 working days.
- A statement will be sent to you on a quarterly basis. You may request copy of bank statements for a fee of £10.
- We may stop offering the account to new customers without telling you.
- You must tell us immediately should there be any changes in your name, address, telephone number, email address (if you are communicating with us in this way).
- We are not responsible for any disruption or obstruction due to failure of any machine, data processing system, transmission link or any industrial dispute or circumstances beyond our control.
- We may vary these terms and conditions. If the change is to your benefit, we may make the change immediately and tell you either in writing or putting notices in conspicuous places in our branch premises and/or website. If the change is to your disadvantage, we will tell you personally in writing 30 days in advance to allow you to close your account or transfer balance to another account with us without lose of money.
Interest on Accounts
Interest on your savings and/or current account(s) will be calculated based on such account’s daily balance provided, that your balance does not fall below the required balance to earn interest. Interest credited will be based on the prevailing Bank determined interest rate.
Cash paid into your account will earn interest from the first day following receipt. Cheques paid in will earn interest upon clearance which might take up to 5 working days, excluding bank holidays, Saturdays and Sundays.
Should we vary the interest rates, we will notify you or we will put notices in conspicuous places in our branch premises or make announcement in our website.
Interest is credited at the end of every month.
We will deduct income tax at the rate as determined by HM Revenue and customs from any interest paid. Non taxpayer should complete HM Revenue and Customs Form R85 for interest to be paid gross.
Joint Accounts may be opened up to a maximum of 2 account holders.
Any changes to the Joint Account requires joint instruction from all account holders.
Should there be dispute between joint account holders, we will freeze the account until an agreement between joint account holders is made and instruction signed by the joint account holders.
Paying Money In
Cash and cheque payments can be made in the following manner.
- Name of Bank - Bank of the Philippine Islands (Europe) Plc
- Your branch Sort Code and Account Number
Cheque paid into the account are subject to clearing which could take up to 5 working days. Cheque paid in that are later return unpaid for any reasons, will be debited to the account and a charge may be levied.
Your branch Sort Code and Account Number
- Earl's Court Branch : 23-54-41
- Threadneedle Branch : 23-27-32
Taking Money Out
- All withdrawals from the account must be made at the counters of Bank of the Philippine Islands (Europe) Plc.
- Automated credits will be available for withdrawal on date of receipt into the account.
- When withdrawal is made at our counters, we may require you to produce proof of identity.
- We will require advance notification when making a cash withdrawal in excess of £1,000 We can also credit proceeds of your withdrawal to your account with another bank via Chaps or Bacs or we can write you a cheque subject to an administration charge.
- Cheque paid in can only be withdrawn when cleared. Cheque clearing could take up to 5 working days following receipt of cheque into your account with us.
Closure of Account
- Account can be closed at anytime and balance can be withdrawn. We will require advance notice on the withdrawal of cash in excess of £1,000. You may also instruct us to transfer balance via Chaps or Bacs or we can write you a cheque subject to an administration charge.
- Cheque paid in has to be cleared which may take up to 5 working days before the account can be finally closed and the balance withdrawn and paid.