The following are the terms and conditions for the use of the Bank of Commerce Retail Internet Banking Services (herein referred to as “E-Banking”).  Bank of Commerce E-Banking includes features for secure online  banking services such as, but not limited to, Account Inquiry, Fund Transfer, Bills Payment, Checkbook Request, Statement of Account Request, Airtime Reload, Stop Payment Order and Manager’s Check Request. I understand that you have the sole discretion to limit the availability of the immediately preceding features and likewise to introduce additional features for Retail Internet Banking


These Terms and Conditions shall also be subject to the Terms and Conditions Governing Deposits.


The words “I”, “me” and “my” refer to the Client enrolled to and using E-Banking. The words “you” and “your” refer to Bank of Commerce.


1. E-Banking ACCESS


1.1. I understand that my completion and submission of the Enrollment Form does not automatically qualify me to use E-Banking, and agree that you have the sole discretion to determine whether or not I and/or my account(s) for enrollment are qualified for E-Banking.


1.2. I understand that only those accounts that I have specifically enrolled will be actually enrolled to E-Banking.


1.3. I understand that only certain types of accounts are allowed to be enrolled to E-Banking. I agree that you have the sole right to choose which accounts shall be eligible for enrollment, and to impose rules and procedures on the enrollment of eligible accounts. Eligible accounts and enrollment rules and procedures will be disseminated by you through scheduled announcements. I understand that I would need to activate my enrollment using the Activation Code provided via SMS and I shall be informed of the qualification of my account via email notification.


1.4. To access my enrolled accounts through E-Banking, I must have a valid User ID, password and a challenge question and answer, hereinafter referred to as my “log-in particulars.”


1.5. I shall nominate my log-in particulars during my initial enrollment (filling up of the online application form) to E-Banking, and I shall use my log-in particulars to access E-Banking, and transact with my E-Banking accounts for Account Inquiry, Fund Transfer to enrolled accounts, Bills Payment, Checkbook Requests, Statement of Account Requests, and other services.


1.6. I agree and undertake not to disclose my log-in particulars to any person, and assume full responsibility for all transactions made in my accounts through the use of my log-in particulars. Any and all banking transactions requested and effected using my log-in particulars shall be presumed by you to be performed and/or authorized by me.


1.7. As added protection for my enrolled account(s), I agree and commit to change my password every sixty (60) calendar days or as frequently as you may prescribe through E-Banking’s Change Own Password Facility. This does not however restrict me from changing my password more frequently than what you prescribe, and as I may deem necessary.


1.8. For my own protection, I agree that you have the right to disable my access to E-Banking, when any of my log-in particulars are erroneously entered three (3) consecutive times or when the wrong answer is entered to the challenge question three (3) consecutive times. When disabled, I may request for the resetting of my password and reactivation of my User ID from your Bank of Commerce Customer Service.


I further understand that my request is subject to your approval, and may not immediately and automatically be approved for reasons that may not be disclosed to me.


1.9. You shall consider acting only on those instructions actually received by you in accordance with E-Banking terms and conditions, and you shall not assume any responsibility for disruptions in communications and/or facilities not under your control, which may affect the accuracy or timeliness of the requests and/or instructions sent.


1.10. I acknowledge that you shall have no obligation to verify the authenticity of any instruction received from me relative to any of my accounts enrolled to E-Banking, and you may, without further inquiry, act on any directive contained in that instruction. However, I agree that you shall have the sole discretion whether or not to act and/or implement any of my instructions, and that you have the right to cancel and/or refuse to execute any of my instructions at any time without incurring any liability whatsoever, and without the obligation to notify me and to state the reasons for said inaction. In case of conflict between my record and your record of any instruction, the latter shall be final and binding.


1.11. I agree that you have the sole right to deactivate and/or de-list my E-Banking account(s) even without prior notice to me, whether the deactivation be temporary or permanent, if: (i) I fail to comply with your rules, regulations, policies and standard operating procedures relating to my account(s), (ii) I fail to show activity in my E-Banking account for a period prescribed by you, or (iii) you deem that my continued access or use of BOC E-Banking may produce adverse effects to you.


1.12. I understand and accept that occasionally, some or all of the E-Banking services may be unavailable due to maintenance and/or computer, telecommunication, electrical or network failure or any other reasons beyond your control. During these times, I agree that you shall not be liable for any and all consequences, which may arise, directly or indirectly, from my inability to access E-Banking.


1.13. I agree that you have the right to alter the scope and availability of E-Banking and to modify, restrict, withdraw, cancel, disconnect, deactivate, suspend or continue any or all the services mentioned herein without prior notice to me.




2.1. I am responsible for and must take all reasonable care to ensure that the information I supply is accurate. You shall not in any way be responsible or liable for any and all consequences resulting from my inaccurate information, and/or for all consequences for my failure to transmit such information in the place and manner as may be required by you.


2.2. Before you can process my request, I agree to give you all required information, such as but not limited to, type of transaction, account number, subscriber number, amount, and reference number. I admit that your record of transactions maintained through your computer systems/database shall be conclusive and binding upon me for all intents and purposes.


2.3. I must notify you immediately of any error in my E-Banking transactions. I agree that I shall exhaust all means to immediately communicate with you my concerns.


2.4. I accept that you do not guarantee immediate resolution of my requested error correction, including requests for reversal. However, you shall inform me of the results of your investigation as soon as possible, and promptly correct any error that you may determine to be caused by you.


2.5. I agree to hold you, your subsidiaries and affiliates, as well as any of your directors, officers, employees and representatives, free and harmless from any and all claims, liabilities, losses or damages that I may incur:


a. for inaccurate or incorrect entries, omissions, discrepancies, and unauthorized

transaction(s) in your statement and/or record that I did not immediately report to



b. for my failure to properly safeguard my log-in particulars and the failure to report any unauthorized access, and consequently, for any unauthorized interception or use or missending of data relating to me or to my account(s);


c. for discontinuance or cancellation of my account, subscription, or service coverage pertaining to third party merchants or service providers, which may be due to my unpaid bills or obligations;


d. for malfunctions/problems relative to your communications facilities, Internet access, computer software and hardware or any other circumstances beyond your control such as severe weather, flood, earthquake or other natural disasters,

fire, war, strike, acts of civil or military authority, computer virus, equipment failure, interruption or failure of electricity that may affect the timeliness or accuracy of instructions sent by me or using my log-in particulars; and


e. for any instruction that has not been implemented, and my failure to verify the same and/or my failure to immediately report it to you.


2.6 At no instance shall you be liable for any indirect, incidental or consequential loss, loss of profit or damage I may suffer or have suffered by reason of my use or failure or inability to use the features of  E-Banking.




3.1. A corresponding Local Reference Number shall be assigned to serve as reference for every successful transaction in E-Banking.


3.2. You will send a notification via email and/or SMS for every successful and/or unsuccessful transaction conducted through E-Banking. The transaction shall also appear under the

View Details Status of Transaction Function of E-Banking.




4.1. I understand that E-Banking may be unavailable at times due to system downtime for maintenance or failure of computer, telecommunication, electrical, or network failure, and/or any other reasons beyond your control. You shall not be liable for the consequences arising from my inability to access E-Banking due to these circumstances.


4.2. I acknowledge that transactions made through E-Banking shall be subject to your prescribed cut-off time, and transactions made after the designated cut off time shall be considered transactions made on the next Banking Day and subject to your regular processing time. You may, from time to time as you deem necessary, amend the transaction cut-off time even without prior notice to me. “Banking Day” refers to any day which banks in Metro Manila, Philippines are open for business, excluding Saturdays, Sundays, Philippine legal holidays and special non-working holidays declared by the Philippine Government.


5.  E-Banking SERVICES


5.1. Account Inquiry


a. I can access the current balance, available balance and transaction history of all my accounts enrolled to E-Banking. The Account Balance can be viewed in Philippine Peso for Peso accounts and in foreign currency for Foreign Currency Denominated Unit (FCDU) accounts. All transactions for the previous month up to three (3) months earlier can be viewed under Transaction History. Requests for transaction history for those made one (1) to five (5) years earlier shall be coursed through my branch of account.


b. I can access through E-Banking the current balance, maturity date and rate of all my enrolled time deposit accounts as well as the original loan amount, maturity date and rate of all my enrolled loan accounts.


5.2. Fund Transfers and Bills Payment


a. Only cleared or withdrawable balances of my enrolled accounts shall be considered available for fund transfers and, bills payment. In case of insufficient funds in said accounts, the request for transfer and/or payment will be automatically rejected.


b. You shall not be responsible for any third party claim, demand, and/or liability or action, of whatever kind or nature, whether past, present or contingent, in connection with, relative to or arising, wholly or partially, from a) requests for fund transfer and/or bills payment against an account with insufficient funds, b) requests for fund transfer, and/or bills payment against an account put on hold or closed, c) requests for fund transfer and/or bills payment against an account frozen or garnished by order of a court or other authorized entity, d) requests for fund transfer and/or bills payment containing incomplete and/or incorrect transfer or payment information, and e) any other circumstances beyond your reasonable control which prevent the transfer or payment, despite reasonable precautions taken by you.


c. I accept that it is my responsibility to check the status of fund transfers, and bills payment transactions. You shall have no obligation or liability if a transfer or payment is not completed due to, but not limited to, insufficiency of funds or violation of your prescribed limits. Likewise, it is my responsibility to provide alternative methods for fund transfers or bills payments. In case of multiple fund transfers or,  multiple bills payments from one source account, and the total available balance of that source account is not sufficient to accommodate all of the requested transfers and/or payments, you shall have the sole discretion to determine which request for transfer or payment shall be allowed and completed.


d. I can only transfer funds to and from accounts of the same currency.


e. Fund Transfers are done in real time. However, fund transfers for the purpose of funding a check shall be subject to the6:00 P.M. cut-off time in Manila, Philippines. Any check funded after this cut-off time and is returned due to insufficient or uncleared funds will not be honored by you. I understand that the cut off time may be adjusted from time to time as you deem fit or as mandated by regulatory agencies.


f. Bills payments should be done before the 11:59 P.M. cut-off time in Manila, Philippines, for the same to be considered as payment for that particular day. I understand that the cut off time may be adjusted from time to time as you deem fit or as mandated by regulatory agencies.


g. For Retail Internet Banking, Post-dated and recurring transfers and, payments may be scheduled and will automatically be done on the date indicated for transfer or payment. Post-dated and recurring transfers and payments must be scheduled at least one (1) Banking Day before the intended date of transfer, or payment, and at most twelve (12) months from the intended date of transfer or payment. Failure to observe the one (1) Banking Day and twelve (12) month periods herein shall automatically cause the denial of the requested scheduled transaction. I understand that any cancellation of Scheduled Fund Transfer and Bills Payment must be done through E-Banking at least one (1) Banking Day before the scheduled date, with due consideration to the applicable cut-off time.


h. I agree that bills payments made on a non-Banking Day shall be considered done and accordingly posted on the next Banking Day.


i. I may transfer funds to deposit accounts of third parties, provided that the third party account is enrolled under my E-Banking account. Fund transfers to said third party accounts are subject to transaction and daily limits prescribed by you. I agree that you have no obligation to inform me of such transaction limits, nor the changes to said limits.


j. For bills payment, any discrepancy and/or issue involving the billing amount and the paid amount shall be my sole responsibility and shall not involve you, and said issue will instead be resolved by me and the payee-company.


k. You shall be free from any obligation or liability arising from my fund transfer or bills payment which was not received by the intended merchant or paid in favor of the intended subscriber or applied to the correct card number caused by erroneous selection of merchant, transferee account, subscriber, card or account number. I agree that it is always my responsibility to ensure that transaction details provided are correct and accurate.


5.3. Checkbook Reorder


a. I understand that you may prescribe a limit in the number of checkbooks I can order per transaction, and that I need to enroll the corresponding checking account(s) in E-Banking for which a checkbook is requested.


b. I recognize that my application for a checkbook is subject to your approval, and that you have the right to decline my request for a checkbook for grounds you may deem reasonable.


c. Checkbooks will be available for pick-up at my branch of account. I understand that it is my responsibility to check and ensure whether or not my requested checkbook is already available for pick-up.


5.4 Stop Payment Order (SPO)


a. I understand that SPO can only be made on checks issued on corresponding enrolled Current Account in E-Banking.


b. SPO will be immediate and lifting of SPO shall be made only through my branch of account.


5.5 Manager’s Check Request


a. I recognize that my application for a Manager’ Check is subject to your approval, and that you have the right to decline my request for a Manager’s Check for grounds you may deem reasonable.


b. Manager’s Check will be available for pick-up at my branch of account. I understand that it is my responsibility to check and ensure whether or not my requested Manager’s Check is already available for pick-up.


c. I understand that I can only request for cancellation of Manager’s Check via my Branch of Account.



5.6 Account Opening


a. I understand that opening of new Deposit account in E-Banking will be limited only to my own account and will be subject to the Terms and Conditions Governing Deposits.  The account name including all personal information for my new deposit account shall be exactly the same as my nominated source account and shall likewise be subject to the Terms and Conditions Governing Deposits.


b. I agree that there is an initial deposit requirement for opening of a new deposit account. I can only request to open a new account if my nominated source account has sufficient balance to cover the initial deposit.  I agree that my nominated source account will be debited upon submission of my request.


c. I agree that I need to visit my branch of account to sign the documentation required for the new deposit account within a period that you may prescribe.


d. I agree that all new deposit account(s) opened will be automatically enrolled in E-Banking.


5.7 Consumer Loan Application


a. I understand that your E-Banking will only accept application for Consumer Loan which will be forwarded to your Consumer Division. My loan application will be reviewed and is subject for submission of other documents you may require.  You have the right to decline my loan application for grounds you may deem reasonable.


5.8 E-Banking Future Services

a. I agree that you may introduce new E-Banking services and I will be notified of these new services.  By using these services when they become available, I agree to be bound by the Terms and Conditions applicable thereto.




6.1. I consent that any cost or service charge incurred for any transaction may be debited from any of my account(s) with you without need for further demand, notice or consent. I shall take full responsibility and you shall not be liable for failure to carry out or complete any transaction due to insufficient funds after your deduction of any applicable cost, charge or fee.


6.2. I agree that you have the right to impose additional charges and/or change existing charges within the limits allowed by law. The rate of such charges, period and method of payment shall be made known through your announcement, which shall be binding upon me.





7.1. I may request that you terminate my access to E-Banking permanently by visiting any of your branches.


7.2. I agree to remain responsible for all transactions made on my account, subject to the conditions herein, until the time of actual access termination. You shall not be liable for any and all consequences, direct or indirect, arising from any scheduled transaction(s) previously made by me after the access termination.


7.3. You may terminate my access to E-Banking at any time even without prior notice to me, under any of the following circumstances:


a. my breach of any of the terms and conditions of E-Banking and/or the terms and conditions governing deposits;


b. your knowledge of my death, bankruptcy or lack of legal capacity or that I have committed an act of bankruptcy or that a bankruptcy petition has been filed against me;


c. my accounts have insufficient funds to cover fund transfer or payment instructions; or


d. other reasonable grounds that you have determined to be sufficient to terminate

my access.


7.4. Any liability I have incurred shall survive access termination.






8.1. Transactions performed via E-Banking shall be subject to your rules and regulations pertaining to bank accounts, as well as terms and conditions for bills payment insofar as they are applicable.




9.1. I agree to waive any and all my rights to confidentiality under Republic Act No. 1405, as amended (Law on Secrecy of Bank Deposits) and RA 6426 otherwise known as the Foreign Currency Deposit Act, and other pertinent laws now or hereinafter existing, should the disclosure be necessary and relevant to complete the transaction instructed by me, and shall render you, your directors, officers, assigns, employees and representatives free and harmless from any and all liabilities due to the said disclosure.




10.1. Notices, advisories and similar matters pertaining to E-Banking shall be sent to my last known address or email address or mobile number  that I have declared or submitted to you, and as appearing in your record. I may also pick up said documents from my branch of account.


10.2. I understand that by using E-Banking, I give you the right to send notices to me in any manner and frequency. I commit to provide and maintain operational and available e-mail address and/or mobile phone number for you to send communications or notifications as may be necessary. You shall not be liable for any undelivered e-mail communication, SMS or “text” message, or any cost that I may incur due to my delayed receipt of, or inability to receive our communication or notification through my e-mail and/or cellular phone facilities. I am responsible for updating my record in E-Banking.




11.1. This Agreement shall be governed by the laws of the Republic of the Philippines as well as all applicable rules and regulations of the Bangko Sentral ng Pilipinas (BSP).  Should judicial action be necessary to enforce any right under this Agreement or to collect my obligation incurred under this Agreement, the venue of such action shall be at the courts of Mandaluyong City, to the exclusion of all other venues. In case of suit or where collection is referred to a collection agent, I agree to pay you attorney’s fees equal to 25% of the total demand but in no case less than Php50,000.00 and liquidated damages equal to 25% of your total claim in addition to the actual cost of collection.




12.1. All logos in the E-Banking are either your trademarks or registered trademarks, or your licensors’, and may not be copied, imitated or used, in whole or in part, without your prior written permission. Further, these logos may not be altered, modified or changed in any way, or used in a manner that is disparaging to you. Likewise, logos may not be displayed in any manner that may imply sponsorship or endorsement by you.


12.2. I understand that this site is best accessed by Microsoft Internet Explorer Version 8.0, Safari 5.1, or Mozilla Firefox version 23.1 or higher.




13.1. By clicking the “I ACCEPT” button, I acknowledge that I have read, understood and accepted the terms and conditions set forth herein and have likewise acknowledged and accepted the corresponding risks related to the availment and use of E-Banking. Otherwise, please click the “I DECLINE” button.


13.2. I agree that you may amend these terms and conditions at any time, even without prior notice to me, and such amendment shall be effective immediately upon posting of the revised terms and conditions. “Posting” shall mean uploading of the terms and conditions to the E-Banking website.


13.3. I agree that should any of the terms and conditions stated herein be held invalid, the legality and enforceability of the remaining terms and conditions shall not in any way be affected or impaired.


13.4. I agree that any subsequent enrollments of accounts to E-Banking shall be covered by the same terms and conditions herein.


13.5. I agree to review the applicable terms and conditions periodically and my continued use of BOC E-Banking will constitute my acceptance of these terms and conditions.



  I have read, fully understood and agreed with the Terms and Conditions.