DEPOSIT TRANSACTIONS AND PRACTICES

I.             DEPOSIT TRANSACTIONS AND PRACTICES

A.  New Account Opening

GENERAL POLICY

Client who wish to open account deposit such as saving, current or time deposit shall be governed by the bank’s policies and procedures:

·         A face-to-face contact and personal interview to obtain minimum information such as name, present address, date and place of birth, nature of work, name and address of employer or business, and contact number of new customer

·         Submission of the standard requirements acceptable to the bank

·         Validation and confirmation of  the minimum information and the identification presented to the bank

·         Verification of  the true identity of new client using the  documents submitted  determine if there any discrepancies from the obtained information and documentations

·         Approval of the account opening of new client with satisfied information and documentation

1.   Client Due Diligence and Risk Profiling

a.   List of minimum required documents

The Bank shall establish the true and full identity of its customers on the basis of materiality and risk, update documents every three (3) years, all customer identification information and documents, including photo. CRBI conducts evaluation of customer’s information after account opening to determine what document requires updating or change of information on previously submitted documents.

The following primary identification documents when submitted during account opening do not require updating:

·         UMID ID

·         Social Security System ID card (SSS ID)

·         GSIS ID

·         Voter’s ID

·         Senior Citizen ID

·         Student ID

·         National ID

However, when there is a change of civil status, the customer shall be required to provide an updated document bearing the new information

As part of the primary identification document such as:

·           Postal ID,

·           PRC ID,

·           IBP ID

·           Driver’s License,

·           Passport,

·           Company ID, and

·           Seaman’s Book

The customer shall be required by the bank to submit a renewed document based on the validity/expiry of the said document, and thereafter.

On the part of secondary document such as:

a)    Barangay Clearance         

b)    NBI Clearance

c)    Police Clearance

d)    DSWD Certification

e)    Birth Certificate

f)     Marriage Contract

g)    PhilHealth Card

h)    Pag Ibig ID

Items a, b, c, d require frequent updating as their validity and/or expiry differs i.e. barangay. clearances are issued with validity range from six (6) months to one (1) year; NBI expires after one (1) year; police clearance also expires after one (1) year. However, DSWD certification may only good based on purpose indicated on it and may not serve in perpetual. So, recertification may be considered to justify the previously submitted certification.

The bank shall consistently and regularly communicate to customer who are subject for updating of their submitted documents.

In the case of single proprietorship, partnership, corporation, association, club, foundation and cooperative, the following documents serve as primary requirement when opening an account, GIS must be submitted/updated every year:

a)     2 Valid ID (government Issued ID) of Authorized Signatories

b)     Current pictures of Authorized Signatories

c)      SEC Registration

d)     Business Permit/DTI registration

e)     Duly Notarized Partner’s Resolution

f)       Articles of Incorporation

g)     By Laws

h)     Duly Notarized Secretary Certificate/Board Resolution to open deposit account with authorized signatories

i)       General Information Sheet

j)       BIR Registration

b.  List of minimum required information

ü Name of customer

ü Date and place of birth

ü Name, present address, date and place of birth, nationality, nature of work, and source of funds of beneficial owner, whenever applicable

ü Present address

ü Permanent address

ü Contact  number or information

ü Nationality

ü Specimen signature or biometrics of the customer

ü Nature of work, name  of employer or nature of self-employment/business

ü Source of funds; and

ü Tax Identification Number (TIN) and Social Security System, (SSS) number or government Service Insurance (GSIS) number as may be applicable

   c. The following list of forms are used by the Cash/Treasury Department in order to properly  processes the opening of new accounts;

·  Signature Card

·  CIS Form

·  Customer Risk Profiling Form

·  Data Privacy Form

d.  Client orientation on deposit products’ terms and condition

The bank has been implemented an orientation session for its depositors which includes disclosure agreement, terms and conditions based on the deposit accounts being opened. This is to ensure that depositors are aware of their expectation of the bank’s products and services.