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Kinds of Deposits

Demand Deposits
all those liabilities of the Bangko Sentral and of other banks which
are denominated in Philippines currency and are subject to
payment in legal tender upon demand by the presentation of the
depositors check
Who can accept or create demand deposits?
Without prior authority from BSP (Sec 33, GBL)
Universal banks
Commercial Banks
Prior Authority from BSP (Sec 58, GBL)
Thrift banks
Rural Banks
Commercial Banks
Manner of Making Deposits
(Philippine Bank of Commerce VS CA, GR 97626)
In the ordinary and usual course of banking business:
accepted by the bank on the basis of deposit slips
prepared and signed by depositor
or by the representative of depositor
indicating the account number for crediting the deposit
the name of depositor or account holder
date of deposit
amount of deposit
indicating cash or checks
upper portion of deposit slip is detached and given to
depositor
or to the representative of depositor
lower portion kept by the bank
OR duplicates are made by depositor
original kept by the bank
duplicate copy returned to depositor
Temporary Over Drawings; Drawings against Uncollected Deposits
(DAUDS)
General Rule: Temporary Over Drawings are NOT allowed
Exception: caused by normal banks charges or other fees
incidental to account handling
Violation of the Rule
fine of 1/10th of 1% of amount overdrawing or fines
amount determined by the Monetary Board
not to exceed P30,0000
which ever is lower
Technical overdrawings arising from force posting
debited by banks in Other Assets
Returned Checks and other Cash Items no in Process of
Collection
Checks lodged will be returned or honored
Honored checks are covered by:
cash
Cashiers, Managers, Certified checks
Bank Drafts
Postal Money Orders
Treasury Warrants
Duly Funded On Us checs
Fund transfer/credit memos in the same bank
Peso demand deposits of foreign correspondent banks with
commercial banks
not subject to the same rules as above
Provided:
there is an reciprocal arrangement
covered within 15 days
credited through foreign exchange inward remittance
DAUDS
PROHIBITED
Except: drawings represented by
managers, cashiers, treasurers checks
treasury warrant
postal money order
duly funded on us (discretion of the bank)
Current Accounts of Bank officers and employees
Not allowed in the same banking office they are assigned
all officers
employees of cash units or cash department
other employees
directly and immediately responsible to demand deposits
or current accounts:
Records
Transactions
Extends to officers and employees
Spouses and relatives within the 2nd degree of
consanguinity and affinity
business interests: individually own or control majority
single proprietorships
partnerships
corporations
What are CHECKS?
a bill of exchange drawn on a bank payable on demand
a written order to a bank by a party having money in their hands
requesting to pay on presentment
to the bearer or order
in a sum of money
Fixed saving and current deposits are simple loans, thus:
banker agrees to pay checks drawn by the depositor
provided there is money in the accounts
creditor is the depositor, bank is the debtor
Duty to honor checks (Moran vs CA, GR 105836)
when the bank possess the funds of the depositor, bound to
honor checks
failure to do so:
drawer is entitled to substantial damages
no need to prove actual damages
Bank is not liable when there is insufficient funds and refuses
to honor
bank notifies and endeavors the drawer to make good on his
account
not withstanding a deposit made later in the day
Depositor must show he had sufficient funds before suing to
recover a specific amount
Responsibilities of the drawer
drawer must keep track of his accounts
cannot rely notification of the bank
check is meant for immediate payment, as distinguished from a
bill of exchange
Banks to know signatures
forged checks cannot be drawn against account of depositor
No obligation to make partial payments
check drawn larger than the amount in the account
partial payment does not allow surrender of the check nor
voucher of payment
If the depositor has two accounts, deficiency of one cannot be
compensated by the other
refusal of payment by the bank is valid
Checks are not legal tender
acceptance in payment is at the discretion of creditor
Sec 60, New Central Bank Act:
That a check which has been cleared and credited to the
account of the creditor shall be be equivalent to a delivery to
the creditor of cash in an amount equal to the amount credited
to his account.
Savings Deposits; solicit and accept
Servicing outside bank premises
financial condition of bank is sound
operational and quality of management reasonably assuring
proposed area clearly defined
confined in a locality with no other banks in operation
OR locality untapped of deposit potentials
Maintain safeguards
P1000 bond on deposit solicitors, subject to increase
solicitors wearing proper identification and signature
adequate insurance coverage during transit
deposit slips in booklet form, in triplicate
all collections turned over to cashier
with Collection Summary Report
date of report
names and addresses of depositors
slip numbers
amounts
account numbers
name and signature of solicitor
Depositors makes a signature card
deposits and withdrawals made by bookkeeper
End of each month, depositors are advised of the balance in
their accounts
places of assignments shall have a quarterly rotation of
solicitors
Withdrawals
Need of passbooks, accomplishing of withdrawal slips
unless authorized otherwise by BSP
NOW accounts (Negotiable Order of Withdrawals)
NOW accounts are:
interest bearing accounts
combines:
demandability of checks
investment feature of savings
Universal Banks and Commercial Banks may offer without prior
authrization
Rules on NOW accounts
inform terms and conditions prior to opening
banks responsibility of proper identification, 2 specimen
signatures, other info
deposit slips in duplicate, validated, and initialed by teller
receiving deposit
kept and maintained separately from other accounts
blank forms shall be prenumbered and be controlled in case of
unissued and blank checks
statements sent at the end of each month
use prescribed forms
Time Deposits
one the payment of which cannot legally required within such a
specified number of days
term shall be specific period
Special time deposits
Agrarian Reform Fund commission
exemption from legal reserve requirement
Negotiable Certificates
Universal and Commercial banks can issue without prior
approval
all others upon prior approval
Non-Negotiable Certificates
any bank may issue without prior approval
long-term, tax exempted
Quasi Banking Functions (Deposit Substitute Operations)
Essential Elements
Borrowing funds for the borrowerss own account (not in
representation, agent or trustee)
borrowing refers raising funds by methods for the two
purposes
real or contingent liability of borrower
20 or more lenders at any one time
Methods of borrowing:
issuance, endorsement, or acceptance of debt instruments of
any kind
except deposits
Purpose
relending
refers to extension of loans by an institution with
antecedent borrowing transactions
presumption of regularly engaged in lending
regularly engaged in lending practice of extending
loans, advances, discounts or rediscount as a matter of
business
distinguish from isolated lending transactions
purchasing receivables or other obligations
refers to acquisition of claims collectible in money
interbank borrowing
refers to acquisition of securities
any amount and maturity
foreign or domestic
Foreign Currency Deposits
any person may deposit
natural or juridical
in Philippine banks
good standing
designated by Central bank
upon application
foreign currencies acceptable as part of international reserve
WITH AUTHORITY TO ACCEPT
accept deposits and currencies in trust
issue certificate of evidence
discount certificate
accept said deposits as collateral
pay interest in foreign currency
Cover Requirements
100% liability coverage
15% of which shall be with Central Bank
exempted if on account of:
net worth
resources
past performances
other criteria by Monetary Board
balance in the form of foreign loans and securities
short term maturities
readily marketable
may include loans to domestic enterprises
export oriented or
registered with Board of Investments
cover the same currency corresponding with liablity
Central bank may pay interest
if requested, exchange into instruments draw on its
depository banks
No restriction on withdrawal or transferring except stipulated by
contract
Anonymous and Fictitious accounts not allowed
numbered accounts
the client is identified in an official or identifying documents
Administration of Deposits
Requirements of three specimen signatures
updated every 5 years
at the banks option submit also ID
Minors as depositors
vested with special capacity and power
in their own right and name
savings and receive interest
without assistance of parents or guardians
Must be:
at least 7 years of age
able to read and write
sufficient discretion
not disqualified by other incapacities
parents may deposit for their minor children
In thrift banks
Same
parents or guardians can give notice to make payments of
deposits, interest or dividends to them
Corporations as depositors
Incorporation Stage
Bank Certificate required by SEC
in case of payment of subscription is in cash
paid up capital
notarized where signed
Post Incorporation Stage
Board of Directors issues resolution authorizing
signatories
specifying the depository bank
Time of interest payment deposits/deposit substitutes
Paid upon
maturity
withdrawal
in advance
advance shall not exceed one year
Interest rate
cost of borrowing money or
amount paid for lending money
expressed as a percentage of principal
Interest rate differential
difference or margin between interest rates
example: between domestic and foreign interest rates
Treatment of matured time deposits/deposit substitutes
a time deposit not withdraw or renewed
on it due date
treated as a savings deposit
earn interest from maturity
until date of actual withdrawal or renewal
rate applicable to savings deposit
a deposit substitute not withdrawn or renewed
on its maturity date
payable on demand
shall earn interest or yield
until actual withdrawal or renewel
rate applicable to deposit substitute with a maturity of 15
days
Banks performing quasi-banking functions
consider matured and unwithdrawn
subject to reserves
Clearing Cut off time
General rule:
deposits and withdrawals during regular banking hours shall
be credited and debited on the date of receipt
Exception:
a bank may set up a clearing cut off time for its head office
not earlier than 2 hours before start of clearing at BSP
not earlier than 3.5 hours before start of clearing of
branches, agencies, and extension offices doing business in
the Phlippines
Provided further:
areas without BSP regional/clearing arrangements
no more than two hours of local clearing time
Booking of cash deposits
after clearing hours until regular closing of the bank
booked as deposits on day of receipt
Booking of non-cash deposits
Deposits of checks
managers, cashiers, on us, treasures checks, demand
drafts
drawn against the depository bank and all its offices
including treasury warrants and postal money orders
at their discretion, after clearing before regular closing
book as deposits on the day of receipt
other deposits shall be treated as contingent accounts on day
of receipt
booked on the following banking day
Booking of deposits after banking hours
as contingent accounts, booked on the following banking day
whether cash or non-cash
AVERAGE DAILY BALANCE
imposition and collection of service charges or maintenance
fees
active or dormant accounts
falling below ADB
Conditions:
Clearly stated of such charges and fees in the terms and
conditions
rate or amount properly disclosed
fallen below minimum ADB for dormant
for at least 2 consecutive months for active
dormancy fees shall disclose
period of dormancy
informed by registered mail
at least 60 days prior to imposition of fees
any changes in terms and conditions of ADB must be
communicated at least 60 days prior to effectivity
regular mail, e-mail, courier or other alternative modes of
communication
failure to protest of depositor within 30 days of notice
constitute as acceptance
posting of said changes
on websites
ATMs
conspicuous spaces with bank premises
SURVIVORSHIP AGREEMENT
joint and several owners of a deposit agree that either of them
could withdraw any part or the whole of said account during the
lifetime of both, and the balance, if any upon the death of the
either, belonged to the survivor.
not necessarily contrary to law, but may be in the guise for:
(can be annulled)
inofficioius donation
transfer property to defraud creditors
defeat legitime
Nature of Bank Deposits
Not preferred credits, considered as simple loans
irregular deposits because they earn interest
creditor = depositor
debtor = bank
failure to honor time deposit
breach of contract to pay
not a breach of trust
obligated to return the amount deposited
not the exact bills
ownership of the money transmitted to the bank upon
perfection of contract
can make use of the money for its banking operations and
business
obliged to pay interest and withdrawals
See Article 1960 of NCC - simple loans govern bank deposits
Duties of a bank
Meticulous care
nature of its function
high standards of integrity and performance
depositors are not estopped from questioning wrongful
withdrawals
even if they failed to question those errors sent for
verification
expected to treat with utmost fidelity, no matter the amount
record every single transaction promptly
See BPI vs IAC GR 69162
Payment to proper party
no right to pay other persons that do have the right or
authority to receive
payment to wrong party does not extinguish obligation
good faith or mistake not a defense
with out negligence or fault to the creditor
In Case of death of Depositor
NIRC Section 97, provides
Not allow withdrawal until certified by CIR
taxes have been paid
administrator or any one heir may withdraw
with certification from CIR
not more than P20,000
Secrecy of Bank Deposits
Purpose
encouragement to deposit money in banking institutions
discourage private hoarding
proper utilization for economic development
Absolute Confidentiality
All deposits of whatever nature
including investments bonds
Foreign investment accounts
Islamic Banks
exceptions:
inspection of banks auditor
permission of bank auditor
subject to a court order
Exceptions under Bank Secrecy Law
written permission of depositor
in cases of impeachment
upon order of a competent court
cases of public officials
bribery
dereliction of duty
money deposited or invested is subject matter of litigation
Garnishment
See Rule 39, Sections 9(c) and 13
Section 13 are the exempted properties
no real inquiry in garnishment
disclosure is purely incidental to the execution of
garnishment
Foreign currency law cannot be used to shield wrong doing
see case of Salvacion vs Central Bank GR 94723
not the intent of the legislature
Graft and Corruption cases inquiries can be made
bank deposits can be inquired into for unexplained wealth
public office is a public trust
inquiry extends itself to cases of property concealed
illegally acquired
held or recorded in the name of another person
AMLC (Anti-Money Laundering Council) & AMLA
AMLC may inquire if:
probable cause deposits or investment are related to
unlawful activity
a money laundering offense
no court order required if:
kidnapping for ransom
violation of Comprehensive Dangerous Drugs Act
Hijacking
destructive arson and murder
including terrorist against non-combatant persons
Periodic or Special Examinations by BSP
BSP may inquire in accordance with rules of examination
Monetary Board
reasonable ground to believe there is bank fraud or
serious irregularity
specifically authorized bank by Monetary Board
Independent Auditor hired by the bank
audit purposely only
exclusively to the bank
natural consequence of examination
In Camera Inspection by Ombudsman
there must be a pending case before a competent court of
jurisdiction
account clearly identified
limited to the subject matter of litigation
bank personnel and account holders duly notified
to be present during inspection
cover only the account identified
investigation is not considered a pending case before a
competent court of jurisdiction
Preliminary attachment
part of the subject matter under litigation
does not conflict with bank secrecy law
Disclosure of dormant account
Act 3936 Section 2
An Act Requiring Banks, Trust Companies... and
Banking Institutions of Every Kind to Transfer
Unclaimed Balances Held by Them to the Insular
Treasurer
name and address of last know place of residence
amount and date of outstanding deposit (money or
security)
date of death depositor or date of his last deposit or
withdrawal
interest due, if any
publish info in 2 newspapers of general circulation for 3
consecutive weeks
Authority of CIR to inquire into Deposits
Section 6 of NIRC
determine gross estate of decedent
any tax payer who filed for compromise
reason of financial incapacity
application will not be considered without a written
waiver from tax payer
Waivers by: DORIS
Director
Officer
Related Interest
Stockholder
Requirements
obtains:
a loan; or
financial accommodation
From:
his bank
from a bank
subsidiary of a bankholding company
a. which his bank AND the lending bank are
subsidiaries
OR in which a controlling proportion of the shares
is owned by the same interest that owns a
controlling proportion of the shakes of his bank,
1. in excess of 5% of the capital and surplus of the
bank or
2. in the maximum amount permitted by law