Payroll Cash Advance Terms & Conditions
I. CLIENT CONSENT/AUTHORITY AND WAIVER OF CONFIDENTIALITY/ PRIVACY OF PERSONAL AND OTHER INFORMATION FOR THE BANK’S LEGITIMATE PURPOSES/NEEDS, AND TERMS AND CONDITIONS OF LOAN APPLICATION/APPROVAL
The loan applicant/borrower (hereinafter the “Client” regardless of number) certifies the correctness of all the personal, sensitive, privileged, financial, and other information (collectively referred to hereinafter as “Information”) provided by him/her thru his/her deposit payroll account with Metrobank (the “Payroll Account”) under a cross-selling agreement, which he/she agreed to share to the Philippine Savings Bank ( “PSBank”) in the course of using the PSBank Payroll Cash Advance Facility and his loan application thereto, including the information which may be obtained from credit transactions and all other documents (”Supporting Documents”) submitted to the PSBank in support of his loan application.
In providing the Information and related Documents to PSBank, the Client hereby authorizes PSBank, without need of prior notice, to use, process, store, make profile, receive from, and/or share to any of its affiliates and/or subsidiaries within the Metrobank Group, or its agents or service providers, or third parties (including but not limited to vendors and credit bureaus), whether in or outside the Philippines, which provide related services or have contractual obligations with PSBank, or any government agency/regulatory body/branch (including but not limited to Bangko Sentral ng Pilipinas, Anti-Money Laundering Council, and Credit Information Corporation), which in turn is/are authorized to disclose to and/or receive from PSBank, the Information, relevant account information/data/opinion pertaining to the Client, and any and all other information pertaining to Client’s account/s now existing or which may hereafter to be opened, whether or not secured and/or assigned as collateral, for the following purposes: (a) in order to commence and facilitate the efficient delivery, administration, operation, and/or implementation of loan and other products and services of PSBank; (b) for the protection of the Client or PSBank against fraudulent, unauthorized, or illegal transactions; (c) in the validation, verification, and/or updating of the Information and related Documents; (d) in order for PSBank to enforce its rights or perform its obligations by reason of any law, rules and regulations, contract, or orders from any court or quasi-judicial and administrative offices with corresponding duty to keep such information confidential in accordance with PSBank’s Data Privacy Policy; (e) in the prosecution or defense of PSBank or its directors/officers/employees with regards to disputes or claims pertaining to the products and services of PSBank; and (f) in order for PSBank, its affiliates and/or subsidiaries within the Metrobank Group to officer or provide other related products and services to the Client, including but not limited to cross-referencing, cross-selling, status inquiry, making credit opinion and evaluation. The consent and authorization of Client shall remain valid and subsisting unless otherwise revoked or cancelled in writing. In granting the above authorities, the Client hereby waives his/her rights to confidentiality and privacy of the Information and such other rights as may be provided under Republic Act (RA) No. 1405 (Law on the Secrecy of Bank Deposits), RA No. 6426 (The Foreign Currency Deposit Act), RA No. 8971 (General Banking Law of 2000), RA No. 10173 (Data Privacy Act of 2012), or all other applicable laws, which may be in conflict with the Bank in carrying out the said authorities.
The Client understands that the Payroll Cash Advance is a loan product of PSBank offered by its parent bank, Metrobank, thru PSBank’s Payroll Cash Advance Facility under a cross-selling agreement with PSBank.
PSBank may disapprove Client’s availment of Payroll Cash Advance Loan Facility, revoke prior loan approvals, or terminate existing loan availments on the ground of misrepresentation and/or concealment of the Client’s Information, whether willful or not, without prejudice to any other legal remedies that PSBank may take. The Client understands that the approval of his loan availment shall be at the sole discretion of PSBank, and subject to:
- PSBank’s existing credit policies and procedures on its’ Payroll Cash Advance Loan Facility;
- Existing rules and regulations of the Bangko Sentral ng Pilipinas;
- Client’s agreement to the Terms and Conditions of the Payroll Cash Advance Facility as indicated herein and as shown on the screen of PSBank / Metrobank ATM (the “ATM screen”), and as appearing in the respective websites of Metrobank and PSBank or other sales channels of both banks. In case of disapproval of the Client’s availment, PSBank shall not be obliged to disclose the reason/s for such disapproval.
The Client authorizes PSBank to send updates to or inform, via SMS/text, email, mail or other means of communication, the Client on his/her use of PSBank’s Payroll Cash Advance Facility.
II. TERMS AND CONDITIONS & AUTHORITY TO DEDUCT
- Product Feature. Payroll Cash Advance is a collateral-free short-term loan product offered to employees of companies that are existing customers of Metrobank’s payroll system. Qualified borrower is allowed access to a pre-determined cash advance limit when he/she falls short of cash on days leading to his/her pay day with only a fixed fee charged per transaction regardless of amount availed.
Cash Advance Limit : Minimum of Five Hundred Pesos (Php500.00) up to a maximum of Eight Thousand Pesos (Php8,000.00).
Term : Amount availed is payable on the Client’s next payroll date immediately following the date of availment or draw date.
Transaction Fee : One hundred and twenty five pesos (Php 125.00) per transaction. This is non-refundable.
Late Payment Penalty : Three (3%) of the Total Amount Due per month until fully paid.
Collection/Attorney’s Fees and Litigation/Judicial Expenses (Other Charges) : As stated herein.
Promise to Pay. For value received, the Client promises to pay PSBank the loan availed in the PSBank Cash Advance Facility the principal sum in Philippine Pesos equivalent to the amount transacted and received in the Automated Teller Machine of either Metrobank or PSBank, plus the transaction fee, penalty charges and/or other charges that may be due thereon (the “Loan”), to be payable without need for notice or demand, under the terms and conditions of this Agreement, whenever applicable.
Cash Advance Limit and Purpose. PSBank shall make the pre-determined cash advance limit available to the Client from date of his/her consent to the Terms and Conditions shown on the ATM screen, and each time after he pays back the availed amount including the transaction fee. PSBank shall establish and maintain in its books a Loan Account in Client’s name. All transactions made thru the PSBank Cash Advance Facility shall be recorded in said Loan Account and reflected in the Statement of Account. Client shall be responsible for verifying the Statement of Account with PSBank without need of notice. PSBank shall have the full discretion to grant the Client a Payroll Cash Advance.
Access to PSBank Cash Advance Facility. Client may avail the Payroll Cash Advance by using any Metrobank and PSBank Automated Teller Machine (ATM) thru his Payroll Account. Availment can be made on any date earlier than two (2) banking days prior to the next payroll crediting date/schedule. PSBank may at any time impose such limits per availment after due notice to the Client.
Availment Limit. Client shall not make any availment in excess of the available cash advance limit. Usage of the cash advance limit also includes the transaction fee charged to every availment regardless of amount subject to the limits of the loanable amount as stated in Section 8. If any intended availment by Client will cause the available cash advance limit to be exceeded, PSBank shall have the right, power and authority to refuse the intended availment without need of notice. In the event that an excess availment is incurred, the same shall, without need of notice, be immediately due and payable and the cash advance limit shall be suspended, at the option of PSBank, unless and until payments are made covering the excess availment.
Evidence of Availments. Availments in the PSBank Payroll Cash Advance Facility shall be evidenced, among others, by withdrawal from any PSBank and Metrobank ATMs nationwide, subject to applicable ATM policy. Absent manifest error on the part of Metrobank and PSBank, the foregoing evidence of availments shall be conclusive and binding on Client.
The Client acknowledges that access to PSBank Payroll Cash Advance Facility and the evidence of availments therein are thru the withdrawals in the PSBank/Metrobank ATMs using the Client’s Metrobank ATM Card issued for his Payroll Account, which ATM Card shall remain and is presumed in Client’s exclusive possession and custody at the time of availment. In case the ATM card is lost or stolen, Client shall notify Metrobank immediately. Metrobank and PSBank shall not be responsible for any unauthorized transaction using the Client’s ATM Card. Availability of PSBank Payroll Cash Advance shall be available once the Client’s Payroll Account is active and not compromised as determined by Metrobank.
Total Amount Due. The amount that must be paid is the full amount availed including the transaction fee, which is collected from the payroll account of the Client thru an Automatic Debit Arrangement on the next pay schedule immediately succeeding the transaction date. If the Bank is unable to debit the said amount, the Client will incur late payment charges. For example, the payroll credit schedule of the Client is every 15th and 30th days of the month. If Client avails a Payroll Cash Advance on the 5th day of the month, the Total Amount Due shall be collected on the 15th day of the same month.
To arrive at the Total Amount Due, the following shall be summed up:
* Total Amount availed
* Transaction fee of P125 per availment
* Penalty and late charges for the period
Collection/Attorney’s Fees and Litigation/Judicial Expenses as Other Charges. In case of Client’s default or breach of any of the terms and conditions under this Agreement, and PSBank is forced to endorse the Client’s account to collection agency or legal counsel to protect its rights, the Client shall be liable, and agrees to pay as Collection/Attorney’s fees an additional sum, equivalent to twenty five percent (25%) of the amount due, plus other expenses for litigation and/or judicial expenses, if any.
Payments / Authority to Deduct from the Payroll Account. Client shall pay the Loan and the transaction fee and/or penalty and late charges therein via automatic debit of his Payroll Account every payroll schedule immediately following the availment under the PSBank Payroll Cash Advance Facility. For this purpose, the Client hereby authorizes Metrobank to automatically debit from his Payroll Account any or all amount due to PSBank, and to automatically transfer the amount debited to PSBank in payment of the Loan and the transaction fee and/or penalty and late charges therein. This authority of Metrobank to deduct / transfer shall continue and shall not be revoked without the written consent of PSBank until all amounts are successfully debited and paid to PSBank. By agreeing to the Terms and Conditions displayed on the ATM Screen, the Client shall be deemed considered to have granted and confirmed his authorities to Metrobank and PSBank as provided under this Agreement, and shall hold harmless Metrobank and PSBank from relying on the said authorities.
Without prejudice to the above authority or automatic debit arrangement, the client can opt to pay via cash, over the counter at any PSBank branch nationwide.
All payments made shall be reflected in the Statement of Account.
Special Payment Condition. Whenever the Borrower has more than one loan account with PSBank, and the Borrower defaults, PSBank shall have the option to apply any payment received from the Borrower or any other source in behalf of the Borrower, or any money or thing of value belonging to the Borrower which may be in the possession or control of PSBank, to any account PSBank may choose notwithstanding that one account may be more onerous, or that the Borrower gave instructions to the contrary.
Payment Due Date. PSBank shall set the payment due date as the payroll credit schedule immediately succeeding the cash advance transaction.
Application of Payments. Client waives in advance the right to make application of payments under Art. 1252 of the Civil Code of the Philippines regardless of the form and nature of the obligation.
Electronic Statement of Account. PSBank shall send the Statement of Account (“SOA”) to Client through email after each billing or cut-off period upon the request of the Client. PSBank is not liable to non-receipt of the SOA should the Client provide an invalid or incorrect email address. The Electronic SOA shall be final and conclusive against Client unless Client expresses disagreement through a letter sent to PSBank within thirty (30) days from the billing period specified in said Statement. Should the parties fail to settle any disputed item, the Loan Account, at the option of PSBank be suspended until the dispute is settled. The protest shall not suspend the accrual of interest and/or penalty charges. If the dispute is settled in Client’s favor, said charges shall be computed based on the reconciled amount. However, it is also understood that PSBank, at its option, may also provide the client a copy of the Statement of Account through other means such as SMS to which is readily accessible and available to the client. All other means of sending SOAs shall have the same effect as the one sent via email and deemed correct and conclusive if not contested within the prescribed period.
Events of Default. Each and any of the following shall constitute an event of default:
(a) Client fails to pay when due and payable, the full amount availed including the transaction fee, sums which Client is obligated to pay under the Agreement or any other related documents;
(b) Client violates any of the other Terms and Conditions of the Agreement;
(c) Client is in default under any other contract or obligation with PSBank or with any other person or entity for the payment of borrowed money for the deferred purchase price of property or for any other purpose resulting in the acceleration of the whole or part of the obligation and making the same due and payable prior to the stated normal date of maturity, likewise, in case such default occurs, the obligation of the borrower under this agreement is deemed secured by other mortgages, if there are any, that is executed by the borrower in favor of PSBank prior or after the execution of this Agreement/Loan document;
(d) Proceedings for voluntary or involuntary bankruptcy, insolvency, or suspension of payments are instituted against and/or initiated by the Client;
(e) An application for any decree or order of garnishment, attachment, execution, receivership, or sequestration is filed and/or issued against Client’s properties;
(f) Any representation or warranty made by Client in the Agreement or any statement, document or other instrument furnished in connection with the Agreement or to induce PSBank to enter into Agreement is shown to be false or misleading in any material respect when made;
(g) Any other circumstances occurs which, in the opinion of PSBank, gives reasonable grounds for the belief that the client may not be able to perform its obligation under the agreement.
- Consequences of Default. Upon the occurrence of any of the foregoing events of default, PSBank may at its option and without need of notice or demand, exercise any or all of the following remedies:
(a) Cancel/close/freeze/suspend the Payroll Cash Advance Facility provided, such cancellation shall disqualify Client from obtaining further credit from PSBank and shall empower PSBank to furnish credit bureaus with Client’s name and credit standing;
(b) Consider the entire Outstanding Balance immediately due and demandable and/or require Client to pay PSBank the whole or part of the Outstanding Balance; provided, that the amount certified by PSBank as the amount outstanding shall be conclusive and binding to Client, absent manifest error in calculation or transmission;
Right of Offset. Should there be any money, stocks, bonds, or other property of any kind whatsoever on deposit or otherwise to the account of the Client in the books of PSBank or in its possession, Client hereby irrevocably constitutes and appoints PSBank as Client’s attorney-in-fact with full power, in Client’s name and behalf but without necessity of prior notice, to debit such Client’s account, for the amount of his outstanding balance and/or negotiate, sell, transfer, or in any manner dispose of such stocks, bonds, or other property by public or private sale apply the proceeds of such sale or disposition in any payment of any and all amounts due under the Agreement.
Warranties and Covenants. Client hereby represents warrants and covenants that:
(a) No legal proceedings before any court, tribunal, or body is currently pending or to knowledge of the client, is pending to be filed against Client ;
(b) Client shall promptly notify PSBank of the commencement of any proceedings involving the recovery of sum of money against the client of the occurrence of any event which, with the serving of notice or lapse of time, would constitute an event of the default hereunder or under any other agreement, specify the nature thereof and the action or purposed action taken by the client with respect thereto;
(c) The borrower certifies and acknowledges that he or she has thoroughly read the terms and conditions of the “PSBank Payroll Cash Advance Facility” and understood the computation of his/her payments to be made and has full knowledge of total cost of the loan and binds herself/himself to it.
Cancellation of Access to the Payroll Cash Advance Facility. The Loan Account shall be automatically closed upon its cancellation, and the Outstanding Balance of the Client’s Loan shall be immediately due and payable. PSBank may, at its option without the need of notice and demand, exercise any or all of the remedies stated in Section 19 and 20.
Termination on Notice. The Client, at his own accord, may terminate this agreement by presentation of a thirty (30) day written or electronic notice to PSBank’s Customer Experience e-mail at customerexperience@psbank.com.ph. Any Outstanding Balance on the Client’s Loan Account shall be immediately due and payable.
Renewal of Access to the Payroll Cash Advance Facility. PSBank may opt to make the Payroll Cash Advance Facility available to the Client each time the outstanding amount due is fully paid.
Venue. Any action to enforce payment of any sum due under the Agreement shall be brought exclusively in the proper courts of Makati City, or in any city or municipality where PSBank has a branch office to the exclusion of other venues.
Acceptance of Payment/Delay in Enforcement. Acceptance by PSBank of any payment after its due date or after an event of default has occurred or after legal proceedings have been commenced against Client shall not constitute an extension of time for payment or a modification or novation of the Agreement or in any way prejudice or adversely affect PSBank’s cause of action against Client. Failure or delay in exercising any right or power of PSBank shall not constitute a waiver thereof.
Unauthorized Transactions. The Client must take all reasonable precautions to prevent unauthorized/illegal/ fraudulent use of his/her Payroll ATM Card issued to him which he can use to avail of his Payroll Cash Advance.
Should Metrobank and PSBank believe or know that any card transaction relates to unauthorized/illegal/fraudulent transaction, the Client hereby authorizes both Metrobank and PSBank to cancel, block, or decline such transaction without prior notice, and for both Banks to inform each other, as the case may be, of the said cancellation, blocking or decline For this purpose, the Client also authorizes Metrobank to share pertinent information to PSBank, such as but not limited to, the Client’s personal information, pertinent documentation and reports, video recording/s, transaction history and information, concerning fraudulent activities related to the Payroll Cash Advance Facility which shall be used in conducting a full joint investigation by Metrobank and PSBank.
The Client shall be notified right after the cancellation, blocking, or decline is made by Metrobank or PSBank in accordance herewith, and Metrobank and PSBank shall not be held liable for any loss or damage as a result thereof.
Escalation/De-escalation Clause. The bank charges stipulated in the Agreement, its extensions, renewals or other modifications, may be increased, decreased or otherwise changed from time to time within the rate allowed under present or future law(s) and/or government regulation(s) as PSBank may prescribe for its clients/borrowers. If the Client disagrees with the changes, he shall prepay the total outstanding balance of all his Availments within five (5) banking days after being notified of the said changes, otherwise, the changes shall be final and binding with respect to the Client.
Extraordinary Inflation/Deflation. Client and PSBank hereby agree that the amount of the peso obligation in his/her PSBank Payroll Cash Advance Loan Account is based on the present value of the peso. Hence, if there is any change in the value thereof due to extraordinary inflation or deflation, or any other cause or reason, Client unconditionally agrees to discharge and pay the said peso obligation in such value as may be adjusted by PSBank, at its sole exclusive option, in accordance with the peso value prevailing either at the time the obligations are paid in whole or in part or at the time the obligations were established or contracted.
Cumulative Remedies. Any increase in interest rates/penalty/service charges or any extension of time of this Agreement shall not constitute a novation or an amendment of the obligations hereunder and shall not prejudice PSBank’s right or remedies hereunder.
Notices. It shall be the obligation of the Client to immediately notify PSBank in writing of any change of his/her mobile number and email address in accordance with existing laws. Such contact info/address provided by the Client shall be used by PSBank in sending all its communications and correspondences. Receipt of said notices, correspondences and other communication materials forwarded to the given address/mobile number or such new address/mobile number shall be conclusively presumed by the parties.
Customer Complaints, Concerns and other Queries. In case of complaints, concerns and other queries regarding PSBank Payroll Cash Advance Facility, the Client may contact Metrobank's 24/7 Customer Experience Hotline at (02)88- 700-700 (Metro Manila) or 1-800-1888-5775 (Domestic Toll Free) or e-mail at customercare@metrobank.com.ph, or PSBank’s 24/7 Customer Experience Hotline at (632) 8845-8888 or email at customerexperience@psbank.com.ph.
Consent to the Bank’s Right to Amend Governing Conditions. PSBank reserves the right, at its sole option, to amend the Governing Conditions herein without need of prior notice to the Client. If the Client disagrees with the amendments, he/she shall prepay the total outstanding balance of his/her Loan Account within five (5) banking days after the Client is notified of the said amendments via PSBank website or other sales channel, otherwise, the Governing Conditions as amended by the Bank shall be final and binding with respect to the Client.
Occurrence of Force Majeure. In case of force majeure, the Borrower shall not be excused from complying with his/her obligations under this Agreement.
