SECURITY BANK INSTAPAY TERMS AND CONDITIONS
I. Introduction
InstaPay is an electronic fund transfer (EFT) service that allows customers to transfer PHP funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24/7, all year round.
II. Definition
InstaPay
-Real-time, low value electronic fund transfer transactions.
-Retail payment, also known as fast payment, defines electronic transmission of payment message and availability of “final” funds to payee, occurs in real-time or near real-time on an almost 24/7 basis.
Sender
The party initiating the IBFT Instruction through the Originating Institution to transfer funds from his/her/its identified Source Account maintained with the Originating Institution to the Beneficiary Account maintained with the Receiving Institution using the facility. Any fees charged for the IBFT Instruction will be for the account of the Sender.
Beneficiary
The receiving party identified by the Sender of funds in the Interbank Funds Transfer Instruction.
Funding Account/ Source Account
The account maintained by the Sender with the Originating Institution which is identified by the Sender as the account to be debited with the amount specified in the IBFT Instruction.
Destination/ Beneficiary Account
The account maintained with the Receiving Institution that is identified by the Sender as the account to be credited with the amount specified in the Interbank Funds Transfer Instruction
Interbank Fund Transfer Instruction (IBFT Instruction)
Instruction submitted or entered by the Sender in the facility to transfer funds from the Source Account maintained with the Bank for credit by the Receiving Institution to the Beneficiary Account as identified by the Sender.
Originating Bank (Institution)
Is the financial institution with which the Sender maintains the Source Account and tasked to ensure that the Source Account and the amount specified for transfer are the same as the required details provided in the IBFT Instruction prior to processing the transaction.
Receiving Bank (Institution)
Is the financial institution with which the Beneficiary Account is maintained and tasked to ensure that the actual account number and the amount it credited are the same as the Beneficiary Account number and the amount specified in the IBFT Instruction received by it.
III. Operating Guidelines
I acknowledge that the Bank may process my IBFT Instructions in accordance with its policies and procedures including BSP Circular No. 980.
In initiating an IBFT Instruction, the CLIENT shall indicate the Source Account, the amount to be transferred, the Beneficiary’s name and the Beneficiary Account details and other details as necessary in the SBOL / Mobile banking channels.
Only cleared and withdrawable balances of my enrolled/nominated accounts shall be considered for IBFT transaction subject to limits that may be set by the Bank. In case of insufficient funds in my account and/or violation of limits, my fund transfer request will automatically be cancelled, and the Bank will not be required to make any further attempt to perform the transfer. The Bank shall have no obligation or liability if the transfer is not completed due to insufficiency of funds in my account or violation of limits. In all cases, I am responsible for making alternate arrangements for the transfer.
Limits – maximum per transaction of P50,000.0 with maximum aggregate of P100,000 per day.
The IBFT transaction is deemed completed when the Originating Institution has debited the amount subject of the funds transfer and service fee from the Source Account, and the Receiving Institution has credited the Beneficiary’s Account. In which case, there shall be no reversal of the IBFT transaction.
IV. Liability on Beneficiary Details
I understand that the Bank shall have no obligation or liability if the funds were not transferred to the intended recipient due to erroneous account number entered. I understand that it is always my responsibility to ensure that transaction details entered are correct and accurate. I also understand that the Bank is not a party to any agreement between me and the Beneficiary in relation to the IBFT instruction.
The Bank will refund the funds subject of the IBFT instruction in case it is cancelled due to circ*mstances such as but not limited to:
1. Incorrect beneficiary account number;
2. Incorrect beneficiary details
3. Beneficiary account is not a PHP currency account; and
4. Any other reason as may be decided by the Bank and/or the BSP.
V. Availability and Cut-off Limits
I also understand that I can transfer funds which are subject to a daily amount limit. I also agree that the Bank may modify the interbank funds transfer limit from time to time without prior notice.
I acknowledge that transactions made through Security Bank Online shall be subject to the Bank’s prescribed cut-off time(s), and transactions made after the designated cut off time(s) shall be considered transactions of the next banking day.
VI. Disclosure of Information
The Bank is authorized to disclose of any matter pertaining to my account(s) as may be necessary for the operation of this Interbank fund transfer payment arrangement. Henceforth, I hereby waive my rights as a depositor under RA 1405 or the Secrecy of Bank Deposits Law and allow the disclosure of my account information as may be necessary to effect this transaction.
In consideration of the Bank’s implementation of my interbank fund transfer request, I agree to hold the Bank, its subsidiaries and affiliates, directors, officers, employees, and representatives/agents, free and harmless from any and all claims and liabilities which may arise therefrom and I undertake to reimburse/indemnify the Bank for all such costs, payments, damages and expenses which the Bank may be held liable for or which the Bank may incur or have incurred by reason of the Bank’s implementation of my Interbank fund transfer.
INQUIRIES AND COMPLAINTS
For inquiries and complaints, the Customer can contact the Bank’s 24-Hour Customer Service hotline at (632) 8887-9188 or email the Bank at [emailprotected]. Security Bank Corporation is supervised by Bangko Sentral ng Pilipinas with telephone number (632) 8708-7087 and email address at [emailprotected].
