Common use of Account Suspension Clause in Contracts

Account Suspension. 9.1. The Bank may, at its sole discretion and determination, suspend transactions of an Account (whether debit, credit, or both) or put an Account on “hold” status without incurring any liability to the Depositor in any of the following instances: (a) If the Account is subject of a pending investigation for suspicious transactions until required supporting documents have been submitted to the satisfaction of the Bank. (b) If the Account is subject of a pending investigation for cybercrime, identity theft, estafa, fraud, and financial crimes such as but not limited to money laundering, terrorism financing, and tax fraud. (c) If the Cardholder fails to update his/her personal information for mandatory KYC requirements until required supporting documents have been submitted to the satisfaction of the Bank and in accordance with BSP rules and regulations. (d) Upon the Bank’s knowledge of the death of the Cardholder until claimants have complied with the Bank’s policy on deceased depositors and other legal requirements. (e) Upon receipt of a court order or written instructions from the Anti-Money Laundering Council (AMLC) or other relevant government or regulatory body ordering the Bank to freeze the account. 9.2. A Cardholder with suspended or on “hold” status accounts may view their accounts but are not permitted to make transfers or withdrawals. The suspended Account may be reactivated, upon the Bank’s discretion, upon submission by the Cardholder’s valid IDs and such other documents as may be required by the Bank via the Bank’s online channels or in the branch. The Bank may also require additional in-person appearance at the branches if deemed necessary.

Account Suspension. 9.1. The Bank may, at its sole discretion and determination, suspend transactions of an Account (whether debit, credit, or both) or put an Account on “hold” status without incurring any liability to the Depositor in any of the following instances: (a) If the Account is subject of a pending investigation for suspicious transactions until required supporting documents have been submitted to the satisfaction of the Bank. (b) If the Account is subject of a pending investigation for cybercrime, identity theft, estafa, fraud, and financial crimes such as but not limited to money laundering, terrorism financing, and tax fraud. (c) If the Cardholder fails to update his/her personal information for mandatory KYC requirements until required supporting documents have been submitted to the satisfaction of the Bank and in accordance with BSP rules and regulations. (d) Upon the Bank’s knowledge of the death of the Cardholder until claimants have complied with the Bank’s policy on deceased depositors and other legal requirements. (e) Upon receipt of a court order or written instructions from the Anti-Money Laundering Council (AMLC) or other relevant government or regulatory body ordering the Bank to freeze the account. The Cardholder will be notified once their account has been suspended. 9.2. A Cardholder with suspended or on “hold” status accounts may view their accounts but are not permitted to make transfers or withdrawals. The suspended Account may be reactivated, upon the Bank’s discretion, upon submission by the Cardholder’s valid IDs and such other documents as may be required by the Bank via the Bank’s online channels or in the branch. The Bank may also require additional in-person appearance at the branches if deemed necessary.