IMPORTANT: Please carefully read these Terms and Conditions Governing the Issuance and Use of EastWest Debit Cards that constitute the Agreement between East West Banking Corporation ("Bank") and the Cardholder. By signing and/or using the EastWest debit card, the Cardholder will be deemed to have received and read these Terms and Conditions and accepts and agrees to be bound by them.
1. Issuance of Business Debit Cards
1.1 You, as the Primary Account Holder, may request the issuance of Business Debit Cards to you, your employees, business partners, or family members, subject to East West Banking Corporation’s (the “Bank”) eligibility requirements and approval.
1.2 The issuance and continued use of the Business Debit Card(s) shall be governed by these Terms and Conditions, applicable confidentiality and data privacy laws of the Philippines, including without limitation the provisions of Republic Act No. 1405 (The Law on Secrecy of Bank Deposits), Republic Act No. 6426 (The Foreign Currency Deposit Act), Republic Act No. 10173 (Data Privacy Act of 2012), and Republic Act No. 8791 (The General Banking Law).
1.3 The Bank reserves the right to approve, decline, suspend, or cancel any request for a Business Debit Card at its sole discretion, without prior notice, especially in cases of suspected fraud, misrepresentation, or violation of bank policies.
1.4 In the event of any dispute between you, as the Primary Account Holder, and any Supplementary Debit Cardholder, you may request the Bank to block or cancel the Supplementary Debit Card(s) linked to your company account. Such request shall be subject to the Bank’s verification procedures, internal policies, and approval processes. The Bank shall not be liable for any losses, claims, or damages arising from the blocking or cancellation of any Supplementary Debit Card undertaken in good faith and in reliance on your request.
1.5 The Bank shall ensure compliance with the standards of conduct pursuant to Republic Act 11765 (Financial Consumer Protection Act of 2022), and Bangko Sentral ng Pilipinas (“BSP”) Circular No. 1160, namely: (a) disclosure and transparency of relevant terms, conditions, fees, and charges; (b) fair treatment of clients in all dealings; (c) protection of client information; (d) provision of effective recourse and accessible complaint resolution mechanisms; and (e) protection of client assets against fraud and misuse. These standards form part of the Bank's Financial Consumer Protection Framework and shall govern its relationship with the debit cardholders.
2. Business Debit Card Application
Prior to submitting any information (including personal information) about individuals to the Bank, you confirm that you have obtained all necessary and lawful authorizations from the data subjects concerned. You further acknowledge and agree that your personal data, including information relating to your transactions, business and credit relationships, accounts, and any related records, may be collected, processed, shared, and retained by the Bank, its successors, assigns, authorized representatives, agents, and service providers, solely for the purposes outlined in the Bank’s Data Privacy Statement, which is published at its official website and deemed incorporated by reference into these terms.
3. Responsibilities of the Primary Account Holder
3.1 As the Primary Account Holder, you are responsible for ensuring that all information provided regarding the Primary Business Debit Card or Supplementary Debit Cardholders, including their contact details, is accurate, complete, and up to date in the Bank’s records. Any failure to do so may result in the rejection of transactions or service disruptions.
3.2 You acknowledge and accept full responsibility for all transactions performed using the Business Debit Card(s), bearing the cardholder’s name and/ or company name including any fraudulent or unauthorized use.
4. Responsibilities of the Supplementary Debit Cardholder
As supplementary debit cardholder, you are responsible for the security of the card assigned to you and must notify the Bank without delay of any unauthorized transaction made using the card, lost/ stolen card which call for reporting to the Bank.
5. Transaction Limits and Modifications
5.1 The enabled transactions and limits for each Business Debit Card are established during the application process. Should you require any changes, a separate written request must be submitted by the primary accountholder to the Bank following its internal approval process.
5.2 The Bank reserves the right to impose transaction limits, to freeze, or restrict the use of the Business Debit Card(s) at any time for security, regulatory compliance, or risk management purposes.
6. Restrictions on Business Debit Cards
6.1 Minors (individuals below 18 years old) are not eligible for Business Debit Cards.
6.2 Business Debit Cards may only be used for lawful transactions and must comply with applicable laws and regulations in the Philippines, including fraud prevention laws.
7. Liability for Transactions and Disputes
7.1 You, as the Primary Account Holder, acknowledge that all transactions made using the Business Debit Card, whether by you, any authorized signatory, or any Supplementary Debit Cardholder, shall be conclusively presumed valid, authorized, and binding on you and your account, unless you dispute the transaction within thirty (30) calendar days from the transaction posting date and prove otherwise. Disputes will be handled in accordance with the Bank’s established dispute resolution process and applicable BSP regulations. The Bank’s records and transaction logs shall be conclusive evidence of such transactions.
7.2 Unless dispute or report has been filed with the Bank, you, as the Primary Account Holder, agree that you remain fully liable for all transactions, fees, charges, or penalties incurred through the use of the Business Debit Card(s), including but not limited to:
- Transactions made without your express knowledge or approval;
- Misuse, including fraudulent, illegal, or unauthorized transactions by the Business Debit Cardholder, authorized signatories, or Supplementary Debit Cardholders; and
- Transactions facilitated by third-party networks, merchants, or service providers, unless directly and solely caused by the Bank’s fraud, gross negligence, or willful misconduct.
7.3 You, as the Primary Account Holder, understand and agree that only you may formally dispute a transaction, including those made with a Supplementary Business Debit Card. Any such disputes must be filed within thirty (30) calendar days from the transaction posting date and in the manner prescribed by the Bank’s established internal procedures. The Bank’s findings on the dispute, made in good faith and consistent with BSP regulations, shall be final and binding.
7.4 You, as the Primary Account Holder, may dispute transactions made by the Business Debit Cardholder in accordance with the Bank’s dispute resolution process. The Bank shall investigate all disputes fairly and promptly, including those involving potential fraud, error, or unauthorized use.
8. Card Replacement, Blocking, and Cancellation
8.1 You, as the Primary Account Holder, are solely responsible for initiating any necessary actions regarding the Primary or Supplementary Business Debit Cards, including but not limited to:
- Card Replacement in case of loss, damage, or expiration.
- Card Blocking in cases of suspected fraud, misuse, or unauthorized transactions.
- Card Cancellation if the card is no longer required or in the event of a dispute.
8.2 The Bank shall not be held liable for any losses incurred due to delays in reporting lost, stolen, or compromised cards.
9. Disputes Between Primary Account Holder and Supplementary Cardholder
9.1 The Bank shall not intervene in internal disputes between you, as the Primary Account Holder, and the Supplementary Debit Cardholder. However, it shall investigate any reported misuse, fraud, or unauthorized transactions involving Supplementary Debit Cards in accordance with its dispute resolution process.
9.2 Should a dispute arise, you may request the Bank to block or cancel the Supplementary Debit Card(s) linked to your company account, subject to the Bank’s verification process and policies.
10. Bank’s Rights and Limitations of Liability
10.1 The Bank reserves the right, at its sole discretion, to:
- Decline, withhold, or defer approval of any request for a Business Debit Card based on internal policies and risk assessments. Upon request, the Bank may provide general reasons for such decision, consistent with applicable laws and regulations.
- Suspend, block, or cancel a Business Debit Card, with or without prior notice, if suspicious, fraudulent, or unauthorized, or irregular activity is detected, or when required by law, regulation, or directive of regulatory authorities.
- Amend, supplement, or revise these Terms and Conditions at any time, with prior notice in compliance with Philippine banking laws and regulations.
- Impose limits, restrictions, or security controls (including transaction limits, geographic restrictions, and additional verification requirements) on the use of the Business Debit Card to protect both you and the Bank.
10.2 The Bank shall not be liable for any damages, losses, or claims arising from:
- Unauthorized use of the Business Debit Card(s), except where such loss has been conclusively determined, through final judgment of a court or other competent authority, to have been directly and solely caused by the Bank’s fraud, gross negligence, or willful misconduct.
- Any dispute between the Primary Account Holder and the Supplementary Debit Cardholder, it being understood that all transactions made with the use of the Supplementary Business Debit Card shall be deemed transactions of the Primary Account Holder.
- Delays, disruptions, or errors or failure in processing caused by third-party payment networks, merchants, acquirers, telecommunication or internet service providers, or other external parties beyond the Bank’s reasonable control.
- Any force majeure event, including but not limited to natural disasters, labor strikes, system outages, power failures, pandemics, government restrictions, or any similar causes beyond the Bank’s reasonable control.
- The Bank’s good faith compliance with laws, regulations, court orders, or directives of regulators or government authorities.
11. Indemnity
You, as the Primary Account Holder, agrees to indemnify, defend, and hold the Bank, its directors, officers, employees, agents, and representatives free and harmless from and against any and all liabilities, claims, demands, actions, losses, damages, penalties, fines, costs, and expenses (including legal fees and costs of enforcement or investigation) arising out of or in connection with:
- The use or misuse of the Business Debit Card(s) by you, any authorized signatory, or any Supplementary Debit Cardholder, whether or not with the Bank’s knowledge or consent;
- Any breach of these Terms and Conditions, applicable laws, rules or regulatory requirements by you or your representatives, or Supplementary Debit Cardholders; and
- Any claim, action or proceeding by third parties, regulators, or government authorities related to transactions or activities involving the Business Debit Card(s) or the Account.
This indemnity shall apply regardless of whether the Bank has been notified of such claim or demand, and shall survive the suspension, cancellation, or termination of the Business Debit Card(s) or the closure of the account. It shall not be limited or affected by any settlement or compromise entered into without the Bank’s prior written consent.
The foregoing indemnity shall not apply only to the extent that the liability, loss, or damage has been conclusively determined by a final judgment of a court of competent jurisdiction to have been directly and solely caused by the Bank’s fraud, gross negligence, or willful misconduct.
12. Governing Law and Jurisdiction.
These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of the Philippines. Any dispute, controversy, or claim arising from or in connection with these Terms and Conditions shall be submitted to the exclusive jurisdiction of the courts of Taguig City, and you expressly waive any right to object to such jurisdiction on the grounds of inconvenience or any other reason.