Terms and Conditions governing the issuance and use of Citibank Ready Credit

Transcription

1 Terms and Conditions governing the issuance and use of Citibank Ready Credit I confirm that I have read these Terms and Conditions thoroughly before I use my Ready Credit. Using it will mean that I agree to these Terms and Conditions. These terms and conditions shall also be referred to as the agreement and shall include my Ready Credit application, the Statement of Ready Credit Fees and Charges, and the terms and conditions governing the following: ATM Card or VISA Debit Card, Ready Credit checkbook, Installment Loan, Cash Advance, Cash Advance Conversion, Balance Conversion, 24-Hour CitiPhone, Citibank Online, Citi Electronic Statement, Citi Mobile, and any and all amendments thereto, including the ATM receipts, bank forms and/or other forms of documents evidencing the use of my Ready Credit, and such other rules, regulations, terms and conditions as the Bank shall issue from time to time. 1. Definitions a. When used herein, the following terms, unless the context otherwise requires, shall have the following meanings: I, me, my refer to the borrower named in the Application Form. Bank shall mean Citibank, N.A. Philippine Branch. 24-Hour CitiPhone means the telephone service provided by the Bank under the Terms and Conditions governing the 24-Hour CitiPhone. Amortization Schedule refers to the document attached to my Installment Loan Disclosure Statement, which shows the monthly breakdown of the Installment Loan principal and Installment Loan interest that I need to pay each month until the Installment Loan matures. This document also shows other details of my Installment Loan, such as the Approved Loan Amount, loan tenor, fees and charges, finance charge, Annual Contractual Rate, and the effective annual interest rate and how it is computed. Where I do not make payments pursuant to the initial Amortization Schedule, the monthly breakdown may thus change and I will have to refer to my monthly Statement of Account for the applicable information. Annual Contractual Rate means the interest that will be charged on my Installment Loan, based on a 360- day period wherein each month consists of 30 days, (except for the 1 st billed interest which is equal to the number of calendar days from the Installment Loan approval date to the next billing date. Application Form means the application form which I signed and is submitted by me to the Bank to apply for Ready Credit, together with all documents submitted therewith. Approved Loan Amount means the approved amount of each Installment Loan that I avail within the Available Credit Limit of my Ready Credit Account. ATM means an Automated Teller Machine, whether belonging to the Bank or other banks or other networks that the Bank may be a member of as amended in the future, locally and abroad, where I may access and use my Ready Credit account using my Card, except where cash withdrawal is prohibited. Business Day refers to any day on which banks are open for business, other than Saturdays, Sundays and public holidays. Page 1 of 36

2 Card refers to either the ATM Card or the VISA Debit Card that the Bank issued to me, which I can use to view and access my Ready Credit account through ATM. Card PIN refers to the personal identification number of my Card which I personally assigned to be able to view and access my Ready Credit account through ATM. Cash Advance refers to any transaction initiated by me to use the Available Credit Limit of my Ready Credit account, in any currency lent to me by the Bank and made available to me through the following channels allowed by the Bank: (i) issuance of my Ready Credit checks, (ii) cash withdrawal, funds transfer, and bills payment using my Card through the Bank s local ATM network, (iii) cash withdrawal and funds transfer through any Citibank branches, (iv) funds transfer and bills payment through Citibank Online or Citi Mobile, (v) funds transfer through 24-Hour CitiPhone, except Installment Loan(s) availment. Disclosure Statement means the disclosure statement containing information regarding each Installment Loan that I availed and applicable taxes, fees and charges for Cash Advance transactions. Installment Loan refers to the cash or funds that the Bank approved within the Available Credit Limit of my Ready Credit account and disbursed to me, which I need to pay in monthly instalments for the specific Loan Period that I requested. This was disbursed to me whether via a Manager s Check delivered to me, funds transfer to my specific bank account, or via cash or check at any of the Bank s branches. This is another way for me to use the Available Credit Limit of my Ready Credit account, aside from the Cash Advance transactions which are billed in full and due for payment on the next billing date of my Ready Credit account. Interest Rate means any or all of the following (as applicable): (i) Annual Contractual Rate applied to the Installment Loan; (ii) revolving interest rate on fees and charges if I opt to pay the Minimum Amount Due per month; (iii) revolving interest rate on the Total Amount Due (less the interest component of the unpaid billed installment amounts of my Installment Loan(s)) when my Ready Credit account is in default at 60 days past due; (iv) revolving interest rate on my Cash Advance transactions which is charged starting on the date of the transactions. Loan Period means the number of Months stated in the Disclosure Statement and Amortization Schedule and is the period within which I am obliged to pay my Installment Loan. For the avoidance of doubt, the Loan Period shall commence on the Loan Period Commencement Date. Loan Period Commencement Date means the date the Installment Loan was approved by the Bank. Manager s Check means the manager s check issued to my name in an amount equivalent to my Approved Loan Amount for my Installment Loan and may be delivered by the Bank to the address specified by me in my Application Form or any Manager s Check/s issued in replacement thereof. Month means the period commencing on a specified day in a calendar month and ending on the numerically corresponding day in the next calendar month (or if there is no day corresponding in the next calendar month, such period shall end on the last day of such calendar month); Provided however, that the first Month of the Loan Period means the period commencing on the Loan Period Commencement Date and ending on the second Statement Date. Page 2 of 36

3 Monthly Installment Amount means the portion of my Total Loan Amount for my Installment Loan that I must pay every Month as stated in the Disclosure Statement and Amortization Schedule. Net Proceeds of my Installment Loan means my Approved Loan Amount for my Installment Loan. Obligations means the totality of the following obligations: (i) the obligation to pay the principal of and interest due on my Installment Loan(s) as provided in the Disclosure Statement and Amortization Schedule, (ii) the obligation to pay the Cash Advance transactions including the Cash Advance Documentary Stamp Tax and interest, (iii) the obligation to pay the penalty, fees, expenses, taxes and other charges stipulated as payable by the Borrower under the Disclosure Statement and/or the Statements of Account, and all the non-financial obligations required to be performed by the Borrower under the Disclosure Statement. Ready Credit Check/s refers to the checks that I may issue in order for me to draw funds from the Available Credit Limit of my Ready Credit account. This is considered a Cash Advance transaction. Ready Credit Documents means, collectively, the Application Form, the Welcome Letter and Kit, the Installment Loan Disclosure Statement and Amortization Schedule, the Cash Advance Disclosure Statement, the Ready Credit Terms and Conditions, the Statements of Account, the Ready Credit Checks, recorded telephone communications with the Bank, bank forms, transaction details in Citibank Online, ATM receipts and recorded transactions of the Bank or any other bank evidencing the withdrawal of cash or electronic transfer of funds from my Ready Credit account to another account in the Bank or other banks or merchants, other bank records/audit trails, the Manager s Check/s, if any, and as the case may be, other records of the Bank or any other bank evidencing the receipt, deposit or encashment of the Manager s Check/s or receipt or deposit of the Ready Credit Checks or the electronic transfer of funds to my specified bank account, utility merchants, my other credit facilities with the Bank or with other banks, withdrawal or disbursement as cash or check at any of the Bank s branch. SMS refers to short text messages that the Bank sends to me from time to time via my mobile phone for specific prompts, reminders and notices concerning my Ready Credit account Statement of Account means the monthly billing statement sent to me by the Bank indicating, among others, the Monthly Installment Amount of my outstanding Installment Loan(s), Cash Advance transactions, fees and charges, interests, the payments I made for the previous billing, and all other amounts due for the relevant Month and the Payment Due Date. Telephone PIN or T-PIN refers to the telephone personal identification number of my Ready Credit account which I personally assigned to be able to transact and access my Ready Credit account through 24- Hour CitiPhone. Total Loan Amount means in respect of my Installment Loan the sum of i. my Approved Loan Amount plus ii. the sum of the interest component of my Monthly Installment Amount as stated in the Amortization Schedule attached to my Disclosure Statement. "Welcome Letter" means the document notifying me that my application for the Ready Credit Facility has been approved, which sets out the initial Credit Limit. Page 3 of 36

4 b. in the Statements of Account and in the Terms and Conditions where mentioned, unless otherwise specified: Account Number means the unique reference number to identify my account in the Bank records for the purpose of payments and usages. Additional Amount to be Paid means the difference between Minimum Amount Due and the Post Dated Checks (PDCs) that I issued as payment for the Monthly Installment Amount of my Installment Loan. This is the amount that I need to pay via over-the-counter payment channels and partner banks after I fund the relevant PDC payments to ensure I pay the Minimum Amount Due reflected in the current Statement of Account. Amount Due for Payment via above PDCs issued means the sum of the relevant post-dated-check amounts for my Installment Loan as reflected in the Statement of Account. Available Credit Limit means the remaining Credit Limit after all my Installment Loan availments, Cash Advance transactions, fees and charges and interests have been deducted and all my payments have been added. Billed installment amount means the Monthly Installment Amounts Due on my outstanding Installment Loan(s) that are billed on my Statement of Account Credits means the total credit adjustments, if any, made by the Bank in the current statement period. Credit Limit means the Credit Limit granted to me by the Bank which I may use for Installment Loan(s) and Cash Advance transactions. The fees and charges, including the interest on the said fees and charges, Installment Loan(s) and Cash Advance transactions will also be charged against this Credit Limit on the relevant charging dates. Description means the transaction entry. For example, entries for Monthly Installment Amounts Due will appear as NAME OF INSTALLMENT (001:024), which means installment no.1 of 24. Interest Charge means interest charged on the following: (i) on fees and charges, including the interest on the said fees and charges, if I opt to pay only the Minimum Amount Due per month; (ii) on the Total Amount Due (less the interest component of the unpaid billed installment amounts of my Installment Loan(s)) when my Ready Credit account is in default at 60 days past due, on my previous and current statements; and (iii) on my Cash Advance transactions starting on the date of the transactions. Such interest is charged based on the daily outstanding balance on my Ready Credit account, which may include unpaid Interest Charges from my previous statements (less the interest component of any outstanding Monthly Installments of my Installment Loan(s))Such interest shall be compounded daily and the interest will continue to accrue until full payment of Total Amount Due plus accrued interest. Late Charge means the amount of penalty for non-payment of the Minimum Amount Due as of my last statement s Payment Due Date. Minimum Amount Due means least amount I have to pay on or before the Payment Due Date to keep my account current. Minimum Amount Due computation: P500 or 1% of my current billed balance will be Page 4 of 36

5 charged, which includes my Cash Advance transactions and the corresponding Cash Advance DST, while Interest Charge and Late Charge indicated on my current statement will be billed in full together with my Monthly Installment Amounts Due, overdue amounts, and overlimit amount. The Total Amount Due will become my Minimum Amount Due if my account becomes delinquent (under the Bank s applicable criteria) or upon closure of my account. Minimum Amount Due for Payment is the Minimum Amount Due for the current Statement of Account. Monthly Interest Rate means the prevailing Interest Rate for Ready Credit accounts that is charged to any or all of the following: (i) on fees and charges, including the interest on the said fees and charges, if I opt to pay the Minimum Amount Due per month, (ii) on the Total Amount Due (less the interest component of the unpaid billed installment amounts of my Installment Loan(s)) when my Ready Credit account is in default at 60 days past due; and (iii) on my Cash Advance transactions which is charged starting on the date of the transactions. Such interest is charged based on the daily outstanding balance on my Ready Credit account, which may include unpaid Interest Charges from my previous statements (less the interest component of any outstanding Monthly Installments of my Installment Loan(s)). Such interest shall be compounded daily and the interest will continue to accrue until full payment of Total Amount Due plus accrued interest. Months to Pay means the remaining term of my outstanding Installment Loan Overdue Amount means the Minimum Amount Due billed in the previous statement that remains unpaid, wholly or partially, and needs to be settled immediately. Payments means the total payments I made, including post-dated checks (PDCs) that cleared, cash or check payments over-the-counter via payment centers or partner banks where payments to Ready Credit is accepted, or electronic funds transfer from my existing bank account with the Bank, which the Bank received within the current statement period. Payment Due Date means the last date for payment. This is approximately 21 days after the Statement Date. If I missed to pay the Minimum Amount Due after this date, my account becomes delinquent and is subject to Late Charge and Interest Charge. PDC Payment means the particular post-dated-check/s (PDCs) drawn under my name that I submitted to the Bank upon loan availment, which will be deposited by the Bank to pay the corresponding Monthly Installment Amounts Due on my Installment Loan on the Payment Due Date of the current Statement of Account. It is my responsibility to ensure that my Checking Account is funded during the clearing period of such PDCs. Post Date means the date when the Bank records a transaction. Post Dated Checks (PDCs) with the Bank means the particular post-dated-check/s (PDCs) I submitted to the Bank upon Installment Loan availment, which will be deposited by the Bank for clearing, to pay the corresponding Monthly Installment Amounts Due as stated in my Statement of Account. Previous Balance means the balance carried over from my previous Statement of Account. Page 5 of 36

6 Statement Date means the date when the statement is generated Total Amount Due means total amount payable for the particular month covered by the Statement of Account, inclusive of the following: i. Current Billed Balance (remaining balances from previous statement, new Cash Advance transactions, Cash Advance DST, Ready Credit Check handling fees, loan availment fees including Documentary Stamp Tax (DST) if any, PDC handling fees, Loan Closure Handling Fee, Account Maintenance Fee) ii. Excess over Credit Limit as of Statement Date, if any; iii. Monthly Installment Amounts Due on my Installment Loan(s), if any; iv. All past due amounts, Interest Charges, Late Charges, and Bounced Check fees as of Statement Date, if any; Transaction Date means the date when the Monthly Installment Amounts Due for my outstanding Installment Loan(s) were billed, any Cash Advance transactions were made by me, any fees and charges were imposed, or any payments I made were received by the Bank. Unbilled Installment Amount means the total unbilled Monthly Installments of my outstanding Installment Loan Usage on Credit Line means the sum of billed Monthly Installment Amounts Due, Cash Advance transactions, fees and charges and interest and in the case of prepayment of my Installment Loan, sum of billed Monthly Installment Amounts Due plus the unpaid outstanding principal balance and the accrued interest component of the current Monthly Installment Amount. 2. Credit Limit I understand that the Bank shall set a Credit Limit, expressed in Philippine Pesos, which represents the maximum allowable outstanding balance on my Ready Credit account and that the Bank may at its reasonable discretion increase or decrease the Credit Limit of my Ready Credit account at any time with reasonable notice to me, except that no notice of decrease in the Credit Limit (or suspension or closing of the Ready Credit account) shall be given to me in the event that the Bank has deemed the occurrence of fraud, mistake, mishandling, application of sanctions or questionable activity on the Ready Credit account or transactions. Unless the Bank otherwise approves the increase of my Credit Limit, I must not carry out transactions which would result in the sum of the outstanding balance/s exceeding the Credit Limit of my Ready Credit account. Should my outstanding balance/s on my Ready Credit account exceed the Credit Limit, either due to decrease of my Credit Limit or due to additional transactions exceeding my Credit Limit or due to the imposition of fees and charges and interests, the said excess shall be considered immediately due and demandable without need of further notice or demand. I agree that, the billed Monthly Installment Amounts Due of my outstanding Installment Loan(s), the unbilled or billed principal (as applicable) of my outstanding Installment Loan(s), all my Cash Advance transactions,fees and charges and interest on my Ready Credit account form part of this Credit Limit. 3. Operation of Ready Credit Account I understand that my Ready Credit account shall be used for personal purposes only. Moreover, my Ready Credit account shall be used for legitimate transactions or charges only and that it shall not be used for gambling or games of chance or for transactions whose cause, object or purpose is contrary to law, morals, Page 6 of 36

7 good customs, public order or public policy. I understand that the Bank reserves the right to terminate or cancel my Ready Credit account should the Bank find that it is being used for purposes other than personal or for gambling or games of chance or for transactions whose cause, object or purpose is contrary to law, morals, good customs, public order or public policy ( Unacceptable Transactions ). Moreover, in the event that the Bank determines that my Ready Credit account is being or has been used in connection with gambling or games of chance, other void transactions or Unacceptable Transactions, including use of the Card to transmit or receive proceeds of gambling or games of chance, other void transactions or Unacceptable Transactions, the Bank reserves the right to take any legal action in connection with my Ready Credit account and/or my transaction/s, including to return the proceeds to the sender. I understand that I may operate my Ready Credit account by using up to 90% of my Credit Limit via the following channels: a. Installment Loan i. I understand that I may avail an Installment Loan within the Available Credit Limit of my Ready Credit account, if I am qualified based on the Bank s criteria and that the Bank reserves the right to approve or reject my application and to decrease the loan amount that I m applying for. The Bank may at its option require a minimum Installment Loan amount for each availment. ii. I understand that I may avail a maximum of four (4) outstanding Installment Loan/s only. In the event that I need to avail another Installment Loan, I should pay-off one (1) of the four (4) outstanding Installment Loan by calling 24-Hour CitiPhone and paying the total unbilled principal of such Installment Loan including 4% of the total unbilled principal of the Installment Loan representing the Closure Handling Fee, and the accrued Interest Charge on closure. Such Closure Handling Fee will be charged for each such Installment Loan. iii. I understand and agree that for every Installment Loan I avail, I will be charged loan processing fee, loan disbursement fee, and documentary stamp tax (DST) (if applicable). iv. The Bank shall disburse the Net Proceeds of my Installment Loan to me in accordance with my request as stated in the Application Form or advised by me over the phone either by: a. Manager s Check via delivery to the address I specified in the Application Form or any of my latest addresses in the Bank s records b. Electronic transfer of funds to the bank account I specified ; or c. Disbursement from a designated branch of the Bank either in cash or check. v. The Bank shall disburse the Net Proceeds of my Installment Loan to me as aforesaid within five (5) Business Days following the date of the call from the Bank to my the mobile number; provided, however, that the Bank shall in no case be liable for any delay in disbursement of my Installment Loan or in the encashment or deposit of the Manager s Check/s. I understand and agree that the electronic transfer of funds shall be subject to the policies and rules of the receiving bank specified by me. vi. For every Installment Loan availment, I understand that I will not be required but I have the option to submit corresponding post-dated checks (PDCs) amounting to the Total Loan Amount of the Installment Loan I availed, as indicated in the loan Disclosure Statement. b. Cash Advance I understand and agree that any transaction I made to use the Available Credit Limit of my Ready Credit account, in any currency lent to me by the Bank and made available to me through the following channels constitutes my agreement to these Cash Advance Terms and Conditions, including the Terms and Conditions governing Ready Credit. All Cash Advance transactions allowed by the Bank through the following channels are subject to Cash Advance Documentary Stamp Tax (Cash Advance DST), and daily Interest Charges, which shall be computed from the day of my Cash Advance transaction. I shall be fully liable to the Bank for all Cash Advance transactions I made through any channels including all taxes fees and charges and interests imposed in relation thereto, regardless of whether such Cash Advance Page 7 of 36

8 transaction was made with or without my knowledge or authorization, whether they are effected as a result of the unauthorized use of the Ready Credit Check/s, the Card, my personal or account information, the Card PIN and/or my signature, prior to the Bank s receipt of my notification of loss or theft through 24- Hour CitiPhone. I hereby authorize the Bank to automatically debit from the Available Credit Limit of my Ready Credit account the appropriate amount of the Cash Advance transactions, or its equivalent in allowable currency, including applicable fees and charges, in accordance with the Bank s record of transactions, through any channels listed below. I agree never to use, or attempt to use or draw funds from my Ready Credit account through any of the following channels, beyond the Available Credit Limit or 90% of the Credit Limit of my Ready Credit account, whichever is lower. In case I use or draw funds from my Ready Credit account, beyond its Available Credit Limit or 90% of the Credit Limit, I understand that the Bank will not authorize or will reject my Cash Advance transaction. I shall be responsible for the safekeeping and security of my Ready Credit Checks, Card and Card PIN, and only I may issue checks, use my Card and Card PIN to draw funds against my Ready Credit account. i. Cash Advance via my Ready Credit Check Ready Credit Check is a personal check which I can issue as a form of payment to any individual whom I personally know or merchant who accepts check payments. Each Ready Credit Check that I issue constitutes a Cash Advance transaction against the Available Credit Limit of my Ready Credit account. I understand and agree that I can only issue Ready Credit Checks within the Available Credit Limit of my Ready Credit account upon check clearing. In the event that I issue Ready Credit Check/s beyond the Available Credit Limit of my Ready Credit account, I understand that my Ready Credit Check will be dishonored. and that I agree to pay the Returned Check Fee that the Bank will charge to my Ready Credit account. Dishonored checks drawn against insufficient funds (DAIF), or with technical defects, shall be governed by the rules and regulations of the Bangko Sentral ng Pilipinas (BSP) and the Philippine Clearing House Corporation (PCHC). I shall promptly notify the Bank in writing of any variation in my signature, the authorized manner of signing or the signature requirements in respect of Ready Credit Checks. The Bank shall be entitled to a period of not less than ten (10) Business Days upon receipt of notice to process such notification of change. The Bank shall be entitled in its reasonable discretion and without prior notification at any time to dishonour any Ready Credit Check for any one of the following reasons but not limited to the same: Bearing a signature which in the Bank s opinion is different from the specimen signature that I furnished to the Bank or not signed in the authorized manner or not drawn in accordance with the signature requirements prevailing at the time of presentation; Presented after more than 6 months have elapsed from the date of the Ready Credit Check; Being a check of which the word bearer has been cancelled; Alterations on Ready Credit Check/s that have not been confirmed by the full and complete signature conforming to the specimen signature that I furnished to the Bank; Contains incomplete details; That on its face appear to have been irregularly drawn Page 8 of 36

9 I may request the Bank to stop payment on any Ready Credit Check which I have issued by visiting any of the Bank s branch during banking hours or by calling 24-Hour CitiPhone, or by submitting to the Bank a written request for Stop Payment Order (SPO). I agree to comply with all necessary procedures before the Bank may effect the SPO. The SPO shall take effect on the next Business Day from the date of the acceptance of my request for a SPO, which date should likewise be a Business Day and within the cut-off time in Manila, Philippines. Otherwise, the SPO shall be treated as a transaction two Business Days from the date of such acceptance on a Business Day in Manila, Philippines. The SPO will be subject to the Bank s usual processing time, as may from time to time be amended, during Business Days. I also agree: To notify the Bank immediately in writing if the said Ready Credit Check/s is found, recovered or destroyed, or if for any other reason, the SPO may already be cancelled; I have to write the Bank before I issue any replacement check and that I write the word REPLACEMENT on the face of the Ready Credit Check. The replacement check I issue must have a different date and number from that of any of my Ready Credit Check/s that are under SPO; That the SPO shall be automatically cancelled once the Ready Credit Check becomes stale-dated, which happens upon the lapse of six (6) months from its issuance; That for Ready Credit Check/s bearing no dates, the SPO shall be effective up to six (6) months from the date of the SPO; To pay the Stop Check Fee charged by the Bank to my Ready Credit account for each SPO request. The Bank will no longer return the original cleared Ready Credit Check/s and instead, will provide a copy of the said cleared Ready Credit Check/s only upon my request made through 24-Hour CitiPhone or my written request received by the Bank. I agree to pay the Check Retrieval Fee that the Bank will charge to my Ready Credit account for every Ready Credit Check that I request for retrieval. The Bank will retain the original cleared Ready Credit Check/s for a period of only five (5) years, after which, the Bank may already destroy such original cleared Ready Credit Check/s pursuant to its retention policy. Any request for retrieval of the said cleared Ready Credit Check/s after the retention period will no longer be possible. ii. Cash Advance via my Card I understand and agree that the Bank may, at its sole discretion, issue to me either the ATM Card if I only have a Ready Credit account with the Bank or the VISA Debit Card if I have a Ready Credit account and at least one (1) Checking or Savings account with the Bank, which I can use to access my Ready Credit account through the ATM. The Card shall remain the property of the Bank. I agree that the Bank may, at its sole discretion, suspend, block, terminate or cancel the Card at any time for any reason, with or without need of prior notice to me. Upon the Bank s request or in case I decide that I no longer need the Card, I must immediately destroy the Card by punching a series of holes on the entire magnetic stripe and/or chip of the Card and on the portion where my name and card number appear, thus preventing its effective use. The Card shall be for my exclusive use only and is not transferable. I understand and agree that my Ready Credit account together with my deposit and other loan accounts with the Bank (if any) are automatically linked to my Card. All ATM transactions involving my other loan accounts are governed by the terms and conditions specific to the particular loan product. Unless earlier terminated or cancelled, the Card, Page 9 of 36

10 if I was issued the VISA Debit Card, shall be valid up to the last day of the month indicated thereon and that the reissuance of the Card will be at the sole discretion of the Bank, or if I was issued the ATM Card, shall be valid as long as my Ready Credit account is active. I shall personally encode my Card Personal Identification Number (Card PIN) at any of the Bank s branches. I understand that my Card PIN is strictly confidential and that for my own protection, I agree never to disclose my Card PIN to anyone. I understand that I can use the Available Credit Limit of my Ready Credit account through any of the Bank s ATM within the prevailing ATM limits of the Bank, via the following transactions: (1) withdrawal of cash, (2) transfer of funds from my Ready Credit account to my own accounts or other accounts with the Bank (3) and payment of bills to various utility merchants allowed by the Bank. The Bank reserves the right to add or limit the options for the destination of funds from my Ready Credit account via Cash Advance transactions through ATM with reasonable notice to me. I understand that I can only access and use the Available Credit Limit of my Ready Credit account through the Bank s ATM networks abroad via withdrawal of cash only if I specifically advise the Bank to allow me to access my Ready Credit account through these ATM networks. Each transaction record evidencing every cash advance from an ATM outside the Philippines, in addition to this agreement, shall constitute my written application to purchase and authority for the Bank to sell foreign exchange for non-trade purposes, as required under BSP Manual of Regulations on Foreign Exchange Transactions, as the same may be amended from time to time. All cash advances I make with my Card outside the Philippines consist of two (2) interrelated transactions: a withdrawal or payment at the Philippine branch, and a remittance to the country or such other jurisdiction where I make the transaction. Any withdrawal I make is thus subject not only to Philippine laws but also the laws and regulations of the country where I actually draw funds. My international ATM withdrawal shall be in a currency permitted at the institution which owns the ATM, and the equivalent amount in Philippine Peso together with the Bank s prevailing foreign transaction fee, will then be debited from the Available Credit Limit of my Ready Credit account, which I am obligated to pay, including the fees and Interest Charges imposed in relation thereto. I understand and agree that the Cash Advance amount I can draw from my Ready Credit account, within and outside the Philippines, shall be subject to such limits as the Bank may set. Such limits shall be subject to change from time to time. In the event the system is off-line, the Bank may further reduce the limit for Cash Advances made outside the Philippines. Whenever I use my Card in ATMs within or outside the Philippines, I consent to: (1) the collection, storage, communication and processing of all pertinent data relating to my Ready Credit account, such as my Ready Credit account balance, by any means necessary to maintain appropriate transaction and account records; (2) the release and transmission of all these necessary data to participants and processors in the Citishare network, the organization responsible for routing all transactions among the Bank s businesses and thirdparty ATM networks worldwide; (3) their retention of these data; and (4) their compliance with all applicable laws and regulations governing disclosure of information to which they are subject to. I understand that the Bank does not have any control over: (1) the participants and processors in the Citishare network and third-party ATM networks worldwide; (2) the procedures they adopt in electronically transmitting or receiving data or information for my Card transactions; (3) the accuracy of such data/information; or (4) ATMs located within or outside the Philippines owned or operated by these Citishare network participants and processors and/or by the third-party ATM networks worldwide. Page 10 of 36

11 Accordingly, I agree that the Bank shall not be liable for any loss or damage of whatever nature which I may suffer as a result of or in connection with the processing of my ATM Card transactions through Citishare network participants and processors or through third-party banks and ATM networks worldwide, including those arising from the collection, storage and communication of data relating to my Ready Credit account or the electronic transmission or receipt of data or information relating to my ATM Card transactions or my Ready Credit account, such as, without limitation: (1) in case I am unable at any time to use my ATM Card or avail of any service due to the disruption or failure of communication facilities; (2) arising out of any rejection, disruption, failure or delay relating to the use of my ATM Card or availment of any service where such rejection, disruption, failure or delay is due to circumstances beyond the reasonable control of the Bank; or (3) arising out of unauthorized or fraudulent access or utilization of my ATM Card or any service. For international Cash Advances, I authorize the Bank to debit from the Available Credit of my Ready Credit account the equivalent amount of any Cash Advance or transfer I make in currencies other than Philippine Peso. The Bank shall base the equivalent amount on the exchange rates determined by the Global Management at Citibank, N.A., New York, U.S.A. (Citi NY). Citi NY bases its rates on a certain spread above the prevailing interbank rates at 5 p.m. Eastern Standard Time. More specifically, Cash Advances in currencies other than US Dollar (third currency) is first converted into US Dollars based on the rate set by Citi NY, and the US Dollar amount is converted to its Philippine Peso equivalent based on the exchange rate set locally by the Bank s Treasury Group. I understand that my Ready Credit account may be compromised through phishing that will enable unauthorized person/s to draw funds money from my Ready Credit account using my unique Card number and unique Card PIN which I will have provided through any of the following means: (a) response to an request for my Ready Credit account information via a spoof of the Bank s website; (b) use of or internet facility (other than the secured website of the Bank) through which I provided my Ready Credit account information; (c) any other similar or analogous means. I undertake to cooperate, through all reasonable means, with the Bank s efforts to prevent phishing, and accordingly, I shall exert all means to prevent the disclosure of my Card information, Ready Credit account Information and unique Card PIN to any unauthorized person. I agree that I should be held wholly liable (aside from my usual authorized Cash Advances) for any and all future Cash Advances from my Ready Credit account that may result from phishing. I understand and agree that changing my Card PIN and/or replacing my Card does not mean cancellation of the old contract and the beginning of a new one. iii. Cash Advance via Citibank Online and Citi Mobile I understand that I can access and use the Available Credit Limit of my Ready Credit account for the following Cash Advance transactions through Citibank Online: (1) transfer of funds from my Ready Credit account to my other accounts with the Bank, (2) transfer funds from my Ready Credit account to any third party account with the Bank, (3) transfer funds from my Ready Credit account to any third party account with other banks, and (4) transfer of funds from my Ready Credit account to pay bills with any utility merchants allowed by the Bank. The Bank shall not be obliged to carry out any transfer or payment instructions unless and until my Ready Credit account has sufficient Available Credit Limit to transfer or pay the relevant amount(s). Funds for all Transfers & Payments amounts will be withdrawn from my Ready Credit account by the next Business Day Page 11 of 36

12 or such other day as the Bank may at its absolute discretion determine. The Bank shall not likewise be obliged to carry out any third party transfer instructions unless my intended recipient has been properly activated with the use of the Funds Transfer OAC assigned by the Bank which I receive through or my mobile phone through the mobile number on record in the Bank s system, or through activation upon my request through any of the Bank s branches or 24-hour CitiPhone. The Bank cannot guarantee the time at which the receiving banks or billing organizations will credit the account(s) of my payees. To avoid incurring charges, I must initiate a transfer or payment sufficiently in advance of the due date of my payment. The Bank shall not be responsible for any charges imposed or any other action taken by a payee in any of the following situations: (i) I do not have sufficient Available Credit Limit in my Ready Credit account to make a transfer or bill payment; (ii) I failed to enroll my third party payee and/or activate my OAC; (iii) I did not correctly use the OAC or I used the wrong OAC; (iv) An order of court or other competent authority directs the Bank to prohibit Cash Advances from my Ready Credit account; (v) my Ready Credit account is closed or my other accounts with the Bank (or any funds therein) has/have been put on hold; (f) I have not provided the Bank with complete and correct payment information, including without limitation the name, address, account(s) number, the destination bank and branch code, destination city and country of payee, and payment amounts for the payee on a bill payment; (g) I did not correctly use Citibank Online; or (h) Circumstances beyond the Bank s reasonable control (such as fire, flood or improper transmission or handling of payments by a third party) prevent the transfer or bill payment, despite reasonable precautions taken by the Bank. The Bank reserves the right to terminate my use of Transfers & Payments at any time without notice. Any transaction done via Citibank Online after the daily cut-off time in Manila, Philippines, shall be treated as a transaction at next Business Day or such other day as the Bank may at its absolute discretion determine, and will be subject to the Bank s usual processing time, as may from time to time be amended. The Bank will issue a transaction reference number for Bill Payment and Funds Transfer transactions done through Citibank Online, although such information is not to be regarded as a bank statement or advice. The Bank will not print or issue any transaction reference, advise or confirmation for any other bank transaction conducted via Citibank Online, although such transaction will appear in the monthly Statement of Account issued to me by the Bank. I may produce a print out of such transaction from my own computer terminal. Notwithstanding what may be shown in any terminal or print-out, the transaction is completed instantaneously if done before the cut-off time reckoned at the location of the System, subject to the provisions of this section hereof. If it is done after the cut-off time at such location, it will be completed as a transaction at next Business Day value, subject to the provisions of this section hereof. The transaction details, account balances and other information as shown in any terminal or print-out are for reference only. Those transaction details and account balances as recorded by the Bank will be conclusive (for example, as to the balance, the type and amount of the transaction and the time and date it occurred). iv. Cash Advance via over-the-counter transactions in any of the Bank s branches I understand that I can access and use the Available Credit Limit of my Ready Credit account for the following Cash Advance transactions through any of the Bank s branches: (1) withdrawal of cash from my Ready Credit account, and (2) transfer funds from my Ready Credit account to any of my accounts with the Bank. v. Cash Advance via calling 24-Hour CitiPhone I understand that I can access and use the Available Credit Limit of my Ready Credit account for Cash Advance transactions by calling 24-Hour CitiPhone. CitiPhone performs only first party transfers. I Page 12 of 36

13 understand that I can use the Available Credit Limit of my Ready Credit account via telephone instruction to CitiPhone for the following transactions: (1) transfer of funds from my Ready Credit account to my other accounts with the Bank, and (2) transfer funds from my other accounts with the Bank as payment to my Ready Credit account. 4. Evidence of Usage of Ready Credit Usage of my Ready Credit account shall be evidenced by any one of the Ready Credit Documents. The transaction records and the Statements of Account generated by the Bank shall be conclusive and I agree to accept and be bound by these transaction records and Statements of Account. I acknowledge that in case of dispute, any of the Bank s transaction records or corresponding Statements of Account are valid proofs of usage of my Ready Credit account. 5. Lost, Stolen or Destroyed Manager s Check, Card and Ready Credit Check/s In the event that the Manager s Check for my Installment Loan availment, my Card or my Ready Credit Check/s are lost, stolen or destroyed, I shall immediately report the same by calling 24-Hour CitiPhone. I understand that I shall be responsible to request for blocking of my lost/stolen Card, for SPO of the lost/stolen Manager s Check of my Installment Loan availment and/or my Ready Credit Check/s. In the event the Bank replaces my lost Card, the Bank will create a new card with a new number and a new card record. For whatever reasons other than loss, the Bank will give me a new card, but will retain the old card number and record. 6. Change in Circumstances I hereby agree that the sum outstanding and payable under the Ready Credit account may be increased or decreased, without need of notice or demand, should there be a change in the prevailing cost of money at any given time, or there be any law, circular, rule or regulation enacted, issued or promulgated which has an upward or downward effect on the cost of funds to the Bank. In the event of an increase, I hereby agree to pay the differential which may be debited to my account, and if requested by the Bank, to execute replacement of my Ready Credit Documents. Should there be a decrease, I agree that the differential, if any shall be applied and credited to my Ready Credit account. I further agree that the sum herein stipulated shall likewise be subject to a proportionate upward adjustment in the event of an extraordinary decrease in the effective values of purchasing power of the Philippine Currency. A decrease at anytime of at least fifteen percent (15%) in the effective value of the purchasing power of the Philippine Currency as determined by the Bangko Sentral ng Pilipinas (or by other offices or agencies of the Philippine Government, should the figures of the Bangko Sentral ng Pilipinas not be available) shall be regarded as an extraordinary decrease in the effective value of the purchasing power of the Philippine Currency. I agree that if any of the conditions mentioned in the two preceding paragraphs should supervene, the Bank shall make the necessary adjustments in the sum outstanding and payable under the Ready Credit account, and except for manifest error in the computation thereof, the same shall be conclusive upon me. If there is a disagreement in the adjustment, I shall prepay or pre-terminate the obligation under the Ready Credit account. I agree that in the event of prepayment of the amount due under the Ready Credit account for any reason, I shall reimburse the Bank upon its demand for any and all expenses which the Bank may incur as a result of or in connection with such prepayment. 7. Interest and Charges on my Ready Credit Page 13 of 36

14 a. I understand that: i. I shall pay the principal and interest component of all the Monthly Installments Due of my Installment Loan(s). ii. I shall pay the amount of the Cash Advance and the Interest Charge on my Cash Advance transactions, which shall accrue daily at the prevailing Interest Rate of my Ready Credit account, starting on the date of my Cash Advance transaction/s. iii. I shall also pay interest, which shall accrue daily at the prevailing Interest Rate for Ready Credit accounts and for any additional credit that the Bank may grant based on a 360-day year on the end-of-day outstanding debit balance each day on my Ready Credit account, which may include unpaid Interest Charges from my previous statements (less the interest component of any outstanding Monthly Installments), from the transaction date until the date when full payment of the Ready Credit outstanding balance plus accrued interest is received by the Bank. Such interest shall be compounded daily and the Bank shall be entitled, at its reasonable discretion, to vary the Minimum Amount Due at any time and from time to time with reasonable notice and the same shall be conclusive and binding on me. The interest will continue to accrue until full payment for the interest billed plus accrued interest has been paid off. The interest which has accrued up to the date of the Ready Credit statement shall be specified in the Ready Credit statement. Fees associated with the Installment Loan(s) are posted as such and must be settled through over-the-counter (OTC) payment. Non-payment of the billed fees and charges before the Payment Due Date will be subject to the interest rate as above specified. iv. If the Minimum Amount Due specified in any earlier Ready Credit statement or such part of the Ready Credit outstanding balance shown in such Ready Credit statement or in any other statement issued by the Bank relating to the additional credit granted to me is not received by the Bank in full on or before the Payment Due Date specified in such statement or otherwise notified to the Bank, as the case may be, I shall pay Late Charge determined by the Bank and notified by the Bank to me from time to time. v. In case I missed to pay the Minimum Amount Due on the Payment Due Date stated in my Ready Credit Statement of Account for three (3) consecutive months, my Ready Credit account will be considered in default and the unbilled principal component of the Total Loan Amount of my outstanding Installment Loan(s) will be billed in full on my next Statement of Account. I understand that the billed in full amount will be subject to the prevailing Interest Rate for Ready Credit accounts together with the unpaid billed fees and charges, which I shall be liable to pay in full. I also understand that non-payment of the remaining billed unpaid Monthly Installment Amounts Due on the Payment Due Date stated in my Statement of Account after my outstanding Installment Loan(s) were billed in full will start incurring interest at the prevailing Interest Rate for Ready Credit accounts on the billed unpaid principal component of such remaining unpaid Monthly Installment Amounts Due. Such interest is charged based on the daily outstanding balance on my Ready Credit account, which may include unpaid Interest Charges from my previous statements (less the interest component of any outstanding Monthly Installments). Such interest shall be compounded daily and the interest will continue to accrue until full payment of Total Amount Due plus accrued interest. b. I shall be liable to pay a service charge or administrative fee, for any service provided by the Bank (including without limitation, maintaining my inactive Ready Credit account or sending me copies of past Ready Credit statements) or any action taken by the Bank in carrying out any instructions or requests received from me relating to the operation of my Ready Credit account, whether such services or actions are referred to or contemplated in these Terms and Conditions or otherwise. This includes fees charged in connection to the availed Installment Loan(s) such as loan processing fee, loan disbursement fee, and loan DST; fees charged in connection to PDCs such as bounced PDC fee and PDC replacement fee; fees charged in connection to the Ready Credit Check such as returned check fee, stop check fee, and check retrieval fee; fees charged Page 14 of 36