CITI PERSONAL LOAN TERMS AND CONDITIONS
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.
“The 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.
“Annual Contractual Rate” means the interest that will be charged on your installment loan based on a 360-day
period wherein each month consists of 30 days.
“Application Form” means the application form which I signed and submitted by me to the Bank to apply for a Citi
Personal Loan, together with all documents submitted therewith.
“Approved Loan Amount” means the approved amount of each installment loan that I avail within the credit limit
of my Citi Personal Loan Account.
“Disclosure Statement” means the disclosure statement required under the Truth in Lending Act (Republic Act
No. 3765) and relevant laws and regulations.
“Interest Rate” means any or all of the following (as applicable): (1) Annual Contractual Rate applied to the
installment loan; (2) revolving interest rate on fees and charges if I opt to pay the Minimum Amount Due per month;
(3) revolving interest rate on the Total Amount Due (less the interest component of the unpaid billed installment
amounts) when my Citi Personal Loan account is in default at 60 days past due.
“Loan Documents” means, collectively, the Application Form, the Welcome Letter and Kit, the Disclosure
Statement and Amortization Schedule, the Citi Personal Loan Terms and Conditions, the Statements of Account,
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 the electronic
transfer of funds to my specified bank account or disbursement as cash at any of the Bank’s branch.
“Loan Obligations” means the totality of the following obligations: (i) the obligation to pay the principal of and
interest due on my installment loan as provided in the Disclosure Statement and Amortization Schedule, including
penalty, fees, expenses and other charges stipulated as payable by the Borrower under the Disclosure Statement
and/or the Statements of Account, and (ii) all the non-financial obligations required to be performed by the
Borrower under the Disclosure Statement.
“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 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 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 so 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.
“Monthly Installment Amount” means the portion of my Total Loan Amount that I must pay every Month as
stated in the Disclosure Statement and Amortization Schedule.
“Net Proceeds of my loan” means my Approved Loan Amount.
“Payment Due Date” means the last date for payment. This is approximately 19 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. If I issued post-dated checks (PDCs) as payment, it is my responsibility to ensure that my Checking
Account is funded during the clearing period.
“Statement of Account” means the monthly billing statement sent to me by the Bank indicating, among others,
the Monthly Installment Amount and all other amounts due for the relevant Month and the Payment Due Date.
“Total Loan Amount” means 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 Citi Personal Loan Facility has
been approved, which sets out the initial credit limit.
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 PDCs I issued as
payment. This is the amount that I need to pay via over-the-counter payment channels and partner banks after I
fund all the 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 all post-dated-check amounts as
reflected in the Statement of Account.
“Available Credit Limit” means the remaining Credit Limit after all my installment loan availments, fees and
charges have been deducted and all my payments have been added.
“Billed installment amount” means the Monthly Installment Amounts Due on your outstanding loans 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 loans. The fees
and charges, including the interest on the said fees and charges, 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: (1) 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; (2) on the Total Amount Due (less
the interest component of the unpaid billed installment amounts) when my Citi Personal Loan account is in default
at 60 days past due, on my previous and current statements. 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 charged,
while Interest Charge and Late Charge indicated on my current statement will be billed in full together with my
Monthly Installment Amounts Due and overdue amounts. 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 Installment Amount Due This Month” means the Monthly Installment Amount due for the particular
month covered by the Statement of Account.
“Monthly Interest Rate” means the prevailing Interest Rate for Citi Personal Loan 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) when my Citi
Personal Loan account is in default at 60 days past due.
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(s)
“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 within the current
statement period.
“Payment Due Date” means the last date for payment. This is approximately 19 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. If I issued post-dated checks (PDCs) as payment, it is my responsibility to ensure that my Checking
Account is funded during the clearing period.
“PDC Payment” means the particular post-dated-check/s (PDCs) I submitted to the Bank upon loan availment,
which will be deposited by the Bank to pay the corresponding Monthly Installment Amounts Due 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 postdated- check/s (PDCs) I submitted to the
Bank upon 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.
“Statement Date” means the date when the statement is generated
“Total Amount Due” means Total amount payable inclusive of the following:
i. Current Billed Balance;
• Remaining Balances from Previous Statement
• Billed fees (such as Loan Processing Fee, Loan Disbursement Fee, Loan Closure Handling Fee, PDC Deferment
Fee, PDC Replacement
Fee, Account Maintenance Fee)
• Documentary Stamps billed
ii. Excess over credit limit as of Statement Date, if any;
iii. Monthly Installment Amounts Due, if any;
iv. All past due amounts as of Statement Date, if any;
v Interest charge as of Statement Date, if any;
vi. Late Charge and Bounced Check fees as of Statement Date, if any;
“Total Amount Due This Month” means the sum of the Monthly Installment Amount, and all other amounts due,
for the particular Month covered by the Statement of Account
“Transaction Date” means the date when any new installment loan availment was approved, 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(s)
“Usage on Credit Line” means the sum of billed Monthly Installment Amounts Due and in the case of
prepayment, 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. Borrowing
The Bank shall disburse the Net Proceeds of my loan to me in accordance with my request stated in the Application
Form or advised by me over the phone either by:
a. Manager’s Check either by delivery to the address I specified or pick-up from a designated branch of the Bank;
or
b. Electronic transfer of funds to the bank account I specified ; or
c. Cash disbursement from a designated branch of the Bank.
The Bank shall disburse the Net Proceeds of my loan to me as aforesaid within five (5) working days following the
date of the call from the Bank in the mobile number specified by me in the Application Form or advised by me over
the phone; provided, however, that the Bank shall in no case be liable for any delay in disbursement of my 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.
3. Operation of Citi Personal Loan Account
a. I understand that I may operate my Citi Personal Loan account by availing cash at installment terms of up to
96% of my Credit Limit and with a maximum of four (4) outstanding installment loan availments only.
b. I understand that the Bank shall set a credit limit in relation to my Citi Personal Loan account and that the Bank
may at its reasonable discretion increase or decrease the credit limit of my Citi Personal Loan account at any
time with reasonable notice to me. Unless the Bank otherwise approves or additional credit is granted to me, I
must not carry out transactions which would result in the sum of the outstanding balance/s of my installment
loan availmets exceeding 96% of the Credit Limit of my Citi Personal Loan account granted to me from time to
time.
c. The Bank may, in its reasonable discretion, at any time, grant me additional credit beyond the credit limit of my
Citi Personal Loan account upon such terms and conditions as it shall determine in its reasonable discretion.
The Bank reserves the right to withdraw or modify such additional credit granted with reasonable notice to me.
d. For every installment loan availment, I understand that I will be required to submit corresponding post-dated
checks (PDCs) amounting to the loan availed, as indicated in the Disclosure Statement. The Disclosure
Statement will be delivered to me on my preferred schedule or will be provided to me at the designated branch
of the Bank where I chose to pick-up the Net Proceeds of my loan, in which case, I will be required to submit the
PDCs.
Submission of PDCs will be reflected as payment but will still be subject to clearing and settlement. The PDCs I
submitted will be applied as payment following the provision on Application of Payments in section 12 of this
document. I must ensure that all PDCs will be funded come the Payment Due Date stated on my statement or the
date I wrote on each PDCs I submitted, whichever comes first. I understand that on the first billing of each loan that I
avail, all fees charged due to the availment of loan, such as the loan processing fee, loan disbursement fee and
documentary stamp tax (if applicable), should be covered by the first PDC I submitted as payment to such loan, while
all other fees and outstanding billed items not covered by my PDC should be settled over-the-counter (OTC). I may
refer to the table of fees and charges in my Welcome Kit for reference.
4. Evidence of Availment of my loan
My availment of loan shall be evidenced by the Manager’s Check, if any, and the acknowledgment receipts and other
records of the Bank or any other bank evidencing the receipt, deposit or encashment of the Manager’s Check or the
electronic transfer of funds to my specified account, or disbursement as cash, as the case may be. The Bank shall
have the right to keep all evidences of my loan availment from my Citi Personal Loan account. I acknowledge that in
case of dispute, the above evidence and corresponding Statements of Account are valid proofs of my loan availment
from my Citi Personal Loan account.
5. Lost, Stolen or Destroyed Manager’s Check
In the event that the Manager’s Check is lost, stolen or destroyed, I shall immediately report the same through a
written notice submitted to the nearest branch of the Bank. I shall provide the Bank with an indemnity agreement or a
bond of indemnity acceptable to the Bank protecting it against liability with respect to the lost, stolen or destroyed
check in connection with any request which I may make for the issuance of a replacement Manager’s Check.
6. Repayment
I shall fully pay and liquidate my Total Loan Amount within the Loan Period and fees and charges, including the
Interest Charge, the payments to be made on the Payment Due Dates and in the amounts set forth in the Statements
of Account.
I shall pay all amounts due on my Citi Personal Loan account through any of the payment channels indicated in the
Statement of Account or such other separate payment brochures or similar communications as the Bank may deliver
to me from time to time or as may otherwise be prescribed by the Bank.
I hereby waive my right to make application of payment under Article 1252 of the Civil Code of the Philippines
especially in the case where I have more than one (1) obligation in favor of the Bank, regardless of the source and
nature of said obligation.
In the Statement of Account given to me, I understand that I shall be liable to pay the outstanding Total Amount Due
indicated on the Statement of Account. I have the option to pay any of the following amounts on or before the
Payment Due Date stated in the Statement of Account:
a. the Total Amount Due,
b. the Minimum Amount Due, or
c. any amount in between the Total Amount Due and the Minimum Amount Due.
In any event, I must pay at least the Minimum Amount Due, which the Bank must receive on or before the Payment
Due Date.
The Minimum Amount Due is P500 or the resulting amount computed using the formula below, whichever is higher.
(a x b) + (c + d + e) where:
a = Current Billed Balance (newly billed usage on the credit line in the current statement, loan processing fees,
loan disbursement fees and other fees and charges not mentioned in (e));
b = Required payment percentage determined by the Bank and of which I am informed;
c = Excess over credit limit, if any; and
d = current billed Monthly Installment Amount due, if any; and
e = All past due amounts, Interest Charge and Late Charge, if any
If the Total Amount Due is less than P500 or is exactly P500, I understand that the Total Amount Due will be
considered the Minimum Amount Due that I will need to settle.
The unpaid balance of the Minimum Amount Due will be considered Past Due if unpaid after the Payment Due Date. I
shall then be liable to pay Late Charge, penalty, interest and other charges incurred, as applicable. The Bank
reserves the right to demand the obligation in full in case of default.
I agree that checks used for payment will be credited to my account only upon collection in accordance with usual
transit/clearing schedules for local and outstanding credits, net of charges from the drawee bank and the Bank’s own
charges.
In case I have other credit facilities with the Bank, I hereby authorize the Bank, without any obligation on its part, to
unilaterally apply, without prior notice, my payments to any of my accounts at the option and sole discretion of the
Bank. I further authorize the Bank, without any obligation on its part, to likewise unilaterally apply, without prior notice,
payments I made or amounts due to me resulting from overpayments, to any of my outstanding obligations with the
Bank.
In the event that I choose to pay via post dated checks (PDCs), I understand and agree that:
a. such PDCs will be reflected as payment on relevant dates but will still be subject to clearing and settlement. The
PDCs I submitted will be applied as payment following the provision on Application of Payments in Section 12 of
this Terms and Conditions. I must ensure that all PDCs will be funded come the Payment Due Date stated on my
Statement of Account or the date I wrote on each PDCs, whichever comes first,
b. on the first billing of each Installment Loan, the loan processing fee, loan disbursement fee and documentary
stamp tax (DST) (if applicable), should be covered by the first PDC, while all other fees and outstanding billed
items not covered by my PDC should be settled over-the-counter (OTC). I may refer to the table of fees and
charges in my welcome pack.
c. checks used for payment will be credited to my account only upon collection in accordance with usual
transit/clearing schedules for local and outstanding credits, net of charges from the drawee bank and the Bank’s
own charges,
d. when my account becomes delinquent due to dishonored checks or late/ missed payments of all outstanding
billed items, the PDCs I submitted as payments will be applied to the past due amounts first, followed by the
current billed amounts, in accordance to the order of payment application as set out in Section 12 of this Terms
and Conditions, and that my PDC payments in this case will no longer be used as payment to the corresponding
monthly installment of my outstanding Installment Loan(s) that I submitted the PDCs for
e. in case I have more than one (1) outstanding Installment Loan to which I have submitted different sets of PDCs
as payment, the PDCs will not be applied as payment to the monthly installment amount due for the specific
outstanding Installment Loan I submitted it for, and instead will be used as payment to the outstanding billed and
past due items following the order of payment application mentioned in Section 12 of this Terms and Conditions.
The same will be followed whether the status of my account is current, delinquent or in default.
f. in the event that any check payment hereunder shall be dishonored or returned unpaid for any reason
whatsoever, I will pay a Bounced PDC Fee, in addition to any charges which my bank shall impose,
g. if I request the Bank to retrieve and return to me any previously delivered/issued/submitted PDC payment, which
I shall replace with another check, I will pay a PDC Replacement Fee per check (i.e., for replacement of postdated checks)
h. I should ensure that the PDCs submitted to the Bank are completely and correctly filled out (Amount in Words
and Figures are the same, Amount in Words and Figures should be in accordance with the account’s
amortization schedule provided to me by the Bank, Correct Payee name, Correct Date, No Unsigned Alterations,
etc.). I acknowledge that PDCs that are incompletely filled out, those containing erroneous entries, those with
alterations and not countersigned by me are considered as defective and/or discrepant.
i. I acknowledge and agree to the following: (1) it is my responsibility to replace discrepant post-dated checks, (2)
that the Bank has the option to destroy defective PDCs, and (3) that the Bank has the option to deposit
discrepant PDCs, and that this may result in bank fees charged to me, and (3) I should settle over the counter or
issue a replacement
j. PDC once my check matures or account becomes delinquent.
I understand and agree that if I pay more than the Total Amount Due, the excess amount will not be applied to
unbilled fees and charges, instead the excess amount will be credited against the Total Amount Due reflected on my
next Statement of Account, on the succeeding Payment Due Date. The Principal and Interest portions of my Monthly
Installments will not be adjusted for any payment in excess of the Total Amount Due on a given statement. A sample
computation on how payments are applied on my Citi Personal Loan account is illustrated below:
Monthly Statement of Account is every 15th of the month
Monthly Installment Amount Due = P5,000.00
Total Amount Due on October 15 Statement of Account = P5,000.00
Payment on October 30 = P15,000.00
Applied payment = P5,000.00
Payment in excess of Total Amount Due= P10,000.00
Total Amount Due on November 15 Statement of Account = P7,000.00
Applied payment = P7,000.00
Payment in excess of Total Amount Due = P3,000.00
7. Change in Circumstances
I hereby agree that the sum outstanding and payable under the Loan Documents 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 Loan Documents. Should there be a
decrease, I agree that the differential, if any shall be applied and credited to my 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 Loan Documents, 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 Loan Documents. I agree that in the event of
prepayment of the amount due under the Loan Documents 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.
8. Prepayment and Overpayment
I may, upon prior written notice to the Bank, prepay the outstanding principal of my installment loan, together with
accrued interest thereon from the last billing date of my account to the date of prepayment and Loan Closure
Handling Fee of 4% of outstanding principal balance of my installment loan, without any penalty. I hereby agree that
the outstanding balance of my installment loan shall be determined using the annual contractual rate. As a condition
for such prepayment, I shall pay all outstanding amounts due in respect of my Citi Personal Loan account, including,
but not limited to, outstanding amounts for principal, accrued interest, Loan Closure Handling Fee, Late Charge,
bounced check fees, check deferment fee and other fees and charges hereunder and 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.
I hereby agree that any unpaid dues in connection with such prepayment are still subject to Late Charge and
delinquency ageing, as long as my installment loan remains outstanding.
In case of any remaining overpayments on my closed Citi Personal Loan account, I understand and agree that I will
be charged an Account Maintenance Fee of P200 per month or the amount equivalent to the credit balance,
whichever is lower, until my credit balance is zeroed out. I understand that I may request to refund any overpayment
by calling the 24-Hour CitiPhone.
I hereby agree that the Bank may deduct from the proceeds of the amount due to me any and all expenses it will
incur in connection with processing such refund.
9. Interest and Charges on my Citi Personal Loan
a. I understand that:
i.
I shall pay the interest component of my Monthly Installment Due.
ii.
I shall also pay interest, which shall accrue daily at the prevailing Interest Rate for Citi Personal Loan
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, from the transaction date until the date when full payment of the Citi
Personal Loan outstanding balance 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 Citi Personal Loan statement shall be specified in the Citi
Personal Loan statement. Fees associated with the installment loan are posted as such and must be settled
through 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.
iii.
If the minimum payment specified in any earlier Citi Personal Loan statement or such part of the Citi
Personal Loan outstanding balance shown in such Citi Personal Loan 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.
iv.
In case I missed to pay the Minimum Amount Due on the Payment Due Date stated in my Citi Personal Loan
Statement of Account for three (3) consecutive months, my Citi Personal Loan 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 Citi Personal Loan 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 Citi Personal Loan accounts on the billed unpaid principal component of such remaining unpaid Monthly
Installment Amounts Due. Such interest shall be compounded daily.
v.
I authorize the Bank to contact me (using the details I provided in the Citi Personal Loan application form or
advised by me over the phone) at any time via the telephone, electronic mail or by SMS provided by
telecommunications providers, or such other means, to inform me of any matter relating to my Citi Personal
Loan account including informing me that my Citi Personal Loan outstanding balance is past the relevant
Payment Due Date.
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 Citi Personal Loan account or sending me copies of past Citi Personal
Loan statements) or any action taken by the Bank in carrying out any instructions or requests received from me
relating to the operation of my Citi Personal Loan account, whether such services or actions are referred to or
contemplated in these Terms and Conditions or otherwise;
c. I understand that the Bank shall be entitled, in its reasonable discretion, to vary or determine, from time to time, the
amounts, rates, types and/ or basis of calculation of all interest, fees and charges payable by me with reasonable
notice and the same may be debited from my Citi Personal Loan account or shall be payable by me upon demand
or at such time as the Bank may deem fit. For the avoidance of doubt and without limiting the generality of the
foregoing, I agree that the Bank shall be entitled to increase the Interest Rate on my Citi Personal Loan account, at
such times, for such periods and to such rates as the Bank deems fit with reasonable notice to me.
10. Statements of Account
I understand that I will be receiving a Statement of Account monthly. In such instances, the Bank shall deliver each
Month to the address specified by me in the Application Form, a Statement of Account which will specify the Payment
Due Date, the Total Amount Due, the Minimum Amount Due, the Monthly Installment Amount Due and all other
amounts due for the month and number of remaining unbilled installments, together with all other relevant details of
my Citi Personal Loan account. I understand that any payment I make on my Citi Personal Loan account shall be
applied to any outstanding billed items in accordance with Section 12 even before the Payment Due Date.
In the event of an error appearing in the Statement of Account, I agree to immediately notify the Bank in writing of
said error. If no error is reported within thirty (30) days from the date of the Statement of Account, I agree and confirm
that the Statement of Account is true and correct and that I am therefore liable to pay the amount stated therein as
the “Total Amount DueThis Month”. I agree that, notwithstanding anything to the contrary herein, non-receipt of the
Statement of Account prior to the relevant monthly Payment Due Date shall not relieve me of my obligation to pay the
Monthly Installment Amount Due and all other amounts due on such date.
If I notify the Bank of an error in the Statement of Account within the period prescribed above, I shall not be liable to
pay the disputed amount while the Bank is investigating the same, but I am liable to pay such undisputed portion of
the “Total Amount Due this Month” on or before the Payment Due Date stated in such Statement of Account. If, after
investigation, the Bank acknowledges the error in the Statement of Account, I shall not be liable to pay the Interest
Charge and other fees related to the disputed amount only. Otherwise, I am liable to pay the disputed amount as well
as all the corresponding Interest Charge and other fees due.
In reporting such error, all my written communications, requests or reports with regard thereto must be personally
delivered or sent by registered mail to the Bank, and should contain the following information:
a. my name and account number;
b. amount of the error, if any;
c. a description of the error claimed to have been made; and
d. my signature.
I agree that, in the absence of manifest error, the records of the Bank shall be conclusive evidence of all amounts due
from me under the Loan Documents.
11. Acceptance of Payment
I understand that checks used for payment will be posted to my account only upon collection as per usual clearing
schedules for local and outstanding credits, net of charges from the Bank and the drawee bank. Acceptance by the
Bank of any payments made after the Payment Due Date shall not be construed as extending the Payment Due Date
or as modification of any of the conditions of any of the Loan Documents.
12. Application of Payments
Any and all payments (including pre-payments) on my Citi Personal Loan Account, whether in the form of cash I
made over-the-counter or via electronic transfer or PDCs I submitted as payment to my outstanding loan(s), shall be
applied to the following items in the order they are listed:
a. When my account is current or not in default:
i. Interest component of billed and past due Monthly Installment Amounts Due
ii. Principal component of billed and past due Monthly Installment Amounts Due
iii. Interest Charge on past due Fees and Charges
iv. Billed and past due Fees or service charges (e.g. Loan DST, Loan Processing Fee, Loan Disbursement
Fee, Loan Closure Handling Fee, PDC Replacement Fee, and PDC Deferment Fee)
v. Billed and past due Monthly Late Charge
vi. Billed and past due Bounced Check Fees
b. When my account is in default:
i. Billed and past due Principal component of Monthly Installment Amounts Due
ii. Billed in full principal component of my installment loan/s
iii. Billed and past due Credit Insurance charges (if any)
iv. Billed and past due Annual fees (if any)
v. Billed and past due Interest Charges on unpaid principal component of past due Monthly Installment
Amounts Due
vi. Billed and past due Interest Charges on unpaid fees, charges, and billed in full principal component of my
installment loan/s
vii. Billed and past due Interest component of Monthly Installment Amounts Due
viii. Billed and past due fees or service charges (e.g. Loan DST, Loan Processing Fee, Loan Disbursement
Fee, Loan Closure Handling Fee, PDC Replacement Fee, and PDC Deferment Fee)
ix. Billed and past due Liquidation fees
x. Billed and past due Collection fees
xi. Billed and past due Bounced Check Fees
xii. Billed and past due Monthly Late Charges
13. Installment Loan Amortization Calculation
I understand that the computation of my installment loan amortization shall be on diminishing balance basis, under
which the allocation of payments to principal and interest components of my Monthly Installment Amounts Due over
the Loan Period is not equal. I also understand that my first Monthly Installment Amount Due may be different than
my succeeding Monthly Installment Amounts Due since the interest component of my first Monthly Installment
Amount Due is pro-rated based on the number of days from the approval of my installment loan to the day before the
next statement date of my Citi Personal Loan account. A sample calculation is illustrated below:
Approved Loan Amount: Php 65,000
Loan Period: 12 months
Annual Contractual Rate: 29.9%
Effective Annual Interest Rate: 36%
Loan Period Commencement Date: March 24, 2014
Next Statement Date: April 12, 2014
The Annual Contractual Rate is the interest charged on your installment loan based on a 360-day period.
The formula for computing the Effective Annual Interest Rate is:
Effective Annual Interest Rate = ((1+IRR(Cash Flow))^12) - 1
Installment
0
1
2
3
4
5
6
7
8
9
10
11
12
Approved Loan
Amount
65,000.00
Principal
Interest
4,713.93
4,813.35
4,951.73
5,075.11
5,201.57
5,331.17
5,464.01
5,600.15
5,739.69
5,882.71
6,029.28
6,179.30
1,079.72
1,502.13
1,381.75
1,258.37
1,131.91
1,002.31
869.47
733.33
593.75
450.77
304.20
154.18
Other Bank
Charges*
945.00
Monthly Installment
Amount Due
5,793.65
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
Cash Flow
64,055.00
5,793.65
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
Outstanding
Principle Balance
65,000.00
60,286.07
55,454.72
50,502.99
45,427.88
40,226.31
34,895.14
29,431.13
23,830.98
18,091.29
12,208.58
6,179.30
0.00
14. Taxes, Expenses, Fees and Charges
I agree that any and all taxes which may be due and payable on account of or with respect to my Citi Personal Loan
account, as well as any processing or other fees charged by the Bank, shall be borne by me and will be for my sole
account. I agree to shoulder any and all fees charged by the bank to which I have instructed the Bank to transfer the
proceeds of the installment loan/s I availed on my Citi Personal Loan account in connection with the disbursement of
such installment loan/s I availed through electronic transfer of funds. In the event that I pay any amount due under my
Citi Personal Loan account by way of a check and such check is returned or dishonored by the drawee bank, I shall
pay the Bank a bounced PDC fee in an amount communicated to me in my Statement of Account. I further agree to
pay such other fees and charges in connection with the installment loan/s I availed on my Citi Personal Loan account
that may be imposed by the Bank at its option and communicated to me in my Statements of Account. I agree that
the amount of the said fees may be revised from time to time, as the Bank may deem necessary.
15. Warranties and Covenants
I hereby warrant that I shall use the installment loan/s I availed on my Citi Personal Loan account solely for the
purpose set forth in my Application Form or Disclosure Statement. I hereby further warrant that I shall not use the
installment loan/s I availed on my Citi Personal Loan account or any portion thereof to pay any other monies owed by
me to the Bank or its affiliates.
I understand that the use of unsecured loans such as personal loans as funding / fund sources for Citi’s Wealth
Management products like investments or insurance is not allowed. I hereby confirm that if approved, these loan
proceeds will not be used for Citi’s Wealth Management products. In the event that the loan funds have been used for
the purposes prohibited above, Citi will be entitled to do all acts and things it deems necessary to comply with its
policies, including but not limited to liquidating my/our holdings of Investments/Insurance at that time. I agree to bear
all costs and expenses Citi incurs as a result thereof.
I shall be obliged to pay the Bank (which I agree to pay as evidenced by my receiving the proceeds of the installment
loan/s I availed on my Citi Personal Loan account) the following amounts: (i) my Total Loan Amount, and (ii) all other
amounts (including taxes and other fees, expenses and charges debited or applied by the Bank) payable under the
Loan Documents.
I hereby agree to submit to the Bank a photocopy of all pages of my latest Income Tax Return or any legally
acceptable equivalent in lieu thereof every year for so long as my Citi Personal Loan account is active or any portion
thereof remains outstanding. I acknowledge that the Bank has agreed to enter into the Loan Documents in reliance
upon my representations and warranties contained in the Loan Documents.
16. Default
Default – I shall be considered in default in my Citi Personal Loan account in the event that:
a. I default in payment of any amount due on any due date under the Loan Documents and Statement of
Account of my Citi Personal Loan;
b. Any representation or warranty made by me in connection with the Loan Documents proves to have been
incorrect or misleading in any material respect;
c. The Bank believes, on reasonable grounds, that it was induced by fraudulent misrepresentation to grant the
Citi Personal Loan account or credit facility in my favor;
d. My outstanding availment and the fees and charges exceeds my Credit Limit;
e. I am in default under or fail to observe any of the terms and conditions of any contract or evidence of
indebtedness and/or other related documents which I executed or were otherwise issued by the Bank in
connection with any credit and loan facilities granted by the Bank or its subsidiaries or affiliates or another
financial institution or other lender
f. in my favor;
g. I violate any of the terms and conditions of any contract with any bank or other persons, corporations,
entities, for the payment of borrowed money or any other events of default occur under such contract;
h. I apply for voluntary or involuntary relief under any bankruptcy or insolvency law;
i. Any person by legal process, whether by way of garnishment, attachment, seizure, execution or some other
means, attempts to take my money or any of my properties, real or personal;
j. I fail to observe any of the terms and conditions governing Citibank Citi Personal Loan, Citibank Online,
Citibank Electronic Statement, and 24- Hour CitiPhone;
k. Any situation occurs which, in the opinion of the Bank, gives reasonable grounds to believe that my financial
condition or my ability to perform my obligations under the Loan Documents has been or will be materially or
adversely affected.
l. I am charged with, convicted of or under investigation by competent government authority for violation of
Republic Act No. 8484 (Access Devices Regulation Act of 1998) or other laws or regulations relating to bank
transactions or the Bank has prima facie evidence to charge me with a violation of any of the provisions of
such laws or regulations.
17. Consequences of Default
In case of default in any of my obligations on one or more of the Bank’s credit facilities or any of my credit facilities
with another bank, credit card company, or financial institution as reported in or by the credit bureau or institution or
credit information service provider, banks, credit card company or financial institution, the Bank may, at its sole option
or discretion and without need of further notice, cancel my Citi Personal Loan account and/or other credit facilities or
revoke my right to use all or any of my credit facilities with the Bank, and declare the Total Amount Due under the Citi
Personal Loan account to be forthwith due and demandable, whereupon the same shall become immediately due
and payable, without presentment, demand, protest or further notice of any kind, all of which I am expressly waiving.
The amount certified by the Bank as the amount outstanding shall be prima facie evidence of the amount due from
me as of the date thereof.
I shall also be liable to pay interest and Late Charge as applicable. Once I exceed my credit limit or fail to pay any
amount due or the Minimum Amount Due on a Payment Due Date, my Citi Personal Loan account will be considered
“delinquent”. In the event of any future delinquency, I authorize the Bank to report and/or include my name in the
negative listings of any credit bureau or institution, credit information service provider or other banks, credit card
companies or financial institutions.
18. Other Consequences of Default
If any Monthly Installment Amounts Due is not fully paid on Payment Due Date, the unpaid amount shall be subject to
a late payment charge of six percent (6%) of outstanding due or P500 per month, whichever is higher, to be
computed from due date until full payment of the obligation. In addition, upon default by me of any terms and
conditions of this Citi Personal Loan account and based on the amount due, I agree to pay the following:
a. 20% as liquidated damages;
b. 20% as collection fee, in case the account is handled by a collection agency;
c. 25% as attorney’s fees, in case the account is referred to a lawyer, and
d. cost and expenses of litigation.
Without prejudice to the right of the Bank to file the appropriate legal proceedings (including the remedy of
attachment or garnishment, whenever applicable), I hereby agree to pay a Bounced PDC Fee of Php1,500.00, in
addition to any charges which my bank shall impose, in the event that any check payment hereunder shall be
dishonored or returned unpaid for any reason whatsoever. I likewise agree to pay a PDC deferment fee of Php
1,000.00, in addition to any charges which my bank shall impose, in the event that I shall advise the Bank to defer the
encashment of any check payment hereunder. I likewise agree to pay the amount of Php 750.00 per check as check
payment replacement fee (i.e., for replacement of post-dated checks) should I request the Bank to replace any
previously delivered/issued/submitted PDC payment with another check. The right of the Bank to collect the foregoing
fees shall be without prejudice to its right to accelerate the maturity of the installment loan and require the payment of
all amounts outstanding under the Citi Personal Loan account for my failure to pay any Minimum Amount Due
hereunder.
I likewise agree that in case of default hereunder, the Bank may appoint or designate a representative, agent or
attorney-in–fact, including third party collection agency, to perform any and all acts which may be required or
necessary to enforce its rights under the Citi Personal Loan and any security given thereon. In the event that the
Bank shall refer my Citi Personal Loan account to a collection agency or shall transfer my said account from one
collection agency to another, I understand that the Bank shall provide me with written notification at least seven (7)
days prior to the actual endorsement of my said account to a collection agency or from one collection agency to
another. Such notification shall include the full name of the collection agency and its contact details. For such
purposes, I hereby give my consent to the disclosure of all relevant information in connection with my Citi Personal
Loan account to such authorized representative, agent or attorney-in-fact, and I agree to hold the Bank free and
harmless against any and all damage, cost or liability to me arising from such disclosure. In case of default, the Bank
may take any action or file any appropriate legal proceedings (including the remedy of attachment or garnishment,
whenever applicable) against me, in accordance with Philippine laws, in order to take claim, repossess or recover the
property or properties purchased or financed by the proceeds of the installment loan/s I availed on my Citi Personal
Loan account, or any of my properties, real or personal, in payment of all or part of my outstanding obligations under
the Citi Personal Loan.
19. Right to Offset
I agree that upon my default or delinquency, the Bank may, as my attorney-in- fact, in its absolute discretion without
notice to me, offset my obligations (including but not limited to monthly payments due, fixed and determinable taxes
or charges due from or assumed by me on said interest or other income) against any of my deposits, money
market/trust placements, stocks, bonds and other assets coming to the Bank’s possession or control or its affiliates.
I hereby consent, authorize and irrevocably constitute the Bank as my attorney-in-fact with full power and authority to
inquire about and to assert their lien or legal claim on my deposits, money market/trust placements, stocks, bonds
and/or other assets in the possession, custody or control of the Bank and affiliates and to apply all or part of the
deposit, money market/ trust placements, stocks, bonds and/or assets to offset my corresponding obligations.
Pursuant to the authority granted to the Bank herein, I expressly authorize the disclosure by/of the Bank’s affiliates of
any information relative to my funds or properties in their custody in favor of the Bank.
20. Sales of Stocks and Other Properties
Upon my default or delinquency, I hereby irrevocably constitute the Bank as my attorney-in-fact with full power for
me, in my name and in my behalf, without need of prior notice, to:
a.
b.
negotiate, sell and transfer any stocks, securities, bonds, personal properties or real estates which the Bank
or its affiliates, may be in possession of, by public or private sale and to apply the proceeds of such sale or
disposition in the payment of my indebtedness under my Citi Personal Loan account; and
do all acts and deeds in addition to and other than those herein granted. I hereby ratify and confirm all acts
and deeds as may be done or performed by the Bank under this authority.
21. Deactivation of Credit Facility
Upon my default or delinquency, I understand that if I have other credit facilities with the Bank including credit
facilities with the Bank’s affiliates (e.g. loan accounts, credit cards including supplements, and other credit facilities),
these accounts shall be blocked or deactivated from further use even if these accounts are in good credit standing.
22. Limitation of Liability
I agree that the Bank’s liability under this agreement, if any, shall not exceed Three Thousand Pesos (Php3,000.00);
provided that, in any action arising from this agreement or any incident thereto which I or any other party may file
against the Bank, in no event shall the maximum liability of the Bank exceed Php30,000, except when the Bank is
found to be guilty of wilful misconduct.
23. Blocking and Withholding
For U.S. Persons and those with U.S. Person indicators:
 I agree that the Bank may block any payment or transaction on my account that will result in the Bank, any of
its affiliates or its third party service provider, or any Payment Infrastructure Provider being in breach of any
requirement under FATCA, any IGA, FFI Agreement, or similar domestic or foreign legal requirement or
agreement. For the purpose of this Agreement, “Payment Infrastructure Providers” refers to any third party that
forms part of the global payment system infrastructure, including communications, clearing or payment
systems, intermediary and correspondent banks; “FATCA” refers to section 1471 to 1474 of the United States
Internal Revenue Code or any associated regulations or official guidance; “IGA” means any intergovernmental
agreement between the US and any other jurisdiction, or any treaty, law, regulation or official guidance relating
to an intergovernmental agreement, that facilitates the implementation of FATCA; “FFI Agreement” means any
agreement pursuant to the implementation of FATCA or an IGA with the US Internal Revenue Service, the US
Government or any other Authority.

I agree that the Bank, any affiliate, or its/their third party service provider may withhold or deduct an amount for
any applicable tax (withholding, income, value-added, or tax on the sale or disposition of property), duties, or
other lawfully collected amounts (“Collected Amounts”) which are required to be withheld or deducted to
comply with any law or regulation of any domestic or foreign jurisdiction, or any agreement entered into with or
between any Authority/ies, from any payment to me, or to or from my account or any account. Any Collected
Amount will be timely paid to the relevant Authority as required. I shall be notified of any Collected Amount as
soon as reasonably possible. I acknowledge that the Bank will not be required to reimburse me for any amount
withheld or deducted by a Payment Infrastructure Provider. Further, if the Bank, any affiliate, or its/their third
party service provider pay or are required to pay an Authority from its own funds to settle an amount that
should have been, but was not a Collected Amount, I shall pay the Bank the amount it paid, plus any
applicable interest and penalties. I understand that the Bank is not required to contest any demand made by
an Authority for such payment.
24. Recording of Telephone Communications
I agree that by calling or accepting calls from the Bank (and its Service Providers) that the Bank (and its Service
Providers) may, at its sole option and discretion, record, replay and communicate to any third party all my telephone
communications. Also, by providing my phone number and by accepting calls from the Bank (and its Service
Providers), I authorize the Bank to record, replay and communicate to any third party all conversations (including
conversations with the Bank’s Service Providers) on said phone number/line with me or any individual who may
answer the phone on my behalf. I undertake to inform any individual who may answer the phone on my behalf, being
my agent, that the Bank shall record, replay and communicate to any third party the conversations (including
conversations with the Bank’s Service Providers) with said individual on said phone number/line and that the
recording, replay and communication is being done with my consent and authority.
I likewise authorize the Bank to store the recorded conversation and agree that they may use the taped or recorded
conversation against me or against any third party, in any proceeding and for any lawful purpose. The Bank (including
its Service Providers) shall not be liable for any loss, damage or expense which I may suffer as a result of the Bank
(or its Service Providers) acting on such telephone communications.
25. Transfer and Retrieval of Information
As required under Republic Act 10173 and other applicable laws and regulations, I authorize and give my consent for
the following:

For the Bank to allow its offices, branches, subsidiaries, affiliates, agents, representatives, and third parties
selected by any of them and certain companies (collectively referred to as “Authorized Third Parties”) to offer
specially selected products and services through mail/e-mail/fax/ SMS or by telephone;

For the Bank to disclose and share my name and account information (“Account Information”) to/with any
credit bureau, credit information service provider/s, lending institution/s, financial institution/s, banking and
credit industry association/s, and service providers of such entities (collectively referred to as “Credit
Institutions”) and in the event of delinquency, report and/or include my name and Account Information in the
negative listings of such Credit Institutions;

For the Bank, its Authorized Third Parties, and its/their officers, directors, employees, agents, professional
advisers and third party service providers, to collect and verify any information about me from any third party
for any of the purposes specified in this section;

For the Bank, its Authorized Third Parties, and its/their officers, directors, employees, agents, professional
advisers and third party service providers, to collect, process, store, record, organize, update, modify, block,
erase and destroy (collectively referred to as “process”) my Personal and/or Account Information with the
Bank and any information the Bank obtains from third parties, including my account information with other
financial or non-financial institutions;

For the Bank to transfer, disclose and use my Personal and Account Information (including information that
the Bank obtains from third parties, such as Credit Institutions and other financial or non-financial institutions),
to, between and among its Authorized Third Parties (now referred to the “Receiving and Disclosing Parties”),
Credit Institutions, other financial or non-financial institutions, wherever situated, or to the Authorities, for any
lawful purpose such as business development, data processing, analysis and management, surveys, product
and service offers, marketing activities, risk management purposes, collections purposes and reporting, and
compliance with laws, regulations and policies on anti-money laundering, sanctions and/or the US Foreign
Account Tax Compliance Act, including withholding for purposes of the FATCA. In addition to the above, the
Bank or any of the Receiving and Disclosing Parties may disclose any information as may be required by any
applicable law, regulation, court, regulator or legal process (“Law or Legal Process”), and for compliance with
any agreement entered into with or between any competent regulatory/ies, prosecuting, tax or governmental
authority/ies in any jurisdiction, domestic or foreign (the “Authority/ies”), or as required by or for the purposes
of any audit or investigation of any Authority.

Where the Bank is a user, member or subscriber for the information sharing services or activities of any
Credit Institution:
a. For the Bank to transfer and disclose to any Credit Institution and its/their outsourced service providers,
and
b. For the Credit Institution to transfer and disclose to fellow users, members or subscribers, whether
financial or non-financial institution, any of my Personal and Account Information with the Bank. The
information that may be disclosed includes basic credit data and negative information under Republic Act
No. 9510, Personal Information, demographic information, monthly account information, profile,
performance and history, as well as Confidential Information (which refers to information relating to me or
my representatives received by the Bank, its Authorized Third Parties and its/their respective
representatives in the course of providing accounts and services to me. This includes my Personal
Information, Account details, transactional information, and any other information that I have designated
as confidential at the time of disclosure or that an ordinary person would consider to be of a confidential or
proprietary).
The above consent applies for the duration of and even after the closure or cancellation of the account/s. My consent
will be effective despite any applicable nondisclosure agreement and I acknowledge that information relating to me
and my accounts, including Confidential Information, may be transferred to jurisdictions which do not have strict data
protection or data privacy laws.
I declare that I have provided any notices, consents and waivers necessary to permit the Bank, its Authorized Third
Parties, and its/their third party service providers and Payment Infrastructure Providers to carry out the actions
described in this provision.
I agree to hold the Bank free and harmless from any liability that may arise from the processing and use of my
Personal and Account Information, and other information pertaining to my account/s with other financial and
nonfinancial institutions.
26. Product and Service Offers
On occasion, the Bank may inform me about product and service offers through mail/e-mail/SMS/fax or telephone.
the Bank may also allow its affiliates, agents and representatives and third parties selected by any of them and
certain companies to offer specially selected products and services to me through mail/e-mail/SMS/fax or telephone.
For this purpose, the Bank may transfer and disclose selected customer information to their affiliates, agents and
representatives and third parties selected by any of them and certain companies.
The foregoing constitutes my written consent for any transfer and disclosure of my name, address, contact details
and other relevant information to the Bank’s affiliates, agents and representatives and third parties selected by any of
them and certain companies for the purposes indicated above and under applicable laws and regulations. I hereby
waive my rights under Republic Act No. 1405 as amended, Republic Act No. 6426 as amended, Republic Act No.
8791 and other applicable laws and regulations in this regard (where applicable).
Should I not wish to receive telephone, mail, email, fax or SMS solicitations, I will notify the Bank in writing or call the
24-hour CitiPhone.
27. SMS and Email Communications
I hereby agree that the Bank may send or communicate with me through text messages (SMS) or through my SMSenabled cellular phone/s, smartphone/s or through Email for specific prompts, reminders and notices from time to
time concerning account information and other matters relating to my Citi Personal Loan account and other accounts
with the Bank (“SMS and Email”). I hereby acknowledge and accept that each SMS and Email may be sent to me
without being encrypted and may include my name and information pertaining to my account/s. It is my responsibility
to ensure the security of my cellular phone, smartphone and computer device and I hereby hold the Bank free and
harmless against any and all liability, administrative, civil, or criminal, including, but not limited, to those relating to
secrecy laws or regulations (if any), should any SMS and Email be viewed or accessed by persons other than myself.
I hereby agree that the Bank does not guarantee the timely delivery or accuracy of any SMS and Email. I shall be
fully responsible to monitor the due performance and compliance of my obligations.
28. Notices
Any statement, advice, confirmation, notice, demand and all other correspondence by the Bank under these Terms
and Conditions may be served on me (or my personal representatives) personally or by sending it by pre-paid airmail
or local mail or via facsimile or Email or SMS at the address or number specified by me in my Application Form or
advised by me over the phone. Such statement, advice, confirmation, demand or other correspondence shall be
deemed received, if sent by mail, on the seventh (7th) day after mailing, or and, if sent by courier or personal delivery,
on the day it was delivered or if by facsimile transmission, upon receipt of the written confirmation of the facsimile or if
by Email or SMS, on the day it was sent. If sent by courier or personal delivery, the same shall be deemed delivered
to me if received by any adult at the address specified by me in my Application Form who presents a valid
identification card. If I wish to send any communication to the Bank, I should first contact the 24-Hour Citiphone..
29. Change of Address and Other Information
I will notify the Bank immediately of any change to my residence, office, mailing, and/or email address, cellular phone
number and/or contact numbers and other relevant information to avoid delays or failure in the delivery of my
Statement of Account (SOA), Loan Disclosure Statement, Loan Proceeds via MC Delivery, or other notices. I may
notify the Bank of such changes through Citibank Online (www.citibank.com.ph), 24-Hour CitiPhone at 995 9999 or
by sending your contact information change request to P.O. Box 153, Manila Central Post Office, 1000 Manila
(Attention: CitiPhone).
I attest that my mailing address is within the areas specified by the Bank. In case my chosen mailing address is not
accessible through mail or delivery, the Bank has the option to use any of my other addresses.
The Bank shall not be responsible for any consequences that may arise due to my inability to receive any SOA or to
pay my outstanding Citi Personal Loan obligations as a result of my failure to notify the Bank in a timely manner of
any change in my billing address, contact or other cardholder information.
I shall also provide the Bank with such information as it may require from time to time, and shall update that
information as required by the Bank from time to time, to enable the Bank or any of its affiliates to comply with any
law or regulation of any jurisdiction, domestic or foreign, or any agreement entered into with or between any
Authority/ies.
To help prevent money laundering and terrorist financing, Philippine laws, as well as Citi policy, require the Bank to
obtain, verify and record information that identifies each person who opens an account with or avail of a loan from the
Bank. This means that when I avail of a Citi Personal Loan from the Bank, I acknowledge that the Bank will ask for
my name, address, date of birth and other information that will allow the Bank to identify me. The Bank may also ask
me to show a photo ID or other identifying documents.
I am responsible to notifying the Bank of any change in my other information, such as civil status, citizenship,
employment details and income. I agree to submit my Income Tax Return (ITR) and/or Financial Statements (FS) or
Employer’s Certificate of Compensation Payment/Tax Withheld (BIR Form 2316) and other documents (“Income
Documents”) annually.
30. Indemnity
I will compensate the Bank for and hold the Bank harmless against any reasonably incurred losses, damage, liability,
cost and expense which the Bank may incur or suffer (including legal costs) as a result of or in connection with my
Citi Personal Loan account, the actual or attempted enforcement or protection of any of the Bank’s rights and
remedies against me, any change in any law, regulation or official directive which has an effect on the Citi Personal
Loan account.
31. Termination of Citi Personal Loan account
a. I understand that I may terminate my Citi Personal Loan account by ceasing to use all facilities and services
relating to the Citi Personal Loan account, paying all Citi Personal Loan outstanding balance and such other
sums owing to the Bank under the Loan Documents, and advising the Bank about my intention to terminate.
b. I understand that the Bank is entitled to, in its discretion, at any time with reasonable notice to me, terminate
my Citi Personal Loan account forthwith, and/ or to demand immediate payment of all monies owing in respect
of my Citi Personal Loan account, whether or not I am in default of any of my obligations under the Loan
Documents and whether or not any Citi Personal Loan outstanding balance is due and owing by me. If my Citi
Personal Loan account shall be so terminated by the Bank, I must make immediate payment of all Citi
Personal Loan account outstanding balance and such other sums owing to the Bank under this Agreement.
c. Upon termination of my Citi Personal Loan account for any reason, in case of any remaining overpayments, a
monthly Account Maintenance Fee shall be charged until the credit balance is zeroed out. Thereafter the Bank
is not liable to me howsoever with respect to my Citi Personal Loan account.
d. I acknowledge that my outstanding obligations and applicable provisions under the Loan Documents shall
continue notwithstanding the termination of my Citi Personal Loan account whether upon my own initiative or
by the Bank for any reason.
32. Waiver, Cumulative Rights
No failure or delay byv the Bank in exercising any right or remedy accruing to it upon any default or delinquency by
me under the Loan Documents shall impair any such right, power or remedy, nor shall it be construed as a waiver of
any such default or delinquency thereafter occurring, nor shall a waiver of any single default or delinquency be
deemed a waiver of any other default or delinquency theretofore or thereafter occurring, nor shall any single or partial
exercise of any such right or power preclude any other or further exercise of any other right or power under the Loan
Documents. All rights, powers or remedies, either under the Loan Documents or otherwise, afforded to the Bank shall
be cumulative and not alternative and shall be in addition to and not in substitution for and in derogation of the rights,
powers and remedies conferred by law. No notice to or demand upon me in any case shall entitle me to any other or
further notice or demand in similar or other circumstances.
33. Agreement to be Bound
I unconditionally agree to be bound by any and all laws, rules, regulations and official issuances applicable to my Citi
Personal Loan account, now existing or which may hereinafter be enacted, issued or enforced, as well as the terms
and conditions governing the use of the other facilities, benefits or services which may from time to time be made
available by the Bank to me in connection with my Citi Personal Loan account.
34. Amendments and Effectivity
The Bank may, at its sole option, amend these Terms and Conditions at any time and I will be notified of such
changes.
35. Separability Clause
If any of these provisions is considered illegal or unenforceable under any applicable law, such illegality or
unenforceability shall not in any way affect the remaining provisions hereof.
36. Governing Law and Venue
The Loan Documents shall be governed by the laws of the Republic of the Philippines and the exclusive venue of all
suits to enforce the Loan Documents is only in the proper courts of Makati City and I hereby waive any other venue.
The foregoing, however, shall not limit or be construed to limit the rights of the Bank to commence proceedings or
obtain execution of judgment against me in any venue or jurisdiction where my assets may be found.
37. Assignment by the Bank
I agree that the Bank may assign, discount or otherwise transfer part or all of its rights and/or obligations under the
Loan Documents without need of prior notice to me. In the event of an assignment of the credit arising out of my Citi
Personal Loan account, I hereby irrevocably agree not to assert set-off rights of any obligations which may be owed
to me by the Bank against the assignee, even though such assignment of the credit may have been made without
notice or consent on my part.
38. Confirmation
I confirm that I have read, understood, and agreed to all the terms and conditions herein stated and in my Loan
Documents and to future amendments thereto, as evidenced by: (a) my signature on the Application Form, (b) my
signature on the Loan Documents, and/or (c) the acknowledgment receipts and other records of the Bank or any
other bank evidencing the receipt, deposit or encashment of the Manager’s Check/s, the disbursement of cash, or the
electronic transfer of the proceeds of the installment loan/s I availed on my Citi Personal Loan account to my
specified account, as the case may be.
39. Income Documents
In connection with BSP Circular 622, the accountholder hereby agrees to submit his Income Tax Return (ITR) and/or
financial statements (FS) or Employer’s Certificate of Compensation Payment/Tax Withheld (BIR Form 2316) and
other documents (“Income Documents”). The accountholder hereby authorizes the Bank to conduct verification with
the BIR or his employer and to authenticate his Income Documents or to obtain copies of said documents from the
BIR or his employer. The Cardholder, likewise hereby authorizes the Bank or his employer to disclose any
information relevant to said verification and to give copies of his Income Documents to the Bank. The Cardholder
hereby waives any rights on the confidentiality of Cardholder information.
Version: AUGUST 2015
Citi Ready Credit
Terms and Conditions
Terms and Conditions governing the issuance and use of Citi 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, 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 1st 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.
“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.
“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.
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 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.
“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, 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 96% of my Credit Limit via my 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.
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.
I understand that I may operate my Ready Credit account by using up to 90% of my Credit Limit via 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 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
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,
• 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 third-party 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.
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 email request for my Ready
Credit account information via a spoof of the Bank’s website; (b) use of email 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 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 e-mail 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 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 beregarded 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
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 due to a particular service request such as loan closure
handling fee, card replacement fee, and check re-order fee; and other fees charged due to a particular status of the
account such as Late Charge and account maintenance fee. I shall further be liable for the applicable interest on such
billed fees and charges.
c. I understand that the Bank shall be entitled, in its reasonable discretion, to vary or determine, from time to time, the
amounts, rates, types and/or basis of calculation of all interest, fees and charges payable by me with reasonable
notice and the same may be debited from my Ready Credit account or shall be payable by me upon demand or at
such time as the Bank may deem. For the avoidance of doubt and without limiting the generality of the foregoing, I
agree that the Bank shall be entitled to increase/decrease the Monthly Interest Rate on my Ready Credit account,
periodically, and to such rates as the Bank deems fit with reasonable notice to me. Notice of change in applicable
Interest Rate fees and charges may be done by way of posting in the Bank’s premises, messages in my monthly
Statement of Account, SMS, Email, or in Citibank Online.
8. Statements of Account
I understand that I will be receiving a Statement of Account monthly. In such instances, the Bank shall deliver each
Month to the address specified by me in the Application Form or subsequently advised by me through CitiPhone, a
Statement of Account which will specify the Payment Due Date, the Total Amount Due, the Minimum Amount Due,
the Monthly Installment Amount Due, my Cash Advance transactions and all other amounts due for the month
together with the number of remaining unbilled instalments and remaining unbilled balance of my outstanding
Installment Loan(s), and with all other relevant details of my Ready Credit account. I understand that any payment I
make on my Ready Credit account shall be applied to any outstanding billed or unbilled items in accordance with the
provision on Application of Payments (Section 12 of this Terms and Conditions) even before the Payment Due Date.
In the event of an error appearing in the Statement of Account, I agree to immediately notify the Bank in writing of
said error. If no error is reported within thirty (30) days from the date of the Statement of Account, I agree and confirm
that the Statement of Account is true and correct and that I am therefore liable to pay the amount stated therein as
the “Total Amount Due This Month”. I agree that, notwithstanding anything to the contrary herein, non-receipt of the
Statement of Account prior to the relevant monthly Payment Due Date shall not relieve me of my obligation to pay the
Monthly Installment Amount Due and all other amounts due on such date.
If I notify the Bank of an error in the Statement of Account within the period prescribed above, I shall not be liable to
pay the disputed amount while the Bank is investigating the same, but I am liable to pay such undisputed portion of
the “Total Amount Due this Month” on or before the Payment Due Date stated in such Statement of Account. If, after
investigation, the Bank acknowledges the error in the Statement of Account, I shall not be liable to pay the Interest
Charge and other fees related to the disputed amount only. Otherwise, I am liable to pay the disputed amount as well
as all the corresponding Interest Charge and other fees due.
In reporting such error, all my written communications, requests or reports with regard thereto must be personally
delivered or sent by registered mail to the Bank, and should contain the following information:
a. my name and account number;
b. amount of the error, if any;
c. a description of the error claimed to have been made; and
d. my signature.
I agree that, in the absence of manifest error, the records of the Bank shall be conclusive evidence of all amounts due
from me under the Ready Credit account.
9. Repayment
I shall be fully liable to the Bank for the amounts charged to my Ready Credit account, including the Monthly
Installment Amounts due on my outstanding Installment Loan(s), Interest Charges, and all non-refundable fees and
other charges. I shall be fully liable to the Bank for all Cash Advance transactions I made through any channels as
mentioned above including all fees and charges imposed in relation thereto, regardless of whether such Cash
Advance transaction was made with or without my knowledge or authorization. I hereby authorize the Bank to credit
my Ready Credit account with the amount of the payments made, in accordance with the Bank’s records. The
transaction records and Statements of Account generated, kept and maintained by the Bank shall be conclusive and I
agree to accept and be bound by these transaction records and the Statements of Account.
I shall fully pay and liquidate my Cash Advances, the Total Loan Amount within the Loan Period and fees and
charges, including the Interest Charges, in the amounts set forth in the Statements of Account. I shall pay all amounts
due on my Ready Credit account through any of the payment channels indicated in the Statement of Account or such
other separate payment brochures or similar communications as the Bank may deliver to me from time to time or as
may otherwise be prescribed by the Bank.
Payment of the Total Amount Due under my Ready Credit account should be made on or before my Payment Due
Date stated in my Statement of Account to avoid Late Charge and Interest Charges. If my Payment Due Date falls on
a Saturday, Sunday, or Holiday, I may settle on the next Business Day. If the Bank receives my payment after the
Payment Due Date, the Bank shall charge me a Late Charge. If I do not pay the Minimum Amount Due on my Ready
Credit account on the Payment Due Date, my Ready Credit account shall be considered delinquent and I shall be
liable to pay the Late Charges and Interest Charges, as applicable. The Bank reserves the right to demand the full
payment of my Obligations in case of default.
I understand and agree that the amount of cash or check payments made through the ATM shall be subject to
verification by the Bank. The actual amount verified by the Bank will be deemed the correct amount I have paid. I
understand that all payments I make after the daily cut-off time will be credited to my Ready Credit account on the
following Business Day. Check payments, however, are subject to normal clearing periods. Cash or check payments
made on Saturdays, Sundays, holidays, or non-Business Days shall be considered transactions of the next Business
Day.
I hereby waive my right to make application of payment under Article 1252 of the Civil Code of the Philippines
especially in the case where I have more than one (1) obligation in favor of the Bank, regardless of the source and
nature of said obligation.
In the Statement of Account given to me, I understand that I shall be liable to pay the outstanding Total Amount Due
indicated on the Statement of Account. I have the option to pay any of the following amounts on or before the
Payment Due Date stated in the Statement of Account:
a. the Total Amount Due,
b. the Minimum Amount Due, or
c. any amount in between the Total Amount Due and the Minimum Amount Due.
In any event, I must pay at least the Minimum Amount Due, which the Bank must receive on or before the Payment
Due Date.
The Minimum Amount Due is P500 or the resulting amount computed using the formula below, whichever is higher.
(a x b) + (c + d + e) where:
a = Current Billed Balance (newly billed Cash Advance transactions in the current statement, loan processing fees,
loan disbursement fees and other fees and charges not mentioned in (e));
b = Required payment percentage determined by the Bank and of which I am informed;
c = Excess over Credit Limit, if any; and
d = current billed Monthly Installment Amount due, if any; and
e = All past due amounts, Interest Charge and Late Charge, if any
If the Total Amount Due is less than P500 or is exactly P500, I understand that the Total Amount Due will be
considered the Minimum Amount Due that I will need to settle.
The unpaid balance of the Minimum Amount Due will be considered Past Due if unpaid after the Payment Due Date. I
shall then be liable to pay Late Charge, penalty, interest and other charges incurred, as applicable. The Bank
reserves the right to demand the obligation in full in case of default. In the event that I choose to pay via post dated
checks (PDCs), I understand and agree that:
a. such PDCs will be reflected as payment on relevant dates but will still be subject to clearing and settlement.
The PDCs I submitted will be applied as payment following the provision on Application of Payments in
Section 12 of this Terms and Conditions. I must ensure that all PDCs will be funded come the Payment Due
Date stated on my Statement of Account or the date I wrote on each PDCs, whichever comes first,
b. on the first billing of each Installment Loan, the loan processing fee, loan disbursement fee and documentary
stamp tax (DST) (if applicable), should be covered by the first PDC, while all other fees and outstanding
billed items not covered by my PDC should be settled over-the-counter (OTC). I may refer to the table of
fees and charges in my welcome pack.
c.
d.
e.
f.
g.
h.
i.
checks used for payment will be credited to my account only upon collection in accordance with usual
transit/clearing schedules for local and outstanding credits, net of charges from the drawee bank and the
Bank’s own charges,
when my account becomes delinquent due to dishonored checks or late/missed payments of all outstanding
billed items, the PDCs I submitted as payments will be applied to the past due amounts first, followed by the
current billed amounts, in accordance to the order of payment application as set out in Section 12 of this
Terms and Conditions, and that my PDC payments in this case will no longer be used as payment to the
corresponding monthly installment of my outstanding Installment Loan(s) that I submitted the PDCs for
in case I have more than one (1) outstanding Installment Loan to which I have submitted different sets of
PDCs as payment, the PDCs will not be applied as payment to the monthly installment amount due for the
specific outstanding Installment Loan I submitted it for, and instead will be used as payment to the
outstanding billed and past due items following the order of payment application mentioned in Section 12 of
this Terms and Conditions. The same will be followed whether the status of my account is current,
delinquent or in default.
in the event that any check payment hereunder shall be dishonored or returned unpaid for any reason
whatsoever, I will pay a Bounced PDC Fee, in addition to any charges which my bank shall impose,
if I request the Bank to retrieve and return to me any previously delivered/issued/submitted PDC payment,
which I shall replace with another check, I will pay a PDC Replacement Fee per check (i.e., for replacement
of post-dated checks)
I should ensure that the PDCs submitted to the Bank are completely and correctly filled out (Amount in
Words and Figures are the same, Amount in Words and Figures should be in accordance with the account’s
amortization schedule provided to me by the Bank, Correct Payee name, Correct Date, No Unsigned
Alterations, etc.). I acknowledge that PDCs that are incompletely filled out, those containing erroneous
entries, those with alterations and not countersigned by me are considered as defective and/or discrepant.
I acknowledge and agree to the following: (1) it is my responsibility to replace discrepant post-dated checks,
(2) that the Bank has the option to destroy defective PDCs, and (3) that the Bank has the option to deposit
discrepant PDCs, and that this may result in bank fees charged to me, and (3) I should settle over the
counter or issue a replacement PDC once my check matures or account becomes delinquent.
I understand and agree that if I pay more than the Total Amount Due, the excess amount will be credited as payment
to any unbilled Cash Advance transactions, fees and charges, and any remaining excess payment will be credited
against the Total Amount Due reflected on my next Statement of Account. The Principal and Interest portions of the
Monthly Installments of my outstanding Installment Loan(s) will not be adjusted for any payment in excess of the
Total Amount Due on a given statement. A sample computation on how payments are applied on my
Ready Credit account is illustrated below:
Monthly Statement of Account is every 15th of the month
Monthly Installment Amount Due = P5,000.00
Total Amount Due on October 15 Statement of Account = P5,000.00
Payment on October 30 = P15,000.00
Applied payment = P5,000.00
Payment in excess of Total Amount Due= P10,000.00
Total Amount Due on November 15 Statement of Account = P5,000.00
(with unbilled P2,000 Cash Advance transaction)
Applied payment = P7,000.00
Remaining excess payment = P3,000.00
10. Prepayment and Overpayment
I may, upon prior written notice to the Bank, prepay the principal of any of my outstanding Installment Loan(s),
together with accrued interest thereon from the last billing date of my account to the date of prepayment, Loan
Closure Handling Fee of 4% of outstanding principal balance of my Installment Loan, without any penalty. I hereby
agree that the outstanding balance of my Installment Loan shall be determined using the annual contractual rate. As
a condition for such prepayment, I shall pay all outstanding Monthly Installment Amounts due of my Installment
Loan(s), accrued Interest Charge on closure of the Installment Loan(s) for prepayment, Interest Charge on unpaid
fees and charges billed from the previous Statement of Account, outstanding service charges and handling fees, loan
closure handling fee on each of the Installment Loan that I will prepay, Late Charge, bounced check fees, and the
billed in full principal of the Installment Loan(s) I requested for prepayment to ensure that my payment will be applied
to all the billed items hereunder and 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.
I hereby agree that any unpaid dues in connection with such prepayment are still subject to Late Charge and
delinquency ageing, as long as my Installment Loan(s) remains outstanding or there are remaining outstanding billed
items. I understand that in case of prepayment of any of my outstanding Installment Loan(s), my payment will still
follow the payment application as set out in Section 12 of this Terms and Conditions.
11. Acceptance of Payment
I understand that I can choose to pay my Obligations on my Ready Credit account in a form of cash or checks via the
Bank’s branches or to the Bank’s authorized partner banks and payment centers, or electronically via transfer of
funds from my other accounts with the Bank via ATM, the Bank’s branches, 24-Hour CitiPhone, and Citibank Online. I
understand that my check payments will be posted to my Ready Credit account only upon collection as per usual
clearing schedules for local and outstanding credits, net of charges from the Bank and the drawee bank.
Acceptance by the Bank of any payments made after the Payment Due Date shall not be construed as extending the
Payment Due Date or as modification of any of the conditions of any of the Ready Credit Documents.
12. Application of Payments
Any and all payments (including pre-payments) on my Ready Credit Account, whether in the form of cash or check I
made over-the-counter or via electronic transfer or PDCs I submitted as payment to my outstanding Installment
Loan(s), shall be applied to the following items in the order they are listed.
a. When my account is current or not in default:
i.
Interest component of Monthly Installment Amounts Due Billed
ii.
ii. Principal component of Monthly Installment Amounts Due Billed
iii.
Cash Advance Interest Charge Billed
iv.
Interest Charge Billed on Fees and Charges
v.
Cash Advance DST Billed
vi.
Fees and Service Charges Billed (e.g. Loan DST, Loan Processing Fee, Loan Disbursement Fee, Loan
Closure Handling Fee, PDC Replacement Fee, Checkbook Re-order Fee, Stop Check Fee, Check Retrieval
Fee)
vii.
Monthly Late Charge Billed
viii.
Bounced Check Fee and Returned Check Fee Billed
ix.
Credit Insurance Premiums and Insurance Documentary Stamps Billed (if any)
x.
Annual Membership Fee and Card Replacement Fee Billed (if any)
xi.
Cash Advance Billed
xii.
Cash Advance Unbilled
b. When my account is in default all payments shall be applied to the following items in the order they are listed:
i.
Principal component of Monthly Installment Amounts Due Billed
ii.
ii. Cash Advance Billed
iii.
Billed in full Principal component of my Installment Loan(s)
iv.
Cash Advance Unbilled
v.
Credit Insurance Premiums and Insurance Documentary Stamps Billed (if any)
vi.
Annual Membership Fee and Card Replacement Fee Billed (if any)
vii.
Interest Charge on unpaid Principal component of past due Monthly Installment Amounts Due
viii.
Cash Advance Interest Charge Billed
ix.
Interest Charge Billed on Fees and Charges and billed in full Principal component of my Installment Loan(s)
x.
Interest component of Monthly Installment Amounts Due Billed
xi.
Cash Advance DST Billed
xii.
Fees and Service Charges Billed (e.g. Loan DST, Loan Processing Fee, Loan Disbursement Fee, Loan
Closure Handling Fee, PDC Replacement Fee, Checkbook Re-order Fee, Stop Check Fee, Check Retrieval
Fee)
xiii.
Liquidation fees Billed
xiv.
Collection fees Billed
xv.
Bounced Check Fee and Returned Check Fee Billed
xvi.
Monthly Late Charge Billed
13. Installment Loan Amortization Calculation
I understand that the computation of my Installment Loan amortization, shall be on diminishing balance basis, under
which the allocation of payments to principal and interest components of my Monthly Installment Amounts Due over
the Loan Period is not equal. I also understand that my first Monthly Installment Amount Due may be different than
my succeeding Monthly Installment Amounts Due since the interest component of my first Monthly Installment
Amount Due is pro-rated based on the number of days from the approval of my Installment Loan to the day before the
next statement date of my Ready Credit account. A sample calculation is illustrated below:
Approved Loan Amount: Php 65,000
Loan Period: 12 months
Annual Contractual Rate: 29.9%
Effective Annual Interest Rate: 36%
Loan Period Commencement Date: March 24, 2014
Next Statement Date: April 12, 2014
The Annual Contractual Rate is the interest charged on your installment loan
based on a 360-day period.
The formula for computing the Effective Annual Interest Rate is:
Effective Annual Interest Rate = ((1+IRR(Cash Flow))^12) - 1
Installment
0
1
2
3
4
5
6
7
8
9
10
11
12
Approved
Loan Amount
Principal
Interest
4,713.93
4,813.35
4,951.73
5,075.11
5,201.57
5,331.17
5,464.01
5,600.15
5,739.69
5,882.71
6,029.28
6,179.30
1,079.72
1,502.13
1,381.75
1,258.37
1,131.91
1,002.31
869.47
733.33
593.75
450.77
304.20
154.18
65,000.00
Other
Bank
Charges*
945.00
Monthly
Installment
Amount Due
5,793.65
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
Cash
Flow
64,055.00
5,793.65
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
6,333.48
Outstanding
Principle
Balance
65,000.00
60,286.07
55,454.72
50,502.99
45,427.88
40,226.31
34,895.14
29,431.13
23,830.98
18,091.29
12,208.58
6,179.30
0.00
14. Taxes
I agree that any and all taxes which may be due and payable on account of or with respect to my Ready Credit
account.
15. Warranties and Covenants
I hereby warrant that I shall use the Installment Loan(s) I availed on my Ready Credit account solely for the purpose
set forth in my Application Form or Disclosure Statement. I hereby further warrant that I shall not use the Installment
Loan(s) I availed and the Cash Advance amounts I made on my Ready Credit account or any portion thereof to pay
any other monies owed by me to the Bank or its affiliates.
I understand that the use of unsecured loans such as personal loans as funding / fund sources for Citi’s Wealth
Management products like investments or insurance is not allowed. I hereby confirm that if approved, these loan
proceeds will not be used for Citi’s Wealth Management products. In the event that the loan funds have been used for
the purposes prohibited above, Citi will be entitled to do all acts and things it deems necessary to comply with its
policies, including but not limited to liquidating my/our holdings of Investments/Insurance at that time. I agree to bear
all costs and expenses Citi incurs as a result thereof.
I shall be obliged to pay the Bank (as evidenced by the usage of my Ready Credit account) the following amounts: (i)
my Total Loan Amount, (ii) my Cash Advance transactions including its applicable fees, taxes, and charges, and (iii)
all other amounts (including taxes and other fees, expenses and charges debited or applied by the Bank) payable
under the Ready Credit Documents.
I hereby agree to submit to the Bank a photocopy of all pages of my latest Income Tax Return or any legally
acceptable equivalent in lieu thereof every year for so long as my Ready Credit account is active or any portion
thereof remains outstanding. I acknowledge that the Bank has agreed to open and maintain the Ready Credit account
in reliance upon my representations and warranties contained in the Ready Credit Documents.
16. Delinquency
Once I exceed my Credit Limit or fail to pay any amount due or the Minimum Amount Due on a Payment Due Date on
any Statement of Account of my Ready Credit, my Ready Credit account will be considered “delinquent”. In the event
of any future delinquency, I authorize the Bank to report and/or include my name in the negative listings of any credit
bureau or institution, credit information service provider or other banks, credit card companies or financial institutions.
17. Default
Default – I shall be considered in default in my Ready Credit account in the event that:
a. 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
b. Any representation or warranty made by me in connection with the Ready Credit Documents proves to have
been incorrect or misleading in any material respect;
c. The Bank believes, on reasonable grounds, that it was induced by fraudulent misrepresentation to grant the
Ready Credit account or credit facility in my favor;
d. I am in default under or fail to observe any of the terms and conditions of any contract or evidence of
indebtedness and/or other related documents which I executed or were otherwise issued by the Bank in
connection with any credit and loan facilities granted by the Bank or its subsidiaries or affiliates or another
financial institution or other lender in my favor;
e. I violate any of the terms and conditions of any contract with any bank or other persons, corporations,
entities, for the payment of borrowed money or any other events of default occur under such contract;
f. I apply for voluntary or involuntary relief under any bankruptcy or insolvency law;
g. Any person by legal process, whether by way of garnishment, attachment, seizure, execution or some other
means, attempts to take my money or any of my properties, real or personal;
h. I fail to observe any of the terms and conditions governing Citibank Ready Credit, Citibank Online, Citi
Electronic Statement, and 24-Hour CitiPhone;
i. Any situation occurs which, in the opinion of the Bank, gives reasonable grounds to believe that my financial
condition or my ability to perform my obligations under the Ready Credit Documents has been or will be
materially or adversely affected.
j. I am charged with, convicted of or under investigation by competent government authority for violation of
Republic Act No. 8484 (Access Devices Regulation Act of 1998) and BP 22 (Anti-Bouncing Check Law) or
other laws or regulations relating to bank transactions or the Bank has prima facie evidence to charge me
with a violation of any of the provisions of such laws or regulations.
18. Consequences of Default
In case of default in any of my obligations on one or more of the Bank’s credit facilities or any of my credit facilities
with another bank, credit card company, or financial institution as reported in or by the credit bureau or institution or
credit information service provider, banks, credit card company or financial institution, the Bank may, at its sole option
or discretion and without need of further notice, cancel my Ready Credit account and/or other credit facilities or
revoke my right to use all or any of my credit facilities with the Bank, and declare the Total Amount Due under the
Ready Credit account to be forthwith due and demandable, whereupon the same shall become immediately due and
payable, without presentment, demand, protest or further notice of any kind, all of which I am expressly waiving. I
shall also be liable to pay interest and Late Charge as applicable.
19. Other Consequences of Default
Upon default by me of any terms and conditions of this Ready Credit account and based on the amount due, I agree
to pay the following:
a. 20% as liquidated damages;
b. 20% as collection fee, in case the account is handled by a collection agency;
c. 25% as attorney’s fees, in case the account is referred to a lawyer, and
d. cost and expenses of litigation.
I likewise agree that in case of default hereunder, the Bank may appoint or designate a representative, agent or
attorney-in–fact, including third party collection agency, to perform any and all acts which may be required or
necessary to enforce its rights under the Ready Credit and any security given thereon. In the event that the Bank
shall refer my Ready Credit account to a collection agency or shall transfer my said account from one collection
agency to another, I understand that the Bank shall provide me with written notification at least seven (7) days prior to
the actual endorsement of my said account to a collection agency or from one collection agency to another. Such
notification shall include the full name of the collection agency and its contact details. For such purposes, I hereby
give my consent to the disclosure of all relevant information in connection with my Ready Credit account to such
authorized representative, agent or attorney-in-fact, and I agree to hold the Bank free and harmless against any and
all damage, cost or liability to me arising from such disclosure. In case of default, the Bank may take any action or file
any appropriate legal proceedings (including the remedy of attachment or garnishment, whenever applicable) against
me, in accordance with Philippine laws, in order to take claim, repossess or recover the property or properties
purchased or financed by the proceeds of the Installment Loan(s) I availed on my Ready Credit account, or any of my
properties, real or personal, in payment of all or part of my outstanding obligations under the Ready Credit.
20. Right to Offset
I agree that upon my default or delinquency, the Bank may, as my attorney-in-fact, in its absolute discretion without
notice to me, offset my obligations (including but not limited to monthly payments due, fixed and determinable taxes
or charges due from or assumed by me on said interest or other income) against any of my deposits, money
market/trust placements, stocks, bonds and other assets coming to the Bank’s possession or control or its affiliates. I
hereby consent, authorize and irrevocably constitute the Bank as my attorney-in-fact with full power and authority to
inquire about and to assert their lien or legal claim on my deposits, money market/trust placements, stocks, bonds
and/or other assets in the possession, custody or control of the Bank and affiliates and to apply all or part of the
deposit, money market/trust placements, stocks, bonds and/or assets to offset my corresponding obligations.
Pursuant to the authority granted to the Bank herein, I expressly authorize the disclosure by/of the Bank's affiliates of
any information relative to my funds or properties in their custody in favor of the Bank for the above stated purposes.
21. Sales of Stocks and Other Properties
Upon my default or delinquency, I hereby irrevocably constitute the Bank as my attorney-in-fact with full power for
me, in my name and in my behalf, without need of prior notice, to:
a. negotiate, sell and transfer any stocks, securities, bonds, personal properties or real estates which the Bank
or its affiliates, may be in possession of, by public or private sale and to apply the proceeds of such sale or
disposition in the payment of my indebtedness under my Ready Credit account; and
b. do all acts and deeds in addition to and other than those herein granted. I hereby ratify and confirm all acts
and deeds as may be done or performed by the Bank under this authority.
22. Deactivation of Credit Facility
I understand and agree that the Bank will validate my credit history on my Ready Credit account including all my
other credit facilities with the Bank, its affiliates and other banks annually and that the Bank reserves the right to
block, suspend, or close my Ready Credit account if I did not qualify for the Bank’s criteria on account renewal. In this
event, I understand that I can no longer access or use my Ready Credit account to draw funds via any channels. The
Bank may at its sole discretion demand payment of all my outstanding obligation on my Ready Credit account.
Upon my default or delinquency, I understand that if I have other credit facilities with the Bank including credit
facilities with the Bank’s affiliates (e.g. loan accounts, credit cards including supplements, and other credit facilities),
these accounts likewise shall be blocked or deactivated from further use even if these accounts are in good credit
standing.
23. Blocking and Withholding
For U.S. Persons and those with U.S. Person indicators:
 I agree that the Bank may block any payment or transaction on my account that will result in the Bank, any of its
affiliates or its third party service provider, or any Payment Infrastructure Provider being in breach of any
requirement under FATCA, any IGA, FFI Agreement, or similar domestic or foreign legal requirement or
agreement. For the purpose of this Agreement, “Payment Infrastructure Providers” refers to any third party that
forms part of the global payment system infrastructure, including communications, clearing or payment systems,
intermediary and correspondent banks; “FATCA” refers to section 1471 to 1474 of the United States Internal
Revenue Code or any associated regulations or official guidance; “IGA” means any intergovernmental
agreement between the US and any other jurisdiction, or any treaty, law, regulation or official guidance relating to
an intergovernmental agreement, that facilitates the implementation of FATCA; “FFI Agreement” means any
agreement pursuant to the implementation of FATCA or an IGA with the US Internal Revenue Service, the US
Government or any other Authority.
 I agree that the Bank, any affiliate, or its/their third party service provider may withhold or deduct an amount for
any applicable tax (withholding, income, value-added, or tax on the sale or disposition of property), duties, or
other lawfully collected amounts ("Collected Amounts") which are required to be withheld or deducted to comply
with any law or regulation of any domestic or foreign jurisdiction, or any agreement entered into with or between
any Authority/ies, from any payment to me, or to or from my account or any account. Any Collected Amount will
be timely paid to the relevant Authority as required. I shall be notified of any Collected Amount as soon as
reasonably possible. I acknowledge that the Bank will not be required to reimburse me for any amount withheld
or deducted by a Payment Infrastructure Provider. Further, if the Bank, any affiliate, or its/their third party service
provider pay or are required to pay an Authority from its own funds to settle an amount that should have been,
but was not a Collected Amount, I shall pay the Bank the amount it paid, plus any applicable interest and
penalties. I understand that the Bank is not required to contest any demand made by an Authority for such
payment.
24. Limitation of Liability
I agree that the Bank’s liability under this agreement, if any, shall not exceed Three Thousand Pesos (Php3,000.00);
provided that, in any action arising from this agreement or any incident thereto which I or any other party may file
against the Bank, in no event shall the maximum liability of the Bank exceed Php30,000, except when the Bank is
found to be guilty of wilful misconduct.
The Bank shall not be liable to me for any indirect, special or consequential loss or damages arising in any way out of
the use of Citibank Online or Citi Electronic Statements.
25. Recording of Telephone Communications
I agree that by calling or accepting calls from the Bank (and its Service Providers) that the Bank (and its Service
Providers) may, at its sole option and discretion, record, replay and communicate to any third party all my telephone
communications. Also, by providing my phone number and by accepting calls from the Bank (and its Service
Providers), I authorize the Bank to record, replay and communicate to any third party all conversations (including
conversations with the Bank’s Service Providers) on said phone number/line with me or any individual who may
answer the phone on my behalf. I undertake to inform any individual who may answer the phone on my behalf, being
my agent, that the Bank shall record, replay and communicate to any third party the conversations (including
conversations with the Bank’s Service Providers) with said individual on said phone number/line and that the
recording, replay and communication is being done with my consent and authority.
I likewise authorize the Bank to store the recorded conversation and agree that they may use the taped or recorded
conversation against me or against any third party, in any proceeding and for any lawful purpose. The Bank (including
its Service Providers) shall not be liable for any loss, damage or expense which I may suffer as a result of the Bank
(or its Service Providers) acting on such telephone communications.
26. Transfer and Retrieval of Information
As required under Republic Act 10173 and other applicable laws and regulations, I authorize and give my consent for
the following:
 For the Bank to allow its offices, branches, subsidiaries, affiliates, agents, representatives, and third parties
selected by any of them and certain companies (collectively referred to as “Authorized Third Parties”) to offer
specially selected products and services through mail/e-mail/fax/SMS or by telephone;
 For the Bank to disclose and share my name and account information (“Account Information”) to/with any credit
bureau, credit information service provider/s, lending institution/s, financial institution/s, banking and credit
industry association/s, and service providers of such entities (collectively referred to as “Credit Institutions”) and
in the event of delinquency, report and/or include my name and Account Information in the negative listings of
such Credit Institutions;
 For the Bank, its Authorized Third Parties, and its/their officers, directors, employees, agents, professional
advisers and third party service providers, to collect and verify any information about me from any third party for
any of the purposes specified in this section;
 For the Bank, its Authorized Third Parties, and its/their officers, directors, employees, agents, professional
advisers and third party service providers, to collect, process, store, record, organize, update, modify, block,
erase and destroy (collectively referred to as “process”) my Personal and/or Account Information with the Bank
and any information the Bank obtains from third parties, including my account information with other financial or
non-financial institutions;
 For the Bank to transfer, disclose and use my Personal and Account Information (including information that the
Bank obtains from third parties, such as Credit Institutions and other financial or non-financial institutions), to,
between and among its Authorized Third Parties (now referred to the “Receiving and Disclosing Parties”), Credit
Institutions, other financial or non-financial institutions, wherever situated, or to the Authorities, for any lawful
purpose such as business development, data processing, analysis and management, surveys, product and
service offers, marketing activities, risk management purposes, collections purposes and reporting, and
compliance with laws, regulations and policies on anti-money laundering, sanctions and/or the US Foreign
Account Tax Compliance Act, including withholding for purposes of the FATCA. In addition to the above, the
Bank or any of the Receiving and Disclosing Parties may disclose any information as may be required by any
applicable law, regulation, court, regulator or legal process (“Law or Legal Process”), and for compliance with
any agreement entered into with or between any competent regulatory/ies, prosecuting, tax or governmental
authority/ies in any jurisdiction, domestic or foreign (the “Authority/ies"), or as required by or for the purposes of
any audit or investigation of any Authority.
 Where the Bank is a user, member or subscriber for the information sharing services or activities of any Credit
Institution:
a) For the Bank to transfer and disclose to any Credit Institution and its/their outsourced service providers, and
b) For the Credit Institution to transfer and disclose to fellow users, members or subscribers, whether financial or
non-financial institution, any of my Personal and Account Information with the Bank. The information that may
be disclosed includes basic credit data and negative information under Republic Act No. 9510, Personal
Information, demographic information, monthly account information, profile, performance and history, as well
as Confidential Information (which refers to information relating to me or my representatives received by the
Bank, its Authorized Third Parties and its/their respective representatives in the course of providing accounts
and services to me. This includes my Personal Information, Account details, transactional information, and
any other information that I have designated as confidential at the time of disclosure or that an ordinary
person would consider to be of a confidential or proprietary).
The above consent applies for the duration of and even after the closure or cancellation of the account/s. My consent
will be effective despite any applicable nondisclosure agreement and I acknowledge that information relating to me
and my accounts, including Confidential Information, may be transferred to jurisdictions which do not have strict data
protection or data privacy laws.
I declare that I have provided any notices, consents and waivers necessary to permit the Bank, its Authorized Third
Parties, and its/their third party service providers and Payment Infrastructure Providers to carry out the actions
described in this provision. I agree to hold the Bank free and harmless from any liability that may arise from the
processing and use of my Personal and Account Information, and other information pertaining to my account/s with
other financial and non-financial institutions.
27. Product and Service Offers
I understand and agree that the Bank may allow its offices, branches, subsidiaries, affiliates, agents and
representatives and third parties selected by any of them and certain companies to offer specially selected products
and services to me through mail/email/fax/SMS or by telephone, for the duration of and even after the closure or
cancellation of my Ready Credit account. The foregoing constitutes my consent for any transfer and disclosure of my
name, address, contact details, account and relationship balance/number and other relevant information to, between
and among the Bank’s offices, branches, subsidiaries, affiliates, agents and representatives and certain companies
for the purposes indicated above and under applicable laws and regulations.
28. SMS and Email Communications
I hereby agree that the Bank may send or communicate through text messages or through my SMS-enabled cellular
phone, or through Email for specific prompts, reminders and notices from time to time concerning available account
information and other matters relating to my Ready Credit account (“SMS” and “Email”). I hereby acknowledge and
accept that each SMS and Email may be sent to me without being encrypted and may include my the Cardholder’s
name and information pertaining to my Ready Credit account. It is my responsibility to ensure the security of my
cellular phone and Email account. The SMS or Email are sent to me for convenience, information, notification or
demand purposes. I shall be fully responsible to inform the Bank of any changes to my cellular phone number and
Email address in a timely manner and to monitor the due performance and compliance of my obligations.
29. 24-Hour CitiPhone
My use of the 24-Hour CitiPhone Banking facility constitutes my agreement to the 24-Hour CitiPhone Banking Terms
and Conditions, as the same may be amended from time to time. I likewise agree that by using the 24-Hour CitiPhone
Banking facility in relation to my Ready Credit account, the Bank, or its service provider operating the 24-Hour
CitiPhone Banking facility (“Service Provider”), may at its sole option and discretion, tape or record all my telephone
instructions or communications. I agree that such taped or recorded instructions or communications, or transcriptions
thereof, may be used by the Bank or its Service Provider against me or any third party or replayed or communicated
to any third party, for any purpose, particularly as evidence in any proceeding, judicial or administrative.
For 24-Hour CitiPhone services which allow me to access my Ready Credit account, I agree that any telephone
instructions I give orally and electronically, verified through my Telephone Personal Identification Number (T-PIN) or
my identity having been established through the Bank’s verification process, will bind me. I hereby accept full
responsibility for all transactions executed through 24-Hour CitiPhone and in particular, in ensuring the accuracy and
completeness of my instructions. My T-PIN shall be strictly confidential. For my own protection, I agree never to
disclose my T-PIN to anyone.
The Bank or its Service Provider is entitled, at its discretion and without notice to me, to refuse to act on any
telephone instruction. The Bank or its Service Provider is also entitled to ask for written confirmation of my telephone
instruction even if the T¬PIN or other identifier(s) given over the phone is correct and valid. The Bank or its Service
Provider reserves the right to refuse to act on any telephone instruction until it receives a written confirmation of my
instruction.
I may change my T-PIN at any time by giving the Bank telephone instructions, identified by my T-PIN or customer
identity verification process. The Bank reserves the right to reject any number I select as my T-PIN without giving any
reason therefore. The Bank or its Service Provider shall confirm my new T-PIN either through the Automated Voice
Response when I give telephone instructions or by sending me written confirmation thereof. My new T¬PIN will take
effect once I get the confirmation. I must inform the Bank immediately of any change in my residence, office or
mailing address or telephone number either in writing or through 24-Hour CitiPhone. The Bank or its Service Provider
shall mail me a reply confirming any changes I made regarding my residence, office or mailing address, telephone
number and other non-financial information the Bank has on record.
I can avail of the 24-Hour CitiPhone services free of charge. However, the Bank will apply the usual bank charges
whenever I request for certain services such as, the stop payment of my Ready Credit Checks, re-order of Ready
Credit Checkbook, Manager’s Check, and closure or prepayment of any of my outstanding Installment Loan(s)
among others. The Bank reserves the right to impose such service fees and other reasonable charges, based on its
policies, and to change and amend these fees and charges from time to time. I agree that the Bank may
automatically debit these fees or charges to the Available Credit Limit of my Ready Credit account.
30. Citibank Online®, Citi Mobile and Citi Electronic Statements
A Citibank Online Username, Password, Security Questions and a set of Personally Identifiable Information (PII)
assigned by me, and additionally, in the case of Citibank Online and Citi Mobile transactions, a One Time PIN
(“OTP”) sent via SMS to my mobile phone, and an Online Funds Transfer Authorization Code (“OAC”) assigned by
the Bank, for my Ready Credit account and all my other accounts with the Bank from time to time opened and
maintained with or made available by the Bank to enable me to be connected to the Bank’s data and operation
system (the "System") to have direct access to my Ready Credit account or to effect banking/card transactions via
the use of personal computers, mobile phones or similar access devices ("customer terminal"). In consideration of the
Banks’s agreement to provide Citibank Online, I agree that:
a. By using Citibank Online and Citi Mobile, I have accepted and agreed to be bound by all operational rules
and general terms and conditions governing Citibank Online and Citi Mobile, including without limitation all
the following paragraphs, and to pay any fees associated with the use of Citibank Online and Citi Mobile. I
likewise agree to be bound by any and all laws, rules, regulations and official issuances applicable to
Citibank Online and Citi Mobile, now existing or which may hereinafter be issued, as well as such other
terms and conditions governing the use of other facilities, benefits, products or services which the Bank may
make available to me in connection with Citibank Online and Citi Mobile.
b. The Bank has the absolute discretion to make Citibank Online and Citi Mobile available to me. The Bank
have the discretion from time to time to determine the scope of Citibank Online and Citi Mobile, set or
change the daily cut-off time, modify, restrict, withdraw, cancel, suspend or discontinue any or all of the
services without notice or responsibility to me and without giving any reason therefore. I understand that by
using Citibank Online and Citi Mobile after any modification or change has been effected, I have agreed to
any such modification or change. The Bank shall not be liable to me if I am unable to gain access to the
System. I understand that while Citibank Online and Citi Mobile are available 24-hours a day, some or all of
the services may not be available at certain times due to maintenance and/or computer, telecommunication,
electrical or network failure or any other reasons beyond the Bank’s control. I likewise understand that for
my own protection, the Bank shall cancel my Card PIN should the wrong Card PIN, be used three (3) times
in one day, and shall likewise lock my Citibank Online and Citi Mobile Username should the wrong
Password, OTP and/or incorrect response to a Security Question be made three (3) times in one day. I may
request the Bank for a new Card PIN at any of the Bank’s branches or by calling the 24-hour CitiPhone, and
I may reset my Citibank Online and Citi Mobile Username, Password and/or Security Questions through
Citibank Online and Citi Mobile. I further understand that for my own protection, the Bank shall cancel my
Funds Transfer OAC should the wrong OAC be used three (3) times. I may set up a new Funds Transfer
OAC for my third party funds transfer payee through Citibank Online and Citi Mobile, at any of the Bank’s
branches or by calling the 24-Hour CitiPhone.
c. After suspension or cancellation, Citibank Online and Citi Mobile may be reinstated at the Bank’s sole
discretion and the Bank reserves the right to impose a reinstatement charge as the Bank deems fit. The
Bank likewise reserves the right to impose a fee for Citibank Online and Citi Mobile at the Bank’s absolute
discretion at any time without my prior consent. The Bank shall be responsible for acting only on those
instructions sent through Citibank Online and Citi Mobile which are actually received and I agree that the
Bank does not assume any responsibility for malfunctions in communications facilities not under the Bank’s
control that may affect the timeliness or accuracy of the instructions sent. Such instructions including secure
e-mail, upon the Bank’s receipt, shall be effected at the Bank’s absolute discretion. The Bank shall be
entitled to treat and consider as valid and binding on me any instruction given, or agreement made with the
Bank, through internet by any person using my Card Number and Card PIN, or my Citibank Online and Citi
Mobile Username, Password and Security Responses or my OTP or PII, and additionally, in the case of third
party funds transfer instruction, my Funds Transfer OAC, including without limitation, any transfer to a third
party account maintained with the Bank or others. The Bank shall neither be liable for action upon such
instructions sent nor be obliged to investigate the authenticity or authority of persons effecting my
instructions or verify the accuracy and completeness of my instructions. Such instructions shall be deemed
correct, complete, irrevocable and binding on me upon the Bank’s receipt. I hereby accept full responsibility
for all transactions executed via Citibank Online and Citi Mobile and in particular, in ensuring the accuracy
and completeness of my instructions. The Bank shall be entitled but not obliged to verify any instructions
d.
e.
f.
g.
h.
i.
j.
given through the use of my Card Number and Card PIN, or my Citibank Online and Citi Mobile Username,
Password and Security Responses, or my OTP or PII, by sending e-mail online or v i a telephone or any
other means.
I can use Citibank Online and Citi Mobile to access the balance and transaction history of my Ready Credit
account. The Account(s) Summary balance will be shown in the Philippine Peso equivalent.
I am responsible for keeping my Card Number, my Card PIN, my Citibank Online and Citi Mobile Username,
Password and Security Questions and Responses, my OTP and PII, and my Funds Transfer OAC secret
and confidential. I shall not disclose my Card Number, my Card PIN, my Citibank Online and Citi Mobile
Username, Password and Security Questions or Responses, my OTP and PII, and my Funds Transfer OAC,
to any unauthorized person and shall take all steps necessary to prevent discovery of my Card Number, my
Card PIN, my Citibank Online and Citi Mobile Username, Password and Security Questions and Responses,
my OTP and PII, and my Funds Transfer OAC by any unauthorized person. I shall inform the Bank as soon
as reasonably practicable if I know or suspect that someone else knows my Card Number and/or my Card
PIN, and/or my Citibank Online and Citi Mobile Username, Password and Security Questions / Responses,
and/or my OTP, PII and/or my Funds Transfer OAC, or that unauthorized transactions have taken place or
that my Card Number, my Card PIN, my Citibank Online and Citi Mobile Username, Password and Security
Questions / Responses, my OTP and PII, or my Funds Transfer OAC has been lost or stolen and if I fail to
do so I shall be liable for any unauthorized transactions made. I must promptly examine my Statement of
Account upon receipt and if I discover any discrepancies, omissions, inaccuracies or incorrect entries, I must
immediately call 24-Hour CitiPhone. I shall be liable for all losses prior to my reporting any discrepancies,
omissions, inaccuracies or incorrect entries or if I act fraudulently or with negligence, including failing to
properly safeguard my Card Number, my Card PIN, and my Citibank Online and Citi Mobile Username,
Password and Security Questions/ Responses, my OTP and PII, and/or my Funds Transfer OAC or
immediately reporting any unauthorized transaction made.
The Bank shall use reasonable effort to ensure that Citibank Online and Citi Mobile is secure and cannot be
accessed by unauthorized third parties. However, the Bank does not warrant the security, secrecy or
confidentiality of any information transmitted through any relevant Internet or mobile phone service provider,
network system or such other equivalent system in any jurisdiction via Citibank Online or Citi Mobile or Citi
Electronic Statements. I shall notify the Bank immediately upon receipt of any data or information which is
not intended for me and I shall delete such data or information from the customer terminal immediately.
When through Citibank Online and Citi Mobile the Bank provide me with any information, I acknowledge and
agree that the Bank does not thereby warrant the accuracy and completeness of any such information. The
Bank likewise does not warrant the accuracy, adequacy or completeness of any information contained in the
Bank’s website.
I acknowledge that all proprietary rights relating to or in connection with Citibank Online and Citi Mobile
(including without limitation the Bank’s website) and all updates thereof, including without limitation
trademark, tradename, servicemark, patent and copyright, shall at all times vest and remain vested in the
Bank. Citibank Online and Citi Mobile use proprietary software of Citibank, other Citigroup affiliates and
other software suppliers. I agree that the Bank have granted me a non-exclusive license to use this software
in connection with Citibank Online and Citi Mobile, which allows me to use such software only for its
intended purposes. I shall not disassemble, decompile, copy, modify or reverse engineer any such software
or allow anyone else to do so.
I understand that any access to Citibank Online and Citi Mobile will be effected through the relevant internet
service provider or network provider in the country from where such service is accessed, and to this extent
such access will also be subject to and governed by the relevant laws and regulations of that country and
any terms and conditions prescribed by such relevant internet service provider or network provider in
separate agreements with me. I shall be responsible for all telephone charges and charges by any Internet
service provider incurred in connection with the use of Citibank Online and Citi Mobile. I represent to the
best of my knowledge that the customer terminal and any other computer system through which access may
be effected by any use of my Card Number and Card PIN, or my Citibank Online and Citi Mobile Username,
Password and Security Questions / Responses, or my OTP or PII, and additionally, in the case of third party
funds transfer instruction, my Funds Transfer OAC, are free from any electronic, mechanical, data failure or
corruption, computer viruses and bugs. I agree that neither the Bank, nor any of the Bank’s officers and
employees or any branch, affiliate or subsidiary of Citigroup Inc., is responsible for any electronic,
mechanical, data failure or corruption, computer viruses and bugs or related problems that may be
attributable to the services provided by anyrelevant internet service provider or information service provider.
I acknowledge that my access to Citibank Online via the use of my mobile phone (Citi Mobile) shall be
limited only to: viewing of my Account Summary and Account Details (listing of all transactions up to the past
90 days), Bills Payment (limited to payees registered through Citibank Online), Funds Transfer to own
accounts, and Funds Transfer to other local Citi accounts/ to 3rd party bank accounts in the Philippines/ to
other Citi accounts abroad/ (limited to payees registered Citibank Online), and inquiring on Citi’s latest
products, promos, services and branch locations. I consent to the transmission of Communications through
the Internet and my mobile phone, and acknowledge that the internet and mobile phone are not necessarily
secure communications and delivery systems, and understand the risks associated with it (among others,
confidentiality, security, tampering and unauthorized use).
In consideration of the Bank’s agreement to provide Citi Electronic Statement, I agree that:
a. By using Citi Electronic Statement, I have accepted and agreed to be bound by all operational rules
and general terms and conditions governing Citi Electronic Statement, including without limitation
all the following paragraphs and to pay any fee associated with the use of Citi Electronic Statement.
I likewise agree to be bound by any and all laws, rules, regulations and official issuance applicable
to Citi Electronic Statement, now existing or which may hereinafter be enacted, issued or enforced,
as well as such other terms and conditions governing the use of other facilities, benefits or services
the Bank may from time to time make available to me in connection with Citi Electronic Statement.
b. Citi Electronic Statement means the Bank's online viewing facility wherein the Bank provides
through the medium of the customer terminal and e-mail the electronic form of the monthly
Statement of Account, to allow me to view the Statement of Account online, or as an attachment in
an e-mail on statement date as well as transmit instructions pertinent to Citi Electronic Statement. I
may gain access to Citi Electronic Statement through the use of my Citibank Online Username,
Password and Security Questions / Responses, or OTP and PII assigned by me, or in the case of
Electronic Statement as an e-mail attachment, through the use of an Electronic Statement
Password, or such other means of identification assigned to me in connection with my Ready
Credit account. Viewing of the electronic Statement of Account version may be effected through
Citibank Online at the Bank’s website at www.citibank.com.ph, or the Statement of Account as an
attachment in an e-mail. The Bank shall not be liable if I am unable to gain access to the System. I
understand that while the Citi Electronic Statement is available beginning statement date 24-hours
a day, some or all of the services may not be available at certain times due to maintenance and/or
computer, telecommunication, electrical or network failure or for any other reasons beyond the
Bank’s control. I likewise understand that for my own protection, should the wrong Citibank Online
Username, Password and/or wrong Response to Security Questions, or the wrong OTP or PII be
used three (3) times in one day, I will be unable to gain access to the system. The Bank shall also
lock my Citibank Online Username. I may reset my Citibank Online Username, Password and/ or
Security Questions / Responses through Citibank Online. I will likewise be unable to access my
Statement of Account as an attachment in the e-mail should the wrong Electronic Statement
Password be used. However, I can still view the Statement of Account through Citibank Online at
the Bank’s website at www.citibank.com.ph.
c. I shall enroll in Citi Electronic Statement and provide the e-mail address before I am allowed to use
Citi Electronic Statement. The Bank has the absolute discretion, without giving any reason or
notice, to reject any request for enrollment in Citi Electronic Statement. I may also opt to have my
Statement of Account delivered to me as an attachment in an e-mail using the e-mail address I
have provided. Upon my enrollment in Citi Electronic Statement, I agree that the Bank shall no
longer deliver my monthly Statement of Account to my mailing address. Instead, the Bank will
generate on statement date, and I agree to accept and view online in a timely manner, the
electronic form of my monthly Statement of Account. The availability of the electronic form of my
monthly Statement of Account five (5) days after statement date shall be deemed the date of the
delivery of my monthly Statement of Account. Once I have enrolled in Citi Electronic Statement
facility, all my accounts will be enrolled. The Bank likewise reserves the right to impose a fee for
Citi Electronic Statement at the Bank’s absolute discretion at any time without my prior consent.
d. I authorize the Bank to act only upon any instructions pertinent to Citi Electronic Statement which
are identified by any use of my Citibank Online Username, Password, Security Questions /
Responses, or OTP or PII, and in the case of the Electronic Statement as an e-mail attachment, an
Electronic Statement Password. The Bank shall be responsible for acting only on those instructions
sent through Citi Electronic Statement which are actually received and I agree that the Bank does
not assume any responsibility for malfunctions in communications facilities not under its control that
may affect the timeliness or accuracy of the instructions sent. Such instructions including
enrollment, cancellation, change in my Citibank Online Username, and Password and Security
Questions/Responses, and Electronic Statement Password, change in e-mail address or mobile
phone number, shall upon receipt by the Bank be effected at its absolute discretion. The Bank shall
be entitled to treat and consider as valid and binding on me, any instruction given, or agreement
made with the Bank, through internet by any person using my Citibank Online Username,
Password and Security Questions / Responses, OTP or PII, and in the case of the Electronic
Statement as an e-mail attachment, Electronic Statement Password. The Bank shall be entitled but
not obliged to verify any instructions given using my Citibank Online Username, Password and
Security Questions / Responses, or OTP and PII, and in the case of the Electronic Statement as an
e.
f.
g.
h.
i.
e-mail attachment , Electronic Statement Password, by sending e-mail or via telephone or any
other means. I agree that the Bank may, without notice and without stating the reason therefore,
cancel or refuse to execute any of my instructions at any time without incurring liability.
The Bank has the absolute discretion to make the Citi Electronic Statement available to me. The
Bank has the discretion from time to time to modify, restrict, withdraw, cancel, suspend or
discontinue Citi Electronic Statement without giving any reason therefore. I understand that by
using the Citi Electronic Statement after any modification or change has been effected, I have
agreed to such modification or change. I shall likewise have the right to cancel my enrollment in Citi
Electronic Statement provided I give prior notice of such cancellation, through electronic or paper
document sent to the Bank and the Bank acknowledges receipt of such notice. Upon cancellation
of my enrollment, the Bank shall automatically generate the paper form of my Statement of Account
and send to my mailing address the paper form of my enrolled Statement of Account on the next
statement date. After any suspension or cancellation of enrollment, Citi Electronic Statement may
be reinstated at anytime at the Bank’s sole discretion and it reserves the right to impose a
reinstatement charge as it deems fit (as applicable).
I am responsible for keeping my Citibank Online Username, Password and Security Questions /
Responses, my OTP and PII, and in the case of the Electronic Statement as an e-mail attachment ,
my Electronic Statement Password secret and confidential and I shall not disclose my Citibank
Online Username, Password and Security Questions/ Responses, or my OTP or PII, and in the
case of the Electronic Statement as an e-mail attachment, my Electronic Statement Password to
any unauthorized person and shall take all steps necessary to prevent discovery of my Citibank
Online Username, Password and Security Questions / Responses, or my OTP or PII, and in the
case of the Electronic Statement as an e-mail attachment, my Electronic Statement Password by
any unauthorized person. I shall inform the Bank as soon as reasonably practicable if I know or
suspect that someone else knows my Citibank Online Username, Password and Security
Questions / Responses, or my OTP or PII, and in the case of the Electronic Statement as an e-mail
attachment, my Electronic Statement Password or that unauthorized transactions have taken place
or that my Citibank Online Username, Password and Security Questions / Responses, or my OTP
and PII, and in the case of the Electronic Statement as an e-mail attachment, my Electronic
Statement Password have been lost or stolen and if I fail to do so I shall be liable for any
unauthorized transactions made. I shall promptly view and examine online, my Statement of
Account upon availability and if I discover any discrepancies, omissions, inaccuracies or incorrect
entries, I must immediately call 24-Hour CitiPhone. I shall be liable for all losses prior to me
reporting any discrepancies, omissions, inaccuracies or incorrect entries or if I act fraudulently or
with gross negligence, including failing to properly safeguard my Citibank Online Username,
Password and Security Questions / Responses, or my OTP or PII, and in the case of the Electronic
Statement as an e-mail attachment, my Electronic Statement Password or immediately report any
unauthorized transaction made.
The Bank shall use reasonable effort to ensure that Citi Electronic Statement is secure and cannot
be accessed by unauthorized third parties. However, the Bank does not warrant the security,
secrecy or confidentiality of any information transmitted through any relevant internet service
provider, network system or such other equivalent system in any jurisdiction via Citi Electronic
Statement.
I acknowledge that all proprietary rights relating to or in connection with Citi Electronic Statement
and all updates thereof, including without limitation trademark, tradename, servicemark, patent and
copyright, shall at all times vest and remain vested in the Bank. Citi Electronic Statement
usesproprietary software of the Bank, other Citigroup affiliates and other software suppliers. I agree
that the Bank has granted me a non-exclusive license to use this software in connection with Citi
Electronic Statement which allows me to use such software only for its intended purposes. I shall
not disassemble, decompile, copy, modify or reverse engineer any such software or allow anyone
else to do so.
I understand that any access to the Citi Electronic Statement will be effected through the relevant
internet service provider or network provider in the country from where such service is accessed,
and to this extent such access will also be subject to and governed by the relevant laws and
regulations of that country and any terms and conditions prescribed by such relevant internet
service provider or network provider in separate agreements with me. I shall be responsible for all
fees, charges and expenses, including telephone charges, which may be imposed by any internet
service provider incurred in connection with the use of Citi Electronic Statement. I represent to the
best of my knowledge that the customer terminal and any other computer system through which
access may be effected by any use of Citibank Online Username, Password and Security
Questions/Responses, OTP or PII, and in the case of the Electronic Statement as an e-mail
attachment , Electronic Statement Password are free from any electronic, mechanical, data failure
j.
k.
or corruption, computer viruses and bugs and other similar problems. I agree that neither the Bank,
nor any of its officers and employees or any of its branches, affiliates or subsidiaries, is responsible
for any electronic, mechanical, data failure or corruption, computer viruses and bugs or related
problems that may be attributable to the services provided by any relevant internet service provider
or information service provider on my computer terminal.
I shall immediately notify the Bank of any change in my e-mail address, which I have registered for
Citi Electronic Statement enrollment either through Citibank Online or the 24-Hour CitiPhone. The
Bank shall not be responsible for the consequences of my inability to receive any Statement of
Account or pay my outstanding obligations under my Ready Credit account as a result of my failure
to timely notify the Bank of the change in my e-mail address.
The Bank shall provide me five (5) days after statement date, the electronic form of my monthly
Statement of Account ("Statement of Account"). I agree to view and examine online, the Statement
of Account in a timely and prompt manner. If there is delay or failure in the delivery of the electronic
form of the Statement of Account to me prior to the payment due date for my Ready Credit account,
I agree to contact 24-Hour CitiPhone. In the event of any error appearing in the Statement of
Account, I agree to notify the Bank immediately of said error by sending a message to the Bank via
e-mail at the Bank’s website at www.citibank.com.ph or by calling 24-Hour CitiPhone. If no error is
reported within thirty (30) days from Statement Date, I agree and confirm that the Statement of
Account is true and correct. If I notify the Bank online of an error in the Statement of Account, I
shall not be liable to pay the disputed amount while the Bank is investigating, but I am liable to pay
such portion of the total amount due which is not in dispute on or before the Payment Due Date.
The Bank shall treat the disputed amount as an outstanding availment against the Available Credit
Limit of my Ready Credit account. If after investigation the Bank acknowledges the error in my
Statement of Account, I am not liable to pay any finance charges related to the disputed amount
only. Otherwise, I am liable to pay the disputed amount, as well as the corresponding finance
charges due. All my online communications, requests or reports on any error in the Statement of
Account must be sent online to the Bank and should contain the following information: (i) name and
account number; (ii) amount of the error, if any; and (iii) a description of the error.
31. Notices
Any statement, advice, confirmation, notice, demand and all other correspondence by the Bank to me relating to my
Ready Credit account under these Terms and Conditions may be served on me (or my personal representatives)
personally or by sending it by pre-paid airmail or local mail or via facsimile or Email or SMS at the address or number
specified by me in my Application Form or advised by me over the phone. Such statement, advice, confirmation,
notice, demand or other documents mailed or delivered to my address on record shall be deemed received, if sent by
registered mail, on the seventh (7th) day after posting notwithstanding that the document may be returned through
the post office undelivered, or if sent by courier or personal delivery, on the day it was delivered, or if by facsimile,
upon receipt of the written confirmation of the facsimile transmission, or if by Email or SMS, on the day it was sent. If
sent by courier or personal delivery, the same shall be deemed delivered to me if received by any adult at the
address specified by me in my Application Form who presents a valid identification card. If I wish to send any
communication to the Bank, I should first contact the 24-Hour CitiPhone.
In the event any document addressed to me relating to my Ready Credit account sent via personal delivery or post
are returned, the Bank will attempt to call me using my telephone numbers on record. If the Bank is unable to
successfully contact me for whatever reason, my Ready Credit account will be considered as WHUN (Whereabouts
Unknown). All returned mail will be destroyed after sixty (60) days.
I authorize the Bank to contact me (using the details I provided in the Ready Credit application form or advised by me
over the phone) at any time via the telephone, electronic mail or by SMS provided by telecommunications providers,
or such other means, to inform me of any matter relating to my Ready Credit account including informing me that my
Ready Credit outstanding balance is past the relevant Payment Due Date.
32. Change of Address and Other Information
I will notify the Bank immediately of any change to my residence, office, mailing, and/or email address, cellular phone
number and/or contact numbers and other relevant information to avoid delays or failure in the delivery of your
Statement of Account (SOA), Citi Card Ready Credit check book, Ready Credit ATM, Loan Disclosure Statement,
Loan Proceeds via MC Delivery, or other notices. I may notify the Bank of such changes through Citibank Online
(www.citibank.com.ph), 24-Hour CitiPhone at 995 9999 or by sending your contact information change request to
P.O. Box 153, Manila Central Post Office, 1000 Manila (Attention: CitiPhone).
I attest that my mailing address is within the areas specified by the Bank. In case my chosen mailing address is not
accessible through mail or delivery, the Bank has the option to use any of my other addresses.
The Bank shall not be responsible for any consequences that may arise due to my inability to receive any SOA or to
pay my outstanding Ready Credit obligations as a result of my failure to notify the Bank in a timely manner of any
change in my billing address, contact or other cardholder information.
I shall also provide the Bank with such information as it may require from time to time, and shall update that
information as required by the Bank from time to time, to enable the Bank or any of its affiliates to comply with any
law or regulation of any jurisdiction, domestic or foreign, or any agreement entered into with or between any
Authority/ies.
To help prevent money laundering and terrorist financing, Philippine laws, as well as Citi policy, require the Bank to
obtain, verify and record information that identifies each person who opens an account with or avail of a loan from the
Bank. This means that when I avail of a Ready Credit from the Bank, I acknowledge that the Bank will ask for my
name, address, date of birth and other information that will allow the Bank to identify me. The Bank may also ask me
to show a photo ID or other identifying documents.
I am responsible to notifying the Bank of any change in my other information, such as civil status, citizenship,
employment details and income. I agree to submit my Income Tax Return (ITR) and/or Financial Statements (FS) or
Employer’s Certificate of Compensation Payment/Tax Withheld (BIR Form 2316) and other documents (“Income
Documents”) annually.
33. Indemnity
I will compensate the Bank for and hold the Bank harmless against any reasonably incurred losses, damage, liability,
cost and expense which the Bank may incur or suffer (including legal costs) as a result of or in connection with my
Ready Credit account, the actual or attempted enforcement or protection of any of the Bank’s rights and remedies
against me, any change in any law, regulation or official directive which has an effect on the Ready Credit account.
The Bank shall not be liable for, and I agree to indemnify and keep the Bank indemnified, against any and all
proceedings, claims, losses, liabilities, costs, damages or expenses (including legal costs) arising from or in
connection with the following:
a. The rejection or non-completion of my Cash Advance transactions for any reason whatsoever;
b. The destruction of the defective PDCs that I issued and the deposit of discrepant PDCs which may
result in bank fees charged to me;
c. My negligence in securing my Ready Credit checkbooks or those resulting from altered or
incomplete Ready Credit Check/s;
d. The dishonour and return of the Ready Credit Check/s that I issued due to the reasons stated in 3
(b)(i);
e. The Bank honoured any Ready Credit Check/s which on the face looks properly issued
notwithstanding that such checks contained unauthorized alterations or were forged Ready Credit
Check/s or if such alterations or forgery were due to any act, omission, negligence or wilful default
on my part;
f. If payment is made or accrued before the Stop Payment Order (SPO) is effected;
g. Non-payment of any Ready Credit Check/s under my SPO;
h. The Ready Credit Check/s subject of my SPO was paid by the Bank through inadvertence or
oversight;
i. The exercise by the Bank of its discretion, any time and without notice, for any cause, to suspend,
block, terminate or cancel the Card, including the ability to use the Card at an ATM outside the
Philippines, and the resulting losses or damages I may incur. I agree that no other branch,
subsidiary or affiliate of the Bank and its Head Office (Citi NY) shall be liable or responsible to me
with respect to my Card and my Card transactions;
j. My disclosure of my Card PIN and to indemnify the Bank in the event of claims by third persons
arising from such disclosure;
k. The rejection or non-completion of my international Card transactions for any reason whatsoever
including, but not limited to, the improper designation of my Ready Credit account from which my
Card transactions shall be debited or credited;
l. Any and all future withdrawals from my Ready Credit account that may result from phishing;
m. The fraudulent use of the Manager’s Check issued for my Installment Loan, Card or Ready Credit
Check/s, prior to the time that its loss is reported to 24-Hour CitiPhone. I understand and agree to
provide the Bank with an indemnity agreement or a bond of indemnity acceptable to the Bank
protecting it against liability with respect to the lost, stolen or destroyed Manager’s Check, Card, or
Ready Credit Check/s in connection with any request which I may make for the issuance of a
replacement;
n.
Should my SMS and Email be viewed or accessed by persons other than myself, I hereby hold the
Bank free and harmless against any and all liability, administrative, civil, or criminal, including, but
not limited, to those relating to secrecy laws or regulations (if any);
o. Delays in delivery or inaccuracy of any SMS and Email sent to me by the Bank;
p. My failure to inform the Bank of any changes to my cellular phone number and Email address thus
rendering the Bank unable to send SMS or Email communications to me;
q. My inability to receive any statements, advice, confirmations or other document relating to my
Ready Credit account, as well as my inability to transact, withdraw or transfer funds using my
Ready Credit account until such time that I visit the Bank or call thru the 24-Hour CitiPhone to
update my telephone number and address;
r. My inability to receive any Statement of Account, One Time Pin (OTP), Online Activation Code
(OAC) or any other email or SMS messages from the Bank or when the Bank sent any of these to
the wrong person as a result of my failure to timely notify the Bank of the change in my personal
and contact information;
s. The Bank’s or its Service Provider’s actions based on telephone instructions identified by my T-PIN
or 24-Hour CitiPhone, having established my identity through the Bank’s verification process.
t. The Bank’s or its Service provider’s action in following telephone instructions which were identified
by my T-PIN, in case my T-PIN is revealed to any person that resulted to loss or damage on my
part.
u. The Bank or its Service Provider, at any time, withdrew or changed any or all of the 24-Hour
CitiPhone services.
v. The cancellation of my T-PIN by the Bank or its Service Provider which the Bank or its Service
Provider may do so, at its discretion. For my own protection, the Bank or its Service Provider may
also cancel my T-PIN if the incorrect T-PIN was used three (3) consecutive times in a day;
w. The Bank’s cancellation or refusal to execute any of my instructions in Citibank Online, at any time,
without notice and without stating the reason therefore;
x. The Bank’s actions based upon the instructions I sent which shall be deemed correct, complete,
irrevocable and binding upon the Bank’s receipt. The Bank is not obliged to investigate the
authenticity or authority of persons effecting my instructions or verify the accuracy and
completeness of my instructions and I hereby accept full responsibility for all pertinent transactions
executed via Citi Electronic Statement in particular, in ensuring the accuracy and completeness of
my instructions;
y. The Bank’s action upon any instructions which are identified by any use of my Card Number and
my Card PIN, or my Citibank Online Username, Password and Security Questions / Responses, or
my OTP or PII, in the case of the Electronic Statement as an e-mail attachment, my Electronic
Statement Password; and additionally, in the case of third party funds transfer instruction, my
Funds Transfer OAC;
z. The improper or unauthorized use of Citibank Online, my Card Number, Card PIN, or my Citibank
Online Username, Password and Security Questions / Responses, OTP or PII, in the case of the
Electronic Statement as an e-mail attachment, my Electronic Statement Password; and
additionally, in the case of third party funds transfer instruction, my Funds Transfer OAC;
Any damage to the customer terminal, related facilities or software as a result of any access to Citibank Online
through my Card Number, Card PIN, or my Citibank Online Username, Password and Security Questions /
Responses, OTP or PII, in the case of the Electronic Statement as an e-mail attachment, my Electronic Statement
Password; and additionally, in the case of third party funds transfer instruction, my Funds Transfer OAC;
aa. Any access through my Card Number and Card PIN, or my Citibank Online Username, Password and
Security Questions / Responses, OTP or PII, in the case of the Electronic Statement as an e-mail
attachment, my Electronic Statement Password; and additionally, in the case of third party any damage
funds transfer instruction, my Funds Transfer OAC when the same is prohibited, restricted, delayed or
otherwise affected by (i) any law or regulation of the country from where Citibank Online or Citi Electronic
Statement is accessed and/or the terms and conditions prescribed by the relevant internet service provider
or information service provider in such country of access; or (ii) any law or regulation of any jurisdiction,
regional or international authority which governs any use of any component of Citibank Online or Citi
Electronic Statement, any relevant internet service provider or information service provide or system;
bb. Any act or omission of any relevant internet service provider or information service provider or network
provider occasioned by any access through my Card Number and Card PIN, or my Citibank Online
Username, Password and Security Questions / Responses, or my OTP or PII, in the case of the Electronic
Statement as an e-mail attachment, my Electronic Statement Password; and additionally, in the case of third
party funds transfer instruction, my Funds Transfer OAC;
cc. Any modification, alteration, upgrade or termination of Citibank Online occasioned by any access through
my Card Number and the Card PIN, or my Citibank Online Username, Password and Security Questions
/Responses, or my OTP or PII, in the case of the Electronic Statement as an e-mail attachment, my
Electronic Statement Password; and additionally, in the case of third party funds transfer instruction, my
Funds Transfer OAC;
dd. Any access (or inability or delay in accessing) and/or use of any browser which the Bank provides to
allow access to Citibank Online;
ee. Any errors or omissions in the information and materials contained in the Bank’s website; or
ff. Any delay or failure in any transmission, dispatch or communication facilities;
gg. Any transfer, retrieval, disclosure, use or processing of information relating to me and/or my Accounts,
properties or investments, or accounts with other financial and non-financial institutions.
34. Termination of Ready Credit account
a. I understand that I may terminate my Ready Credit account by ceasing to use all facilities and
services relating to the Ready Credit account, paying all Ready Credit outstanding balance and
such other sums owing to the Bank under the Ready Credit Documents, and advising the Bank
about my intention to terminate.
b. I understand that the Bank is entitled to, in its reasonable discretion, at any time with reasonable
notice to me, terminate my Ready Credit account forthwith, and/ or to demand immediate payment
of all monies owing in respect of my Ready Credit account, whether or not I am in default of any of
my obligations under the Ready Credit Documents and whether or not any Ready Credit
outstanding balance is due and owing by me. If my Ready Credit account shall be so terminated by
the Bank, I must make immediate payment of all Ready Credit account outstanding balance and
such other sums owing to the Bank under this Agreement.
c. Upon termination of my Ready Credit account for any reason, in case of any remaining
overpayments, I understand and agree that I will be charged a monthly Account Maintenance Fee
or the amount equivalent to the amount of my overpayment, whichever is lower, until my
overpayment is zeroed out. I understand that I may request to refund any overpayment by calling
the 24-Hour CitiPhone, and I agree that the Bank may deduct from the proceeds of the amount due
to me any and all expenses it will incur in connection with processing such refund. Thereafter the
Bank is not liable to me howsoever with respect to my Ready Credit account.
d. I acknowledge that my outstanding obligations and applicable provisions under the Ready Credit
Documents shall continue notwithstanding the termination of my Ready Credit account whether
upon my own initiative or by the Bank for any reason.
35. Waiver, Cumulative Rights
No failure or delay by the Bank in exercising any right or remedy accruing to it upon any default or delinquency by me
under the Ready Credit Documents shall impair any such right, power or remedy, nor shall it be construed as a
waiver of any such default or delinquency thereafter occurring, nor shall a waiver of any single default or delinquency
be deemed a waiver of any other default or delinquency theretofore or thereafter occurring, nor shall any single or
partial exercise of any such right or power preclude any other or further exercise of any other right or power under the
Ready Credit Documents. All rights, powers or remedies, either under the Ready Credit Documents or otherwise,
afforded to the Bank shall be cumulative and not alternative and shall be in addition to and not in substitution for and
in derogation of the rights, powers and remedies conferred by law. No notice to or demand upon me in any case shall
entitle me to any other or further notice or demand in similar or other circumstances.
36. Agreement to be Bound
I unconditionally agree to be bound by any and all laws, rules, regulations and official issuances applicable to my
Ready Credit account, now existing or which may hereinafter be enacted, issued or enforced, as well as the terms
and conditions governing the use of the other facilities, benefits or services which may from time to time be made
available by the Bank to me in connection with my Ready Credit account.
37. Amendments and Effectivity
The Bank may, at its sole option, amend these Terms and Conditions at any time and I will be notified of such
changes.
38. Separability Clause
If any of these provisions is considered illegal or unenforceable under any applicable law, such illegality or
unenforceability shall not in any way affect the remaining provisions hereof.
39. Governing Law and Venue
The Ready Credit Documents shall be governed by the laws of the Republic of the Philippines and the exclusive
venue of all suits to enforce the Ready Credit Documents is only in the proper courts of Makati City and I hereby
waive any other venue. The foregoing, however, shall not limit or be construed to limit the rights of the Bank to
commence proceedings or obtain execution of judgment against me in any venue or jurisdiction where my assets
may be found.
40. Assignment by the Bank
I agree that the Bank may assign, discount or otherwise transfer part or all of its rights and/or obligations under the
Ready Credit account or Ready Credit Documents without need of prior notice to me. In the event of an assignment
of the credit arising out of my Ready Credit account, I hereby irrevocably agree not to assert set-off rights of any
obligations which may be owed to me by the Bank against the assignee, even though such assignment of the credit
may have been made without notice or consent on my part.
41. Confirmation
I confirm that I have read, understood, and agreed to all the terms and conditions herein stated and in my Ready
Credit Documents and to future amendments thereto, as evidenced by my use of my Ready Credit account as
mentioned in this Terms and Conditions.
Version: AUGUST 2015