These Supplementary Terms and Conditions (T&Cs) apply specifically to the Jumpstart FIRST Savings account (“Account”). They are read together with and form as an integral part of the BPI’s (“the Bank”) Terms and Conditions for products, services, facilities and channels (General T&Cs). In case of conflict, these T&Cs shall prevail only to the extent of the Account’s special features; in all other respects, the General T&Cs shall apply.
1. Eligibility and Ownership
1.1 The Account may only be opened for individual clients aged 7 to 17 years old (the “Accountholder”).
1.2 A parent or guardian may accompany the client during account opening and assist the latter to comply with the Bank’s Know-Your-Customer (KYC) and standard account opening procedures.
1.3 The Account shall be opened and maintained in the name of the Accountholder.
2. Account Operations
2.1 The Account shall not have a passbook or debit/ATM card.
2.2 With the parent’s or legal guardian’s consent and commitment to assisting the Accountholder, the Accountholder can:
a. View the Account through BPI Online or the BPI App;
b. Learn to safely use Bank channels and keep the Account safe and secure;
c. Where applicable, understand any notice, new terms, conditions, or features of the Account.
2.3 All withdrawals shall be performed over-the-counter (OTC) at any BPI branch, subject to applicable Bank policies and procedures. Deposits may be made through available Bank channels.
2.4 The Accountholder, with the guidance of the parent or legal guardian, shall keep the Account safe and secure by:
a. Keeping the username, password, personal identification number (PIN), or one-time PIN (OTP) and such other valid or applicable client-nominated credentials that are required for multi-factor authorizations confidential and secure;
b. Not permitting any other person to use the BPI Online or BPI App credentials;
c. Regularly monitoring the Account for any unusual or unauthorized transactions; and
d. Avoiding access to, or clicking on, suspicious links, emails, or text messages from unknown sources.
2.5 The Accountholder shall be guided by the parent or legal guardian in understanding any notice, new terms, conditions, or features of the Account.
3. Account Conversion at Age 18
3.1 On or after the Accountholder’s eighteenth (18th) birthday, the Account shall be converted to an appropriate deposit account type as the Bank may reasonably determine in accordance with its prevailing policies without any further notice to, or action from, the Accountholder. For avoidance of doubt, unless lifted, the Account shall not be converted if it is on dormant status or subject to any hold, restriction, freeze, legal order, or any other condition that prevents such conversion.
3.2 Once the Account has been converted, all terms and conditions for the operation of the converted account shall be governed by the applicable deposit product T&Cs and the General T&Cs.
Customer Support
BPI
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