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Security Bank updates terms for cash mgmt, trade finance solutions enrollment form

Notable changes include stating guidelines for T&C changes and its extent of accountability.

Security Bank has made changes to its terms and conditions (T&C) listed for its cash management and trade finance solutions enrollment form. 
Notable changes include stating guidelines for changing T&C and notifying customers of said changes.

Under the new guidelines, customers shall be notified of any modification, amendment, or revision at least 60 days before implementation of said amendments, either via email or by public notice. 

Should they not agree with the revised T&C, customers are given the right to exit the contract without penalty within 30 days from receipt of individual notice of said T&C changes. 

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The revised T&C also includes changes that state that Security Bank regarding accountability and liability.

Under the new T&C, Security Bank acknowledges that certain actions could still lead to the bank being held liable for certain banking-related actions if they are found guilty of gross negligence or willful misconduct and provided that there is no contributory negligence on the part of the customer.

The updates will be effective beginning 1 March 2024.

This is in compliance with guidelines set by the BSP on 17 November 2022. 

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