PRODUCT DISCLOSURE STATEMENT
NETBANK’S MOBILE APP PROGRAM
About this Product Disclosure Statement (PDS)
This Product Disclosure Statement (‘PDS’) is issued by Netbank, (a Rural Bank), Inc, which is a bank regulated by the BSP in the Philippines. (‘Netbank’).
This PDS is designed to assist you in deciding whether to acquire the account + mobile app (‘Account’). It is important that you read and understand this PDS.
The information in this PDS does not take into consideration your individual financial situation, objectives, or needs. Prior to making any decision about the Account or whether to acquire it, you should consider whether this product is right for you. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your own circumstances before acting on it. For more information on the Account, please contact Netbank client help-line, at the contact point below.
This PDS is dated 1 July 2022.
Updates relating to this PDS
Information in this PDS that is not materially adverse information may be subject to change from time to time. This updated information will be available at https://www.netbank.ph/terms-and-conditions/accounts
The information which Netbank will make available by way of these updates may change from time to time.
General Description of Product
The Product is a savings account, provided by Netbank, with a range of payment services attached. It is a full bank account.
Netbank, the Account provider
Netbank holds a banking licence with the Bangko Sentral ng Pilipinas (BSP) authorising it to provide general banking, including this Account.
If you have a complaint, you can contact Netbank at the contact points below. Netbank will handle all complaints according to Netbanks internal dispute resolution procedure.
Our dispute resolution procedure requires that we provide an initial response to your complaint within 5 days, with a final response within 45 days.
None has the authority on behalf of Netbank to:
Tell you anything about the Account that is inconsistent with the information in this PDS;
Give you financial product advice (that is, a recommendation or statement of opinion intended or that could be reasonably regarded as being intended to influence you in making a decision) about the Account; or
Do anything else on Netbank’s behalf, other than marketing, arranging for the issue of and providing customer services for the Account.
If you have been told anything that is inconsistent with this PDS, or if you have been given any financial product advice by or anyone seeming to act on behalf of Netbank, you should NOT rely on it in making any decisions about the Account. You should only rely on what is in this PDS.
Significant benefits of the product
There are some significant benefits to you associated with use of the Product, including:
The Account is a full bank account.
The Account is connected to PesoNet and Instapay, which means that it can be used to buy goods and services from merchants in the Philippines and around the world that accept payments from these channels..
The Account offers interest
The Account is attached to a mobile app, which can allow you to manage your finances from anywhere.
There are some significant risks associated with use of the Account that you should be aware of, including:
Unintended transactions can happen if electronic equipment with which an Account is being used is operated incorrectly or incorrect details are input.
You may not be able to get your money back if unauthorised or unintended transactions occur.
If the electronic network enabling the use of the Account is unavailable, you may not be able to undertake transactions or get information using the Account.
You may only spend up to the value of the available balance on
Other important information
There are some other important things that you need to be aware of about the Account:
Fees & charges
Below is a list of our fees and charges.
3% of translation amount
2% of translation amount
Cash In Fees
Cash Out Fees
Up to Available Balance
In case of concerns or complaints, please contact Netbank via the contact details below.
Please provide your contact details and details of the situation. Netbank will register this contact and get back to you within 5 working days with an initial response. Netbank will seek to resolve all issues within 45 days.
However, if we are unable to resolve your complaint to your satisfaction within 45 days then you may be eligible to escalate your complaint to the Bangko Sentral ng Pilipinas. Their contact details are as follows:
Post: A. Mabini Street, 1004 Malate, Manila
Nakikipagtulungan ang Netbank sa ilang mga kasosyo upang ipatupad ang mga programa nito. Ang unang punto ng pakikipag-ugnayan para sa isang kliyente ay karaniwang magiging kasosyo. Mangyaring makipag-ugnayan sa contact na ibinigay sa ibaba para sa anumang mga katanungan.
Kung mayroon kang mga karagdagang contact o reklamo, mangyaring makipag-ugnayan sa Netbank sa pamamagitan ng mga sumusunod na paraan. Anumang mga reklamo na nauugnay sa mga pagpapatakbo ng mga kasosyong ito ay dapat munang matugunan sa contact point ng Kasosyo, gaya ng tinukoy sa ibaba. Ang sinumang kliyente ay malugod ding makipag-ugnayan sa Netbank sa e-mail address na naka-post sa ibaba.
Mangyaring ibigay ang iyong mga detalye sa pakikipag-ugnayan at mga detalye ng sitwasyon. Irerehistro ng Netbank ang contact na ito at babalikan ka sa loob ng 2 araw ng trabaho na may paunang tugon. Sisikapin ng Netbank na lutasin ang lahat ng isyu sa loob ng 5 araw.