Terms and Conditions
TERMS AND CONDITIONS (Mobile App)
A. INTRODUCTION AND GENERAL USE OF LIFEBANK MOBILE
Welcome to “LifeBank Mobile”, the official Mobile Banking App of LifeBank – A Rural Bank, a convenient and secure way to manage your accounts and conduct financial transactions on the go. By using our Mobile Banking App, you agree to be bound by these Terms and Conditions, which govern your use of the app and the services provided through it.
Our Mobile Banking App allows you to access your account information, perform transactions, and manage your finances remotely, subject to the terms and conditions outlined below. By using the app, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions.
B. DEFINITION OF TERMS
This Agreement governs your use of the Mobile Banking Services provided to you by LifeBank – A Rural Bank (“LBRB” or the “Bank”) located at Bypass Road, Brgy. Duyan-duyan, Sta. Barbara, Province of Iloilo, Philippines. In these Terms and Conditions, the following terms shall have the meanings assigned to them:
1. “We”, “Us”, “Our”, “Company”, or “Bank” refers to LifeBank – A Rural Bank (also known as LBRB), a banking institution.
2. “You”, “Your”, “Client”, or “I” refers to the individual or entity that opens and maintains loan and/or deposit accounts with LBRB.
3. “Account” refers to savings, checking, loan, and time deposit accounts held in the depositor’s name, either solely or jointly with another person with LBRB.
4. “Mobile Banking Services” refers to the various financial transactions, including but not limited to balance inquiries, fund transfers, bill payments, and load purchases, conducted by customers through LBRB’s Mobile Banking App.
5. “Products” refers to the services purchasable or available through LBRB’s Mobile Banking App.
C. COMMUNICATION
By using our Service, you consent to receiving promotional materials and other information from us via Email or SMS. You can unsubscribe from these communications at any time by emailing lifebankconsumerprotect@lifebankrb.com.ph.
D. ACCESSING LIFEBANK MOBILE
1. You can access your account/s through the LBRB Mobile Banking app by signing in with your credentials. To get started, you can enroll in the Mobile Banking app directly from your mobile phone.
2. When registering for LBRB Mobile Banking, you must provide accurate and complete information, including your account number and contact details. By registering, you warrant that the information provided is true, up-to-date, and valid. You acknowledge that your registered email address and/or mobile phone number will be used for all online communications, including enrollment and password-related information. The Bank reserves the right to validate the information you provide, and once validated, you will receive a confirmation via SMS or email.
3. You are responsible for maintaining the security of your mobile device and login credentials. You agree to notify us immediately of any unauthorized access or suspicious activity.
4. You can use the Mobile Banking Services only after your provided information is validated and your identity is authenticated through our two-factor authentication methods. Once validated and authenticated, your instructions will be considered authorized and binding, allowing the Bank to process transactions initiated by you through the Mobile Banking Services.
5. Your enrollment in the LBRB Mobile Banking facility will take effect upon receipt of our confirmation via SMS or email. The enrollment will remain valid until we receive your written notice to terminate it.
6. You can access the Mobile Banking Services at any time, except during scheduled system maintenance or when notified by the Bank of temporary unavailability.
E. LIABILITIES
1. Bank – We are committed to protecting your personal and financial information, implementing robust security measures to safeguard our Mobile Banking Services, and ensuring the accuracy of information provided to you. We will take reasonable efforts to maintain system availability and respond to issues in a timely manner. We will also comply with all applicable laws, regulations, and industry standards in the provision of our Mobile Banking Services, ensuring a secure and reliable banking experience for you.
2. Client – You are responsible for maintaining the confidentiality and security of your login credentials, account information, and mobile device. You agree to notify us immediately of any unauthorized access or suspicious activity, and to comply with all applicable laws and regulations when using our Mobile Banking Services. You are also responsible for ensuring the accuracy and completeness of the information you provide to us, and for using our Mobile Banking Services following these Terms and Conditions.
3. To the extent permitted by law, you agree to hold us, our officers, directors, employees, and agents harmless from any indirect, special, incidental, punitive, or consequential damages, including attorneys’ fees and litigation costs, arising from or related to this agreement. If liability is found, it will be limited to the amount paid for the products and/or services, and there will be no consequential or punitive damages. Some jurisdictions may not allow the exclusion or limitation of certain damages, so this limitation may not apply to you.
F. RISK INVOLVED
1. Security risks associated with mobile banking include unauthorized access to your account through hacking or phishing, data breaches that compromise sensitive information, and malware that can steal login credentials or other sensitive data. These risks can result in financial loss, damage to your credit score, and compromised account security. To mitigate these risks, it’s essential to use strong passwords, keep your login credentials confidential, regularly monitor your account activity, and be cautious when accessing your account on public Wi-Fi networks or responding to suspicious communications.
2. Operational risks associated with mobile banking include technical issues with the app or platform, system downtime due to maintenance or technical problems, and user error resulting in incorrect transactions or account access issues. These risks can cause inconvenience, financial loss, and impact your ability to access your account. To mitigate these risks, it’s essential to regularly update the app, follow instructions carefully, and contact the bank’s customer support team for assistance when needed.
3. Financial risks associated with mobile banking include unauthorized transactions that can result in financial loss, potential overdrafts due to insufficient funds or timing issues, and financial loss due to technical issues or user error. These risks can impact your account balance, credit score, and overall financial well-being. To mitigate these risks, it’s essential to regularly monitor your account activity, set up account alerts or notifications, and take prompt action to report any suspicious transactions or errors.
4. Other risks associated with mobile banking include loss or theft of your mobile device, which can compromise your account security, and phishing or social engineering attacks that can trick you into revealing sensitive information or performing unauthorized transactions. These risks can result in financial loss, compromised account security, and identity theft. To mitigate these risks, it’s essential to take prompt action to protect your account if your device is lost or stolen, be cautious when receiving suspicious communications, and use security features such as remote wipe or lock to protect your device and account information.
G. FEES AND CHARGES
We may charge fees for certain services or transactions, such as wire transfers, bill payments, or account maintenance. These fees will be disclosed to you before you confirm the transaction or service. You may also be charged fees by third-party service providers, such as ATM operators or payment processors, for certain transactions or services.
We reserve the right to change our fees and charges at any time, and we will notify you of any changes by posting a notice on our website or mobile app or by sending you a direct notification. You authorize us to deduct fees and charges from your account balance. If your account balance is insufficient to cover the fees, we may charge an overdraft fee or take other actions as described in these Terms and Conditions. By using our mobile banking service, you agree to pay all applicable fees and charges.
H. TERMINATION OF SERVICE
1. You may request termination of the LifeBank Mobile Banking service by visiting your nearest branch, submitting a request through our customer service, or by allowing the Bank at least ten (10) banking days to process the request after receipt of your written or verbal notification.
2. You will remain liable for any transactions made on your account(s) through the service prior to cancellation. Termination of the service will not affect your liability for transactions completed but not debited to your account(s) prior to termination.
3. The Bank reserves the right to withdraw, suspend, or terminate the LifeBank Mobile Banking service at any time, with reasonable notice under the circumstances. If the service is withdrawn due to Bank error or negligence, our liability will be limited to refunding annual charges, if any, for the affected period.
4. The service will automatically terminate if all enrolled accounts are closed.
5. We may also suspend or terminate the service with notice if you breach these Terms and Conditions, or if we learn of your death, bankruptcy, or lack of legal capacity.
I. SEVERABILITY
If any provision of these Terms and Conditions is deemed invalid, unenforceable, or illegal by a court of competent jurisdiction, such provision shall be severed from these Terms and Conditions, and the remaining provisions shall continue in full force and effect. The invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions.
J. PRIVACY STATEMENT
At LifeBank – A Rural Bank, we are committed to protecting your privacy and ensuring the security of your personal and financial information. We collect information that you provide to us, such as your name, account details, and login credentials, as well as information about your device and usage patterns. We use this information to provide and improve our Mobile Banking App and services, authenticate and verify your identity, process transactions, and comply with applicable laws and regulations.
We may share your information with our affiliates, third-party service providers, and law enforcement agencies, as necessary. We implement robust security measures, including encryption and secure servers, to protect your information. You have the right to access and correct your personal information, and to opt-out of certain data collection and sharing practices.
We may update this Privacy Statement from time to time, and will notify you of any significant changes. By using our Mobile Banking App, you consent to the collection, use, and disclosure of your information in accordance with this statement.
L. PREVENTION OF MONEY LAUNDERING
You agree to comply with all applicable laws and regulations related to anti-money laundering (AML) and combating the financing of terrorism (CFT). You warrant that the funds used for transactions through the Mobile Banking App are legitimate and not derived from or related to any illegal activities.
We reserve the right to monitor transactions, report suspicious activities, and take necessary actions to comply with AML/CFT laws and regulations. You authorize us to cooperate with law enforcement and regulatory agencies in investigating suspected cases of money laundering or terrorist financing
K. CHANGES TO TERMS AND CONDITIONS
We reserve the right to modify, update, or change these Terms and Conditions at any time without prior notice, except where required by law. Changes will be effective immediately upon posting on our website or mobile app. Your continued use of the Mobile Banking App after changes are made will constitute your acceptance of the revised Terms and Conditions. We encourage you to regularly review these Terms and Conditions to ensure you are aware of any changes.