OWNBANK OWN IT TERMS AND CONDITIONS

These Terms and Conditions govern the use of the Own It product offered by OwnBank. By utilizing this product, the account holder (“Customer”) acknowledges that they have read, understood, and agreed to be bound by these Terms and Conditions.

1. AMENDMENTS TO TERMS AND CONDITIONS

OwnBank reserves the right to amend, modify, or update these Terms and Conditions at its sole discretion, in whole or in part, with prior notice to the Customer through appropriate communication channels. Such amendments shall become effective on the date specified in the notice. Continued use of the Own It product after the effective date shall constitute the Customer’s acceptance of the amended Terms and Conditions. Should the Customer disagree with any amendments, they must immediately discontinue use of the product.

2. OWN IT PRODUCT OVERVIEW

Own It is a wealth management product designed to provide higher returns. Customers may transfer funds from their Own Wallet into Own It to benefit from optimized fund management and enhanced interest earnings.

3. MINIMUM DEPOSIT, TAXES, AND FEES

● Minimum Deposit Requirement: PHP 1.00

● Interest Calculation: Interest accrues daily and is displayed accordingly.

● Taxation: Interest earned on Own It deposits shall be subject to a 20% withholding tax, in compliance with applicable tax regulations.

● Handling Fees: No handling fees shall be charged for maintaining an Own It balance.

4. WITHDRAWALS

● No Pre-Termination Fees: Customers may withdraw funds from Own It at any time without incurring pre-termination penalties.

● Instant Withdrawal Limit: Withdrawals of up to PHP 100,000 per day may be processed instantly.

● Regular Withdrawals: Withdrawals exceeding PHP 100,000 shall be credited on the next banking day, with no maximum withdrawal limit.

5. INTEREST RATE

● The interest rate applicable to Own It is 3.8% per annum, subject to change at the discretion of OwnBank.

● OwnBank shall provide prior notice of any changes to the applicable interest rate through channels deemed appropriate.

● Interest rate adjustments shall apply uniformly to all account types, including but not limited to Basic, Basic Plus, and Upgraded accounts.

6. CLOSURE OF OWN IT SERVICE

The Customer’s access to the Own It facility shall be terminated if:

● The Customer withdraws the entire balance from Own It.

● The Own It balance reaches zero.

7. CUSTOMER SERVICE AND DISPUTE RESOLUTION

For inquiries, concerns, or to report unauthorized transactions related to OwnBank, OwnBank Online, or any other OwnBank products or services, the Customer may contact:

● Customer Service Hotline: +63 (02) 7777 0111

● Email Support: cs@ownbank.com.ph

Any disputes or concerns arising from the use of the Own It product shall be resolved in accordance with OwnBank’s internal dispute resolution procedures and, where applicable, relevant banking regulations.