General Terms and Conditions

GENERAL

  1. By applying for or using any Account, Application, Card, or Service, you are deemed to have understood, accepted, and agreed to be bound by all of the Terms and Conditions set out herein, and as may be amended, modified or supplemented from time to time, our Privacy Statement, such operational rules, guides, and specific terms and conditions that govern any Account, Card, or Service, and to pay any fees associated with the use of any of the Account, Application, Card, or Service.

INTERPRETATION AND DEFINITION

  1. “Account” refers to Tonik Account (savings account), Time Deposit(s) and Solo or Group Stashes (savings account).
  2. “Affiliate” means any person or entity that, now or hereafter, directly or indirectly, controls (whether singly or together with others), is controlled by, or under common control with Tonik, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies whether through ownership of securities or equity interest, management authority, or contract.
  3. “Application” refers to Tonik Mobile Banking Application.
  4. “ATM Network Participant/s” means banks and other financial institutions who are, or in the future will be, members or affiliates of BancNet, Mastercard affiliated banks or such other ATM networks or affiliations that will allow Tonik ATM/Debit Cards in their ATM systems and facilities.
  5. “Banking day” means a day, other than a Saturday, Sunday, or public holiday, in which banks are generally open in Manila and Pasig.
  6. “Card” means Tonik ATM/Debit Card, Tonik Virtual Debit Card, and other ATM/Debit Cards that may be issued or acquired by Tonik in the future.
  7. “Card Security Code” or “CVC Code” means the three (3) digit number displayed on the Tonik Virtual Debit Card or at the back of the Tonik ATM/Debit Card, which is used to make purchases or payments online.
  8. “Group Stash” means a saving vault involving an owner and other Tonik customers that can be opened from the owner’s Tonik Account.
  9. “OTP” or “One Time Password” shall mean an authorization code sent to the registered mobile phone number to verify customer’s identity and to authorize transactions.
  10. “Password” shall mean a personalized alphanumeric code used to access the Application.
  11. “PIN” or “Personal Identification Number” shall mean a personalized digit code used to access the Application or Card, and make ATM/POS transactions.
  12. “POS” refers to Point-Of-Sale.
  13. “Service” refers to facilities, offering or product that are related to the use of Account, Card or Application.
  14. “Solo Stash” means a saving vault involving 1 person that can be opened from that person’s Tonik Account.
  15. “Time Deposit” is a bank deposit product which earns interest over a fixed term or period. The money must remain in the Account for the duration of the fixed term in order to earn the stated interest rate.
  16. “Tonik”, “we”, “us”, “our” refers to Tonik Digital Bank Inc.
  17. “You”, “your”, or “yours” means any person applying for, owning, or holding an Account, or installing, registering, or utilizing the Application, or applying for or holding a Card, or applying for, availing, or utilizing a Service.

ACCESS TO THE APPLICATION

  1. We have the discretion from time to time to make the Application available to you, determine the scope of the Application, set, or change the daily cut-off times, modify, restrict, withdraw, cancel, suspend, or discontinue any or all of the services without notice or responsibility to you and without giving any reason, but with strict compliance of the rules and regulations set by the Bangko Sentral ng Pilipinas. By using the Application after any modification or change has been effected, you have agreed to any such modification or change.
  2. Subject to your compliance with these Terms and Conditions, Tonik grants you the non-exclusive, non-transferable, royalty-free privilege to download the Application (if necessary, from an authorized third party) and install it on an end device in your possession and control.
  3. The Application contains software that has been licensed by third parties. You acknowledge and accept the rights of Tonik and of the third parties, if applicable, to the Application.
  4. Tonik provides no guarantee that the Application will work without errors on your end device and network operator.
  5. You authorize Tonik to use any information processed in connection with the use of the Application (e.g. personal data, geographic information, device information) in the context and for the purpose of providing the Service and the secure use of the Application.
  6. The use of the Application, among others, due to the download, installation or use of an application and the associated reference points with third parties (for example, distribution platform providers, network providers, device manufacturer) involves certain disclosures and risks, including: (i) disclosure of your personal information or other information and the existence of your banking relationship with the Bank with third parties, whereby the banking secrecy cannot be ensured anymore in this respect; (ii) system outages, security-related restrictions and unauthorized removal of use restrictions on the end device, and other disturbances which may make use impossible; and (iii) misuse due to manipulation by malware or unauthorized use, including in the event the end device is lost. You are aware of and assumes these risks in connection with the Application.
  7. Tonik is entitled to block or disable the use of the Application on end devices if the security features devised by the operating system or manufacturer of such device have been modified at any time (for example, a device that has been "jailbroken").
  8. Tonik accordingly does not guarantee the functioning and operation of the Application on end devices which have been modified as provided in the previous clause or on older end devices that no longer meet the technical requirements for the use of the Application.
  9. Tonik further reserves the right to modify the functionality of Application at any time without prior notice or to entirely discontinue the offer of the Application.
  10. Tonik assumes no liability for losses or damages resulting from the installation or misuse of the Application, provided that the Bank has exercised the appropriate standard of care and diligence customary in the business.

INTERRUPTIONS IN SERVICE

  1. While the Application is made available 24-hours a day to you, there is no warranty that the services will be available at all times due to daily cut-off times, scheduled or unscheduled maintenance and/or computer, telecommunication, electrical or network failure or any other reasons beyond our control. Tonik shall not be made liable for loss or damage (including but not limited to those imposed by third parties) due to the foregoing or in relation to transactions or services done through our application or any failure to complete a transaction. The Application, including all content, features and any related services are provided by Tonik on an "As Is" and "As Available" basis at your risk and without any representations or warranties.
  2. Except as specified in these Terms and Conditions, all warranties, conditions or terms (whether express, implied, statutory, or otherwise) including without limitation relating to quality, merchantability, fitness for purpose, or uninterrupted, error free access are expressly excluded for Tonik to the fullest extent permitted by law.
  3. No representation or warranty, express or implied, can be given as to the accuracy or completeness of the information provided in Application.
  4. You acknowledge and accept the risks that may arise from Internet transactions conducted via open systems accessible to anyone and acknowledges that despite the encryption of data, the connection from your personal computer or electronic end devices to Tonik over the Internet may be observable. Tonik may also use servers and other computer hardware situated in any jurisdiction worldwide for the provision of any Account, Application, Card, or Service.
  5. Tonik excludes any and all liability for loss or damage caused by transmission errors, technical faults, breakdowns, business interruptions or illegal interventions into transmission networks, your IT systems/computers or of any third party (including systems in the public domain).

DIGITAL SIGNATURES

  1. You agree that Tonik may, at its sole discretion, use digital signatures to sign any documents made available on the Application and you will accept such digitally signed documents as valid documents issued by Tonik.
  2. Tonik reserves the right to enable a digital signature feature for your use. Where Tonik exercises such discretion, you will be informed of the minimum requirements in connection with such use and only if you are able to fulfill the Bank's requirements may you avail themselves of this feature. Tonik may nevertheless at its sole discretion decide not to permit you to use digital signatures in your dealing with Tonik.

SECURITY

  1. Tonik may use authentication or verification technologies, services or measures as the Bank deems desirable or appropriate. There can be no assurance that such authentication technologies, services, or measures will be completely secure, adequate, or successful to prevent unauthorized access to or use of the Application, hacking or identity theft.
  2. Tonik shall ensure implementation of appropriate security measures to secure the Application or Card. However, Tonik shall not warrant the confidentiality, secrecy and security of any information sent through any internet service provider, public Wi-Fi connections, network systems, or other similar systems. You are responsible to ensure connection to a secured network at all times.

TERMS OF USE AND INSTRUCTIONS

  1. All instructions must be given through the Application. However, we may also accept instructions given through other means (such as orally, in writing, facsimile, or otherwise) acceptable to Tonik, provided that:
    1. We have received such instructions in such mode or manner agreed on by us from time to time;
    2. Our acceptance of such instructions may only be available for certain types of Accounts, Cards, Services, and segments of customers or on an exceptional basis upon your request to us;
    3. We may record or make any note of any instruction or communication, including telephone or video conversation between you and us, with or without the use of an automatic tone or other warning device;
    4. Notwithstanding the above, we are not obliged to make any note or recording, or maintain copies of any notes or recordings, and the failure to do so shall not in any way prejudice our rights; and
    5. We are not responsible for guaranteeing that communications or instructions given in such a manner will be completely secure, and the risk of fraud, misunderstanding, error, delay, and losses resulting from communications or instructions given in such a manner are entirely at your own risk and we will not be liable for the same, unless it is proven that such risk is caused by our fraudulent intent, willful misconduct, or gross negligence.
  2. You acknowledge that all instructions once given to us are irrevocable and binding on you, and you shall not dispute any instruction so given.
  3. You are responsible for:
  1. Ensuring that the Application, Card, or Service is used only by you and not by any other person;
  2. Ensuring that the mobile number used in opening, maintaining, or utilizing the Application or Card or Service belongs to and used by the same person in whose name the Application or Card is registered;
  3. Ensuring that all instructions are accurate and complete, and given in the manner specified by us;
  4. Ensuring that your Account has sufficient funds for us to carry out any instruction (you will be responsible for any charges or penalties because of unsuccessful transaction due to insufficiency of funds or dormancy of Account);
  5. Ensuring that any transaction or activity through the Application or Card does not breach any regulation or law;
  6. Ensuring that the instructions are not varied or cancelled after they have been received or processed by us;
  7. Following our instructions in connection with the Accounts, Cards and Services, and complying with all applicable laws;
  8. Keeping the confidentiality of your PIN, OTP, or Password, and refraining from disclosing them to any other person;
  9. Activating the Tonik ATM/Debit Card through the Application and signing the back of your Tonik ATM/Debit Card once you receive it;
  10. Always checking the transaction records pertaining to activities done with your Application or Card. If you believe there is any error, you must immediately notify Tonik;
  11. Promptly examining your statements upon receipt and if you discover any discrepancies, omissions, inaccuracies, or incorrect entries, immediately reporting to us any of the foregoing;
  12. Informing us as soon as reasonably practicable if you know or suspect that someone else knows the Card number and/or the ATM/Debit PIN, and/or Password, or that any of the foregoing has been lost, stolen, or compromised, or that unauthorized transactions have taken place; and if you fail to do so you will be liable for any transactions made on your Account; and
  13. Giving us all relevant and necessary documents, information, and assistance we may need, especially for investigations into crimes and frauds.

41. Tonik may:

  1. Act on any instruction we believe in good faith has been given by you;
  2. From time to time require the use of access procedures, require additional conditions, and change or implement new security procedures for accepting instructions;
  3. Refuse to act on any instruction, or cancel or reverse any instruction if we deem that such refusal is necessary, desirable or appropriate;
  4. Refuse to act on any instruction that would result in transaction limits being exceeded;
  5. Cancel or reverse any action taken on the basis of an instruction or demand for refund, debit the Account, cause an amount to be unavailable for withdrawal, or treat the Account as overdrawn or exceeding its limit, if:
      1. We need to correct any error or omission;
      2. We are required to return funds to the payer or drawer;
      3. We have not received cleared and unconditional funds in full or in time;
      4. We find any case of fraud or forgery;
      5. Our internal checks indicate that the instruction was not from you; or
      6. We have reasonable grounds to do so for any other reason whatsoever;
  6. Agree to the variation or cancellation of any prior instruction, subject to required conditions. When the conditions are met, we will endeavor to stop a transaction when instructed to. However, we will not be responsible for any loss you may incur for our failure to cancel the transaction.

42. We may disregard any instruction, or refuse to provide access to or allow you to use any Account, Card, or Service if:

  1. We are of the opinion that the instruction is inconsistent, incomplete, incorrect, misleading, unclear, conflicting, fraudulent or not given in a manner specified by us;
  2. It is unreasonable and impracticable to do so;
  3. It is against our business practice or any internal policy or procedure;
  4. It is against any applicable law or regulation;
  5. It results in an Account being overdrawn or exceeding the daily transfer limit or category limit on the Account or the transaction limit for any Account, Card, or Service being exceeded;
  6. You have breached the account credit limit and have not provided us with the relevant documentation required to upgrade your Account;
  7. A minimum balance requirement applies to the Account and the instruction would cause the Account balance to fall below that minimum balance;
  8. Circumstances beyond our control prevent your instructions from being carried out, or you have not provided us with all documents, verification, and information we require;
  9. At any point you become bankrupt, legally or physically incapacitated, or pass away, at which point Tonik may freeze or suspend operations on any Account, Card, or Service, not act on any instrument presented or any instructions received, and refuse access to the funds in the Account or to any Card or Service, without being responsible for any loss thereby incurred by you, your successors, or any third person, until we receive, to our satisfaction, such documents we deem necessary to transfer ownership over the Account, Card, or Service, including, without limitation, evidence of the person(s) who have the legal authority to claim ownership over the said Account, Card, or Service. Any and all accrued but unpaid obligations of yours to Tonik prior to termination, and the Terms and Conditions herein shall survive the termination of your right to use the Application or Card.

43. We shall not be obliged to provide any guarantee that:

  1. an instruction will be carried out within a particular timeframe or in any particular order;
  2. there will be no time lag between the time you provide an instruction and the time the instruction is carried out by us; or
  3. an instruction will be completely secure and we shall not be liable for any security breach unless such breach was caused by our willful misconduct or gross negligence.

COMMUNICATIONS

  1. You must notify us through an acceptable method specified by us if there is any change in your particulars or contact details (e.g. Mobile Phone Number, Postal Address, Marital Status, etc.). Tonik, its officers and employees shall be held free from any harm for damages, claims and demands from your failure to do so.
  2. Notices, documents, and communications will be sent via the Application (including through push notifications sent to your end device whether or not you are logged into the Application, or notifications feed in the Application), or other methods we deem suitable.
  3. You shall take all steps necessary to allow the Application to send push notifications to your end device and send notifications via the Application. You acknowledge that if you do not take such steps, you may not receive such notifications and will indemnify Tonik for any loss or damage resulted from not receiving said notifications.
  4. You agree that unless otherwise expressly provided in writing, any notices, information, documents, and communications sent by us to you will be deemed effective or received by you in the following manners acceptable to Tonik:
  1. If sent by electronic mail, SMS, or via the Application, at the time and date it is dispatched from our system to you;
  2. If sent by hand, at the time of delivery;
  3. If posted on our website or third party links, on the date of display or posting;
  4. If sent by mail to an address within the Philippines, the following banking day after mailing;
  5. If sent by mail to an address outside the Philippines, five (5) banking days after mailing;
  6. If advertised in the newspaper, on the day of advertisement, and;
  7. If broadcast via radio or television or any other broadcasting means, on the date of broadcast.
  1. Your communications and notifications to us through the Application will be valid if such are received in a legible form and acknowledged by us.

AUTHORIZATION

  1. You authorize Tonik to obtain and verify the information collected from you through government agencies or third parties including other banks, financial institutions, and credit bureaus, for any purpose, including for verification of your card details from other banks.
  2. You allow Tonik to conduct background checks on your financial capability or for any other legitimate purpose Tonik may deem necessary.

ACCOUNT OPENING

  1. Accounts may be opened subject to the approval of Tonik, after taking into consideration the submission of relevant information and documents acceptable to Tonik and after verification of an applicant’s identity and/or authority to open the Account.
  2. To be eligible to open an Account with Tonik, you must:
    1. Be at least 18 years of age;
    2. Be an individual who is a resident citizen of the Philippines;
    3. Have at least one (1) valid Philippine government issued identification document (“ID”);
    4. Have a present Philippine and/or Philippine permanent address;
    5. Have a valid local Philippine mobile number which is used exclusively by you and not shared with another person; and
    6. Have a valid e-mail address.
  3. You warrant that you are not suffering from any legal disability upon opening of the Account.
  4. Upon successful Account opening, you agree that you may be asked to make an initial deposit in an amount determined by Tonik prior to the start of the Account opening process.
  5. All your Accounts will be denominated in Philippine Peso (PHP).
  6. All transactions with Tonik will be done through the Application or Card. All products or Services that Tonik provides to you will be visible in the Application.
  7. You agree to be governed by the processes for initiating and concluding transactions through the Application or Card. By enrolling for an Account with Tonik, you warrant that:
  1. You are familiar with the Application or Card and how transactions are processed therein; and
  2. The use of the Application or Card, including transactions you initiate, process, and conclude, shall only be for lawful purposes.
  1. You shall create your Password upon enrolment to the Application in order to carry out your banking transactions via the Application.
  2. You may activate biometric authentication as an alternative method to accessing your Application.
  3. You agree that, for your own protection, Tonik can invalidate your Password or lock your Account or the Application without prior notice:
    1. if your Password does not comply with the security requirements of Tonik, as the same may be amended and updated from time to time;
    2. if the wrong Password is entered for such number of times and within such time period as Tonik may determine;
    3. if you report to us that you reasonably suspect any unauthorized use of your Account or the Application; or
    4. if you do not comply with the KYC or due diligence requirements.
  4. Tonik shall not be held liable for any loss or damage for the invalidation of your Password or locking of your Account or the Application.
  1. You may change your Password or PIN at any time. You must keep your Password or PIN confidential, and ensure that you have exercised reasonable care as to prevent unauthorized transactions, access, and/or use of your Password or PIN. You will be required to change your Password once every ninety (90) days.
  2. Tonik Account processed under “Fast Onboarding” (i.e. no ID provided during onboarding/registration) will be given access to a virtual debit card and will have a 12-month validity period to complete and submit the documentary requirements. Your Tonik Account will be allowed to have 2 Solo Stashes and to contribute in Group Stashes as a member. Time Deposits will not be allowed. The Tonik Account and the 2 Solo Stashes will have a maximum combined balance of PHP 50,000 with Tonik Account’s total aggregate credit of PHP 100,000 in a year. Should your Tonik Account reach the total aggregate credit, your Tonik Account will not be able to receive any funds from any source (such as but not limited to account top-up, withdrawing from any of the Stashes to your Tonik Account, receiving money from other people via transfers from their Tonik Accounts or via other banks) and thus you will be required to upload any of the government ID accepted by Tonik and to submit the required documentary requirements. You may close your Accounts if you cannot fulfil the documentary requirements.
  3. After uploading your government ID and submitting the required documentary requirements, and after our further verification of such documents and, if Tonik deems it necessary, the submission and verification of additional KYC documents, the 12-month validity period, total balance limit and total annual aggregate credit limit may be removed. You will then be eligible for a physical ATM or Debit Card, be entitled to upgrade your Tonik Account to 5 Solo or Group Stashes, and 5 Time Deposits.
  4. Tonik has the right to request for additional actions or documents from the customer such as a call to your registered valid Philippine mobile number, live video call verification, proof of income, proof of address, source of fund certification and other relevant actions or documents for due diligence and “Know-Your-Customer” (KYC) requirements as be prescribed by us and the regulator. You understand that you have the responsibility to provide the same.
  5. You shall also provide Tonik with such information and documents as Tonik may require from time to time, and shall update that information as required by Tonik from time to time, to enable Tonik or any affiliate of Tonik to comply with any law or regulation or any government requirement.
  6. In case you do not comply with the KYC or due diligence requirements, Tonik has the right to restrict any withdrawal and/or deposit transaction from/to your Account and/or to suspend or terminate your access to your Account.
  7. You shall be liable for the payment of any of your obligations as depositor to Tonik, and Tonik may at its own discretion apply all or any part of the Accounts (including Time Deposit Accounts) to the payment in whole or in part of any obligation that may be due to Tonik.

DEPOSITS

  1. You acknowledge, accept, and agree that any deposits to be made to the Account can only be made through such channels provided by or made available by Tonik from time to time, such as, but not limited to, Cash-In at Tonik’s designated partners or directly in the Tonik Application. For deposits made via Cash-In through Tonik’s partners, all deposits must be made by following the latter’s procedures for Cash-In.
  2. Cash-Ins through the Tonik Application may be done by linking your Account with your card from other banks/card issuers in the Philippines, or via other methods as may be made available in the Application, such as but not limited to Cash-ins to your Account using the mobile application/s of other banks/card issuers in the Philippines. You represent and warrant that any card which you would link with your Account, or your card or account from other banks/cards that you utilize for Cash-Ins, shall be legally under your control and possession, and, in the case of Cash-ins sent, transferred, or remitted by third parties, that such Cash-ins shall be authorized by the owners of the source of the funds.
  3. Only locally-issued MasterCard and VISA, 3DS-enrolled cards may be linked to your Tonik Account.
  4. All your Cash-Ins via the linked card/s will be considered valid and final.
  5. You acknowledge and agree that deductions, chargebacks, and/or reversals may be implemented on your Account, or your Cash-In may be invalidated, at the instance of the other bank/card issuer. Tonik will not be liable for any amount or fees if the Cash-In is later invalidated by the other bank/card issuer for any reason including, but not limited to, chargebacks, claims, or for any reversal made by the other bank/card issuer.
  6. You hereby authorize and allow Tonik to communicate with your other bank/card issuer for the settlement of imposed amount or fees, or  such chargebacks, claims, or reversals. Should such imposed amount or fees be charged to Tonik by the other bank/card issuer, Tonik may recover such amount due to the other bank/card issuer by debiting such imposed amount or fees from your Tonik Account.
  7. You shall be responsible for filing and resolving disputes with your other bank/card issuer in the event any dispute arises from the usage of their issued cards as the Cash-In channel.
  8. The initial deposit and the minimum subsequent deposits must be in such amounts as may be reasonably determined by Tonik.
  9. Tonik may, at its discretion, refuse to accept deposits or at any time return all or part of a deposit together with the interest due, as may reasonably be determined by Tonik.
  10. You assume full responsibility for the correctness, due execution, genuineness and validity of all endorsements appearing on all items deposited. All endorsements and/or lack of endorsement on the items deposited are guaranteed by you.
  11. For each deposit to or withdrawal made from your Account, you warrant that you have full and absolute title and right of disposition over the money and funds in your Account.

WITHDRAWALS

  1. You acknowledge, accept, and agree that any withdrawals to be made from the Account can only be made through such channels provided by or made available by Tonik from time to time, such as, but not limited to, ATM of partner institutions or Cash-Out at Tonik’s designated partners or directly in the Tonik Application. If the withdrawal is made via Cash-Out through Tonik’s designated partners, all withdrawals must be made by following the latter’s procedures for Cash-Out. Cash-Outs through the Tonik Application may also be done by through previously linked card/s from other banks/card issuers, or via other methods as may be made available in the Application.
  2. You will not be permitted to withdraw from your Account any amount in excess of the outstanding available balance in your Account.

ACCOUNTS

  1. Account statements will be provided for all Tonik Accounts and will be made available electronically for viewing in the following month. You will not be issued a passbook, paper statement, or paper confirmation advices.
  2. You can only have one Tonik Account at all times, opened and operated singly.
  3. Your Cash-Out, withdrawal, fund transfers, and payments can only be made from your Tonik Account. You can access your Solo Stashes, Group Stashes or Time Deposit only through your Tonik Account. Should your Tonik Account be suspended or closed, your Solo Stashes, Group Stashes or Time Deposit would be considered closed as well.
  1. Solo and Group Stashes
  1. We reserve the right to reject and/or not give interest for the deposit or fund transfer to Stashes from any Account other than your Tonik Account (or contributing to Group Stash from Tonik Account).
  2. Solo Stash is accessible from your Tonik Account. The movement of funds is solely through your Tonik Account and the Solo Stash will not be linked to your ATM/Debit Card.
  3. Group Stash can be accessed by the Group Stash owner (i.e. person who opens, starts the Group Stash, and invites members to the Group Stash) and Group Stash invited members. The deposit of funds is solely through the Tonik Account of the Group Stash owner and the Tonik Accounts of Group Stash members, while the withdrawal of funds is solely through the Tonik Account of the Group Stash owner. The Group Stash will not be linked to the Group Stash owner’s ATM/Debit Cards.
  4. Funds transferred to a Group Stash will belong to the owner of the Group Stash. Usage of funds is solely within the discretion of the owner of Group Stash.
  1. Time Deposits
  1. For a successful Time Deposit placement you must agree with the conditions indicated in the creation confirmation screen in the Application, which shall include the prevailing interest rate. A TD Confirmation Certificate which contains, among others, the amount you deposited into the Time Deposit (also called the principal or the Time Deposit investment amount), term, maturity date and primary interest rate, will be made available to you electronically at the next banking day.
  2. Time Deposit is accessible only from your Tonik Account. The movement of funds is solely through your Tonik Account and the Time Deposit will not be linked to your ATM/Debit Card.
  3. You may choose to have a Time Deposit placement for one term, or have it roll over for one or more terms, each for the same period as the original term. If you choose to not roll over your time deposit, the principal Time Deposit amount and its earned interest will be credited automatically to your Tonik Account at maturity date. You will receive a TD Maturity Certificate that will be made available to you electronically at the next banking day.
  4. If you choose to roll over your time deposit, the Bank will automatically roll over your principal Time Deposit amount for another similar term at the Bank’s prevailing interest rate as of the first day of the relevant roll over term. The earned interest, regardless of amount of the principal Time Deposit or earned interest, will not be included in the roll-over amount and will instead be credited automatically to your Tonik Account at maturity date. A TD Rollover Certificate which contains, among others, the principal Time Deposit amount, term, maturity date and updated interest rate will be made available to you electronically at the next banking day.
  5. You will be able to change your roll-over settings for your Time Deposit, whether to roll over or not, in the Application until three (3) days before the maturity date of the relevant Time Deposit.
  6. The prevailing interest rate for the Time Deposit may change from time to time as may be determined by Tonik and in accordance with applicable laws, rules, and regulations. The prevailing interest rate at the time of roll over of the Time Deposit may be different from the primary interest rate at the time of original placement. Should you choose to roll over your time deposit, you agree that the updated interest rate may be higher or lower than the primary interest rate. You are responsible for ensuring that you are aware of the prevailing interest rate at the time of roll over.
  7. If the principal Time Deposit amount to be rolled over exceeds the maximum Time Deposit amount permitted by the Bank as of the roll over date, the said Time Deposit will not be rolled over and you will not be allowed to use the roll over settings for such Time Deposit. Your principal Time Deposit amount and its earned interest will be credited automatically to your Tonik Account at maturity date. You will receive a TD Maturity Certificate that will be made available to you electronically at the next banking day.
  8. TD Confirmation and TD Rollover Certificates are notifications of the Time Deposit status or placement in Tonik, and are not evidence of ownership and are non-transferrable.
  9. Early withdrawal of the Time Deposit may incur a Documentary Stamp Tax (DST) charge as determined by Tonik, penalty charge and an adjustment in interest rate as determined by Tonik upon confirmation of early withdrawal. Upon early termination (i.e. withdrawal before agreed maturity date), you will receive a TD Early Withdrawal Certificate that will be made available to you electronically at the next banking day.
  10. Early withdrawal of the Time Deposit can only be made for the full amount of the Time Deposit. No partial withdrawal will be allowed.
  11. A “cooling off” period of five (5) days applies for all new and rolled over Time Deposits. Interest on the time deposit will not be given for withdrawal during the “cooling off” period. Tonik may recover any loss arising from the exercise of the cooling period and collect processing fees, depending on the policy it may adopt within the limits allowed by law and regulations.
  12. In case you cannot be located or contacted, or unable to fulfil KYC requirements, the Bank shall have the discretion to terminate your Time Deposit, in which case, the provisions on Time Deposit early withdrawal herein shall apply.
  1. Interest
  1. Interest bearing Accounts shall earn interest at a rate determined by Tonik on a per annum basis and in accordance with applicable laws, rules, and regulations.
  2. Interest for Tonik Account and Solo or Group Stashes will be computed daily based on daily cleared balance, credited to the respective Account at the end of month or at the start of the following month, and subject to applicable withholding taxes. Interest for Time Deposit will be credited at maturity date or termination thereof, and subject to applicable withholding taxes.
  3. Interest rates and interest calculation method may change when conditions warrant from time to time and Tonik will notify you via appropriate methods.
  4. Interest for dormant Accounts shall follow the rule for active Accounts and will be credited as scheduled.
  5. No interest will be paid on Tonik Account closed prior to the scheduled crediting of interest.
  1. Accounts shall be subject to applicable PDIC laws, rules, and regulations including the insured value as follows:
    1. Deposits are insured by the PDIC up to a maximum amount of Five Hundred Thousand Pesos (P500,000.00) per depositor; and
    2. PDIC shall assume that the name(s) appearing on the deposit instrument is/are the actual/beneficial owner(s) of the deposit, except as otherwise provided.

TRANSACTIONS

  1. You agree that all transactions done via the Application or Card shall be processed from your Tonik Account. The transaction amount verified by Tonik is deemed to be the correct amount transacted by you in your Account.
  2. You agree that you may use your Card only upon activation in the Application. If you do not activate the Card, you understand that it would remain inactive and any transactions with the use of the inactive Card would be declined.
  3. By using your OTP, Password or PIN, or other forms of authentication including but not limited to signed form or memo or providing confidential Card details (such as CVC), you authorize Tonik to carry out the transactions that you have initiated through the Application or Card via ATM, POS, or online transactions. All transactions shall be deemed as having been authorized by you and shall be valid and binding.
  4. Tonik reserves the right to impose and change the maximum limit per day for all types of transactions regardless of the available balance in your Tonik Account.
  5. In case of transactions with third parties via the Application or Card, such as bills payments, POS purchases, prepaid reload, and the like, Tonik merely serves as a conduit between you and the payee. Tonik shall not be held liable for any action or claim which may arise between you and the payee.
  6. If you are entitled to a refund or rebate for a purchase in part or in whole using Tonik ATM/Debit Card, you agree to seek a refund or rebate only from the merchant establishment purchased from and shall not pursue Tonik for any refund or rebate.
  7. In cases when your instructions require third party approval, Tonik’s obligation to perform such transaction will be subjected to the approval and consent of the third party.
  8. Tonik shall not be liable for any delay or shortcomings of the third parties you transact with upon Tonik’s execution of the transaction.
  9. You agree that the instructions you issue are always subject to limits and conditions set by Tonik, in compliance with local laws and regulations.
  10. Any instruction transmitted after the relevant cut-off time shall be posted in the books and records of Tonik on the next banking day following the date of the instruction.
  11. Tonik shall not be liable for any loss or damage of whatever nature (including without limitation, charges and or penalties which may be imposed by third parties) in connection with the implementation of transactions via the Application or Card, including but not limited to the:
    1. Disruption, failure or delay in implementation of transactions relating to and in connection with the Application or Card, which are due to circumstances beyond the control of Tonik such as but not limited to prolonged power outages, system breakdown or errors, natural disasters, public disturbances and calamities and other similar or related cases;
    2. Loss or damage you may suffer arising out of any improper, fraudulent access or utilization of the Application or Card due to theft or unauthorized disclosure of Passwords, ATM PINs, or violation of other security measures with or without your participation;
    3. Inaccurate, incomplete, or delayed information which you received due to disruption or failure of any communication facilities used for Application or Card services; or
    4. Such other circumstances or reasons beyond the control of Tonik which effectively prevent Tonik from implementing the transaction.
  12. The use of the Application or Card will be available 24 hours and 7 days a week, and processing of request is subject to the daily cut-off times for transactions of Tonik or partners. When they are not available for transaction, such as in the case of maintenance or any other reason, Tonik shall notify you in advance or at the soonest possible time.
  13. Tonik may also reduce the available balance corresponding to the transaction amount upon authorization of any transaction. Some merchants, such as but not limited to hotels, may request confirmation that your Account has sufficient balance to meet the anticipated transaction amount for goods or services to be fulfilled. A merchant may also request subsequent authorizations to cover additional costs for services or goods availed which were not included in the previous transaction amount. You authorize Tonik and any of its employees, representatives and authorized third parties to effect any adjustment, correction or reversal on these transactions any liability imposed on Tonik.
  14. You agree to hold Tonik, its stockholders, directors, officers, employees, and representatives free and harmless, as well as indemnify them, from any and all liabilities, claims, damages, suits of whatever nature, arising out of or in connection with the implementation, utilization (whether authorized or unauthorized) of the Application or Card, including any and all errors inadvertently committed by Tonik employees, any computer-related errors resulting in Tonik’s  failure to effect any instruction via the Application or Card.
  15. Transactions outside the Philippines shall be subjected to the applicable rules and regulations of the Bangko Sentral ng Pilipinas (BSP) and/or any foreign exchange requirements operating in the country where the transaction is effected.
  16. In the case of loss of your end device, you must immediately contact Tonik through its Tonik Customer Care hotline or email for the necessary steps to protect your Application and banking details.
  17. Any complaint regarding your Card, Account, and/or transactions using the Application or Card shall be communicated by you to Tonik Customer Care.
  18. Any dispute for transactions done with the Card should be filed within sixty (60) calendar days from the transaction date. Tonik may conduct an investigation which may include further verification of transaction records, or confirmation with you or the merchant. After investigation, Tonik is hereby authorized to debit or credit from your Account in accordance with the findings from the investigation.
  19. Your use of the Card will be subject to the following terms and conditions:
    1. The Card is property of Tonik and Tonik may at any time, without prior notice and without the need to give any reason therefore, terminate the use of, cancel, or repossess the Card, and decline to issue, renew, or replace the Card.
    2. Without any prior notice to you, Tonik may suspend any Card service or cause designated partners’ ATMs to retain the Card automatically.
    3. You agree to return the Card to Tonik upon Tonik’s request.
  20. The Card is valid for five (5) years from issuance and upon expiry, you shall initiate a replacement request.
  1. Lost, Stolen, or Compromised Cards
  1. In the event the Card is compromised, lost or stolen, it is your responsibility to immediately lock the Card from the Application and report the loss by contacting Tonik through its Customer Care chat in the Application, Tonik Customer Care hotline or email in order to block the lost Card.
  2. Prior to receipt by Tonik of your report of loss or theft, all transactions generated by the use of the Card shall be deemed conclusively binding upon you, and Tonik will not be held liable for any loss or damage incurred by you due to your failure to report the loss or theft.
  1. Retrieval of captured ATM Cards from partner ATMs shall be the responsibility of the Account holder.
  2. Cards bearing the Mastercard logo can be used for transactions at Mastercard ATMs, POS, and Online Merchants located in countries outside the Philippines, from your Account in the Philippines. You acknowledge that such overseas transactions may be subject to transaction fees, foreign exchange mark-ups, and the relevant exchange rate governing such transactions that Tonik and/or Mastercard affiliated banks/financial institutions will determine. You authorize Tonik to debit from your Account all charges including those incurred in countries outside the Philippines through the use of the Cards. Such charges shall be billed and be payable in Philippine Pesos, subject to a foreign conversion factor, as may be imposed by Tonik at the time of posting of the transaction.
  3. If your Card is not honored at BancNet or Mastercard accredited establishments, you agree to hold Tonik free and harmless from any and all claims or liabilities as a result of the refusal of any BancNet or Mastercard accredited establishment.

OVERDRAFT

  1. You cannot rely on the operation of the Application to prevent an unauthorized overdraft being created. For example, you must remember that any payment instructions you have given using the Application may not be given immediate value or immediate effect and might not always be immediately reflected in the balance owing on your Account. You must not use the Services or Application to create an unauthorized overdraft on your Account and we are entitled to refuse to accept any instruction that would do so. If an unauthorized overdraft is created, we may take any action we think fit and charge applicable interest and charges to the Account in question.

SERVICE AND OTHER BANK CHARGES

  1. Tonik is authorized to collect from you all applicable service charges, penalty charges, and other fees your Account may incur.
  2. Transactions carried out via the Application or Card are subject to applicable fees and charges at the time of the transaction. Tonik, with prior notice, may from time to time introduce or change fees and charges for the use of the Application or Card. You authorize Tonik to debit from your Account the amount of fees and charges payable for transactions made via the Application or Card.
  3. Service charges, fees and penalties include but are not limited to, the following:
  1. Annual fee;
  2. Fees for Accounts falling below the required maintaining balance;
  3. Dormancy fee;
  4. Time Deposit Early Withdrawal fee;
  5. Card related fees;
  6. Other fees and charges Tonik may impose or introduce from time to time, depending on the policy it may adopt within the limits allowed by law and regulations.
  1. Accounts with zero balance due to service charges or other causes may be closed by Tonik, as provided in the next section on “Closure of Accounts.”
  2. Information on service charges and other bank charges are available on the Tonik website and detailed in the Application. Tonik may change service and other bank charges from time to time with prior notice as stipulated by applicable laws.
  3. Tonik may suspend or terminate Services if at any time there are insufficient funds in the said Account/s to cover applicable fees and charges, without Tonik incurring any liability as a result thereof.

CLOSURE OF ACCOUNTS

  1. You may only close your Account if you have no outstanding loan or obligations to Tonik. In the event of closure of your Account, you would have to re-register in order to use the Application again.
  2. An Inactive Account is an account which (a) has no client-initiated or third-party initiated transaction for 3 consecutive months and (b) has a balance of less than P1.00 during such 3-month period.
  3. Tonik has the right, but not the obligation, to close your Account in the following instances:
    1. If you have opened any Account with Tonik and you have not funded the Account within the first 3 months;
    2. If your account becomes an Inactive Account; or
    3. If you do not submit the documentary requirements within the 12-month period from the date you open your Tonik Account, or once your Tonik Account reaches the total aggregate credit and you are unable to upload any of the government IDs that Tonik accepts.
  4. Should the account closure be due to your account becoming an Inactive Account, Tonik shall have the right to impose a one-time Inactivity Fee of P1.00, and remove the remaining funds in the Account and transfer the same to a liability account or such other account as Tonik may determine at its sole discretion, without prejudice to the turnover of the same to the Philippine treasury in accordance with the then applicable law, rules, and regulations.
  5. For clarity, Tonik may, at its sole discretion, opt not to close your Account, if the Account has transaction instructions (e.g., auto-debit), or there are other Accounts with sufficient balance linked to your Account).
  1. Tonik reserves the right to immediately suspend or close your Account at any time without prior notice in the following situations:
    1. in case you misrepresent or falsify information;
    2. if Tonik perceives, at any time and in its sole discretion, that the Account may be, may have been used, or is being used in connection with any fraudulent or illegal activities or transactions;
    3. if Tonik perceives, at any time and in its sole discretion, that it may be exposed to any financial, operational, legal, reputational or other risks in maintaining the Account;
    4. if you fail to abide by any provision of the terms and conditions for deposit accounts;
    5.  If you have breached any of the Terms and Conditions, including, without limitation, if
      (i) you are, or we reasonably suspect you may be, using or obtaining, or allowing someone else to use or obtain, an Account, Service or money illegally;
      (ii) you act in an unacceptable way, for example you act in a threatening or violent manner towards staff; (iii) you were not entitled to download the Application;
      (iv) we have demanded that you repay an overdrawn balance on your Account to us and you failed to do so; (v) we have reasonable grounds to suspect that your security details have not been kept safe; (vi) we have reasonable grounds for believing you may have violated or are about to violate any law or regulation in connection with your Account; (vii) you have not satisfied a KYC or due diligence requirement;
      (viii) there has been or we suspect there has been fraud involving your Account or any of your transactions (ix) there has been or we suspect there has been suspicious activity on your Account; or (x) we have reasonable grounds to suspect unauthorized or fraudulent use of your security details;
    6. If we reasonably consider that by continuing the contract, we may break a law, regulation, court order or other duty; or Tonik may be exposed to action or censure from any  government, regulator or law enforcement agency; or
    7. If we reasonably consider that suspension may be reasonable or necessary in order to protect Tonik from harm or compromise of integrity, security, reputation, or operations.
  2. Tonik reserves the right to suspend or close your Account if you have handled your Account in a manner not satisfactory to Tonik or if you perform a successful withdrawal against insufficient funds and/or uncollected deposits. In such event, Tonik shall reimburse the remaining balance of your Account. 
  3. In the event your Account is suspended or closed on the ground that the same is improperly handled, you acknowledge, accept, and agree that Tonik shall report such closure and the reason(s) therefore to the relevant regulatory body or to the regulator accredited credit bureau or organizations to keep record of mishandled deposit accounts.
  4. Tonik, its respective stockholders, directors, officers, employees, and representatives, shall be held free and harmless from any liabilities, claims, and demands of whatever kind in connection with or arising from the closure of your Account and/or Tonik’s reporting of the account closure and the reason therefore to the relevant regulatory body, or any monitoring entity or body established by the relevant regulatory body, or entity established by law to keep record of and monitor mishandled deposit accounts, or regulator accredited credit bureau or organizations.

DORMANCY AND UNCLAIMED BALANCES

  1. Accounts including those with Automatic Transfer Facility options which have no financial transaction for two (2) years or twenty-four (24) months for Savings Accounts shall be classified as DORMANT.
  2. You will be notified within sixty (60) days prior to change of Account status from active to dormant. Tonik shall charge with prior notice, a dormancy fee on a dormant deposit Account five (5) years after the last activity and when the Account falls below the minimum monthly Average Daily Balance.
  3. A dormancy fee shall be charged aside from the maintenance fee for falling below the required minimum monthly Average Daily Balance (ADB).
  4. Pursuant to the provisions of existing laws, all “unclaimed balances” which represent deposits of money and/or interest accrued thereon held by Tonik for any customer who has no further financial transactions for a period of ten (10) years or more, shall be reported and, when so ordered, will be remitted by Tonik to the Treasury of the Philippines, for credit to the  government of the Republic of the Philippines.
  5. Throughout the dormancy period, Tonik reserves the right to restrict deposit or withdrawal transactions until you provide Tonik with relevant documentation required to lift the restriction.

MISCELLANEOUS

  1. Pursuant to the Implementing Rules and Regulation (IRR) of R.A. 9160 or the Anti-Money Laundering Act of 2001, as amended, you grant irrevocable and unconditional authority to Tonik to report to the Anti-Money Laundering Council (AMLC) any covered and suspicious transactions involving your Account. You hold and set free Tonik, its respective stockholders, directors, officers, employees, and representatives in the discharge of their duties in accordance with this law.
  2. In compliance with the provisions of R.A 1405 or the Law on Secrecy of Bank Deposits, Tonik shall not entertain inquiries or instructions over the telephone or by fax, telegram, or cable message regarding any Account from third parties, unless authorized in writing by you.
  3. Tonik shall not be held liable for any loss or damage that may be incurred by you or any third party due to or occasioned by imperfect computer programming procedures or by any defect in the material or workmanship of any computer equipment.
  4. In case of extraordinary inflation or deflation of the currency stipulated herein, the provision of Article 1250 of the Civil Code shall not apply.
  5. You agree to be governed and bound by pertinent laws and regulations, such as but not limited to that of the Bangko Sentral ng Pilipinas (BSP), the Anti Money Laundering Council (AMLC), the Bureau of Internal Revenue (BIR), Philippine Clearing House Corporation (PCHC), Philippine Deposit Insurance Corporation (PDIC); as well as the rules of Tonik and any subsequent amendments thereof, and any new rules to be promulgated governing your Account.
  6. By agreeing to these Terms and Conditions, you agree that such access and/or use of Tonik Services are to be governed by and construed in accordance with the laws of the Philippines.
  7. If any provision of these Terms and Conditions is found to be void, illegal, invalid, not enforceable, the other provisions of these terms and conditions will remain effective and binding.
  8. We may amend or supplement these terms at any time with prior notice to you through any method we deem appropriate and suitable before the effective date of the amended Terms and Conditions. The notification will be provided in advance in accordance with the duration stipulated by the prevailing regulations.
  9. This Terms & Conditions agreement is governed by the regulations of the Bangko Sentral ng Pilipinas and applicable laws of the Philippines. It shall be understood that access to and use of the Service shall be subject to applicable laws and regulations.
  10. The venue of all legal actions or proceedings arising out of or in connection with these Terms and Conditions shall be brought only in the proper courts of Pasig City, to the exclusion of all other courts and venues.
  11. Tonik Digital Bank, Inc. is regulated by the Bangko Sentral ng Pilipinas (BSP) and BSP may be contacted via email at consumeraffairs@bsp.gov.ph or via phone at +63287087087.

For inquiries, contact Tonik through its Customer Care chat in the Application, Tonik Customer Care hotline (+63 2 5322  2645)or through email (customercare@tonikbank.com).




Version: August 2021