Terms and Conditions

Terms and Conditions for Smart Money

1.    DEFINITION

Account Holder – refers to an individual to whom the Smart Money Account/Card is issued and whose name appears on the signed enrollment form or application form, as may be applicable.  Refers also to the Principal Account Holder.

Banco de Oro – refers to Banco de Oro Unibank; Smart Money Account/Card Issuer; Licensed principal member of MasterCard and MasterCard Electronic.

Biller – refers to any utility, credit card company and the like, affiliated by Smart and/or Banco de Oro to accept bills payment using the Smart Money Account/Card.

Merchant – refers to an establishment that accepts Smart Money Account/Card for purchase of goods and services. This includes online Merchants.

Smart – refers to Smart Communications Inc.; a Cellular Mobile Telephone System (CMTS) service provider. Co-brand partner of Banco de Oro on the issuance of the Smart Money Account/Card.

Stand-Alone Card – refers to a variant of Smart Money Card without the phone functionality.

Smart Money Account – refers to an account that stores Philippine Peso (Php) value which resides in the Smart Money system; can be an account which may be linked to the Account Holder’s mobile phone and which may or may not be evidenced by a physical Smart Money Card. Functionalities include, but are not limited to, transfer of funds, over-the-air reload of airtime and balance inquiry.

Smart Money Card – refers to a re-loadable cash card used for the payment of goods and services, issued under the MasterCard and MasterCard Electronic Card program.  The Smart Money Account/Card is a co-branded or tie-up card between Banco de Oro and Smart, which carries the Smart Money logo and brand identity and can be used to pay for purchases in MasterCard and MasterCard Electronic and Smart Money-affiliated establishments and cash withdrawal via Expressnet and Megalink ATMs.

Smart Money Center – refers to any merchant and/or establishment authorized by Smart and/or Banco de Oro to do Smart Money cash loading and encashment.
 
Smart Mobile Phone – refers to a mobile telephone handset with a Smart SIM Account.

Short Message Services (SMS) – refers to a communications protocol allowing the interchange of short text messages between mobile telephone devices.

Smart Money Online Payments – refers to the payment being made by a Smart Money Account Holder to an online Merchant through the use of the internet.  This online service of Smart Money enables a Smart Money Account Holder with virtual personalized and /or carded account, to purchase goods and / or services from accredited online Merchants and Merchants accepting MasterCard.

User’s Guide – refers to the guidelines on the use of Smart Money Account/Card.  The User’s Guide is issued to Account Holders and may be amended by Banco de Oro and Smart from time to time.

2.    SMART MONEY ACCOUNT/CARD

The Smart Money Account/Card is a re-loadable cash account/card. It is not a depository account and therefore, it is not covered by the Philippine Deposit Insurance Corporation (PDIC) and it does not earn interest.  However, it is subjected to the rules and regulations of the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Act (AMLA).

Any Smart Money Account/Card issued remains the sole property of Banco de Oro and is non-transferable.  Banco de Oro may suspend or terminate the use of the Smart Money Account/Card for whatever reason it deems fit.  The Account Holder agrees to surrender the Smart Money Card upon demand by Banco de Oro or upon confiscation by an accredited Merchant.  In the event of any suspension, termination or confiscation of the Smart Money Account/Card, the Account Holder agrees to hold Banco de Oro and Smart free and harmless from any claim, damages, loss, expense, suit or liability whatsoever, arising from such suspension, termination or confiscation.

The Smart Money Account can be downloaded and activated using the Smart Mobile Phone. The Account Holder is then required to completely fill-out and sign an application form and return the same to Banco de Oro, through Smart and must load the minimum Philippine Peso amount (“Peso Value”), as may be required. The Smart Money Account will then be authorized for use. In the event of any unauthorized use of the Smart Money Account/Card, Banco de Oro and/or Smart shall not be liable for any inconvenience or damage caused to the Account Holder.  Moreover, Banco de Oro and/or Smart shall not be liable for any failure by Account Holders to avail of Smart Money Services due to the non-submission of the required information.

The Account Holder has the option to get a Smart Money Card by indicating such in the application form. Upon receipt of the information, Banco de Oro and/or Smart shall issue and create a Smart Money Card and send the same to the Account Holder’s specified address.

3.    STAND-ALONE CARD

Stand-Alone Cards may be loaded / reloaded thru a loading center as defined in item 6.   It may also accept transfer of value from another Smart Money Account/Card that is linked to a Smart Mobile Phone.  Payments using a Stand-Alone Card are limited to in-store payments only as defined in item no. 7.

If an Account Holder avails of a ‘Super SIM’, (Super SIM 1, Super SIM 2, Super SIM 3 (except 32K SIMs), he may link his/her Stand-Alone Card to his/her Smart Mobile Phone via the activation process as indicated in the User’s Guide, or via Smart Money website (www.smart.com.ph/money). Once the Stand-Alone Card has been linked to a phone, the Account will then be capable of remote payment, Account-to-Account transfer and other Smart Money Account/Card features available through the Smart Mobile Phone.
4.    ATM USAGE
The Smart Money Card can be used to withdraw cash at any Banco de Oro, Bancnet, Expressnet and Megalink ATM terminals nationwide subject to applicable bank charges, if any.  It can also be used at Cirrus ATM terminals overseas.  All ATM transactions are treated as cash withdrawal transactions.

5.    MERCHANT

The Smart Money Card is accepted worldwide by Merchants and other establishments / vendors honoring the MasterCard and MasterCard Electronic marks.  In the event that the Smart Money Card is not honored by a Merchant, or is honored but payment is declined or not authorized, the Account Holder agrees to hold Banco de Oro and/or Smart free from any claim or damages.  The Account Holder shall not hold Banco de Oro and/or Smart responsible for any defective product or service purchased through the Smart Money Card.   

6.    LOADING VALUE  

Account Holder loads Peso Value into the Smart Money Account/Card either through:  

6.1    Mobile Banking Service (MBS) – Account Holder transfers Philippine Peso amount from his/her MBS bank account into his/her Smart Money Account/Card via defined functions on his/her Smart Mobile Phone.

6.2    Smart Money Centers – Account Holder personally hands over Philippine Peso cash (bills/coins) to accredited loading centers for the amount to be loaded into his/her Smart Money Account/Card.

6.3    Account-to-Account Transfer – Account Holder transfers Philippine Peso amount from his/her Smart Money Account/Card to another using his/her Smart Mobile Phone. The Peso Value loaded into the Smart Money Account/Card may be withdrawn thru participating ATMs (Automated Teller Machines) or Smart Money Account/Card Centers based on minimum and maximum withdrawal amounts as may be imposed by the Banco de Oro and/or Smart.

The act of transferring funds from one Smart Money Account / Card to another and the keying in of the W-PIN, shall be sufficient evidence that the transfer has been made and validated, and cannot be disputed by the Account Holder.

6.4    Online Loading – Account Holder loads his/her Smart Money Account online from an accredited establishment / Merchant through the use of the internet.

7.    PAYMENT OF GOODS & SERVICES

The Peso Value loaded into the Smart Money Account/Card may be used to purchase goods and services via Point of Sale (POS) terminal or via Online Payments in Merchants worldwide honoring the MasterCard and MasterCard Electronic marks.

7.1    ‘REMOTE / OFF-SITE’ PURCHASES

Payments for goods and services performed ‘off-site’, such as but not limited to access through the Smart Mobile Phone, landline telephone, and internet, wherein Account Holder is not physically present in the Merchant’s premises when making a purchase, will not require the Account Holder’s signature in the Merchant transaction slip.  Banco de Oro and/or Smart shall be affiliating select Merchants to accept ‘Remote/Off-site’ purchases.  For such purchases, the Account Holder transfers the transaction amount to the Merchant’s assigned Smart Money/Merchant Account, using the Account-to-Account process as indicated in the User’s Guide or via the Smart Money portal.

The act of transferring to the Merchant’s assigned Smart Money/Merchant Account and keying in of the W-PIN, for the purposes of authorizing a transfer, or unlocking for internet transactions, shall be sufficient evidence that the payment made has been authorized, validated, and cannot be disputed by the Account Holder.

For purchases made through the internet via MasterCard, Smart Money cannot assure the manner by which payment is processed.  Due diligence is expected of the Account Holder to only transact with reputable Online Merchants.  Banco de Oro and/or Smart shall not be held liable for any unauthorized transaction.

Once the transaction has been authorized, the Account Holder and Merchant shall agree upon the manner of how the goods and/or services will be received by the Account Holder.  Banco de Oro and/or Smart shall not be held liable for any undelivered goods and non-performance of services, defects, damages, and after-sales services of such goods and/or services.
Smart Money has no control over or liability for products and/or services that are paid for with Smart Money Card.  Smart Money does not warrant that a purchaser transacting with the Account Holder will complete the transaction.
7.2    PAY BILLS

Payment of bills does not require a printed receipt from the Biller. Banco de Oro and/or Smart shall be affiliating Billers to accept payments via the ‘Pay Bills’ menu. For this transaction, the Account Holder enters the assigned Biller code and payment amount; and confirms payment request by keying-in his/her W-PIN as further explained in the User’s Guide or via the Smart Money website.

Confirmation through the use of the W-PIN shall be sufficient evidence that the Account Holder authorized the payment to the chosen Biller and therefore, cannot be disputed by the Account Holder.  The reference number in the SMS/Text message confirmation shall be the Account Holder’s proof of payment.

7.3    SELF-LOAD AND MOBILE PAYMENTS

Loading of airtime and/or payment of goods and services to accredited Merchants using funds from a Smart Money Account/Card shall be available via keyword-based commands or menu-based transactions. Upon downloading of a Smart Money Account, a link is established between the Smart Money Account and the Smart Mobile Phone, where the download was initiated, hence the key-word based transactions are already available.

For keyword-based commands, the SMS/Text message sent from the Smart Mobile Phone shall be sufficient evidence that the Account Holder authorized the transaction and therefore, cannot be disputed by the Account Holder.  The same rule shall apply for menu-based transactions, once the Account Holder keys-in his/her W-PIN.  In both cases, the reference number in the SMS/Text message confirmation shall be the Account Holder’s proof of payment.    

8.    TRANSACTION AND CARD LIMIT

Transaction and card balance limits may be assigned or changed by Banco de Oro and/or Smart, at its option pursuant to applicable laws, subject to fifteen (15) days prior notice to the Account Holders.  An SMS/Text message shall be deemed as notification to the Account Holders.

The limits assigned by Banco de Oro and/or Smart shall be based on the product type of the Smart Money Account/Card and the completeness of the information provided by the Account Holder to  Banco de Oro and/or Smart.  

9.    SMS – SHORT MESSAGE SERVICES

This section applies to all Account Holders who sign up for “SMS“(Short Message Service), including Text Alerts:

9.1    Account Holders agrees and authorizes Smart Money to send promotional advertisements of its products and services through mail, short messaging service, multimedia messaging services, electronic mail and other forms of telecommunication, unless expressly notify Smart Money otherwise.

9.2    Account Holders shall abide and be bound by the instructions and/or procedures of Smart Money during the use of SMS. Account Holders shall have no claim, recourse or remedy against Smart Money for any loss, damage and expense Account Holders incur arising from your non-compliance with such instructions and/or procedures.

9.3    Account Holders shall not hold the Smart Money responsible or liable for any loss or damage which you may incur or suffer directly or indirectly arising out of or in connection with SMS due to any reason whatsoever including but not limited to breakdown or malfunction of the computer, its terminal connection lines, data processing system or transmission line whether or not belonging to Smart Money or any circumstances beyond Smart’s control.

9.4    Smart Money is entitled to effect any changes to SMS, suspend and/or terminate SMS and to vary SMS at any time its sole and absolute discretion without assigning any reason and without prejudice to any of its rights of action for any antecedent breach of these terms and conditions by Account Holders.

9.5    Account Holders may request to terminate the use of SMS Alerts by giving Smart seven (7) days written notice.

9.6    Account Holders hereby irrevocably agree to hold free and harmless Smart Communications, Inc. and indemnify the Bank against all actions, claims, demands, liabilities, losses, damages, costs and expenses of whatever nature that may result of Smart agreeing to provide SMS.

10.    ACTIVATION AND DEACTIVATION OF SMART MONEY ACCOUNT/CARD FEATURES

Banco de Oro and/or Smart may introduce other Smart Money Account/Card features.  Moreover, it may also deactivate existing features at its option at any time.  

On a case to case basis, Banco de Oro and/or Smart may opt to suspend or terminate an Account Holder’s privilege to use a particular feature, whenever it deems appropriate and necessary, particularly, but not limited to occasions when there are fraudulent transactions.  In such cases, Banco de Oro and/or Smart may charge a fee upon reactivation of the said feature, as per request of the Account Holder.  The approval of the request shall be the sole option of Banco de Oro and/or Smart.

Any person at least seven (7) years of age and not suffering from any disability other than minority may apply for Smart Money Card/Account in any Smart Wireless Center. For persons (7) seven to (11) eleven years of age, a father and/or mother may apply for a Smart Money Card/Account for each of their/his/her minor children, and such Smart Money Card/Account remains under the exclusive control of the parent/s until the child/minor reaches the age of majority, in which case, exclusive control passes to the child, unless it is ordered by the parent/s at the time of applying for Smart Money Card/Account that withdrawal/encashment can be made by the child/minor also.

Any guardian, trustee or administrator may also apply for a Smart Money Card/Account for each person or estate committed to his/her care. Smart Money Card/Accounts under more than one name shall be subject to the conditions, together with all modifications thereof, contained in the Smart Money Terms & Conditions signed by the applicant’s during the application.

11.    FOREIGN SMART MONEY ACCOUNT/CARD HOLDERS.

If Account Holder is now or at any time subsequent to the opening of Smart Money Philippine currency account, a nonresident of the Philippines or an entity that is not doing business in the Philippines, you affirm and acknowledge that your Philippine currency account can only be funded by Philippine currency proceeds of foreign currency inwardly remitted to the Philippines; by foreign currency sold for Philippine currency and/or proceeds from the conversion of accountholder’s real or personal property located in the Philippines. Account Holders agree that each time he will make or cause to be made a deposit, transfer or remittance of funds into his/her account; he is deemed to make the above representations and may be required by us to present any of the following:

11.1    Certificate of Inward Remittance, telegraphic transfer advice or other proof acceptable to Smart Money that the funds deposited, transferred or remitted were sourced from inward remittance of foreign currency;

11.2    Proof of conversion of foreign currency to Philippine currency

11.3    Deed of conveyance or similar instrument, duly executed, evidencing the conversion of real or personal property, and reflecting the amount of the consideration for the conversion.

Account Holders affirm and acknowledge that the Smart Money may refuse to accept any deposit, transfer, or remittance of funds into your account as a result of your failure to present the above described documents. Account Holders agrees that he shall not hold Smart Money liable for any loss, damage, and/or expense which you may incur as a result of Smart’s refusal to accept the funds.

12.    LOYALTY PROGRAM

Banco de Oro and/or Smart, at its sole option, shall run a Loyalty Program on the use of the Smart Money Account/Card.  The Account Holder’s right and obligation in the Loyalty Program shall be covered by the Terms and Conditions specific to the Loyalty Program.

13.    FEES, RATES & OTHER CHARGES

The Account Holder shall pay a joining fee and an annual Smart Money Amount/Card fee in such amounts as may be fixed by Banco de Oro and/or Smart to entitle the Account Holder to the use of the Smart Money Account/Card and the privileges that come with it.  Joining and annual fees are non-refundable.

The Account Holder agrees to pay other fees and charges and applicable taxes, related to the Smart Money Account/Card and its use, as maybe imposed by Banco de Oro and/or Smart, such as, but not limited to, ATM withdrawal, load and encashment fees.  Fees and other charges, as may be applicable, shall be inclusive of all applicable Philippine taxes and shall be debited from the Account Holder’s Smart Money Account/Card or paid upfront.  Should these fees and other charges result in a debit balance in the Account Holder’s Smart Money Account/Card, the amount shall be due and demandable from the Account Holder. The amount of fees and charges may be revised from time to time as Banco de Oro and/or Smart may deem necessary.

An ‘overdraft’ (credit) facility, permanent or temporary may be given to the Account Holder at the discretion of Banco de Oro and/or Smart.  This refers to a fixed credit facility that Account Holder may avail of when he fully consumes his/her Peso Value balance.  In the event that the ‘overdraft’ facility is given the Account Holder, and Account Holder avails of the same, an overdraft fee or interest charge may be applied.

An SMS/Text message fee shall be charged to Account Holder against his/her pre-paid phone balance or post-paid phone account when using the Smart Mobile Phone for various transactions, such as but not limited to balance inquiry, over-the-air loading, ‘remote/off-site’ purchases, Account-to-Account transfer.

14.    SENDING OF STATEMENT OF TRANSACTIONS

Upon the Account Holder’s request, Banco de Oro and/or Smart shall send a copy of the periodic Statement of Transactions either via mail, fax or email, as may be applicable.  The mere act of Banco de Oro and/or Smart in sending the Statement of Transactions in the mode and to the address indicated by the Account Holder is conclusive presumption that the Account Holder has received the same.  Banco de Oro and/or Smart shall be held free and harmless from any and all liability should the Statement of Transactions be read by a person other than the Account Holder.  Neither may Account Holder thereafter raise the defense that he/she failed to receive the Statement of Transactions.  In all instances, the Account Holder may inquire about the Statement of Transactions by contacting the Smart Money Hotline. Banco de Oro and/or Smart shall charge a fixed amount for Statement of Transaction fee per request.

15.    DISPUTES OF UNAUTHORIZED TRANSACTIONS

Transactions are authorized when a) the Account Holder’s signature appears on or is affixed on the sales slip for POS transactions; b) the WPIN is successfully keyed-in for menu-based/keyword-based transactions; c) SMS is sent from the Account Holder’s Smart Mobile Phone for keyword-based transactions below PhP300; or d) when the Account Holder has successfully unlocked his/her Smart Money Account for internet transactions.

The details in the SMS/Text confirmation message after every transaction and/or the entries in the Statement of Transactions are presumed true and correct unless the Account Holder notifies Smart Money Hotline in writing of any disputes thereon within fifteen (15) days from the date of transaction. If no dispute is reported within the said period, all transactions and the entries in the Statement of Transactions are deemed true and correct. Disputed transactions shall only be credited back to Account Holder’s account once the claim/dispute has been properly processed, investigated, and proven to be in favor of the Account Holder.  
    
The Account Holder shall pay a corresponding processing fee for each sales slip retrieved upon the request of the Account Holder or by BDO / SMART arising from an invalid dispute.

16.    PHONE & ACCOUNT/CARD SECURITY

The Account Holder shall be responsible for the security of the Smart Money Account/Card, the Smart Mobile Phone’s Subscriber Identity Module (SIM) and his/her Personal Identification Number (PIN).  All transactions made using the Smart Money Account/Card are conclusively presumed made by the Account Holder and the Account Holder shall be liable therefor. The Account Holder has the option to change his/her W-PIN from time to time or when he suspects the possibility of unauthorized present or future use of the account.  
   
17.    LOSS OF PHONE AND/OR SMART MONEY ACCOUNT/CARD

The security and proper care of the Smart Money Account/Card, as well as the confidentiality of his/her PIN shall be the Account Holder’s sole responsibility.

In case of loss of Smart Money Account/Card and/or Smart Mobile Phone, the Account Holder shall immediately inform Smart through the Smart Money Hotline of such loss within twenty-four (24) hours, via telephone or thru a written report. Cancellation of the Smart Money Account/Card shall be processed only upon proper authentication of the phone call or the signature in the written report, as the case may be.  All purchases and transactions made thru the use of the Smart Money Account/Card prior to the report of loss shall continue to be the liability of the Account Holder.

A replacement Smart Money Account/Card may also be created and delivered to the Account Holder, at the cost of the Account Holder. The remaining Peso Value in the cancelled Smart Money Account/Card shall be transferred to the replacement Smart Money Account/Card.

18.    EXPIRY, RENEWAL, REINSTATEMENT, CANCELLATION OF ACCOUNT

The Account Holder shall not use the Smart Money Account/Card after the expiry date indicated thereon.  Renewal of the Smart Money Account/Card shall be subject to the approval of Banco de Oro and/or Smart.  A Smart Money Account/Card, which has been suspended by Banco de Oro and/or Smart, may be reinstated by the latter at its option.  The Account Holder’s continued use upon the Smart Money Account/Card’s suspension, termination, or expiration shall be considered a fraudulent act and will be a ground for criminal action.

Banco de Oro and/or Smart reserves the right to charge a dormancy fee or not to renew Smart Money Account/Card accounts that are inactive or expired; or cancel/suspend, temporarily or permanently, Smart Money Accounts/Cards that remain inactive and/or are not loaded over a fixed period of time as may be required by Banco de Oro and/or Smart.

Any Peso Value remaining in the Smart Money Account/Card account after cancellation and/or expiration shall be processed by Banco de Oro and/or Smart, according to the rules set forth by the Bangko Sentral ng Pilipinas (BSP).  

19.    TERMINATION OF SMART MONEY ACCOUNT/CARD

Should the Account Holder (a.) fail to comply with the Terms & Conditions provided herein or for any reason fail to renew the Smart Money Account/Card or (b.) the Smart Money Account/Card is not renewed by Banco de Oro and/or Smart or (c.) Account Holder dies or becomes insolvent, however evidenced, the right to use the Smart Money Account/Card shall be terminated and any aggregate and unpaid charges, fees and other expenses for which the Account Holder is liable shall immediately become due without need of demand.

20.    CHANGE OF TELEPHONE NUMBERS / ADDRESS

The Account Holder shall immediately notify Smart Money Hotline via telephone or a written notice of any change in his/her residence, office or mailing address and/or telephone number/s.

21.    TERMINATION / CANCELLATION OF PHONE SERVICES

For terminated or discontinued post-paid phones, Banco de Oro and/or Smart has the right to debit from the Smart Money Account/Card balance any amount due and owing to Smart, whenever applicable.  Thereafter, the Account Holder has the option to continue his/her Smart Money Account/Card transactions and services by notifying Smart through the Smart Money Hotline via telephone or a written notice.  However, the functionalities of the Smart Money Account/Card shall be limited to a Stand-Alone Card.

22.    CHANGE OF NAME

The Account Holder shall immediately notify Smart Money Hotline via a written notice of any change in name of the Account Holder.  The Account Holder shall likewise attach the necessary documents, such as but not limited to marriage certificate, as proof or evidence of such change.

23.    DEPOSIT ACCOUNT/ASSETS WITH BANCO DE ORO

The Account Holder may choose to open and maintain a deposit account with any of the branches of Banco de Oro from which he/she may transfer funds into his/her Smart Money Account/Card, at his/her option, through Smart Mobile Banking Service (MBS).  

Furthermore, should the Account Holder fail to pay his/her credit/overdraft balance, Smart Money Account/Card fees and/or charges for whatever reason, any such unpaid amount shall be debited from his/her deposit account/s and other assets with Banco de Oro.  For this purpose, the Account Holder hereby authorizes Banco de Oro and/or Smart to respectively debit and/or confiscate, without notice to Account Holder, his/her deposit account and/or other assets and credit the same to Banco de Oro’s account.

24.    EXCLUSION FROM LIABILITY

Smart makes no warranty, express or implied, regarding the performance of this Agreement or the Smart Money functionalities or other services offered hereunder.

The Smart Money services are offered on an “AS IS”, “AS AVAILABLE” basis without warranties of any kind, other than warranties that are incapable of exclusion, waiver or limitation under the laws applicable to this Agreement. Without limiting the generality of the foregoing, Smart makes no warranty (1) as to the content, quality or accuracy of data or information provided by Smart hereunder or received or transmitted using the Smart Money functionalities; (2) as to any service or product obtained using the Smart Money functionalities; (3) that the Smart Money Services will be uninterrupted or error-free; or (4) that any particular result or information will be obtained.

Banco de Oro and/or Smart shall not be liable for any loss, costs, compensation, damage or liability to the Account Holder or third party arising directly or indirectly as a result of any or all of the following:

24.1    Refusal of Banco de Oro and/or Smart or any other bank, financial institution, ATM or Merchant and the like to allow, accept or honor the Smart Money Account/Card.

24.2    The Smart Money Account/Card is honored by any other bank, financial institution, ATM or Merchant; however payment transaction is not authorized, for any reason whatsoever.

24.3    Account Holder is unable to perform or complete any transaction thru the use of Smart Mobile Phone or Smart Money online payments due to service/system/line unavailability.

24.4    Any delay, interruption or termination of the Smart Money Account/Card transaction whether caused by administrative error, technical, mechanical, electrical or electronic fault or difficulty or any other reason or circumstance beyond Banco de Oro and/or Smart’s control (including but not limited to acts of God, strike, labor disputes, fire, disturbance, action of government, atmospheric conditions, lightning, interference or damage by third parties or any change in legislation).

24.5    Theft or unauthorized use of the Smart Money Account/Card or any loss, costs, damages or payable to any third party by the Account Holder.

24.6    Any misrepresentation or fraud by or misconduct of any third party, such as but not limited to owners, employees or agents of Smart Money Centers.

25.    LIMITATION OF LIABILITY

In the event of any action that the Account Holder may file against the Banco de Oro and/or Smart, the Account Holder agrees that the Banco de Oro and/or Smart’s liability shall not exceed One Thousand Pesos (P1,000.00) or the amount of damages actually suffered by the Account Holder, whichever is lower.

26.    FRAUDULENT TRANSACTIONS

26.1    Blocked Card – Banco de Oro and/or Smart shall have the right to automatically suspend or block the card in the event that Banco de Oro and/or Smart has reason to believe that the Cardholder’s Card account may be used fraudulent or suspicious transactions or by an unauthorized person. Banco de Oro and/or Smart may, but shall not have the obligation to, inform the Cardholder prior to suspending or blocking the Card pursuant to this Section. The Cardholder acknowledges the authority of Banco de Oro and/or Smart to suspend or block the Card and accordingly, the Cardholder shall hold Banco de Oro and/or Smart free and harmless against any and all consequences of such suspension or blocking, or any loss or damage which the Cardholder may suffer as a result thereof.

26.2    Discretion – Without giving any reason or notice, and without prejudice to the other provisions hereof, Banco de Oro and/or Smart has the absolute discretion (a) to refuse to approve any proposed Card transaction even if there is sufficient available balance; (b) to suspend, terminate or cancel the Cardholder’s right to use the Card; (c) to increase or decrease the balance limit; (d) to refuse to re-issue, renew or replace the Card and/or (e) to introduce, amend, vary, restrict, terminate or withdraw the benefits, services, facilities and privileges with respect to or in connection with the Card account, whether specifically relating to the Cardholder or generally to all or specific Cardholders.

26.3    Banco de Oro ad/or Smart shall not be responsible if it does not approve any Smart Money transactions or settlement under the Smart Money Account of the Cardholder even if there is sufficient balance limit available. Neither shall Banco de Oro and/or Smart be responsible if the merchant does not accept or honor the Card, even if there is sufficient balance available.

26.4    Banco de Oro and/or Smart may limit the number of purchases, or other Card transactions which may be approved in one day. If Banco de Oro and/or Smart detect any unusual or suspicious activity in the Card account, Banco de Oro and/or Smart may require the Cardholder to contact the Smart Money Hotline or temporarily suspend the Cardholder’s privileges until Banco de Oro and/or Smart can verify the activity. Banco de Oro and/or Smart may likewise approve purchases, Smart Money transactions, or other Card transactions which in the aggregate cause the card usage to exceed the limit without waving any of Banco de Oro and/or Smart’s right hereunder.

27.    DISCLOSURE

Banco de Oro and/or Smart shall keep all Account Holder files in strictest confidence.  Banco de Oro and/or Smart may, however, obtain, exchange or release information to its associates, affiliates, subsidiaries, officers, employees, agents, lawyers and other consultants, pre-paid/debit/credit bureaus or any such persons as Banco de Oro and/or Smart deems necessary, or as required by law, rule or regulation.

28.    VENUE OF LITIGATION

Venue of all suits shall exclusively be at Makati City only to the exclusion of all other courts.

29.    NON-WAIVER OF RIGHTS

Failure, omission, or delay on the part of Banco de Oro and/or Smart to exercise its right or remedies under these Terms and Conditions shall not operate as a waiver.

30.    SEPARABILITY CLAUSE

Should any term or condition in this Agreement be rendered void, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining terms and conditions shall not be affected or impaired thereby.

31.    AMENDMENTS

Banco de Oro and/or Smart may at any time and for whatever reason it may deem proper, amend, revise or modify these Terms and Conditions without further notice. It is the Account Holder’s responsibility to regularly check any changes to these Terms and Conditions.  The Account Holder’s continued use of the Smart Money Account / Card after any such changes constitutes acceptance of the new Terms and Conditions.  Failure to notify Banco de Oro and/or Smart of Account Holder’s intention to terminate his/her account shall be construed as acceptance by the Account Holder of the amendments to these Terms and Conditions.

32.    AGREEMENT

The Account Holder agrees to be bound by the Terms and Conditions governing the issuance and use of the Smart Money Account/Card.  Should the Account Holder disagree with the Terms and Conditions, the Account Holder shall cut the Smart Money Account/Card in half, if applicable, and call or provide a written notice of cancellation to Smart Money Account/Card Hotline, otherwise, the Account Holder shall continue to be liable for all charges incurred through the use of the Smart Money Account/Card.