Deposit Pick-Up/Cash Delivery Services

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OFFICE OF THE GOVERNOR

Circular No. 412

Series of 2003

(2) thereof, are hereby amended to read as follows: provisions of Section X266 of the Manual of Regulations for Banks, particularly itert (b) Pursuant to Monetary Board Resolution No. 1359 dated 9eptember 18, 2003, the

guidelines on the deposit pick-up/cash delivery services of banks; "Sec. X266 Deposit Pick-up/Cash Delivery Services.Tt: (ollowhng are the

a the fotlowing: As a general rule, deposit pick-up/cash detivery services shall be linitel to

(1)To service the need of valued clients whoss daily averago deposit amounts to:

P500 thousand - for Metro Manila and Metro Cetu clients/depositors

P300 titousand - for outside Metro Manita afia Mctro (eba clients depositor's

2) To be serviced during regular banking hours and days only, undess ths nature of the business and volume of the deposits/sash would warrant servicing beyond regular banking hours and days, in which case justification therefor should be submitted to the satisfaction of the appropriate supervising and examining departnent.

D Prior BSP authority is not required before banks can engage in deposit pick-

up/eash delivery services, provided, the fotlowing conditions are coinplied With:

(l) Pick-u of deposits/cash delivery shall be nade with the use ot soliciting deposits from the general public, or in ay nanner in of deposit/cash itens in transit; armored cars, which shall not be operated as a mohile bant: asesl in carrying om banking transactions/services other than is afford seeurity

MAGIMPOK SA BANGKOY

MAYNHLA,PH.tPINAS 1004 . fel No.524-70-H urunktine - URI.: www.bsp.8uYp.h -:mn}: (spnaiLsp gov.ph

(2) PICK-UP OF DEPOSITS/CASH DELIVERY.MAY BE MADE FOLLOWING CASES/CIRCUMSTANCES : WIIH THE USE OF NON-ARMORED VEHCLES IN THE

(( On an unscheduied request, provided, That:

) all armored venicies have aiready beer fieided ana the request has to be served immediately; and

(ii) it is within a five (5) kilometer radius of a servicing banking office.

b} IN RUGGED TERRAIN/MOUNTAINOUS ROADS OR ROADS NOT SUITABLE FOR HEAVY ARMORED VEHICLES;

{(C IN CRITICAL OR REBEL-INFESTED AREAS WHERE CERTFIED BY THE LOCAL POLICE AUTHORITIES; THERE ARE PEACE AND ORDER PROBLEMS AS AND

EC IN ISLAND PROVINCES WHERE THE TRANSPORT OF CASH TO A BRANCH OR OFFICE MAY BE MADE ONLY WITH THE USE OF A FERRY BOAT,

PROVIDED, THAT THE NON-ARMORED VEHCLES ARE EQUPPED WITH DUAL CONTROL SAFE AND SUPPORTED MAYBECOORDINATEDWTTH LAW ENFORCEMENT AUTHORTTES. WITH ADEQUATE SECURITY BACK-UP. THEIR MOVEMENTS

The risk of ioss invoived in the pick-up of deposits/cash delivery shar car to be used shall be provided with at least two (2) armed guards zn supervised by at ieast two (2) officers of the bank: pe adecuately covered by insurance, and thc armored car/non-armorse

The aeposit/eash deiivery transacrions shal be booked in accordanoe with existing regulation:

(5) Pick-up of deposits/cash delivery shal not be aliowed on days other than the bank's reguiar banking days;

6} The strictest measure of safeguards, control and confiaentiality will be

adopted in implementing the services;

(7) A separate record/iog book for each armored car/non-armored car shal be maintained by the bank which shall contain the information on the armored car to be supported by "trip tickets" signed by a responsibie deposit pick-up/cash delivery activities of the armored car/non- officer of the bank:

(8) Records and/or such other reports that may be required of the bank from time to time shall be made available for examination/inspection by the authorized representative(s) of the appropriate supervising department of the BSP: and

C If the use of the non-armored car under b(2)(a) becomes reguiar, the bank

servicing of a valued ciient within a three (3) month period. (i.e., regular banking days) or periodic (e.g., every 15" or end of the month) shall engage an armored car to take its place. Regularity shall mean daib

If any of the above conditions are not met, the BSP may suspend the deposit pick-up/cash delivery operations of the bank without prejudice to the imposition of sanctions under Section 37 of R.A. No. 7653"

the Official Gazette or in a newspaper of general circuiation. This Cireular shall take effect after fifteen (15) days foliowing its publication in

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor

J 2003