Proof of Delivery (POD) Service of the PhiliPost and Other Mail Couriers as Alternative to Registered Mail with Return Card

CIRCULAR NO. 498 Series of 2005

Subject  :   Proof of Delivery (POD) Service of the PhiliPost and Other Mail Couriers as Alternative to Registered Mail with Return Card

Pursuant to Monetary Board Resolution No. 1392 dated 27 October 2005, the Manual of Regulations for Banks (MORB), is hereby amended as follows:

Section 1. Paragraph (e) of Section X263 of the MORB is hereby amended to read as follows:

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"(e) In the case of charges and fees for dormant accounts or dormancy fee, the period of dormancy as prescribed under Subsec. X163.12 shall be properly disclosed among the terms and conditions of the deposit, and that the depositors shall be informed by registered mail with return card OR PROOF OF DELIVERY (POD) SERVICE OF THE PHILIPPINE POSTAL CORPORATION AND OTHER MAIL COURIERS on his last known address at least sixty (60) days prior to the imposition of dormancy fee."

This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in two newspapers of general circulation.

FOR THE MONETARY BOARD:

AMANDO M. TETANGCO, JR. Governor