Maybank

UPDATES ON DEPOSIT CONTRACT

Maybank will update the Deposit Contract, effective November 16, 2026.

Summary of Updates:

1. Addition of provisions to comply with Republic Act No. 12010 or the Anti-Financial Account Scamming Act (AFASA).
2. Introduction of the Bank's obligation to conduct verification and coordinate with financial institutions, regulators, and law enforcement agencies in relation to suspected fraudulent transactions.
3. Customer authorization for the Bank to share necessary account information and transaction details for fraud investigation and verification purposes, as permitted by law.
4. Clarification that certain bank secrecy and data privacy restrictions may not apply during coordinated verification of disputed transactions as allowed under applicable laws and regulations.
5. Inclusion of prohibited activities under AFASA, including:
• Allowing another person to use or control the customer's account or online banking profile;
• Receiving or transacting funds linked to scams or fraudulent activities;
• Providing false or misleading information to facilitate fraudulent activities;
• Circumventing the Bank's security and fraud prevention controls;
• Sharing account credentials with unauthorized persons; and
• Opening accounts using fictitious identities or another person's identity.
6. Customer obligation to cooperate with verification and investigation processes conducted by the Bank.

1. Authority of the Bank to temporarily hold, restrict, suspend, or take other actions on accounts and transactions when required by law or when suspicious activities are detected.
2. Authority of the Bank to debit, adjust, reverse, recover, or return funds, interest, fees, and charges following investigation of disputed or fraudulent transactions, in accordance with applicable laws and regulations.
3. Inclusion of customer responsibility to provide complete, truthful, and authentic information and supporting documents when filing complaints, claims, or transaction disputes.
4. Clarification of the Bank's protections and limitations of liability for actions taken in good faith to comply with AFASA, BSP regulations, and other applicable laws.
5. Clarification of dormant account and escheatment provisions, including the transfer of unclaimed balances to the government in accordance with applicable laws.
6. Updates to selected provisions to enhance clarity, promote customer fairness, and align with applicable regulations, internal policies, and current banking practices.

To view the complete updated Deposit Contract, click here.