Deposit Accounts – Frequently Asked Questions

The following are the requirements:

Individual

At least one(1) photo-bearing valid IDs

Two (2)copies of most recent 1 x 1 or 2X2 ID Picture

Additional requirements for Foreign Nationals (Except US Citizens)

(a)   Alien Certificate of Registration

(b)   Immigrant Card / Certificate of Registration

(c )   Passport Issued by the country of origin

Single Proprietor

(1)    Certificate of Registration issued by Department of Trade

(2)    Original Application for Registration/Current Business Permit from local government unit

(3)    Valid identification card (at least one) of signatory/ies

(4)    Recent  1×1 or 2×2 picture of signatory/ies

 Partnership

(1)    Articles of Partnership and By-Laws

(2)    Certificate of Registration with the Securities and Exchange Commission

(3)    Partnership resolution Agreement on the extent of authority of each partner

(4)    One (1) valid identification card of signatories and current 1×1 and 2×2 picture.

Corporation

(1)    Article of Incorporation and Bylaws

(2)    Certification of Registration with Securities and Exchange Commission

(3)    Latest General Information Sheet

(4)    Secretary’s Certification of board approved resolutions authorizing the following:

1. to open an account with Sun Savings Bank
2. list of authorized officers to sign and the nature and extent of such authority
3. list of Board of Directors

(5)    One(1) valid identification card of each authorized signatories and corporate secretaries

(6)    current 1×1 or 2×2 picture of authorized signatories

Treasurer-in-trust

(1)    Valid Identification of the Treasurer-in-Trust

(2)    Company Documents – Proposed Articles of Incorporation and By-Laws

(3)    Notarized Treasurer’s Affidavit (SEC Format) to be submitted after account  opening. To ensure that this will be submitted after account opening, SUN SAVINGS BANK will not issue the bank certificate that is required by the SEC until it receives the said Treasurer’s Affidavit.

(4)    Proof of Principal Place of Business, in the event that this information cannot be verified in the   prescribed documentary requirements i.e. Articles of Incorporation, Business Registration

(5)    Upon registration of the company, the client shall comply with the checklist of documents for  Corporate accounts and ensure to submit the document below:

Letter signed by the Treasurer-in-Trust requesting for the closure of the TITF account and  the  transfer of the  proceeds to the account of the new company

Important Note:

Treasurer-In-Trust-For accounts are temporary and non-transactional.

These will be closed upon conversion to a regular commercial account or submission of proof of the non-registration of the company. The proof on non-registration would be:

1. A notarized declaration/certification from all the incorporators stating that, due to the non-incorporation of the company, the appointed Treasurer is authorized to withdraw the proceeds of the account or stating the instructions for the disposition of the funds; and
2. A certification from the SEC stating that the application for incorporation of the company was withdrawn or did not push through

Clubs, Associations, Society or Organization 

(Includes churches, non-profit schools, civic organizations, trade associations, labor organizations, recreational clubs and other similar types or organizations) 

(1)    Constitution /Association Agreement

(2)    Resolution including Authority of representatives

(3)    Non-profit status

(4)    Personal ID for all authorized officers

Cooperatives

(1)    Certificate of Registration with the Cooperative Development Authority

(2)    Articles of Cooperation and By-Laws

(3)    Duly notarized Board resolution incorporating the following:

1. Authority to open a bank account with SUN SAVINGS BANK

b.      Designated Officers authorized to sign and the nature and extent of such authority

List of Valid IDs you can show when opening a bank account

• Passport
• Driver’s License
• Professional Regulation Commission (PRC) ID
• National Bureau of Investigation (NBI) Clearance
• Police Clearance
• Postal ID
• Voter’s ID
• Barangay Certification
• Government Service Insurance System (GSIS) e-Card
• Social Security System (SSS) Card
• Senior Citizen Card
• Overseas Workers Welfare Administration (OWWA) ID
• OFW ID
• Seaman’s Book
• Alien Certificate of Registration / Immigrant Certificate of Registration
• Government Office and GOCC ID / Armed Forces of the Philippines (AFP) ID / Home Development Mutual Fund (HDMF) ID
• Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
• Department of Social Welfare and Development (DSWD) Certification
• Integrated Bar of the Philippines ID
• Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC, or Insurance Commission
• Students who are beneficiaries of OFW remittances and are not yet of voting age can still open an account by presenting the original photo-bearing school ID duly signed by the principal or head of school and submitting a clear copy of that ID.

Savings Deposit Account

Short Term Time Deposit (30, 60 to 90 days term)

One-Year TD (Interest paid in advance)

Three-Year TD (Interest Paid in Advance for one year and every year thereafter)

Five-Year TD (Interest Paid in Advance for one year and every year thereafter)

Bank’s rates may change on a daily basis. Please contact the bank for more information on our current interest rates offered.

Formula to compute your account’s interest

Gross Interest = [ Day 1(End of Day Balance x EDIR) + Day 2(End of Day Balance x EDIR) + Day 3(End of Day Balance x EDIR)  + … Day 30(End of Day Balance x EDIR)

Where:

Effective Daily Interest Rate (EDIR) = Gross Interest Rate per annum / 360 days

Net Interest = Gross Interest – 20% WHT