Terms and Conditions

Online Privacy Policy

Notice of Our Privacy Policy (Regulation P)

Bancrédito International Bank, Corporation (hereinafter, "the Bank") respects the right of confidentiality of your Account information and disclose such information only as permitted by law and by the Privacy Policy of the Bank, described below.

Annually, or as required by law, the Bank will notify you of our Privacy Policy. This notice also applies to individuals who have been our clients previously.

Some benefits that you can receive by allowing your personal information to be shared between the subsidiaries and affiliates of the Bank, in the strictest confidentiality, are discounts, direct marketing offers, combined account statements, information on new and improved products, and easy access to information about your accounts from any of our subsidiaries or affiliates.

A. How and what information we collect

The Bank collects the following information about you from several sources:

  1. Personal information may include name, address and phone number provided on credit applications, account openings or other forms.
  2. Transaction information, such as balance, payment history and use of credit cards with the Bank, its affiliates, or others.
  3. Credit information, such as creditworthiness and credit history from consumer credit agencies. In addition, the information described above is shared to send you direct marketing with our affiliates. For these offers on products and services we consider criteria based on the information we collect.

B. Who we share your information

The Bank only shares the above information with its subsidiaries and affiliates. These are companies controlled by the Bank, and operate in various industries such as banking, mortgage banking, consumer finance, insurance and investments.

The Bank will not share your personal information with nonaffiliated third parties, except as permitted by law. Third parties are companies or organizations that are not part of the companies controlled by the Bank. An example would be the company that prints checks or issue credit cards for our customers. As an exception, the Bank shares the personal information of its customers with reputable institutions to carry out marketing initiatives by the Bank. Also the Bank makes marketing campaigns with other companies in order to provide a product or service. When carrying out joint marketing efforts, the Bank only shares the information necessary to achieve the above purposes. In addition, we require those companies, under contract, to maintain the confidentiality of the information and limit its use only for the purposes for which it was provided.

C. What security measures are in place to ensure the privacy of your information

The Bank limits the access of information only to those employees who need to provide services and products, or who need access in order to comply with federal and local regulations in the financial industry. The Bank makes the employees accountable to comply with the Privacy Policy and its principles, and take appropriate disciplinary measures to enforce employee responsibility, as specified by our Code of Ethics and Standards of Conduct of the Bank.

The Bank maintains physical security measures and electronic security measures to safeguard the confidentiality of customer information, as required by law and the Privacy Policy.

D. Privacy for Internet Users

Our commitment to safeguard your privacy also extends to the Internet.If you are just browsing our website, we do not request any personal information or collect information that may identify you unless you voluntarily and knowingly provide us that information. For example, when you send us an email or fill out an application online, if you provide this information, it will be used.

What are Cookies?

A cookie is a small text file sent by a web server that is stored on the hard drive of your computer or your browser so that it can be read afterwards. Cookies cannot read information from you on you computer or be used to steal information about you and are not virus carriers.

The cookies are a basic way for a server to identify you (most cookies actually identify the computer you are using at the time, not you personally). Cookies are used for many things from personalizing their home pages to facilitating online purchases. Cookies help recognize repeat visitors who access Web pages and operate a very important function when you enter secure Internet banking. For your safety, the Bank does not store any of your personal information in our cookies.

Disclosure and Use of Information

The Bank does not disclose any nonpublic personal information about our customers, former customers or visitors to the site to anyone except as permitted by law. The Bank does not sell any of your personal information. The Bank does not disclose any medical information you provide, unless you specifically authorize us to disclose it.

E-Mail Policy

In the future, we may send email notices of certain disclosures or notices if you choose to accept notices, notifications, statements or disclosures electronically. We may also send an email to market products and services that may be of interest to you.

Connections with third parties

Our website contains links to other web sites of other companies or businesses. These pages are provided as a courtesy and convenience for our customers and partners.

THE BANK IS NOT RESPONSIBLE FOR THE PRIVACY PRACTICES OR THE CONTENT OF THESE PAGES OF INTERNET. AS A GENERAL RULE, YOU SHOULD ALWAYS CHECK THE SEARCH AND REVISE THE PRIVACY POLICY OF AN INTERNET PAGE BEFORE GIVING OR DISCLOSING ANY PERSONAL INFORMATION.

These companies or businesses as third parties may collect personal information from you when you visit their pages. For example, they collect personal information from you when you provide them information about your bill or send them an email. Some merchants can also send cookies to collect data on your use and references in the Internet. When you make a "click" on an ad, the advertising company may also send a "cookie". We have no access to information collected by any third party, nor can we control how they use that information. If you have questions or interest in policies and practices of these companies, please check their websites and contact them directly.

The Bank has developed internal controls and processes to safeguard customer information and ensure that the person who is accessing data from the customer is the same or any person authorized by him.

E. Which option offer

If you wish, you may request that the Bank does not share personal information with subsidiaries and affiliates for use in direct marketing offers products and services. For this purpose, you must complete the Request for Exclusion including in conjunction with this release, and send it to the Bank at the address provided on the bottom of this document. This Request for Exclusion will be in effect until you notify the removal to the Bank via a written request.

The Application shall enter in effect as soon as the Bank receives the communication and thus inform you. Remember that the Bank can continue to exchange information and credit transactions as permitted by law. If you have joint accounts, the secondary person in the account will not receive this notification separately, so you must apply separately, if desired. If you want the Bank to continue sharing your personal information with subsidiaries and affiliates, do not return the Request for Exclusion to continue to have access to benefits such as discounts, direct marketing offers, combined account statements, information on new and improved products and easy access to information about their accounts from any of its subsidiaries or affiliates of the Bank.

Security Statement

Our Commitment

Bancrédito International Bank, Corporation (hereinafter, Bancrédito) understands that your trust in us depends on how well protected and guarded we keep your personal, business and account information. Our Privacy Policy is designed to ensure your information is secure regardless of the mean used, whether it is via a phone call, email, fax or Home Banking.

Bancrédito uses safety practices accepted by the industry which are appropriate for the way the Client decides to make business with us. For your protection, no matter what mean you select, Bancrédito will properly verify the identity of the client, before granting Access to their accounts. Furthermore, in our virtual world, our systems use firewalls, encryption and monitoring systems to protect your information.

Security is Everyone's Responsibility

Bancrédito takes the safeguarding of your information seriously. In fact, we believe keeping your information secure is the responsibility of every employee. When we offer access to our online service, we include a user name and provisional password that will allow us to identify you.

We recommend that you, the Client, take the necessary measures to protect this user name and provisional password. The provisional password must be changed by the Client the first time you access Home Banking. As a result, not even our employees will have access to your accounts through the Internet. Do not share your login or password with anyone.

Remember, none of our employees will request your password.

We recommend that you change your password regularly. If you believe that your password has been copied or stolen, change it and contact Bancrédito as soon as possible. Please use the message system provided by our system to provide or request information about your account or call 787-274-1678 / 79 or via email at servicios@bibcpr.com.

You must delete all attachments to emails that you do not know its origin.

Remember to press the button 'Exit' once you've finished using the website. When using a computer other than your personal computer, close the browser once finished.

Security Controls and Browser Requirements

To help us provide financial services in a safely manner, Bancrédito uses several controls.Among these, if you need to access your account information in Home Banking, you will need to use the user name and password established when offered access to this service. Another security measure is that the sessions will expire after 2 minutes of inactivity, this helps prevent unauthorized access to your accounts if you have left your computer unattended and have not disconnected from Home Banking.

Home Banking requires the use of secure browsers to protect you while you are accessing the online services.

FAQs

Is my confidential information secure?

Every time Bancrédito asks you to send confidential information via the internet, including personal account information, we require a secure session using the technology "Secure Socket Layer". This encryption technology (SSL) uses public keys to encrypt communications between your browser SSL and our website, this way we prevent the interception of data.

What browsers support SSL?

We recommend the use of browsers such as Microsoft Internet Explorer 5.5+, Netscape 7.x+, Mozilla 1.x+, Safari 1.x+, y Opera 6.x+, which support SSL encryption. If you use another browser, read its documentation to verify that you have the ability to SSL. You should not use any beta version of a browser for secure communications.

How I can verify that I am in a secure session?

If you use a Netscape browser, you will see a yellow padlock in the bottom corner. If you use Microsoft Internet Explorer, you will see a yellow padlock at the bottom of the browser window. If you use Macintosh you will see a blue line below the menu and a yellow padlock at the bottom of the browser window indicating that the session is encrypted. In addition, any browser can check if it is in a secure session if the address begins with "http://".

Which browser is required to use Home Banking?

We recommend using a browser that supports SSL 128-bit encryption, which provides you with a more secure communication without additional cost. Here are the recommended browsers to use Home Banking: Firefox version 2+ for Windows 2000, XP, Vista, Mac OS, UNIX y Linux Internet Explorer version 6+ for Windows 2000 and XP Internet Explorer version 7+ for Windows Vista Safari version 1+ for Mac OS.

Customer ID Notice

Important Information about Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, financial institutions are required by Federal law to obtain, verify and record information that identifies each individual or entity that opens an account or requests credit.

What this means for individuals: When an individual opens an account or requests credit, we will ask for their name, residence address, date of birth, tax identification number and other information that allows us to identify them. We may also ask to see a driver's license, passport or other identifying documents.

What this means for other legal entities: When a corporation, partnership, trust or other legal entity opens an account or requests credit, we will ask for the entity's name, physical address, tax identification number and other information that will allow us to identify the entity. We may also ask to see other identifying documents, such as certified articles of incorporation, partnership agreements or a trust instrument.

In addition, in accordance with the Unlawful Internet Gambling Enforcement Act, transactions associated with unlawful internet gambling are prohibited. Specifically, the Act "prohibits any person engaged in the business of betting or wagering from knowingly accepting payments in connection with the participation of another person in unlawful internet gambling." Bancrédito International Bank, Corporation´s customers must not initiate or receive wire transfers, checks, drafts or other debit/credit transactions that are restricted by the Act. For more information, please refer to :

www.federalreserve.gov/newsevents/press/bcreg/20081112b.htm.

Information collected by Bancrédito International Bank, Corporation will be kept confidential as required by the Privacy Act.

Regulation E

Regulation E, issued by the Federal Reserve System, under Law of Electronic Funds Transfer (15 U.S.C. 1693), regulates the electronic transfers of funds in individual accounts. Bancrédito International Bank, Corporation (hereinafter, the Bank) is providing this disclosure on the terms and conditions under which the Bank provides the service of electronic fund transfers and the client’s rights and responsibilities under that regulation. This Agreement and Disclosure will be available in Spanish if requested by the client.

A. Banking Services Available

  • Pre-authorized debit transfer
  • Pre-authorized credit transfers
  • Opening of additional accounts
  • Internal accounts transfers
  • Transfers between different clients of the Bank
  • Transfers to other institutions, subject to the prior verification of the Bank

Note: The transfers requested by the client will take effect after the Bank performs its due diligence.

B. Access to the Bank’s Services

The client will receive a username and a temporary password to access our Home Banking services.Once the client access the Home Banking with the provided information, the system will request the change of the password.

This new password should consist of six characters composed of numbers and letters. This process would be considered as a validation and acceptance by the client to use our electronic banking services.

If you have not yet received these access codes, please contact our Customer Service Department by calling (787) 274-1678 / 79 or by email at servicios@bibcpr.com to receive them.

In addition, if the client does not want to use the electronic banking services in order to access the Bank’s services, he/she should send a written communication to avoid the validation of the Client’s codes and to continue the use of services in the conventional manner.

C. Transfer Charges

Applicable charges for electronic fund transfers are given in the Annex of Bank Service Charges.

D. Right to Receive Documentation or Verification Regarding Transfers

Telephone Confirmation – The client can verify the registration of a pre-authorized transfer the next business day that transfer was scheduled by calling (787) 274 -1678/79 or via email at servicios@bibcpr.com.

The client will receive via email, to the email address provided, the confirmation of the transfers received or sent. The confirmation will indicate the following:

  • Amount of the transfer
  • Effective date
  • Affected account
  • Type of transaction: deposit or withdrawal
  • Origination or beneficiary account

Account Statements - The client will receive from the Bank a monthly Account Statement which will reflect all transactions processed by the Bank and the date they were processed.

E. Pre-Authorized Transactions

The pre-authorized electronic funds transaction is any transfer of funds performed via a computer or any other electronic mean, in which the client previously authorized a third party to perform it through the Bank. This type of transfer does not need the client to take any action once it is established. Among the pre-authorized transactions are the following:

  1. Pre-Authorized Credits. When the client authorizes that the account must be credited once every sixty (60) days (recurring deposits) from the same payer. The Bank will send a confirmation when this transaction is received as described in Section D of this Disclosure. In addition, the client may contact the Bank at (787) 274-1678/79 or via email at servicios@bibcpr.com to verify the accreditation was processed.
  2. Pre-Authorized Debits. The debits to the account should be received in a written notice from the client or by any other previously authorized person, if it applies.If the client authorizes automatic debits from his/her account with varying amounts and effective dates, the client should notify the Bank the amount and date of debit ten (10) business days before the payment date. The client can choose to receive the notice of this variation only when the payment exceeds a predetermined amount or when the amount falls outside previously established limits.

F. Business Hours and Days

The Bank’s business days are Monday through Friday, excluding holidays, from 8:00 a.m. to 5:00 p.m. (GMT-04:00 San Juan). Our holidays are mentioned in the document “Feriados 2010” in our website:

G. Liability for Unauthorized Transfers

  1. If the client believes that their Security Code has been stolen or lost, the client should contact the Bank at: (787) 274-1678/79 between the hours and business days set forth in Paragraph F.
  2. If the client notifies within two (2) business days of the date that had knowledge of the theft or possible unauthorized use of their Security Code, the client’s maximum liability is $ 50 or the amount of the unauthorized transfer, whichever is lower in transactions that occurred before the Bank was notified.
  3. If the client DOES NOT NOTIFY the Bank within two (2) business days following the date on which he/she learned of the theft, loss or possible unauthorized use of their Security Code, and the Bank can prove that the unauthorized use of their Security Code could be prevented if reported on time, the client may be responsible for up to $ 500 or the sum of :
    1. $50 or the amount of the unauthorized transfer which occurred within the two business days, whichever is less,
    2. the amount of the unauthorized transfer which occurred after the two business days and before the notification to the Bank, if the Bank can prove that the transfers have not been made if the client had notified the Bank within the established period.
  4. If the client identifies in the monthly account statement some unauthorized transactions or transactions not performed using their Security Code, the client should notify the Bank immediately. The Client will have a period of 60 business days after the Bank has sent the monthly statement. If there is any meritorious reason such as hospitalization or extended trip that prevents the Client from reporting an error on time, the Bank may extend the period to make the notification. Section I details the process for the Resolution of Errors in the monthly account statement. The notification should be received in written.

It would be considered sent once the client sends it to the Bank, even if the Bank has not received it. The client would be asked for the evidence of the sending process in order to verify the sending date. Once the Bank receives the confirmation, the process of Resolution of Errors will begin. If the claim is made by telephone, in order to save the client’s rights, the client should confirm the claim by written notice within the next ten (10) business days from the date of the call.

H. Bank's Liability for Transfers not Processed

If the Bank does not process a transaction properly or on time, the Bank will be responsible for damages or losses that this situation caused. However, the Bank shall not be responsible in the following situations :

  1. If for any reason not imputable to the Bank, the client does not have enough funds or credit in their account to make the transfer or withdrawal,
  2. If the transfer exceeds the funds available under their line of credit or withdrawal account,
  3. If the client did not notify the Bank of the theft or possible unauthorized use of their card,
  4. If fortuitous circumstances, such as power shortage or internet services, prevent transfer,despite reasonable concerns that the Bank has taken, or
  5. If the account’s funds are subject to legal proceedings, restriction or embargo that prevents the transfer of the funds

I. Procedure Applicable to the Resolution of Errors in Electronic Transfers

If the Client believes that there is an error in their Account Statement, the Client should call the Bank at (787) 274-1678/79 or via email at servicios@bibcpr.com. The Bank should have knowledge of the client’s complaint within sixty (60) business days following the dispatch of the first statement in whichthe error occurred on the account. When contacting the Bank, the client must indicate the following :

  1. Name and account number
  2. Personal information to properly identify, if done via telephone,
  3. The date and reference number of the transaction,
  4. The reason for the complaint or doubt, and
  5. The amount in dollars of the alleged error.

If the client makes the claim via telephone, to protect the client’s rights, the client must confirm their complaint in writing notice within ten (10) business days.

Period of ten days. The Bank will investigate as soon as possible the claim sent by the client, within the next ten business days after it was received. The Bank will send the client the determination about the investigation performed within the next three business days after it is concluded. Once the error is confirmed, it will be corrected the next business day of the determination.

Period of 45 days. If the Bank cannot conclude the investigation within the ten business days, it will notify the client that additional time will be necessary up to 45 business days considering the following :

  1. Provisionally the amount of the alleged error will be credited to the client’s account. If the Bank has enough evidence to believe the transaction was not authorized and has provided the client with sufficient information in order for the client to inform the Bank the notification required in Section G of this Disclosure, the Bank would retain the amount of $50. The Bank could not credit the account if :
    1. The Bank does not receive the claim by written notice after performed verbally within the ten (10) business days, as previously established, or
    2. The error notified by the client involves an account subject to Brokers and Dealers Investments Regulation (12 CFR part 220).
  2. The Bank will notify the client within two business days after the account was provisionally credited, the amount and date of this provisional credit and the permission of funds usage during the investigation period.
  3. Correct the error, if any, the next business day after the determination that the error occurred, and
  4. Notify the client the results of the investigation once concluded, within the next three business days.

J. The Right to Suspend a Pre-Authorized Transfer

If the client authorized the Bank to make debits (payments) from their account, he/she can suspend any of these services. The client needs to call the Bank at (787) 274-1678 / 79 or via email at servicios@bibcpr.com, so that the Bank receives the payment suspension at least three (3) business days prior to the date of the payment. If the order suspension was made verbally, it must be confirmed in writing within fourteen (14) business days of having it made via telephone.

K. Bank's Liability for Failing to Suspend a Payment of a Pre-Authorized Transfer

The Bank shall be liable for damages caused to the client by failing to perform an order of suspension for payment of a pre-authorized transfer made by the client, provided that the suspension instructions were received under the provisions and conditions of Section J of this Disclosure.

L. Disclosure Regarding Accounts to Third Parties

The Bank will only disclose information about client’s accounts or transfers :

  1. to verify the existence and condition of the client’s account to a third party, such as a credit reporting agency or merchant,
  2. to comply with orders issued by courts or by government agencies, :
  3. when necessary to complete or process a transfer, or
  4. 4. when the client provides a written permission.

M. Current Law

This Disclosure, and all the transactions covered by it, are subject to and would be interpreted in compliance with the Federal Law, including Regulations of the Federal Reserve Bank and, up to the point that they are not surrogated by themselves, to the Commonwealth of Puerto Rico Laws and Regulations.

Check 21

To all our Deposit Accounts Customers

At October 2003, the United States Congress approved, Check Clearing for the 21st Century Act. This Act is commonly known as “Check 21 Act” and it´s was signed in order to improve the clearing system efficiency in the Nation.

The Act becomes effective since October 28, 2003, and provoked various important changes in the checks processing and management by banks, since it allows that the clearing could be automatic and through electronic media.

In Bancrédito International Bank, Corporation (the Bank), we are prepared to comply with the Regulation.

One of the most important changes of this Act, are the substitute checks. A substitute check is a digital image of the original one. This new document created by “Check 21” has the full legal equivalent of the original check.

Also, the substitute check includes a legend which identified it as a copy of the original one.

CHECK SUBSTITUTE FRONT

SUSTITUTE CHECK REVERSE

After reading this information, we understand that you will have questions about Check 21, including:

What implications have "Check 21" for managing your account?

Your bank probably pays checks drawn faster. If you write a check for which there are no available funds in the account, this process will cause the return of the check for “insufficient funds” faster. Accordingly, you should not write checks against funds not available in your checking account.

What a substitute check means to you?

A substitute check has the same legal validity as the original one, and can be used as proof of payment or for any purpose that requires an original canceled check. As of October 28, 2004, you started receiving your statements with substitute checks or copies (images) of substitute checks.

Check images and substitute checks ?

There are strict requirements that must be met for a document to be considered a substitute check. Only images that meet these requirements are considered substitute checks. Copies (images) of your checks do not qualify and are not considered substitute checks.

What happens if you need a copy of a cancelled check?

If you need additional copies of those sent in your statement, contact us by phone at the numbers listed at bottom of this Notice.

What happens with the original check?

Usually checks are destroyed once the check is scanned. There are no requirements for retention of original checks. But remember that substitute checks are the same legal validity of an original for all relevant purposes, including proof of payment.

What if there is a loss related to a substitute check?

If you at some point deemed to have suffered a loss related to a substitute check that you have been received, and that has been debited from your account, you should contact the Bank within forty (40) days after consignment by the Bank of the substitute check, or sending the statement including the debit of the substitute check, whichever is later. This time period may be extended by extraordinary circumstances.

In a complaint related to a substitute check, the loss you can recover from the Bank includes the amount debited to your account and any charges made by the Bank as a result of such debit.

The amount to be reimbursed by the Bank shall be equal to its loss or the amount in controversy of the substitute check, whichever is less. In addition, interest will accrue as a result left out of any loss suffered if it is in an interest bearing account. If your loss exceeds the amount of the substitute check, you could use another legal remedy to recover its entire loss.

If your claim proceeds, you may receive a credit of up to Two Thousand Five Hundred Dollars ($ 2,500.00) plus interest (if it is from an account that earns interest), within ten (10) days of your claim. The remaining funds will be credited within forty-five (45) days after receipt of the claim. The Bank may, subsequent to the above terms, demonstrating the invalidity of the credit made, debit your account for the amount credited.

Your claim must include:

  • Descriptions of why you think have suffered a loss (for example, thinks that the amount withdrawn was incorrect).
  • An estimate of the amount of loss.
  • Explanations of why the substitute checks you have received were incorrectly charged to your account. In case where a “warranty claim” are in place (validity if a substitute check).
  • A copy of the original or substitute check (and / or) a copy of a “sufficient Check” (copy of a check where you can see the front and back of the check) containing the following information: the check number, the name of the person to whom you wrote the check, the check amount.

If you have any questions you can call the numbers listed at the bottom of this Notice.