This refers to your letter dated june 20, 2013. Prior to the implementation of the debit-memo validation (DMVAL)Facility a. LBP secured the prior consent of the philipine national police (PNP); and b. The concered pensioner borrowers executed their respective authorizations allowing the automatic debit from their ATM pension accounts an amount equivalent to their loan amortizations, as they fall due. The authorization executed by the pensioner-borrowers authorizes: 1.LANDBANK to effect fund transfer representing monthly amortization of the pensioners loan with the LI and debit his account with LANDBANK until full payment of loan;and 2.LI to enter into an agreement with LANDBANK in order for the lending institution to collect the loan amortization from his pension-funded account with LANDBANK. As a government financial institution, LANDBANK exercises ulmost diligence in carrying out our responsibilities to our depositors.We wish to reiterate that LANDBANK act of debiting pensioners account was made on the basis of his duly signed authorization.LBP does not arbitarly effect any deductions from the pensioners ATM accounts in the absense of the said authorization from the pensioner –borrower. Please be informed that your request was reffered to your respective lending institutions.As such, we advice you to communicate direcly with them, as the proper agency to adress your concern.
Posted on: Fri, 12 Jul 2013 10:34:10 +0000
Trending Topics
Recently Viewed Topics
© 2015