Reduction of Initial/Opening Deposit and Maintaining Balance of Regular Savings Account
OCA Circular No. 99-14, issued on July 31, 2014, outlines important changes regarding the Fiduciary Fund and Sheriff's Trust Fund Accounts. The initial and maintaining balance requirement for these accounts has been reduced from P10,000.00 to P1,000.00. Additionally, the circular waives certification fees on bank balances and fees for requests related to snapshots and re-printing of bank statements. This update aims to enhance accessibility and reduce costs for the courts involved.
Law Information
- Reference Number
- OCA Circular No. 99-14
- Date Enacted
- Category
- Supreme Court Issuances
- Subcategory
- Office of the Court Administrator Circulars
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
July 31, 2014
OCA CIRCULAR NO. 99-14
| TO | : | Executive/Presiding Judges, Clerks of Court/Officers-in-Charge/Accountable Officers of the First and Second Level Courts |
| SUBJECT | : | Reduction of Initial/Opening Deposit and Maintaining Balance of Regular Savings Account from P10,000.00 to P1,000.00 for the Fiduciary and Sheriff's Trust Fund Accounts; Waiver of Certification Fee on Bank Balances; and Waiver of Fee on Requests for Snapshots and Re-Printing of Bank Statements |
Quoted hereunder, for the information and guidance of all concerned, are certain matters on bank policies of the Land Bank of the Philippines (LBP) which were requested by this Office in its letter dated 26 May 2014, and were approved by the LBP through Ms. Delma O. Bandiola, Assistant Vice-President/Relationship Officer, North NCR Cluster B, to wit:
(1) Reduction of initial/opening deposit and maintaining balance of Regular Savings Account from P10,000.00 to P1,000.00 for the Fiduciary Fund and Sheriff's Trust Fund;
(2) Waiver of certification fee on bank balances; and
(3) Waiver of fee on requests for snapshots and re-printing of bank statements.
The foregoing shall also serve as an authority to open a Fiduciary Fund and Sheriff's Trust Fund account. cCaSHA
JOSE MIDAS P. MARQUEZCourt Administrator
Cite This Law
Reduction of Initial/Opening Deposit and Maintaining Balance of Regular Savings Account, OCA Circular No. 99-14, Jul 31, 2014 (Philippines)
Reduction of Initial/Opening Deposit and Maintaining Balance of Regular Savings Account, OCA Circular No. 99-14 (Phil. 2014)
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- Opening of Time Deposit Accounts with the Land Bank of the Philippine for All Fiduciary Fund Deposits Below P1,000,000.00OCA Circular No. 100-04 • Aug 27, 2004 • Supreme Court Issuances
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