A. Product Features and Eligibility
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The CWSLAI Deposit Earn and Loan (CWSLAI-DEAL) shall earn an interest rate of eight percent (8%) per annum, compounded monthly, for a period of five (5) years.
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Deposits may be made through over-the-counter payments, monthly salary deduction, pension deduction, subject to the prescribed minimum net take-home pay requirement of the PAF Finance Center.
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The program shall be open to all qualified members.
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Only fresh cash deposits shall be accepted.
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The CWSLAI-DEAL account may be used as collateral for a Sufficient Fund Loan.
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The required monthly deposit for a CWSLAI-DEAL account shall be minimum of Five Hundred Pesos (Php 500.00) up to maximum of Five Thousand Pesos (Php 5,000.00).
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A member may increase or decrease the monthly deposit amount subject to the prescribed maximum limit, provided that any existing availment has been pre-terminated prior to the adjustment.
B. Opening and maintaining of account
8. The member shall accomplish the CWSLAI-DEAL account form and the request for Salary/Pension
Deduction and submit the same to CWSLAI.
9. A CWSLAI-DEAL passbook shall be issued upon the effectivity of the salary or pension deduction.
10. Branches and liaison offices shall forward all requests for salary deductions to the Billing & Collection
Office for billing purposes.
11. The Billing & Collection Office shall consolidate all monthly CWSLAI-DEAL availments for billing.
12. The Cash Management Office shall monitor all CWSLAI Deal availments.
13. For CWSLAI-DEAL availments through salary deduction, any deficiency arising from insufficient
deductions shall be settled by the member through over-the-counter payment within the same
month.
14. Failure to remit two (2) consecutive monthly deposits, or failure to update the account due to deposit
deficiencies, shall result in the automatic termination of the CWSLAI-DEAL account.
15. Any excess remittance to CDA shall be credited to Accounts payable of the member.
C. Pre-termination and Termination of Account
16. Pre-terminated CWSLAI-DEAL shall only get 25% of the interest earned. In case of termination or
withdrawal of the principal, the passbook must be surrendered to the nearest CWSLAI branch/liaison office.
17. If the member fails to claim the maturity value of the investment upon maturity, the amount shall
automatically be transferred to Accounts Payable without earning interest.
18. Withdrawals for terminated CWSLAI-DEAL accounts shall follow the existing procedures for regular
withdrawals.
19. Members who opts to cancel his or her application shall be granted a cooling-off period of two (2)
business days from the date of application.