BSP CIRCULAR LETTER, August 01, 1994
SUSPENSION OF BANKING SERVICES IN OBSERVANCE OF TRADITIONAL TOWN FIESTA/FEAST DAY
bankers association in a locality of the procedures to be followed in
case there is urgency to suspend banking services in observance of the
traditional town fiesta/feast day, to wit:
1. A written
notice shall be submitted to the Department of Rural Banks at least
seven (7) banking days prior to the effectivity of the change in banking
days/hours as provided under Subsection 3156.4 of the Manual of
Regulations for Banks and other Financial Intermediaries (Book III);
2. If a rural bank is a member of a local bankers association,
the notice shall be supported by a copy of the resolution duly passed by
the bankers association. In any case, the notice should indicate that
the proposed closure of the bank, if it is a branch office, has prior
approval of the respective head office of the requesting bank;
3. The notice of said closure and resumption of banking services shall be conspicuously posted in the bank’s premises;
4. If a rural bank is authorized to accept demand deposits, it
shall maintain a skeletal force to handle “out-of-town” clearing items
in line with clearing regulations.
We wish to further inform
that failure to comply with the foregoing procedures shall subject the
rural bank to applicable sanctions provided under existing regulations.
Adopted: 1 Aug. 1994
(SGD.) R. P. LIRIO
Managing Director