If you’ve recently switched to the latest BDO Online app, you will have noticed a prompt asking you to agree to their updated Terms and Conditions before proceeding to use the app.
The T&C looks like this and seems like an innocent fine print until you scroll down to the Data Privacy and Bank Secrecy section.
This section requires BDO users to waive their Bank Secrecy Rights together with the Foreign Currency Deposit Act of the Philippines.
Here’s the full text of that section:
We’re highlighting specific concerns in Section 14.b:
1) BDO can disclose or share information about your account to the government and other agencies.
2) BDO can share your information with telcos (Globe, Smart, DITO).
3) BDO can share your data with other banks, financial institutions, loyalty program partners, etc.
Take note that by default, your bank (in this case, BDO) is legally bound to keep the confidentiality of your information (except in some instances). The Bank Secrecy Law and the Foreign Currency Deposit Act of the Philippines prohibit them from disclosing private data without due cause or legal process.
However, the BDO app requires you to waive all these “data privacy” rights whenever you use their online banking services so take note the next time you open your BDO app.
Updated (November 22, 6:20pm): BDO reps reached out to us and gave the following statement.
Statement from BDO:
The Data Privacy/Bank Secrecy section of the updated BDO Online app’s Terms & Conditions (T&C) is a common provision used by many local banks. It enables them to use its clients’ information to process transactions, comply with legal and regulatory requirements, and provide additional protection from fraudulent activities.
BDO Unibank assures its clients that it will not use their information for anything else beyond these reasons.
Kaya ba madali ma hack ang mga accts sa BDO??