Singapura Finance Ltd

TERMS AND CONDITIONS GOVERNING CORPORATE ACCOUNTS
(BUSINESS / NON-INDIVIDUAL)

We have a wide range of products and services that may suit your needs. Each product or service is governed by its own set of terms and conditions.

This document contains the general terms and conditions of the relevant account(s) and service(s) we may agree to provide to you from time to time. These terms and conditions are binding on you and it is important that you read and understand this document.

A. TERMS AND CONDITIONS GOVERNING CORPORATE ACCOUNTS
1. INTRODUCTION
1.1.

These Terms will govern your Accounts with us and the Services which we agree to provide to you.

1.2.

By applying for or using any Account or Service, you agree to abide and be bound by these Terms, and shall further be deemed to have read, understood and accepted each of these Terms.

1.3.

These Terms shall apply to:

(a)

any Account and Service you currently have with us;

(b)

any Account and Service we may provide you from time to time; and

(c)

each time you make use of an Account or Service.

1.4.

The use of Electronic Services is subject to our Terms and Conditions Governing Electronic Services.

2. OPENING OF ACCOUNT
2.1.

You may only open an Account with us if you meet such requirements which we may, in our discretion, prescribe including in relation to:

a.

eligibility for any Account and/or Service;

b.

requiring a minimum initial deposit or Minimum Balance;

c.

imposing a service charge or administrative fee;

d.

completing documentation and providing references as we may require; and

e.

providing any information we may require, including for the purpose of fulfilling “know-your-customer”, anti-money laundering and counter-financing of terrorism requirements and any other law and regulations which we are required to comply with.

2.2.

We will, in our absolute discretion, determine the age limits, minimum initial deposit or any other criteria on the opening and operation of a Current Account from time to time.

2.3.

Notwithstanding anything to the contrary, we reserve the right to reject any application to open an Account and/or use a Service without giving any reason and shall not be liable to you or any other person as a result of such rejection.

3. INSTRUCTIONS AND OPERATING MANDATE
3.1.

In order to operate or use any Account or Service, you must give us:

a.

all information which we may need about you and all Authorised Persons; and

b.

the operating mandate which sets out who has the authority to operate the Account or Service:

(i)

if you have appointed more than one Authorised Person; and

(ii)

if the Account is a joint Account.

 

Such information would include for the purposes of us meeting ‘know your customer’, anti-money laundering and anti-terrorist financing requirements and any other laws and regulations which we need or agree to keep to. You must tell us promptly, in writing, of any change in any documents, information, or authorization given to us, and give us supporting documents and evidence of any change.

3.2.

You acknowledge that we may implement whatever security procedures and features we deem appropriate and/or necessary from time to time to verify your identity and/or the identity of your Authorised Person and that the transaction has been authorized by you. Without prejudice to the foregoing, we may require confirmation of any instructions from you or the Authorised Person in any form or manner we deem appropriate.

3.3.

You and/or your Authorised Person shall, and shall procure that each of your Authorised Persons shall, respectively use a single signature in respect of all Accounts, unless you have specifically instructed us, in writing in such form as we may for the time being prescribe, that a different signature is to be used by you and/or the Authorised Person in respect of any one or more of the Accounts.

3.4.

All instructions given by you or any Authorised Person are irrevocable and binding on you.

3.5.

You must give us your mandate for operating your account and tell us promptly, in writing of any changes in your mandate. If your account is operated by your authorized signatories (people you have given permission to operate the account), you must give us their names and specimen signatures and tell us promptly, in writing, if there is any change to them. We will inform you if we cannot accept any authorized signatory due to our policies or any law or regulation which we need to keep to or agree to keep to. We are entitled to a reasonable period of time to process the change or cancellation after we have accepted your instructions.

3.6.

We are authorised to act on any instructions, which we believe in good faith has been given in accordance with the operating mandate for the Account and/or Service which is in force:

a.

while the change of operating mandate is being processed; and

b.

if any cheque or other instrument is dated before, but presented after we have processed the change of mandate unless you instruct us to stop payment.

3.7.

Once received and processed by us, instructions shall not be cancelled, withdrawn or amended unless in our discretion, we agree otherwise.

3.8.

Although you or the Authorised Person must give us instructions in writing, we may accept instructions given in any other manner such as by facsimile, telephone or through our Services provided we have received such documents as we may require for instructions to be given in such a manner.

3.9.

You shall be responsible for:

a.

the completeness and accuracy of all instructions;

b.

ensuring that your Account has sufficient funds for us to carry out any instruction; and

c.

ensuring that you and any Authorised Person:

i.

only use the same signature for all Accounts;

ii.

follow our instructions in connection with the Accounts and Services and comply with these Terms, any terms, conditions, rules or regulations, and all applicable laws; and

iii.

give us all information and help we may need for us to comply with our obligations under all applicable laws in any matter relating to your Account and use of the Services.

3.10.

You shall promptly notify us in writing of:

a.

any change or cancellation in the operating mandate or authorised manner of signing;

b.

any change or variation in your signature or that of any Authorised Person; and/or

c.

any other change in your information or that of any other Account Holder or Authorised Person which may be relevant to us acting on the operating mandate (including identification information).

3.11.

Any operating mandate, authorised manner of signing, specimen signature or other such information shall remain in effect until such time we receive notification that these have been revoked. We shall be entitled to a reasonable period of time of not less than seven (7) Business Days (or such other period as determined by us from time to time) from receipt to process such notification of change.

3.12.

We shall be entitled, but not obliged to, disregard any instruction from, or refuse to provide or permit you or any Authorised Person to use any Account or Service, if:

a.

the instruction or method by which the instruction was given fails to comply with any of our requirements;

b.

we are unable to verify your identity or the identity of any Authorised Person to our satisfaction;

c.

there is any inconsistency or ambiguity in the instructions;

d.

we are of the opinion that the instruction may be incomplete, incorrect, or misleading;

e.

we have reason to believe or suspect that the instruction is unauthorised, fraudulent or forged;

f.

the instruction was not in accordance with the mandate for the time being in effect in relation to the Account or appears to conflict with another instruction from a joint Account holder or Authorised Person;

g.

you or the Authorised Person have not provided us with all documents and information we require;

h.

we reasonably determine that you are unable to give instructions which represent your true intentions or lack mental capacity to manage an Account; or

i.

it is unreasonable and impracticable to do so or it is against our business practice, policy or procedure or any applicable law or requirement of any authority, or if it results in an Account being overdrawn.

3.13.

Notwithstanding the above, we may in our discretion:

a.

act upon any instruction which we believe in good faith to be given by you or an Authorised Person according to the operating mandate;

b.

act on incomplete or unclear instructions if we reasonably believe we can correct the information without referring to you or the Authorised Person, without waiting for confirmation by letter or the original instruction in writing, or without inquiry as to the identity of the authority of the person giving or purporting to be giving such instruction or the authority thereof and notwithstanding that such instruction may conflict with other instructions you have given us, or any error, misunderstanding, fraud, forgery or lack of clarity in the terms of such instruction;

c.

if we receive conflicting or multiple instructions, determine the order of acting without referring to you or the Authorised Person;

d.

specify additional conditions for accepting instructions from time to time;

e.

change or implement new security procedures or features we may think are necessary at any time; or

f.

require you or any Authorised Person to confirm any instructions in any manner we think is necessary.

3.14.

Where you give us instructions orally by telephone, we may, but shall not be obliged to, act on such instructions. However, any risks of misunderstanding, and any error or loss resulting from instructions given by unauthorised persons shall be borne by you. We shall not be liable for any loss which results.

3.15.

We shall not be liable to you for any refusal to give effect to your instructions.

3.16.

We shall be entitled, but not obliged, to perform a call back to confirm any instruction given by you or your Authorised Person.

3.17.

We may in our absolute discretion honour any cheque or other instrument, or act on any instruction, signed by you or an Authorised Person but presented after his death, regardless of whether we have received notice of such death.

3.18.

You agree not to make use of and, agree to exercise proper supervision and control over your staff so as to ensure that they do not make use of facsimile signature stamps in drawing cheques, or other forms of withdrawals, or in communications with us without first notifying us and entering into such arrangements as we may require. We may (but are not obliged to) verify a facsimile signature stamp against the specimen facsimile signature stamp of the Authorised Person. Where you or your staff makes use of facsimile signature stamps in drawing cheques, or other forms of withdrawals, or in any form of communication in breach of these Terms:- (i) we reserve the right to refuse to pay such cheques and/or to disregard such request for withdrawal or other communication without prior notice to you; and (ii) we shall not be liable for any loss howsoever arising if it honours a cheque, or allows a withdrawal or acts on any Instruction, bearing a facsimile signature which is not easily identifiable as such. “Facsimile signature” includes any facsimile signature impressed using a rubber stamp or other instrument.

4. DEPOSITS
4.1.

A deposit includes any deposit made in cash or by telegraphic transfer or cheque or other instrument which is placed with us by any means including over the counter, at branches or through the use of any Service.

 

Making a deposit

4.2.

We will accept for deposit into the Account all cash, cheques, bills and other instruments payable to you. However, we may at any time, acting in good faith and without assigning any reason refuse to accept any or part of such deposit and return all or any part of such deposit.

4.3.

When you make a deposit:

a.

The deposit must be made in the mode or manner we require from time to time;

b.

You agree that all deposits, will be subject to verification;

c.

We may give immediate credit for cheques, drafts or other instruments deposited but the amount will not be available for withdrawal until it has actually been received by us.

4.4.

Deposits must be made in the manner and on such terms and conditions as may be set by us from time to time at our discretion, including without limitation:

a.

on production of our prescribed forms duly completed;

b.

through cheques or other such instruments;

c.

through the use of a Card; and/or

d.

through the use of any Services,

 

and where there are any incorrect items, we reserve the right to alter any such incorrect items, including those stated on the deposit slip whether machine validated or otherwise.

4.5.

A deposit shall not be available for withdrawal until we have received the proceeds of the deposit and processed the transaction, even if the deposit has been credited into the Account. If the deposit is invalidated for whatever reason, we shall be entitled to debit the Account immediately and reverse any interest which has been credited in respect of this invalidated deposit. We will not be liable for any resulting loss as a result of this.

4.6.

If we agree to accept a deposit:

a.

You must reimburse us with the required amount and we may debit the Account:

i.

If the actual amount received by us is less than the amount recorded as credited to the Account;

ii.

If the cheque, draft or other instrument to effect the deposit is dishonoured;

iii.

If the corresponding paying bank, financial institution or any agent or sub-agent claims a refund or repayment of such amount for whatever reason (whether or not disputed); and

iv.

If required by any applicable law.

b.

And the amount recorded as deposited is different from the actual amount received, we may, revise any document relating to the deposit including any deposit slip (whether machine validated or not) and your statement of Account.

4.7.

We may in its absolute discretion refuse to accept a deposit if:

a.

the cheque or other instrument is payable to third parties or to their order;

b.

the cash, Card, cheque or other instrument appears to belong to someone else;

c.

it is a foreign cheque and other financial instrument;

d.

it is in a currency not acceptable to us; and/or

e.

the payee’s name or signature is not identical to the name on the Account,

 

and, in addition to the above, we may in our discretion accept or refuse any deposit without providing a reason or justification for the acceptance or refusal.

4.8.

Notwithstanding the above, we may accept or refuse any deposit and need not give you the reason for our acceptance or refusal.

4.9.

Unless we otherwise agree, any cheque, bill or other instrument deposited into the Account shall be accepted for collection only and the proceeds thereof shall not be available to you until such cheque, bill or other instrument has been verified and cleared and the proceeds paid to us by the paying bank and credited to the relevant Account.

4.10.

All payments received by way of telegraphic transfer, electronic transfer or by any other electronic modes may be credited into the Account, but cannot be drawn against until the proceeds have been received by us and the transaction has been duly processed. We will debit the Account if the transfer is invalidated for whatever reason. We reserve the right to debit such credited amount from the Account even after it receives payment, if at any time any actual or potential claim for repayment or refund is made by any party, whether on the ground that the payment was void, invalid, fraudulently made or otherwise.

4.11.

We may prescribe a minimum initial deposit and/or Minimum Balance requirement for an Account from time to time.

4.12.

If any Minimum Balance requirement applies to an Account:

a.

we may (but are not obliged to) act on any instruction or allow the use of any Account or Service if, by doing so, the Account would fall below the Minimum Balance; and

b.

where the Account is at or is below the Minimum Balance, we shall be entitled to:

i.

refuse to accept or act on any instruction or allow the use of any Account or Service;

ii.

charge a fee and debit this fee from the Account;

iii.

stop paying interest on the Account;

iv.

suspend or terminate any Service; and/or

v.

suspend or close the Account,

4.13.

We may in our discretion set a minimum sum for deposits for any Account, and the sum shall be such amount as we may prescribe from time to time. If the deposit is lower than the minimum sum, we shall be entitled to:

a.

refuse to accept or act on that instruction in relation to the deposit; and/or

b.

charge a fee and debit this fee from the Account,

 

and we shall not be liable to you or any other person as a result of such refusal or act.

 

Receipt of Deposit and Clearance

4.14.

Any receipt issued cannot be used as evidence of title or receipt of the amounts stated on it.

4.15.

All cheques, bills or other instruments deposited with us are received by us solely as agent for collection, and we assume no responsibility for any non-payment or loss to you resulting from any inability (for any reason) on our part to collect. We may use the services of any bank or agent in Singapore or elsewhere as we deem advisable in connection with any collection or for your other banking business. Such bank or agent shall be your agent, and all charges incurred in connection therewith by us shall be for your Account.

4.16.

We will not assume any responsibility for any delay, non-payment or Losses to you if we cannot collect for any reason including:

a.

Payment restrictions being imposed by any law, regulation and practice of the country from or through which payment is made or which applies to you;

b.

Any strike, default, neglect, or insolvency or any correspondent or paying bank or financial institution or any agent or sub-agent; and/or

c.

Any cause beyond our control.

4.17.

You shall indemnify us fully and hold us harmless from and against all monies, liabilities, losses, costs, damages, proceedings, claims and expenses of whatsoever nature which we may incur or suffer as a result of our collection or purchase of any cheques, bills or other instruments on your behalf. We shall be entitled to charge the Account for and/or reverse the entries in and/or debit the Account with the amount of any cheque, bill or other instrument collected or purchased by us which is subsequently returned unpaid and/or debit any of your other Accounts with us (whether in Singapore or elsewhere) with the amount claimed under this indemnity.

4.18.

The clearance times for different Accounts, cheques or other instruments may vary. If the deposit is made after the specified cut-off times, it may not be processed until the following Business Day.

 

General

4.19.

If you request for a dishonoured cheque to be returned, you agree that we may in our own discretion return it by any means we select, at your risk and expense.

4.20.

You must not deposit cash or bearer cheques into cheque collection boxes or machines. If a deposit is made this way it is made at your own risk and we will not be responsible for any Loss incurred as a result.

4.21.

No moneys in any Account may be transferred, assigned, pledged, charged or otherwise encumbered or given as security to anyone and you undertake not to do so except with our prior written agreement.

5. WITHDRAWALS
5.1.

Different Accounts may have different modes and manner in which a withdrawal may be made.

5.2.

We may from time to time, change or terminate any mode or manner of withdrawal for any Account, details of which will be updated on our website from time to time.

5.3.

For the avoidance of doubt, any particular mode or manner of withdrawal may be changed or terminated by us at any time, upon notice to you.

 

Making a withdrawal

5.4.

Withdrawal of any or all amounts in the Account is subject to availability of funds and at our discretion. Payments of the amounts to be withdrawn will, unless otherwise agreed to by us, be made by us by way of cheque, cashier’s order or in such other manner as agreed to by us in Singapore Dollars unless we in our discretion agree otherwise. Withdrawal by cashier’s order shall be made via application or requisition forms prescribed by us and upon such terms and conditions as we may impose from time to time. Fees and/or service charges may be imposed for instructions, including unsuccessful debit instructions.

5.5.

You are responsible for ensuring that:

a.

All withdrawals are made according to the mode, manner and on conditions we specify for the Account including using the required Account withdrawal forms;

b.

All withdrawal instructions are accurate and complete;

c.

You give us all documents and instructions we may need to act on the withdrawals;

d.

There are sufficient monies in the Account for all the withdrawals and that the Account on which cheques are drawn is not closed or changed;

e.

The payment of a cheque is not stopped;

f.

Withdrawal instructions are not varied or cancelled;

g.

You act in a manner that would prevent, and not facilitate or cause, any alteration or forgery or use of counterfeit or mutilated cheques; and

h.

Withdrawal instructions are not made by the use of erasable ink or typewriters or other equipment with built-in erasure features, or by the use of cheque writers or franking machines.

5.6.

All instructions to withdraw are irrevocable and binding on you. You acknowledge that you will be liable for all withdrawals including withdrawal instructions:

a.

Regardless of whether the Account is in credit or otherwise;

b.

Where the signature on the face of it appears to be similar to the signature in the operating mandate;

c.

Where the authorization on the face of it appears to be similar to the authorization in the operating mandate;

d.

Given using an ATM or any service.

5.7.

We may:

a.

Refuse to act on any withdrawal instruction:

i.

Which is not made according to the mode, manner or conditions specified for the Account;

ii.

If we do not receive all documents and information we need to act on the withdrawal including any identification document;

iii.

If the funds in the Accounts are insufficient;

iv.

The signature is different from the specimen signature furnished to us or not signed in the authorized manner or not drawn in accordance with the signature requirements prevailing at the time of presentation;

v.

If the cheque/financial instrument is presented after more than 6 months or the period specified on the cheque/financial instrument has elapsed from the date of the same;

vi.

We in good faith deem it reasonable or necessary not to proceed with such payment or withdrawal request;

b.

If we receive multiple withdrawal instructions, determine the order in which to deal with the instructions without referring to:

i.

The date the instruction was executed;

ii.

The time of our receipt of the instructions; or

iii.

You or any Authorised Person.

5.8.

We may in our discretion set a daily limit for withdrawals (including cash withdrawals) for any Account, and the limit shall be such amount as we may prescribe from time to time. If the Account is at or is above the daily limit, we shall be entitled to:

a.

refuse to accept or act on any instruction or allow the use of any Account or Service;

b.

charge a fee and debit this fee from the Account;

c.

suspend or terminate any Service; and/or

d.

suspend, freeze, terminate or close the Account,

 

and we shall not be liable to you or any other person as a result of such refusal or act.

5.9.

Withdrawals must be made in the manner and on such terms and conditions as we may set from time to time in our discretion, including without limitation:

a.

on production of prescribed forms which have been duly completed;

b.

through cheques or other such instruments;

c.

through the use of the Cards; and/or

d.

through the use of any Services,

 

and where there are any incorrect items, we reserve the right to alter any such incorrect items, including those stated on the withdrawal slip whether machine validated or otherwise.

5.10.

Monies in the Account may be payable at our customer centre in Singapore where the Account is maintained or such other customer centre in Singapore as we may in its absolute discretion permit.

5.11.

We may debit the Account regardless of whether the Account has sufficient funds if we receive instructions which are satisfactory to us without any obligation to call or notify you of such an event or that the Account has become overdrawn.

5.12.

Withdrawals from the Account may be made only upon receipt by us of an instruction satisfactory to us. Even if there are sufficient funds in the Account, we shall not be bound to honour any instruction to effect withdrawals from the Account and may in its absolute discretion refuse to effect a withdrawal if:

a.

the instruction bears names not identical to the names on the Account or, in our opinion, bears signatures different from the specimen signatures furnished to us (notwithstanding that the instruction is issued by you and/or an Authorised Person);

b.

if you and/or the Authorised Person(s) fail to produce your identity card, passport or other evidence of identification satisfactory to us;

c.

the withdrawal is made by way of cheque or other instrument which is presented after more than six (6) months from the date of the cheque or other instrument;

d.

if acting on such instructions will result in a breach or non-compliance by us in connection with any foreign exchange controls or any applicable requirements, laws and/or regulations against fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions, which we deem necessary or desirable to comply with; and/or

e.

we are prevented from doing so to comply with any Applicable Law,

 

and, in addition to the above, we may in our discretion accept or refuse any withdrawal without providing a reason or justification for the acceptance or refusal.

5.13.

Notwithstanding the above, any action taken by us on the basis of any instruction, including:

a.

a withdrawal or appropriate instruction bearing signature(s) which on the face of it appears to be similar to that of your signature or that of any Authorised Person; and/or

b.

any other form of instruction which on the face of it appears to conform with the authorisation registered with us;

 

shall be effective and valid and binding on you, and shall completely discharge and absolve us from any liability to you and/or any other parties, notwithstanding that the signature(s) or instruction(s) may have been forged or obtained fraudulently or without authority.

5.14.

You may apply to set up direct debit or regular/periodic payments if permitted for the Account. We may, by informing you in writing, cancel or stop the direct debit or regular/periodic payment arrangement if the arrangement no longer complies with the terms of the payment authority signed by you or if required by law.

5.15.

The clearance times may vary and differ depending on the Account or the manner in which the withdrawal is made. If the withdrawal is made after the specified cut-off time, it may not be processed until the following Business Day.

6. ACCOUNTS ‘IN TRUST’
6.1.

If you open an account in your name ‘in trust’ or ‘as nominee’ or in some other similar role, or as a capital markets services licence holder (or the equivalent) holding segregated clients’ accounts, the following will apply:

a.

We will not recognize any person (other than you as the account holder) as having any interest in your account;

b.

You have full authority and power under the terms of its appointment (the “Appointment”) as trustee, nominee, or appointment in similar capacity (such arrangement, the “Arrangement”) to open such Account(s) and you will ensure that it continues to have full authority and power to operate and maintain such Account(s) at all times;

c.

You have disclosed to us any and all restrictions, limitations and conditions imposed on your power to operate such Account(s) under the terms of the Appointment;

d.

We will not need to familiarize ourselves with the terms of the Appointment or any arrangement you have under the Appointment;

e.

We will accept requests to pay money into and take money out of your account, and other instructions relating to your account, from you or your authorized signatories only;

f.

If we require you to provide us with copies of any document(s) relating to the Arrangement (including, as applicable, the trust instrument, or nominee agreement) for due diligence, anti-money laundering or account opening purposes, the provision of such documents shall not be construed as giving rise to any duty or responsibility on our part to familarise ourselves with the terms of such documents;

g.

You are solely responsible for compliance with and observance of all regulatory requirements and restrictions applicable to it in respect of the opening, operation and maintenance of such Account(s), and we shall have no duty to inquire into or ensure your compliance with the same;

h.

We will not owe any duty or responsibility to the beneficiary(ies) or the principal of the Arrangement, whether to monitor the operation of such Account(s) or otherwise, and we shall be entitled to assume that you have complied with the clauses above and will not be required to check to ensure that you operate such Account(s) in accordance with the terms of the Appointment or in compliance with your compliance with its duties and obligations under the Arrangement;

i.

we will not be required to consult with, or to notify or to obtain any consent from any person with regard to your operation of such Account(s); and

j.

It is your responsibility to manage this account for the benefit of your beneficiaries. We shall not have any obligation to monitor this and the Account Holder agrees to fully indemnify and keep us fully indemnified against any loss in relation to the operation of the Account or in relation to any dispute between the beneficiary, the trustee and/or any related third parties.

k.

For the avoidance of doubt, you shall indemnify and hold us harmless against any claim, cost, expense, loss or liability arising from or in connection with the operation of the Account(s) including but not limited to any claim or legal proceeding brought against us by any beneficiary(ies) for whom you act as trustee or nominee or in similar capacity.

7. PROVISION FOR FIRMS
7.1.

Upon any change of the firm’s constitution for any reason whatsoever (including without limitation by death, resignation, replacement, addition, bankruptcy or otherwise of a partner or sole proprietor), we may, in the absence of written notice to the contrary, treat the remaining/new partner(s)/new sole proprietor as having full power to carry on the business of the firm and to deal with the Account as if there had been no change in the firm’s constitution.

7.2.

Notwithstanding any change in the firm’s constitution (as described in Clause 7.1 above) or name, or modification/termination of any power of any partner, these Terms shall bind all partners/a new sole proprietor, and in the case of a partnership shall bind all partners jointly and severally.

7.3.

You and/or your Authorised Person shall promptly notify us in writing of any change in the constitution or name of the firm.

8. CHEQUES
8.1.

Upon opening a Current Account, we will provide you with a cheque facility under which you may draw and issue Singapore dollar cheques on the Current Account.

a.

You shall ensure that all cheque books issued by us are kept in a secure place at all times and undertake to immediately lodge a police report and inform us of any loss of cheques/cheque books, failing which, we shall not be held responsible for any losses arising from the lost cheques being dealt with in any manner.

b.

You agree to undertake full responsibility for ensuring that due care is taken when writing any cheques to prevent any unauthorised alteration, fraud or forgery.

c.

We reserve the right to charge for the issuing of cheques and cheque books at such rates as prescribed by us from time to time. Each request for the issue of a new cheque book shall be accompanied by your stipulations as to the manner of delivery. In accordance with this or for any other reason, we may dispatch to you any new cheque book by post (whether ordinary or registered mail), courier or any other mode of delivery which we in our discretion deem reasonably appropriate at your cost and risk (including without limitation the risk of disclosure of any information concerning the Account arising thereby).

d.

All cheques remain our property and, upon the closure of the Current Account for whatever reason, all unused cheque books issued to you in respect of the Current Account shall be returned to us immediately.

e.

We reserve the right not to honour any cheques issued by you if:

(i)

The date the instruction was executed;

(ii)

in our opinion, the name is not identical to the name(s) on the Account or the signature differs from the specimen signature furnished to us;

(iii)

you fail to produce evidence of identification to our satisfaction;

(iv)

the cheque is drawn in a manner not acceptable to us;

(v)

the cheque, in our opinion, bears any form of mutilation and/or alteration (whether countersigned or otherwise); and/or

(vi)

there are any technical errors, including without limitation a post-dated cheque, a cheque bearing any inconsistencies or a cheque with illegible handwriting.

f.

We may levy a charge, as may be prescribed from time to time, on each cheque returned due to insufficient funds. If cheques continue to be returned due to insufficient funds in the same Current Account, we may close the Current Account without prior notice to you.

 

General

8.2.

When you receive a new cheque book, you must check that your name and Account number are printed on the cheques and count the cheques to ensure they are intact. We shall not be liable for any losses, damages, costs (including legal costs on a full indemnity basis) and expenses incurred or suffered by you if you fail to do so.

8.3.

Any cheque drawn on the Company shall be on such forms supplied by us for the Account and must be drawn in the currency for that Account. We shall be entitled to dishonour any cheque which is drawn in contravention of this provision.

8.4.

Cheques drawn on local banks are only cleared on designated clearing days which must be a Business Day. Such cheques are credited when deposited but cannot be drawn against until all proceeds have been received in the Account. We will debit the Account for dishonoured cheques and you shall be liable to pay for all interest, fees, costs, charges and expenses incurred or suffered by us, even if such interest, fees, costs, charges and expenses are imposed by us.

8.5.

Clauses 8.3 and 8.4 shall apply to all cheque deposits placed with us whether over the counter or through any other means.

8.6.

We reserve the right to debit your Account with cheques credited regardless of whether the cheques may be subsequently returned unpaid, or whether your Account may be overdrawn.

8.7.

We shall be entitled to refuse to accept any cheque, CTS Article or financial instrument for deposit. This includes without limitation any cheque or CTS Article on which the payee’s name is not identical with that of the Account Holder. Whether we refund a CTS Article, in particular, a demand draft, will depend on you giving us enough detail to identify the demand draft and return the original demand draft, and any conditions we may set. We will make refunds on a demand draft at our current rate for the currency of the demand draft after deducting all charges that apply. If a demand draft is lost, stolen or destroyed, we may, if you ask us, and if you meet our conditions, stop payment on the demand draft, issue a replacement for the demand draft or refund the amount of the demand draft.

8.8.

Cheques, CTS Articles and other financial instruments paid in or deposited by you into the Account and which have been dishonoured or cannot be processed by us for whatever reason may be returned by ordinary post or such other manner as may be decided by us at our discretion to your mailing address or to your last known address in our records at your risk and expense.

8.9.

All cheques drawn on the Company must be signed in conformity with your specimen signature, or a specimen signature of an Account Holder, as kept in our records. Any alterations or corrections to the cheque must be countersigned with a signature that similarly conforms with the specimen signature in relation to the Account, or one of the specimen signatures of an Account Holder, as kept in our records. You shall issue a new cheque if there is more than one alteration/cancellation or if there is a material change in particulars such as changes in the name of payee, crossing or amount.

8.10.

We may at its discretion, and upon your request, mark cheques as “good for payment” to another bank for any current account. If a cheque is so marked, the Account shall be debited immediately with the amount specified in the cheque. Such payments cannot be stopped. We shall be entitled to charge a fee for such services.

8.11.

We may at our discretion, refuse to pay cash even though the word “bearer” is not cancelled, and the cheque is not crossed or marked as an “A/C Payee” cheque. We do not undertake to verify the identity of endorses of cheques drawn. You shall be fully responsible for the correctness and validity of all endorsements on cheques drawn on the Account.

8.12.

Stop payment instructions shall be valid if we receive such instructions:

a.

in writing and where such instructions have been signed in conformity with your specimen signature, or the specimen signature of an Account Holder, as kept in our records; or

b.

verbally, after we have determined to our satisfaction that the individual making such a request is the Account Holder or an Authorised Person.

8.13.

Stop payment instructions will be valid for such period as we determine from the date on which we receive your verbal or written instructions. Stop payment cheques will be effected based on the cheque number(s).

8.14.

Any charges will be debited from the Account even if the stop payment instruction was processed successfully.

8.15.

You shall be solely responsible for the safekeeping of your cheques and cheque books. When not in use, you should keep such cheques and cheque books securely so as to be inaccessible to unauthorised persons. In the event that any cheque (signed or unsigned) or cheque book is misplaced, lost, or stolen, you must inform us in writing immediately, otherwise we shall not be liable for any losses, damages, costs (including legal costs on a full indemnity basis) and expenses incurred or suffered by you.

8.16.

Cheques should be drawn in Singapore Dollars and must be written in non-erasable ink. If you draw a cheque using pencil, erasable ball-point pens or self-correcting electronic typewriters which may give rise to forgery, fraud or unauthorised alterations, we shall not be liable to you and/or any party for any losses or damages. You shall not use facsimile signature stamps (including facsimile signatures using a rubber stamp or another instrument) to issue cheques.

8.17.

In cases where several cheques, CTS Articles or bills are presented at the same time and the total amount exceeds the balance in your Account, the decision as to which of such cheques, CTS Articles or bills are to be paid shall be at our discretion. We will not make partial payment on a cheque, CTS Article or bill when overdrawn against the said Account.

9. CHEQUE TRUNCATION SYSTEM
9.1.

Without prejudice to the generality of the foregoing provisions, the following shall apply to all articles, documents and items processed through the Cheque Truncation System (“CTS”) operated pursuant to the by-laws made by the Singapore Clearing House Association (“SCHA”) including but not limited to cheques (whether or not the same are, under section 82 of the Bills of Exchange Act (“BEA”) or otherwise, not transferable), other instruments and Image Return Documents (“IRD”) subject to the cheque truncation provisions of the BEA and/or any regulations made thereunder and all non-clearing items captured or generated pursuant to CTS.

9.2.

Our rights, practices and/or liabilities are subject to the relevant by-laws and/or regulations of the SCHA and the Association of Banks in Singapore and we shall not be liable to you for any act done or omitted to be done pursuant to these by-laws and/or regulations.

9.3.

We shall have the right to engage any bank, agent and/or service provider in proving services under the CTS. You consent to us disclosing all information relating to your Account, the CTS Articles and such other relevant details, information and particulars concerning transactions relating to your Account to:

a.

the CTS Operator;

b.

our bank, service provider and/or agent providing Services under the CTS; and

c.

such other persons having access to our records as may be required under any of the aforesaid laws, by-laws, regulations and/or agreements.

9.4.

We may (but shall not be obliged to) submit for CTS Clearing and/or settlement and payment, any CTS Article presented to us for collection and/or payment.

9.5.

We shall not be obliged to return any original CTS Article presented to us for collection and/or payment notwithstanding that such CTS Article has been dishonoured or payment thereon has been refused on presentation provided that:

a.

in the event that any CTS Article has been dishonoured after presentation by us for clearing through CTS, we shall provide you with an IRD; and

b.

in the event that you request in writing for the return of any original CTS Article which has been dishonoured or on which payment has been refused, we may (but shall not be obliged), at our discretion but subject to the applicable by-laws and regulations of the SCHA, return the original CTS Article to you in exchange for the IRD provided to you in respect of such CTS Article subject to such terms and conditions as may be imposed by us including the payment of a prescribed fee and any other expenses incurred by us.

9.6.

Where we have paid on any cheque or other instrument as aforesaid drawn or purportedly drawn by you (and/or on the image and relevant electronic payment information in respect thereto):

a.

we are not obliged to return to you the original of any such CTS Article and it shall be sufficient (when so requested by you and subject to such conditions as we may impose and/or the relevant by-laws and/or regulations of the SCHA) that we issue to you the electronic image of such cheque or other instrument or a printed or electronic copy thereof;

b.

you consent to the retention and storage of the aforesaid original by the relevant presenting banker as referred to in section 90 of the BEA and/or the designated agent of such presenting banker and to the destruction of the aforesaid original upon the expiry of the period of time specified under the relevant by-laws and/or regulations of the SCHA; and

c.

you consent to the retention and storage of the electronic data and/or image in respect of the aforesaid original arising from the CTS process in accordance with (and, unless we otherwise determine acting in our discretion and subject to such conditions as we may impose, only for so long as the retention period specified in or pursuant to) the relevant by-laws and/or regulations of the SCHA and to the destruction of the aforesaid electronic data and/or image upon the expiry of the retention period so specified without us retaining a copy in any form or medium,

 

provided always that we may (acting at our discretion and subject to such conditions as we may impose and/or the relevant by-laws and/or regulations of the SCHA) nevertheless return the aforesaid original in lieu of the relevant electronic image or a printed or electronic copy thereof.

9.7.

We shall not be obliged to replace or reissue you any IRD of any CTS Article provided to you which has been defaced, torn, mutilated, damaged, destroyed, lost or misplaced. Any presentment of an IRD shall be subject to the terms and conditions stated on the IRD and any Applicable Law. We shall be entitled to reject any altered, mutilated, defaced or torn IRD presented by you to us for collection and/or payment.

9.8.

We shall not be responsible or liable to you for any losses, damages, costs (including legal costs), charges, expenses or any other liabilities (including but not limited to any consequential losses or damages) suffered or incurred by you arising from any payment by us on any CTS cheque or any CTS image of the CTS cheque presented to us for clearing through CTS which has been altered or forged in any way if such alteration or forgery is not apparent from the CTS image of the CTS cheque presented to us for payment and we shall be entitled to debit your Account for the same.

9.9.

We shall not be responsible or liable to you and/or any other party for any losses, damages, costs (including legal costs), charges, expenses or any other liabilities (including but not limited to any consequential losses or damages) suffered or incurred by you and/or any other party howsoever caused by or arising from the CTS.

9.10.

We may send any CTS Article, CTS image and/or IRD to you at your sole risk and expense by ordinary mail or such other mode as you may request and which we may in our discretion agree.

9.11.

You agree that any CTS Article or CTS image or any part thereof in electronic form may be admitted in evidence as an original document and agrees not to challenge the admissibility of any such CTS Article or CTS image on the grounds only that it is made or recorded in electronic form.

9.12.

Notwithstanding any instructions or mandate from you to the contrary, we shall have the discretion (without incurring any liability to you) to determine whether to process through the CTS and/or any other clearing and/or settlement system as we think fit any cheque, article, document or item including but not limited to:-

a.

any cheque (including but not limited to a cheque which under section 82 of the BEA or otherwise is not transferable) or other instrument (including but not limited to an instrument to which section 86 of the BEA applies) drawn or purportedly drawn by you; and/or

b.

the image and/or relevant electronic payment information in respect of any such cheque or other instrument.

9.13.

Notwithstanding any instructions or mandate from you to the contrary, we shall be entitled to disregard the presence or absence of any company or personal stamp(s), seal(s) and/or similar marking on:

a.

any cheque (including but not limited to a cheque which under section 82 of the BEA or otherwise is not transferable) or other instrument (including but not limited to an instrument to which Section 86 of the BEA applies) drawn or purportedly drawn by you; or

b.

the image and/or relevant electronic payment information in respect of any such cheque or other instrument as aforesaid,

 

even though you may have issued us contrary instructions, or the mandate for the Account may contain contrary instructions.

9.14.

In the event of any conflict or inconsistency between this clause 9 and any other terms and conditions herein, this clause 9 shall prevail and the other terms and conditions herein shall be deemed to have been amended to the extent necessary to give effect to this clause 9.

10. STATEMENTS OF ACCOUNTS AND TRANSACTION RECORDS
10.1.

In line with our normal banking practice, we will send you account statements (including electronic statements and transaction records such as deposit confirmations) through the post or via Electronic Services or by any other method we have agreed with you. We may not send account statements (including electronic statements and transaction records) if no transactions are carried out on your account.

10.2.

If any account statement is returned undelivered, we will not send you any further account statements until you have updated your contact information with us.

10.3.

We may allow you to receive electronic advice (including SMS or email), which we will send you in a way we decide. You will be responsible for paying all charges for receiving such electronic advice. Although we will put in place reasonable protection, we do not guarantee the accuracy, adequacy, reliability or security of any electronic advice we send to you and you accept the risk that it could be accessed by any unauthorised person. We are not responsible to you or anyone else for losses, damages or expenses arising from inaccurate or inadequate content or by anyone using or relying on the contents of electronic advice.

10.4.

At your request, we may (but are not obliged to) pay, credit to or make available for withdrawal, from your account, any sum in advance of actual receipt of funds by us.

10.5.

If we subsequently do not receive clear and unconditional funds promptly and in full for any reason, we shall be entitled, at its sole and absolute discretion, to take any one or more of the following actions:

a.

Reverse any credit entry in your account;

b.

Debit your account;

c.

Cause any sum to be unavailable for withdrawal from your account;

d.

Demand immediate refund by you of any sum paid from your account; and

e.

Treat your account as overdrawn for any sum paid from that account which is in excess of the balance of funds for the time being in that account, in which case Clause 11 shall apply.

10.6.

We may also take any one or more of the actions stated in Clause 10.6 above at our sole and absolute discretion, if we are required to return any funds received by us from any party, or if we have reasonable grounds to take such action(s).

10.7.

In respect to Clauses 10.6 and 10.7, we shall have no liability whatsoever to you and shall not be required to give any prior notice to you in respect of any such action taken.

10.8.

We shall not be liable for any losses incurred arising from any unauthorised transaction on an Account if you:

a.

do not notify us immediately upon becoming aware of the unauthorised transaction in accordance with these Terms;

b.

fail to comply with any of the Terms or any security instructions and advice which may have been issued by us from time to time, or you fail to take precaution or reasonable care in preventing the occurrence of such unauthorised transaction;

c.

directly or indirectly caused or contributed to the occurrence of the transaction by your acts or omissions;

d.

consented or were aware of the transaction being carried out; or

e.

acted in a manner which was fraudulent, dishonest or grossly negligent.

11. OVERDRAFT
11.1.

In the absence of prior arrangement and approval, the Current Account shall not be overdrawn. However, overdraft facilities may be permitted at our sole discretion in accordance with the following (non-exhaustive) terms:

a.

We reserve the right to set a limit for the overdraft facility, which may be increased or decreased at our discretion at any time. If the Current Account balance exceeds the overdraft limit prescribed by us, the Account Holder(s) shall immediately make payment to reduce the balance to or below the overdraft limit.

b.

Interest on any overdrawing of the Current Account shall be calculated based on daily debit balances at such rates as may be specified by us from time to time and shall be debited to the Current Account monthly or at such intervals as may be determined by us at any time. Where there is any unpaid interest, it shall be capitalised at the end of each calendar month and added to the principal amount owing for the purpose of calculating subsequent interest.

11.2.

If we agree to allow an Account to be overdrawn (though it is not obliged to do so), you agree:

a.

the amount overdrawn is treated as an advance by us and you shall owe us a debt equal to that amount;

b.

that we may charge an interest on the amount overdrawn at such rate or rates determined by us from time to time;

c.

to promptly repay all amounts overdrawn including any charges and/or interests upon our demand;

d.

not to overdraw from the Account beyond the overdraft limit as agreed by us upon from time to time; and

e.

to comply with any other terms and conditions relating to the overdraft facility from time to time.

11.3.

If we agree to allow an Account to be overdrawn (though we are not obliged to do) in relation to a particular transaction, you agree that such agreement shall apply only for that transaction and shall not mean that we have agreed or will agree to allow the Account to be overdrawn in the future.

12. CHARGES, PAYMENTS AND TAX MATTERS
12.1.

We may from time to time impose transaction restrictions on a Current Account, such as limiting the number of free withdrawals that may be made on an Account in a calendar month beyond which a service fee may be charged.

 

Payment Responsibilities

12.2.

You will pay such fees as we may determine for the opening, closing and operation of the Account and any other Services rendered by us. In addition, we are entitled to impose a fee on all Accounts, including dormant Accounts where the credit balance falls below the Minimum Balance we prescribe and on Accounts closed within six (6) months from opening or such other period as we may prescribe.

12.3.

You agree to make payment, together with any interest that may accrue at such rate that we may in our discretion determine from time to time, to us for all monies, charges and/or liabilities on demand, and that such payment shall be in full, free of and without any set-off, counterclaim, restriction, condition, deductions, encumbrances and/or liabilities with respect thereto.

12.4.

You shall bear all charges (including administrative and/or bank charges), fees, commission, taxes, levies, reimbursements or any other cost of any nature which may be levied by us, any banks (including but not limited to the bank engaged by us in providing Services under the CTS, the SCHA and the CTS Operator), financial institutions, nonfinancial institutions, agents or any other person, firm, company, corporation or any other entity in connection with or arising out of any transaction or instruction relating to the Account or the performance of any obligation or the provision of any Services to you.

12.5.

We shall be entitled to debit (without notice) the Account with any fee, commission, tax, levy, reimbursement or any other cost payable by you to us at such rate determined by us from time to time notwithstanding that such debiting may result in the Account being overdrawn. Without limiting the generality of the foregoing, we reserve the right to impose a charge in circumstances including the following:

a.

where the credit balance in the Account falls below the Minimum Balance;

b.

where the Account is opened and closed or where the Service is subscribed and terminated within such period as we may prescribe from time to time;

c.

where a new item or document (including without limitation a cheque or Card) is issued to replace a lost, stolen or damaged item or document;

d.

where you request the provision of cash deposit services or coin deposit services from us;

e.

where you request for statements of accounts or additional statements of accounts from us (whether electronic or otherwise);

f.

where you request that we hold all correspondences for personal collection by the Account Holder at a specified customer centre; and/or

g.

where you request the provision of any other Service.

12.6.

We shall be entitled to impose or levy administrative charges and be reimbursed for all costs and expenses (including legal costs on a full indemnity basis) for attending to queries or enquiries by you and/or your auditors and/or solicitors or other parties authorized by you or attending to handling or garnishee orders, injunctions or any other court orders or judgments or proceedings relating to the Account or the moneys therein and any transactions thereto.

12.7.

Any payment by you under these Terms shall be made free of any restrictions or conditions and free and clear of and without deduction or withholding in respect of any tax, penalty, sanction or similar levies. If you are required by any Applicable Law to effect such deduction or withholding, then the amount due and payable to us shall be increased by such amount as shall result in us receiving an amount equal to the amount we should have received in the absence of such deduction or withholding.

12.8.

In the event that any GST, which expression shall include any tax of a similar nature that may be substituted for it or levied in addition to it (by whatsoever name called) or withholding tax or any other tax is now or hereafter chargeable by law on any payment hereunder, you shall pay on demand such GST and/or the withholding tax and/or any other tax at such rates as may be prescribed by Applicable Law from time to time in addition to all other sums payable hereunder or relating hereto, and you agree to indemnify us in full against the payment if we are required by law to collect and make payment in respect of such GST and/or withholding tax and/or any other tax and such indemnity shall include interests from the date of payment by us to the date of full payment by you at such rates as we may stipulate from time to time.

12.9.

You shall (except to the extent prohibited by law) bear and pay any goods and services tax or other levies now or hereafter imposed by law or required to be paid in respect of any monies paid/payable to or received/receivable by us or any expenses incurred by us, and we shall be entitled to debit the same from your Account. If we are required by any Applicable Law to collect and make payment in respect of such goods and services tax or other levies, you shall indemnify us against the same.

12.10.

All payments by you under this clause 12 shall be made free and clear and without deduction for or on account of any withholding tax or levy.

12.11.

You hereby authorise us to make any deduction or withholding which we may be required to make in compliance with any Applicable Law from any interest payable to you.

 

Electronic payment

12.12.

We may, if you ask us, accept standing instructions to withdraw money from your account and pay it to certain billing organisations, under any terms we set. Any standing instruction will stay in place until we receive notice of your winding-up or liquidation or notice from you to cancel the standing instruction. We may end this standing instruction arrangement at any time by telling you in writing, or without giving you notice, if a billing organisation tells us no further payment is needed. We do not need to carry out any standing instruction if the billing organisation does not accept payment in the way we require.

 

Default interest

12.13.

Unless otherwise specified by us, no interest shall be paid on any credit balances in the Current Account.

12.14.

Notwithstanding Clause 12.14 above, we will calculate interest according to our usual practice. We will then add it to the sums you owe us but which you have not paid, and the total amount will bear interest accordingly until all the sums you owe us are paid in full.

 

Debiting your Account

12.15.

We may debit your Account for all sums due and owing to us without affecting our rights and remedies against you or any one else, notwithstanding that you may incur a Loss in interest earnings or a reduction in the original principal amount due to bank charges or adverse exchange rate movements.

13. EXEMPTION AND LIABILITY
13.1.

We, our employees, nominees, directors and agents, shall not be liable for any loss incurred by you or an Authorised Person or any other person as a result of acting or failing to act, except in the case of gross negligence, wilful default or fraud on our part, or the part of our employees, nominees, directors and agents.

13.2.

Without limiting the generality of the foregoing, we shall also not be liable for any loss or other consequences suffered or incurred by you or an Authorised Person or any other person that arises from:

a.

us acting, or omitting to act, in good faith on any instruction purportedly given to us by an Account Holder or an Authorised Person, whether or not such instruction is authorised, accurate or complete;

b.

any material alterations in any instruction of an Account Holder or Authorised Person;

c.

any computer breakdown or malfunction due to any cause whatsoever (including any computer or system virus interference, sabotage or any other causes whatsoever which may interfere with any of our Services);

d.

any delay or failure in any transmission or communication facilities

e.

any circumstances that are beyond our control;

f.

any negligence, default or misconduct on your part or that of an Authorised Person;

g.

any breakdown or malfunction of any equipment, system or software used in the provision of Services, whether belonging to us or not;

h.

the forgery of any signature or document;

i.

any lost or stolen cheque, cheque book, Card, statement, advice or other such document or information relating to the Account or Service and any re-issuance or replacement of the same by us;

j.

any act, or failure to act, by a third party that is beyond our control, including but not limited to, if we are prevented from acting as a result of governmental restrictions, imposition of emergency procedures or suspension of trading by any relevant market, civil order, act or threatened act of terrorism, natural disaster, war, strike or other circumstances beyond our control;

k.

any loss of, destruction to or error in our records, howsoever caused;

l.

us acting or exercising any of our rights in accordance with the Terms, including the suspension or termination of any Account or Service;

m.

us acting, or omitting to act, for the purpose of meeting any obligations to any authority in relation to the prevention of unlawful activity, including without limitation the prevention of fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions; and/or

n.

us acting, or omitting to act, in order to comply with any Applicable Law

13.3.

If any event described in Clause 13.2 occurs and we have debited your Account, we are not obliged to reverse the debt or pay or compensate you in respect of the amount so debited.

13.4.

Unless otherwise expressly agreed by us in writing, we do not assume any advisory, fiduciary or similar or other duties to you. We assume, and rely on the assumption, that you have taken the necessary independent legal, tax, financial and other advice in relation to the Account or any transaction between the us and you or effected by us pursuant to an instruction.

13.5.

No action regardless of form arising out of or in connection with the Account and/or any Service may be brought by you against us more than six (6) years after the cause of action has arisen.

14. INDEMNITY
14.1.

You shall fully indemnify and hold us, our employees, nominees, directors and agents harmless for all losses and embarrassment, including legal fees and costs (on a full indemnity basis), howsoever suffered or incurred by us, whether directly or indirectly, including without limitation in connection with:

a.

you, and/or an Authorised Person breaching any of these Terms;

b.

you failing to make payment of any amount (including overdraft monies) due to us;

c.

if you fail to return to us any amount which is wrongly credited to your Account or such amount correctly credited but subsequently defaulted by the remitting or paying party;

d.

the operation of any Account and/or the provision of any Service;

e.

us acting, or failing to act, in good faith on any instruction purportedly given to us by you or an Authorised Person, whether or not such instructions are authorised, accurate or complete;

f.

any default or our preservation or enforcement of our rights under these Terms, including the suspension or termination of any Account or Service;

g.

our reliance on any declarations, warranties or representations (including any declarations or representations made relating to tax or other compliance matters) made by you or an Authorised Person, or provided by any person on behalf of yourself or an Authorised Person to us;

h.

any negligence, default or misconduct on your part or on the part of an Authorised Person;

i.

any lost or stolen cheque, cheque book, Card, statement, advice or other such document or information relating to the Account or Service and any re-issuance or replacement of the same by us;

j.

any involvement by us in any proceedings of whatever nature for the protection of or in connection with the Account and/or the Services;

k.

the compliance by us with any existing or future Applicable Law, including without limitation any obligations we have to any authority in relation to the prevention of unlawful activity such as fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions; and/or

l.

any action taken by any party against you or any Authorised Person or the Account for any reason whatsoever including but not limited to any unlawful, fraudulent, negligent or unauthorised use of the Account and/or the Services.

14.2.

We reserve the right to retain such sums in the Account (including Accounts held jointly by you with other persons), as we may determine to be required to indemnify us for any losses which we may suffer, incur or be liable to pay on behalf of you or an Authorised Person and/or under or in connection with the Account and/or the Services.

14.3.

You agree that you will be liable for losses that (a) arise from any unauthorised transaction that is caused by or contributed to by your recklessness, including failure to keep to the terms of this agreement, or (b) arise from a transaction that is agreed to by your authorised signatories (people you have given permission to operate the account) even if you did not agree to the transaction or you were defrauded.

14.4.

For the avoidance of doubt, if we retain solicitors to enforce and/or protect any of our rights or resolve any dispute relating to the monies in or other matters relating to the Account whether by judicial proceedings or otherwise, you agree to indemnify us for all costs (including legal costs on a full indemnity basis), fees and charges thereby incurred.

14.5.

The indemnity set out in this clause 14 shall continue notwithstanding the termination of any and every Account. All such indemnified amounts may be debited from the Account or such other Account which you may maintain with us.

15. BANK’S SECURITY RIGHTS
15.1.

You agree that when we accepts or incurs any liability at your request, or when the Account is overdrawn, or when any interest, service charge, tax or other sum (“charge”) is due and payable to us, any deposits, funds, documents, instruments, chattels, bonds, debentures, shares or other securities, and any other valuables held by us in the name of, or on behalf of, the you (hereinafter called “Collateral”) including Collateral in safe custody, shall automatically be pledged and/or charged to and constitute continuing security to us for discharge of such liability and repayment of such overdraft. We shall have the right to retain such Collateral (even if this necessitates the dishonouring of your cheques), or any part thereof until the liability, overdraft and/or charge is discharged and/or repaid.

16. COMBINING OF ACCOUNTS, SET-OFF AND SECURITY RIGHTS
16.1.

You agree that, whether your Account(s) are held in your sole name or jointly with others, we can appropriate, set-off, or debit all or part of the balances in any of your Accounts, to pay and discharge all or part of your liabilities (whether actual or contingent) to us; and where required, earmark any amounts credited or expected to be credited into your Account(s).

16.2.

We may refuse any withdrawals from your Account where the Account is earmarked for purposes under Clause 16.1 until the sums owed by you are paid in full.

16.3.

You agree that we shall be entitled to hold all assets (including any credit balance in the Account, deposit, sum, document, instrument, chattel, property, bond, shares, other security or other valuables) in collateral and continuing security for the discharge of any your liabilities to us whether actual, contingent, primary, collateral, several or joint. In the event that you breach any of the Terms or fail to discharge any liabilities, we shall be entitled at any time and without notice to you to deal with and/or sell any of these assets in a manner we in our discretion deem appropriate. The proceeds of any such dealing or sale will then be used to set-off your liabilities to us, including for all costs incidental to the dealing or sale. Where the proceeds are insufficient to discharge the liabilities, you must repay us for any remaining outstanding liabilities on demand.

16.4.

You authorise us to debit your Account in respect of any payment which, in our opinion, had been paid into the Account by mistake on our part or the part of other parties.

16.5.

You authorise us to debit your Account in respect of any payment which, in our opinion, had been paid into the Account by mistake on our part or the part of other parties. Accounts (whether singly or jointly or jointly with any other person and/or under whatever style, name or form) and to set-off any amount standing to the credit of such Accounts (whether matured or not) against your liabilities to us whether actual, contingent, primary, collateral, several or joint.

16.6.

You agree that we may make the necessary conversion at our prevailing currency exchange rate where any set-off or consolidation undertaken by us involves the conversion of one currency to another.

17. CONVERSION OF ACCOUNTS
17.1.

We reserve the right at any time to convert Accounts of one type to Accounts of another type for any reason whatsoever without notice including but not limited to closing the Account at our customer centre in Singapore and transferring the same to any of our other customer centre in Singapore or elsewhere.

18. SUSPENSION OR CLOSURE OF ACCOUNT, AND TERMINATION OF SERVICE
18.1.

We may at any time in our discretion suspend or close an Account, or terminate a Service without disclosing any reason therefore by seven (7) days’ notice or, where we deem fit, immediately upon issuing a notice to you (whether or not the notice is received by you). We may discharge our liability to you for the monies in a closed Account by returning the monies to you in such mode or manner as you deem fit, including mailing to you a cheque or draft for that amount. No interest will accrue or be paid on unclaimed balances from a closed Account.

18.2.

Without prejudice to the generality of the foregoing, we shall be entitled to suspend or close an Account, or terminate a Service immediately without demand or notice upon the occurrence of any of the following circumstances:

a.

the credit balance in the Account falls below the Minimum Balance;

b.

you fail to comply with any of the Terms or, in our opinion, fail to comply with any Applicable Law;

c.

we are of the opinion that an Account or Service is being used in an improper or inappropriate manner;

d.

you have provided inaccurate, incomplete or misleading information, representations or declarations to us;

e.

you have failed to make payment to us for any amounts owing;

f.

any action is taken by any party against you or any Authorised Person or the Account for any reason whatsoever including but not limited to any unlawful, fraudulent, negligent or unauthorised use of the Account and/or the Services;

g.

we become aware of an event that, in our opinion, may have a material or adverse effect on your financial condition or ability to comply with the Terms;

h.

any other event of default occurs under any other arrangement that you have with us;

i.

the operation of an Account or provision of a Service is no longer appropriate or has become illegal or impossible or will result our non-compliance with any Applicable Law;

j.

we are notified, become aware or have reason to believe that the Account or Service is being used for or in connection with any unlawful activity such as fraud, money laundering, financing terrorism, bribery and corruption, tax evasion or trade sanctions; and/or

k.

any other reason that we deem is necessary, desirable or appropriate.

18.3.

Your liabilities and obligation to pay all fees, costs, charges, expenses and amounts accrued up to the date of closure of the Account or termination of the Service shall survive the closure of the Account or termination of the Service, and the termination of these Terms.

18.4.

In the event of any termination, all the terms and conditions in these Terms shall continue to apply until all obligations and liabilities owed by you to us, whether actual or contingent, are fully and properly satisfied and discharged. Termination shall not affect any legal rights and obligations, which may have arisen, including the rights and liabilities of the parties for which there is an outstanding liability. Any termination of the Account shall be without prejudice to our right to settle any transactions entered into or to settle any liability incurred by you under the Account or by us on your behalf prior to such termination.

18.5.

You may close your Account at any time by giving us written notice signed by you or an Authorised Person and paying us all outstanding amounts due and payable.

18.6.

Once the Account is closed for any reason, all unused cheques and/or Cards shall become our property. You shall promptly return them to us or destroy them and shall not continue to effect transactions through the Account in any way. Your obligations under these Terms will however continue and all outstanding balances (which include such charges and liabilities you may have incurred but which have not been debited to the Account) on the Account will become payable at once. If your Account is closed by us, and if you still owe us any sum of money, these Terms and any other terms and conditions relevant to you shall continue to apply to you until we receive and acknowledge receipt of all monies due and payable to us.

18.7.

Once the Account is closed for any reason, all Electronic Services linked to that Account and standing instructions (including GIRO) will also be terminated automatically.

19. REPRESENTATIONS, WARRANTIES AND DUTY
19.1.

You hereby represent, warrant and undertake that:

a.

you have full capacity and authority to accept and agree to these Terms, to open, maintain and/or continue to maintain the Account from time to time opened and/or maintained and/or continued to be maintained with us, and to give us any instructions that may be given from time to time;

b.

all authorisations, consents, licences or approvals (whether under any applicable laws or otherwise) required to accept and agree to these Terms, to open, maintain and/or continue to maintain the Account from time to time opened and/or maintained with us, and to give us any instructions that may be given from time to time, have been obtained and would be maintained in full force and effect; and

c.

except for any security or encumbrance created in our favour, no person (other than you) has/have or will have or acquire any beneficial or other interest in or security or other rights over the Account and/or over any cash or assets held by us for you without our prior written consent.

19.2.

These representations, warranties and undertakings shall be deemed repeated whenever any instruction is given to us.

19.3.

You shall:

a.

Immediately notify us of any change in your personal particulars, including your residential and/or mailing address and your contact number(s);

b.

monitor the balance of your Account at all times and notify us in writing immediately of any unauthorised debits or withdrawals from the Account or of any matter concerning your Account that may invite suspicion;

c.

sign any confirmation slip, including that related to auditing purposes (if requested to do so) and promptly notify us of any change I your personal information particulars;

d.

not use your Account for any unlawful activity or in a manner which may facilitate any unlawful activity; and

e.

examine all debit and credit entries in the statement of account, statements/advices, electronic statement and transaction records and report any omission from or debits or credits wrongly made or made without authority or inaccurate entries in such statement of account, statements/advices, electronic statement and/or transaction records. You must object to such debit or credit entries or omissions or any other inaccuracies within 14 days after receiving the statement of account, statements/advices or transaction records, or in the case of an electronic statement within 14 days from the statement date. If you do not do so:

(i)

such entries made in the statement of account, statement/advices, electronic statement or transaction records will be deemed correct and conclusive without further proof as against you that the statement of account, statement, electronic statement or transaction records contain all credits that should be contained in these documents and do not contain any debits that should not be contained in these documents;

(ii)

you will be bound by the statement of account, statement/advice, electronic statement and the transaction records; and

(iii)

we shall be free from all claims in respect of any and every debit or credit item shown in the statement of account, statement/advice, electronic statement and the transaction records, except where (and only to the extent that) you have conclusively established in the courts of Singapore that a manifest error has been made by us.

19.4.

If you have cheque books issued to you, it is your duty:

a.

To immediately notify us in writing if you do not receive your cheque book(s) (which you have requested to be dispatched to you) within 2 weeks from the date of such request;

b.

To immediately notify us and place a stop-payment on the cheque(s) if any of your cheques have been lost or stolen or misplaced; and

c.

Not to keep cheque books, draw cheques or operate the Account in a manner which may facilitate theft, fraudulent alterations or forgery and to, among other precautions, comply with the terms and conditions on the cheque book cover and in any agreements for services provided by us.

19.5.

We reserve the right to adjust the Account to rectify any erroneous entry or omission in any statement or advice and, subject to clause 19.3 above, any statement or advice so rectified shall be conclusive and binding on you. We reserve the right to reverse any entry, demand refund and/or debit the Account for any overpayment into the Account arising from such erroneous entry or omission.

19.6.

You agree that all our records are conclusive and binding for all purposes save for manifest errors and accept that our scanned records of instructions and communications are final and conclusive and shall be binding on you for all purposes. You hereby agree that all such records are relevant and admissible in evidence and shall not dispute the accuracy nor authenticity of the contents of such records merely on the basis that such records were produced by or are the output of a computer system, and hereby waives any right to so object.

20. DEPOSIT INSURANCE SCHEME
20.1.

The Deposit Insurance Scheme (administered by the Singapore Deposit Insurance Corporation Limited under the Deposit Insurance and Policy Owners’ Protection Schemes Act) provides limited compensation to eligible deposit accounts held by individuals and other non-individuals (non-bank) with full banks and finance companies in Singapore (including by us). The Register of Insured Deposits of the Company (as amended and updated from time to time) sets out the eligible deposit accounts and is available for inspection upon request. These deposit accounts are eligible for deposit insurance coverage under the Deposit Insurance and Policy Owners’ Protection Schemes.

20.2.

Funds stored on Mobile Wallets provided by us and stored value Cards provided in conjunction with such Mobile Wallets are not insured deposits under the Deposit Insurance and Policy Owners’ Protection Schemes Act (Chapter 77B of the Singapore Statutes) and are ineligible for protection by the Deposit Insurance Scheme.

21. CONVERSION OF ACCOUNTS
21.1.

The provisions of this clause 21 shall be in addition to and read together with our Privacy Policy which is available at https://www.singapurafinance.com.sg/privacy.php.

21.2.

Personal Data which you submit to us may be accessible, on a need-to-know basis, by our officials, servants, employees, nominees, directors, agents and any other persons who by reason of their capacity or office have access to our records, registers or any correspondence or material with regard to the Account.

21.3.

You may provide us with personal data (including that of your office holders, employees, shareholders and beneficial owners) in connection with you establishing and maintaining a relationship with us. When giving us any personal data, you confirm that you are lawfully providing it for us to use and share with others for the purposes of:

a.

providing products or services to you;

b.

meeting the operational, administrative and risk-management requirements of our members; or

c.

satisfying any requirement, as our members reasonably consider necessary, under any law or of any court, government authority or regulator.

21.4.

Further, by applying for an Account or any Service (whether or not we ultimately accept the application), you consent to the disclosure of your of your Personal Data for the purposes set out in this clause to:

a.

any person or organisation participating in the provision of any services whatsoever in connection with the Services utilised by you, whether in Singapore or outside Singapore for the purpose of the operation of the said Services including but not limited to investigating discrepancies, errors or claims;

b.

any local or foreign regulatory body, government authority, government agency (including any tax agency), statutory board or to the police or any public officer or tax officer conducting an investigation in connection with any offence;

c.

any tax authority, whether in Singapore or elsewhere;

d.

our stationery printer, agents or storage or archival service provider for the purpose of making, printing, mailing, storage, microfilming and/or filing personalised cheques, statements of accounts, Cards, labels, mailers or any documents or items on which the name and/or other particulars of the Account Holders or Authorised Persons appear, or any data or records or any documents whatsoever;

e.

any credit bureau or credit reference agents;

f.

any payment processing network or payment solutions provider;

g.

any director or partner of the Account Holders or Authorised Persons; and/or

h.

our related or associated companies wherever situated.

21.5.

The permission you give us in this clause 21 will continue after this agreement ends and your account is closed.

22. COMMUNICATIONS & SERVICE OF DOCUMENTS
22.1.

We may send any notices, statements of account, advices, correspondence, demands or any other communications to you in any mode or manner which we deem appropriate to the last known address, registered address, facsimile and/or telephone/mobile phone number or electronic mail address in our records. We may also notify and communicate with you electronically via the Services, through the display of notices at our customer centres, by publishing on our website or social media accounts, in a daily newspaper or via radio or television broadcasts.

22.2.

You shall promptly notify us in writing (or, in such other mode(s) and/or methods agreed by us from time to time) of any change in your particulars (including your address, telephone/mobile phone numbers and electronic mail address) and those of any Authorised Person.

22.3.

Any court document or other legal process or any other document requiring personal service, may be sent by ordinary mail, delivered personally by leaving at your last known address and/or registered address, or by email to your last known email address, and shall be deemed to have been delivered on the day of delivery, if delivered personally or by email, or the next business day after posting, if sent by post in Singapore, notwithstanding that it is not received by the Party or returned undelivered.

22.4.

Unless otherwise expressly provided in writing, our notices and communications to you in connection with your Accounts and the Services are effective:

a.

if sent by hand, at the time of delivery;

b.

if sent by post to an address within Singapore, the following business day after posting;

c.

if sent by post to an address outside Singapore, five business days after posting;

d.

if sent by fax, electronic mail, SMS or other mobile/online messaging or teleconference application, at the time of transmission;

e.

if displayed at our customer centres or posted on our website or social media accounts, on the date of display or posting;

f.

if advertised in a newspaper, on the date of advertisement; and

g.

if broadcast via television or radio, on the date of broadcast.

22.5.

We shall not be responsible or liable for notices or communications after they are sent, including where any notice or communication is delayed, intercepted, lost, fails to reach or if the communication is disclosed to anyone during transit.

22.6.

Where you instruct us to retain for your collection any communication, such communication is deemed delivered to and received by you when it first becomes available for collection.

22.7.

A written statement by an officer of our Company confirming the posting of any communications whatsoever shall be binding and conclusive of this fact.

22.8.

Communications when addressed to, sent, delivered or received by any one joint Account Holder are deemed to be given to, sent, delivered and received by all joint Account Holders, and where applicable shall be binding on the same.

23. APPLICATION OF OTHER TERMS AND CONDITIONS
23.1.

These Terms, together with any other terms, conditions, rules or regulations contained in our cheque books, deposit vouchers, notices, forms or other documents supplied by us and any terms, conditions, rules, regulations or agreements relating to any Accounts or Services utilised by you or accessed through or linked to your Account comprise the entire agreement between us and you. You are deemed to have read and understood such terms, conditions, rules, regulations or agreements and will be bound by them accordingly.

24. AMENDMENT OF TERMS
24.1.

We reserve the right to add to, vary, delete or substitute any part of these Terms (or any other terms and conditions) at any time at our discretion. All amendments shall take effect and bind you from such date as we may prescribe provided that such amendments or a set of the revised Terms are exhibited at our customer centre, publicised by us through any medium, or sent to you by any mode of communication. Upon such exhibition, publication or communication, you shall be deemed to have notice of such amended Terms. Nothing in these Terms shall obligate us to exhibit, publish or communicate such amendments in any language other than English.

24.2.

We may make amendments for administrative or clarification purposes and include additional terms and conditions governing new products and services without giving you any notice.

24.3.

If you do not accept any amendment of these Terms (or any other terms and conditions), you shall immediately discontinue operating the Account and shall promptly close the Account. If you continue to operate the Account after such exhibition, publication or communication, you shall be deemed to have agreed to the amendment without reservation.

25. FATCA COMPLIANCE
25.1.

You agree that, where applicable, you shall comply with the United States Foreign Account Tax Compliance Act (“FATCA”) tax reporting, withholding and other requirements set out in the Singapore Tax Requirements Notice which we issue from time to time and which form part of these Terms. If there is any difference between this agreement and the terms in the Singapore Tax Requirements Notice, the terms in the Singapore Tax Requirements Notice will apply to FATCA and other tax-reporting and withholding requirements.

25.2.

We shall not be liable to you for any losses, damages, costs (including legal costs on a full indemnity basis), charges, expenses or any other liabilities suffered, paid or incurred by you as a result of us complying with FATCA and/or any other laws, legislation, regulations, orders or agreements with tax authorities or by or between tax authorities or governments or if we or our agent makes an incorrect determination as to whether you are subject to tax or tax reporting obligations under FATCA or if we have made tax withholdings/deductions and/or remittances and/or transfers of monies from the Account and/or the deposits pursuant to the aforesaid incorrect determination.

26. NO WAIVER
26.1.

No failure to exercise or enforce and no delay in exercising or enforcing on our part of our rights under any of these Terms shall operate as a waiver thereof nor shall it in any way prejudice or affect our right afterwards to act strictly in accordance with the powers conferred on us under these Terms.

26.2.

We are entitled to waive compliance with any provisions herein, but such waiver shall be without prejudice to our right to enforce compliance with any such provisions on any other occasion.

27. SEVERABILITY
27.1.

If any one or more of the clauses in these Terms shall be deemed invalid, unlawful or unenforceable in any respect under any Applicable Law, the validity, legality and enforceability of the remaining provisions of the Terms and the clauses contained herein shall not in any way be affected or impaired.

28. ASSIGNMENT
28.1.

These Terms are binding on and endure to our benefit and for our successors in title and assigns, and shall continue to be binding on you notwithstanding any change in our name or constitution, or our consolidation, merger, or amalgamation into or with any other entity, and in such event such entity shall thereupon substitute for us in relation to these Terms and the Account made available at that time by us to you and these Terms shall continue in force as between you and such entity.

28.2.

You cannot, without our prior written consent, assign, transfer or charge as security or otherwise in any way:

a.

the rights and obligations under these Terms;

b.

the rights and obligations in relation to any Account or Service; and/or

c.

the monies in an Account.

29. OUTSOURCING
29.1.

We shall have the right to outsource or subcontract, in whole or in part, any of our operations to such third parties (including but not limited to any party outside Singapore) on such terms as we may deem fit in our discretion without prior consultation. Such operations shall include information technology services, mail services, cheque clearing, printing of any documents, forms or cheques and CTS Articles, creation, maintenance and archiving of records and documents, and debt collection.

30. LANGUAGE
30.1.

The language of these Terms shall be English. Nothing in these Terms shall oblige us to make available the Terms in any languages other than English. If these Terms are at any time provided in a language other than English, and any discrepancy arises between the versions in relation to the Terms, its interpretation and understanding, the English version shall prevail.

31. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT
31.1.

Unless expressly provided to the contrary in these Terms, a person who is not a party to these Terms has no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of the Singapore Statutes, to enforce or enjoy the benefit of any clause in these Terms. Notwithstanding any clause in these Terms, the consent of any third party is not required to add to, vary (including to release or compromise any liability), delete or substitute any clause of these Terms.

32. GOVERNING LAW AND JURISDICTION
32.1.

These Terms shall be governed and construed in all respects in accordance with the laws of the Republic of Singapore. You agree to irrevocably submit to the exclusive jurisdiction of the courts of Singapore which means that legal proceedings against us can only be brought in the courts of Singapore and no other unless we expressly agree otherwise in writing. This clause does not limit our right to bring legal proceedings in any country and to take concurrent legal proceedings in more than one country.

33. FINANCIAL CRIME AND SANCTIONS COMPLIANCE
33.1.

We shall be entitled to take all actions we consider appropriate:

a.

if you initiates, engages in or effects any transaction (directly or indirectly) in connection with fraud, money laundering, terrorism financing, bribery, corruption, or tax evasion (“Financial Crime”); or

b.

if you are or become, or is or becomes associated with, or any asset is or becomes associated with, an individual and/or entity named in any list (including the Specially Designated Nationals and Blocked Persons List administered by the United States Office of Foreign Assets Control) under any sanctions, freezing, antiterrorism or other related or similar programs enforced and administered by the relevant regulatory authorities or bodies, whether in Singapore or elsewhere (“Sanctions Compliance”).

33.2.

Arising from any concerns that we have relating to Financial Crime or Sanctions Compliance, we may, at its absolute discretion and without any notice to the Customer:

a.

close all Accounts and terminate all Services the Customer has with us;

b.

delay, block or refuse the making or clearing of any payment, the processing of Instructions or the application for Services or the provision of all or part of the Services;

c.

terminate and/or recall any or all advances or loans, credit or other financial or banking facilities (committed or uncommitted), accommodation, financial assistance or Services and demand repayment of all sums outstanding; and/or

d.

make reports and take such other actions as we may deem appropriate.

34. DEFINITIONS AND INTERPRETATION
34.1.

Unless the context otherwise requires, the following terms shall have the following meanings:

“Account” :

means any account now or hereafter held in the name of the Account Holder (including without limitation any savings account, fixed deposit account, current account and any other type of account which may be offered by us from time to time) and any account used for the purposes of any Services and/or from which funds may be applied for the utilisation of any Services, whether opened alone or jointly with any other person;

“Applicable Law” :

means any applicable regulations, guidelines, rules, requirements, sanctions, orders, awards, directives or applicable laws by any authority;

“ATM” :

Automated Teller Machine;

“Authorised Person” :

means a person authorised by the Account Holder(s) (whether alone or jointly with any other person or persons) to give any instruction and/or execute or sign any instrument and/or to operate the Account and/or to effect any transaction or utilise any Service for and on behalf of the Account Holder(s).

Also includes an individual, a partnership, a corporate organization, an unincorporated association, a government, a state, an agency of state and a trust;

“BEA” :

means the Bills of Exchange Act, Chapter 23 of the Singapore Statutes;

“Business Day” :

means a day (other than a Saturday, Sunday or gazetted public holiday in Singapore) on which banks are generally open for business;

“Card” :

means any card that may be issued by us from time to time which enables the Account Holder(s) to access or use the Account(s) to which the card is linked to, including any pre-paid card, credit card, automated teller machine Card, debit card or any other type of card that we may offer from time to time;

“Clearing Day” :

Means any Business Day;

“Costs” :

Includes costs, fees, charges commissions, and expenses including legal costs (on a full indemnity basis);

“CTS Articles” :

means (i) cheques, cashiers' orders, electronic vouchers, dividend warrants, demand drafts, remittance receipts and gift cheques drawn on a bank in Singapore payable in any currency approved by the competent authorities or bodies; and (ii) IRDs which are presented or such other documents or items as the operator of the CTS system may prescribe from time to time and from which data encoded on such CTS Articles, unique identification codes and other information and data derived from such CTS Articles;

“CTS Clearing” :

has the same meaning as defined under the CTS by-laws

“CTS Operator” :

means the person who is the operator as defined in the CTS by-laws;

“CTS” :

means the Cheque Truncation System operated pursuant to the by-laws made by the SCHA;

“Current Account” :

means a transactional current account;

“Electronic Services” :

means any Services provided or offered by us to any Account Holder from time to time through electronic means and on such terms and conditions as may be determined by us at our discretion, including any Services provided through the phone, Internet, our Cards or any other similar channels, in or outside Singapore;

“Fixed Deposit” :

Means any fixed deposit or time deposit placed by you with us in Singapore Dollars and any other type of accounts which we may specify from time to time;

“GIRO” :

means General Interbank Recurring Order, a cashless payment method;

“GST” :

means Goods and Services Tax;

“IRD” :

means Image Return Document bearing the image of a cheque which cannot be cleared or honoured;

“Loss” :

Includes claims, actions, losses, damages, demands, liabilities and Costs of any kind;

“Minimum Balance” :

means the minimum balance that we may require you to maintain in an Account from time to time, including any overdraft that we may agree to take available to you on the Account (where applicable);

“Mobile Wallet” :

means the payment account and/or the physical card which is provided to you upon acceptance of your application by us. The payment account is regarded as a stored value facility under Applicable Law, and may include different types of related payment products and Services which may be made available to you from time to time;

“PDPA” :

refers to the Personal Data Protection Act of Singapore (No. 26 of 2012);

“Personal Data” :

has the same meaning as under the PDPA;

“Privacy Policy” :

means our prevailing privacy policy including any amendments made from time to time;

“Savings Account” :

means a savings deposit account;

“SCHA” :

refers to the Singapore Clearing House Association;

“Services” :

means any financial services, products, features and/or functionalities provided or offered by us to any Account Holder (including any Electronic Services) from time to time on such terms and conditions as may be determined by us at our discretion;

“SMS” :

means text communication via Short Messaging System;

“Terms” :

means the terms and conditions set out in this document, as amended and in force from time to time;

“We”, “our”, “us” and the “Company” :

refers to Singapura Finance Ltd and its successors and assigns;

“You”, “your”, and “Account Holder” :

means the person in whose name an Account is maintained, and/or any person utilizing the Services, and shall where the context permits, include any Authorised Person, and the Account Holder’s personal representatives, successors and/or assigns; and
Also includes an individual, a partnership, a corporate organization, an unincorporated association, a government, a state, an agency of state and a trust.

34.2.

Unless the context otherwise requires:

a.

references to “section”, “provision” or “clause” refers to the sections, provisions or clauses of these Terms;

b.

references the singular include the plural and vice versa;

c.

the use of any gender shall include all genders;

d.

references to statutes and other legislation includes a reference to that statute or other legislation as amended or re-enacted and to any regulation, order, instrument or subordinate legislation under the relevant statute or other legislation;

e.

references to the operation of an Account includes the provision of any Services in relation to the Account;

f.

references to “person” include any individual, company, corporation, firm, partnership, joint venture, association, organisation, institution, trust or agency, whether or not having a separate legal personality

g.

references to our discretion refer to our sole and absolute discretion;

h.

the terms “including”, “include” or any similar expression shall not limit the sense or application of any words preceding those terms and shall be deemed to be followed by “without limitation” or “but not limited to”, and the term “otherwise” shall not be construed as limited by words with which it is associated;

i.

the word “will” shall be construed to have the same meaning as the word “shall”; and

j.

headings are for ease of reference and convenience only and shall not affect the construction or interpretation of any clause in these Terms.

B. ADDITIONAL TERMS AND CONDITIONS FOR SPECIFIC FIXED DEPOSIT ACCOUNTS
35. BLUE SKY FIXED DEPOSITS
35.1.

We will, in our discretion, determine the age limits, minimum initial deposit, subsequent placements, minimum maturity period or any other criteria on the opening and operation of a Fixed Deposit Account from time to time.

35.2.

Placements: Any placement of a fixed deposit shall be accompanied by your stipulations as to the placement period and maturity instructions. In the absence of such stipulations, we will be entitled to, in our discretion, place it for any tenor and/or automatically renew the aggregate amount of principal plus interest upon its maturity at the prevailing rate at the time of such renewal.

a.

Where placement for a Fixed Deposit Account is made via debiting of funds from another Account that you may hold, we shall be entitled to reverse or cancel the fixed deposit transaction if the Account used for debiting of funds for such placement has insufficient funds at the time of the request or for any other reason at our discretion. We shall not be obliged to reverse or cancel the fixed deposit transaction and may allow such debiting, subject to such terms and conditions as may be prescribed.

b.

Where placement for a Fixed Deposit Account is made via cheque, we may reverse or cancel the fixed deposit transaction, or close the Fixed Deposit Account if the cheque is subsequently dishonoured or for any other reason at our discretion.

35.3.

We may choose not to make a Fixed Deposit placement for you if your savings or current account used for debiting of funds for such placement has insufficient funds at the time of your request or for any other reason at our discretion. Any debiting allowed shall be subject to such terms and conditions as we may specify.

35.4.

Any placement of a Fixed Deposit shall be accompanied by your stipulation as to the placement period and maturity instructions. In the absence of such instructions, we may, at our discretion, and without reference to you, renew the Fixed Deposit (including any accrued interest in the Account) on its maturity for the same period as the preceding Fixed Deposit placement and at such interest rates (or negative interest rate charges, where applicable) we determine, or for any other period and applicable interest rate, and upon such terms as we may deem fit from time to time. We may (but shall not be obliged to) determine the applicable interest rates for each Fixed Deposit placement or renewal based on the total amount of Fixed Deposit placements you have with us in your Fixed Deposit Account at any given time. If you have more than one Fixed Deposit placement with us at any given time, the applicable interest rate for each subsequent Fixed Deposit placement or renewal may be lower than, or differ from, the interest rate applicable to the first Fixed Deposit placement.

35.5.

We will place for value all Singapore Dollar Fixed Deposit made using Singapore Dollar cheques on the same day it is received by us provided that it is a Clearing Day and before the clearing cut-off time or other time as we may stipulate or on a non Clearing Day will be placed for value on the next Clearing Day.

35.6.

Deposit Advice: A deposit advice will be given for each new fixed deposit placed with us. The deposit advice is only evidence of a deposit and not a document of title. The deposit advice need not be produced for renewal or withdrawal. We reserve the right to verify your identity in any form or manner as it deems appropriate.

35.7.

Interest: Any interest on a fixed deposit will be paid for such period of time and at such rates and intervals as may be specified by us from time to time, and such interest shall be calculated on a daily basis or in accordance with such formula as we may prescribe.

35.8.

Early Withdrawal: Deposits may not be withdrawn before maturity. However, we may, at our absolute discretion, allow you to withdraw the deposit or any part thereof before the maturity date on condition that no interest is payable thereon and subject to such terms and conditions as we may impose from time to time including but not limited to payment by you to us of a levy or fee of such amount as we may determine.

35.9.

Maturity: Withdrawal of fixed deposit (whether wholly or partially) may be made only on the maturity date provided instructions in the prescribed form for withdrawal are received by us from you. If the maturity date falls on a date that is not a Business Day, the maturity date shall be automatically extended to the next Business Day.

35.10.

Renewal: The fixed deposit shall be automatically renewed with accrued interest upon maturity for the same period at our prevailing board rate, unless instructions in the prescribed form for withdrawal or renewal of the fixed deposit for a different duration are received by us from you at least two (2) Business Days before the maturity date. The renewal deposit advice supersedes the previous deposit advice.

35.11.

Charge on Fixed Deposit: Fixed deposits in an Account may not be transferred, negotiated, assigned, pledged, charged or otherwise encumbered or given by way of security to any party except in our favour or with our prior written consent.

35.12.

Statements and Advices: Notwithstanding the generality of clause 18, you shall promptly notify us of any objection in connection with any error or inaccuracy in any statement/advice concerning any fixed deposit placed, withdrawal made (whether an early withdrawal or upon maturity), debit or credit made, omission or other inaccuracy in relation to a fixed deposit, and such objection shall be made not later than fourteen (14) days from the date you receive any statement/advice containing such error or inaccuracy.

35.13.

Closure of Account: We may close the account without giving any reason by 7 days’ notice or, where we deem fit, immediately upon notice to you (whether such notice is received or not), if there is no outstanding deposit in your Fixed Deposit account(s) for a period of 12 months or such time as we may stipulate.

C. EXPLANATORY NOTES ON FATCA
36. FATCA
 

“FATCA” means Foreign Account Tax Compliance Act. This Act was enacted in 2010 as part of the Hiring Incentives to Restore Employment (“HIRE”) Act and its purpose is to increase transparency for the Internal Revenue Service (“IRS”) with respect to US persons who hold financial assets in non-US financial institutions and other offshore accounts. Foreign Financial Institutions (“FFIs”) are required to report to the IRS information about financial accounts held by specified US persons or by Non-Financial Foreign Entities (“NFFEs”) with substantial US owners. In many countries, local law would prevent an FFI from reporting directly to the IRS, information required by the FATCA statutory provisions and regulations, thus potentially exposing the FFI to withholding tax. Such an outcome would be inconsistent with FATCA’s objective to address offshore tax evasion through increased information reporting. To overcome these legal impediments, the US Treasury Department has collaborated with foreign governments to develop two alternative model intergovernmental agreements (“IGAs”) of which there are two models namely, Model 1 and Model 2. These IGAs facilitate the effective and efficient implementation of FATCA in a manner that removes domestic legal impediments to compliance, fulfils FATCA’s policy objectives, and further reduces burdens on FFIs located in partner jurisdictions.

On 6 May 2014, the Ministry of Finance, the Inland Revenue Authority of Singapore (“IRAS”) and the Monetary Authority of Singapore announced that Singapore had initialled a Model 1 IGA with the U.S. and that Singapore has been included in the US Department of the Treasury’s list of jurisdictions that are treated as having an IGA in effect. Under the Model 1 IGA, Singapore Financial Institutions are required to report certain information on accounts held by Specified US Persons or by NFFEs with substantial US owners to IRAS. IRAS will subsequently share this information with the IRS under the requirements of the Model 1 IGA.

Details of an Account Holder’s account, and any other Account Holder’s Information, may accordingly be reported to IRAS where such disclosure is required under FATCA.