TERMS AND CONDITIONS
A. GENERAL TERMS AND CONDITIONS
In these General Terms and Conditions for Customers (as the same may be amended, modified or supplemented from time to time, the "Terms and Conditions"), unless the context otherwise requires, the following words and phrases have the following meanings:
“Applicable Law and Regulations” means any and all relevant laws (including statutory enactments and judgments of any legal courts or tribunals, and any other forms of unwritten or uncodified laws) of Singapore or other applicable jurisdictions, regulations, rules, directives, notices, circulars, orders, decrees, bye-laws, policy statements, guidelines, practice notes, interpretations, standards, consultation papers (whether or not having the force of law), requirements or practices of any governmental or regulatory authority or agency, market, exchange, clearing house, trade repository and electronic trading platform or depository system (whether in Singapore or elsewhere) having supervisory jurisdiction or relevance in the transactions, services or matters contemplated under these Terms and Conditions, as the same may be amended, supplemented or re-enacted from time to time.
“Account” shall have the meaning ascribed to it in clause [1.1] below.
“Authorized Person” shall have the meaning ascribed to it in clause [3.1] below.
“Bank” refers to BDO Unibank, Inc (Singapore Branch).
“Banking Day” means a day on which banks are open for business in Singapore and the Bank are open for banking business.
“BDO Group” shall have the meaning ascribed to it in clause [22.1] below;
“Clearing Day” means any Banking Day excluding Saturdays, Sundays, and public holidays.
“Communication” shall have the meaning ascribed to it in clause [26.3] below;
“Correspondence” shall have the meaning ascribed to it in clause [26.4] below;
“Credit Amount” shall have the meaning ascribed to it in clause [12.6] below;
“CTS Articles” means 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 image return documents as defined in Section 87B of the Bills of Exchange Act (Chapter 23) or such other 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 information and data derived from such CTS Articles electronic images thereof are generated for clearing by CTS and referred to as “CTS Items”.
“CTS Image” means a CTS Item in image format, including electronic images of CTS Articles.
“Customer Information” means customer information as defined in the Banking Act, Chapter 19 of Singapore (“Banking Act”).
“FATCA”:
(a) section 1471 through 1474 of the U.S. Internal Revenue Code of 1986 (as amended) or other foreign revenue regulator or any amended or successor version thereof;
(b) any intergovernmental agreement, memorandum of understanding, undertaking and other arrangement between governments and regulators including as entered into by the government of Singapore;
(c) agreements between the Bank and the IRS or other foreign government revenue regulator pursuant to or in connection with ; and
(d) any laws, rules, regulations, interpretations or practices adopted in the U.S., Singapore or other foreign government regulator or elsewhere pursuant to any of the foregoing;
“Foreign Law Requirement”: any obligation imposed on the Bank pursuant to any future or present:
(a) foreign laws (including foreign laws in respect of which the Bank considers itself bound.
(b) Singapore laws that implement Singapore ’s obligations under an agreement with a foreign government;
(c) agreements entered into between the Bank and a foreign government, tax or law enforcement body within or outside of Singapore;
(d) for the avoidance of doubt, this definition includes any obligation or requirement applying to the Bank as amended or introduced from time to time, including pursuant to FATCA;
“Information” shall have the meaning ascribed to it in clause [1.4] below;
“IRD” shall have the meaning ascribed to it in clause [10.1] below;
References to the "Bank" shall include the head office or any branches of BDO Unibank Inc.,, whether within or outside Singapore, and successors thereof;
References to "Customer" means the person(s) opening the Account (as defined below) with the Bank and shall, where the context admits or requires, include references to Authorized Persons and/or signatories authorized to operate the relevant Account;
“related corporation” means related corporation as defined in the Companies Act, Chapter 50 of Singapore;
The singular includes the plural where applicable and vice versa. A gender includes all genders;
References to a person is a reference to an individual, firm, partnership, company, corporation, unincorporated body of persons or any state or any agency thereof;
“SCHA” means the Singapore Clearing House Association;
"Including" shall not be construed as being by way of limitation;
"Other" and "otherwise" shall not be construed as limited by the words with which they are associated;
The masculine gender shall include the feminine and neuter and the singular number shall include the plural and vice versa.
1.1 In opening one or more accounts (individually and collectively the "Account") with the Bank, the Customer agrees to these Terms and Conditions. Sections I and II of these Terms and Conditions apply to all types of Account. In addition, Section III applies to the respective types of Account specified in that Section.
1.2 The relationship between the Bank and the Customer who is an account holder is normally that of a creditor and debtor. However, other relationships may arise, such as that of a bailor and bailee when items are held in safe custody. However, save as otherwise provided, the Customer agrees that the Bank is not acting as a fiduciary.
1.3 The Customer shall provide the Bank with suitable identification and satisfactory reference(s) when applying to open an Account. Application forms and specimen signature cards should be properly completed and signed prior to the opening of the Account. A minimum deposit may be required for the opening of an Account as set by the Bank from time to time.
1.4 The Customer undertakes to provide the Bank with such information, documents and certifications (collectively known as “Information”) as reasonably required by the Bank in order for it to meet its obligations under Applicable Law and Regulations and any Foreign Law Requirement. The Customer acknowledges and agrees that this may include information, documents or certifications in connection with:
(a) the Customer;
(b) the ultimate beneficial owner of any Account;
(c) the person ultimately responsible for giving any instruction or for entering into any transaction;
(d) any person on whose behalf the Customer acts in receiving payment; and/or
(e) any other person identified by the Bank in its sole and absolute discretion as being connected with the Customer.
The changes to the Customer’s particulars as described above will be deemed to be effective in accordance with clause 26.2.
1.5 The Customer shall fully indemnify and keep indemnified the Bank (and all branches of the Bank), its related corporations, affiliates, associates and agents and every director, officer, employee or agent of any of the foregoing against any and all losses, damages, costs, expenses, fees, charges, actions, suits, proceedings, claims or demands which may be brought against any of them or which any of them may suffer or incur in connection with the Account, the services or any instructions (and reliance by the Bank on such instructions) as a result of the Customer providing misleading, incorrect or false information in respect of the Information or any other information in connection with these Terms and Conditions, save where the same arises directly from the Bank’s gross negligence, willful misconduct or fraud.
1.6 In the event of loss of a seal or chop used for operating the Account, the Customer must immediately notify the Bank in writing. The Bank will not be responsible for any payment made prior to receiving such written notice.
1.7 Subject to the Applicable Law and Regulations and compliance with these Terms and Conditions, the Bank reserves its rights from time to time to review, cancel, withdraw, suspend, change, alter, vary, extend or otherwise any one or more of the services provided to the Customer.
2.1 All instructions in respect of an Account must be given by or on behalf of the Customer strictly in accordance with the authorizations or mandates for the time being in effect in respect of such Account. All such instructions shall be given to the Bank in writing or in such other mode(s) and/or method(s) of communication which the Bank may in its absolute discretion agree to accept from time to time.
2.2 The Bank shall be entitled to accept or decline any instruction in respect of any Account given by the Client and/or any of its Authorized Person and the Bank is not obliged to give any reasons for declining to do so.
2.3 All instructions once received by the Bank shall not be cancelled, withdrawn or amended unless the Bank in its discretion agrees otherwise.
2.4 The Bank may elect not to act on the Customer’s instructions where it results in the total amount of payments exceeding the credit balance in the Account but if the Bank does so act, it may elect to execute such instructions in whole or in part or in any order without reference to the time of receipt of the Customer’s instructions.
2.5 The Bank may refuse to act on any instructions if such instructions are inconsistent with any Applicable Law and Regulations or if it has any grounds for considering that any fraud, illegality or impropriety may be involved.
2.6 Without prejudice, the Bank need not concern itself with the validity, genuineness or accuracy of any instrument and the Customer shall fully indemnify the Bank against any liability incurred by the Bank towards any third party as a result of collection by the Bank on behalf of the Customer of any forged or altered instrument and, unless the Bank has acted with gross negligence or with express notice of the forgery or alteration, the Customer's liability shall not be affected or impaired by the fact that the Bank did not make any enquiry about the validity, genuineness or accuracy of such instrument or refuse to take any action in connection therewith.
2.7 If there is any ambiguity or inconsistency or conflict in the instructions, the Bank may choose not to act upon them unless and until the ambiguity or conflict has been resolved to the Bank’s satisfaction or the Bank may choose to act only on the instructions of all the Authorized Persons notwithstanding that any relevant existing mandate or instructions require otherwise.
2.8 The Bank shall not be liable or responsible for any failure to implement, carry out or comply with any instructions, requests or directions of the Customer if the same is occasioned by any third parties or circumstances outside its control.
2.9 The Customer agrees that the Bank shall be entitled (but not obliged) to record all communications (including telephone conversations) and all other oral communications) with the Customer or Authorized Person. The Customer agrees that such recordings or transcripts thereof may be used by the Bank as evidence of any dispute (admitted in any legal proceedings or otherwise) that may arise between the Customer and the Bank. The Bank is not obliged to keep or maintain copies of such recordings or transcripts.
3 Authorized Persons
3.1 Subject to the Bank’s approval, the Customer may appoint such persons to give instructions on the Customer’s behalf regarding any Account by providing such authorization as the Bank may in its absolute discretion require (each an “Authorized Person”).
3.2 The authority of the Authorized Persons shall remain in effect in relation to the Account until such time written notice of any amendment or revocation is received by the Bank.
3.3 The Bank may act on the instructions of the Authorized Person and the Bank shall not be liable or responsible for any losses suffered by the Customer arising directly or indirectly from the actions or instructions of an Authorized Persons. The Customer shall be fully responsible for all instructions, acts and omissions of its Authorized Persons as if such instructions, acts or omissions were done, made or given by the Customer and shall indemnify the Bank against any losses suffered by the Bank arising from the instructions, acts or omissions of an Authorized Person.
4 Specimen Signatures
4.1 A list of specimen signatures of the Customer and/or the Customer’s Authorized Person(s) shall be filed in writing with the Bank during the Account opening process or from time to time and shall remain in full force and effect until written notice of any amendment or revocation, satisfactory to the Bank, is received by the Bank.
4.2 The specimen signatures and signing powers of the Customer or its Authorized Person communicated to the Bank in writing shall remain in effect until such time as the Bank receives written revocation of the same from the Customer.
4.3 The Bank shall be entitled but not bound to undertake further verification of the signatures other than by comparing them with the specimen signatures on record with the Bank. The Bank shall be entitled to dishonor any cheque in which the signature of the Customer or the Authorized Persons (as the case may be) in the Bank’s opinion, which opinion shall be final and conclusive, differs from the specimen signature(s) deposited with the Bank.
4.4 Any Customer who wants to change his specimen signature or any signatory on an Account, or change or update their Information, must fill in the relevant form provided by the Bank and submit details of the new signatory (where applicable) and new specimen signature cards. Such change will be effective in accordance with clause 26.2.
4.5 The Bank shall not be liable for any losses resulting from the Bank’s inability to reasonably detect the inauthenticity of a signature and/or forgeries in good faith.
5 Withdrawals
5.1 Withdrawals at the counter may be made by the Customer on demand during the business hours on a Banking Day. The Bank may require the Customer to produce proper identification papers or such other documents as the Bank may reasonably require in order to effect a withdrawal.
5.2 Payments of the amounts to be withdrawn will, unless otherwise agreed to by the Bank, be made by the Bank by way of cashier’s order or demand draft or telegraphic transfer in the currency in which the deposit was made. The Customer will be required to pay a service charge to the Bank as may from time to time be determined by the Bank in its sole discretion. The Bank is however not obliged to accede to the Customer’s request for cash payment without citing any reasons therefor.
5.3 Withdrawals may be made only upon receipt by the Bank of withdrawal instructions satisfactory to it and the Customer shall be liable on all such instructions irrespective of whether the relevant account is in credit or otherwise, provided that the Bank is not bound to honor any withdrawal request if there are insufficient funds in the Customer’s account in the absence of any express agreement to the contrary. The Bank shall not be obliged to act on any instructions relating to the withdrawal of the deposit unless the Customer or the Authorized Person(s) produces proper identification papers or such other documents as the Bank may reasonably require. Except with the prior written consent of the Bank, no withdrawal may be made otherwise than in writing and signed in accordance with specimen signatures and authorizations received by the Bank. Any arrangements entered into with the Bank for withdrawal orders to be otherwise than in writing shall be at the sole risk of the Customer and the Bank shall not be liable for any loss, damage or liability incurred or suffered by the Customer in connection with such arrangements, in respect of which the Customer shall indemnify the Bank against any expense or liability which it may incur.
5.4 Withdrawals by the Customer shall be made in such manner and the Customer shall comply with such procedures as the Bank may determine from time to time at its sole discretion.
6 Overdrawn Account(s)
6.1 The Customer undertakes to ensure the Account(s) shall not be overdrawn, even temporarily, except where the Bank in its absolute discretion allows or by prior arrangement with the Bank and such arrangement shall be subject to such terms and conditions as may be determined by the Bank from time to time.
6.2 Any debit balance on any overdrawn Account(s) shall be repayable by the Customer immediately. The Customer shall also on demand pay interest and any Bank charges whatsoever on the debit balance to be calculated at such rates as the Bank may prescribe from time to time and such interest shall be computed daily and charged at the end of each month or such other time as may be determined by the Bank from time to time.
7 Deposits
7.1 Any deposit made by the Customer shall be made in such manner and the Customer shall comply with such procedures as the Bank may determine from time to time at its sole discretion.
7.2 The Bank may at any time without notice to the Customer and at its sole discretion and without liability or disclosing or assigning any reason to the Customer refuse any deposit or limit the amount which may be deposited and return all or any part of an amount tendered to the Bank for deposit. The Bank shall set (at its absolute discretion) the minimum amount required to open an account (such minimum amount shall vary from time to time at the Bank’s absolute discretion).
7.3 Deposit(s) established with the proceeds of cheques will be value dated after clearance.
8 Collection
8.1 All cheques and other instruments accepted for deposit are credited subject to final payment. The Bank reserves the right to debit and charge the Customer's account for items which are subsequently returned unpaid, together with all the charges incurred thereby.
8.2 All cheques and other instruments which are deposited with the Bank for collection are received by the Bank as agent for collection and the Bank may, at its absolute discretion, refuse to accept any cheque or other instrument for deposit. The Bank may either: - (a) route each such cheque or other instrument for collection to the maker, drawee, endorser or other payee through any of its branches or correspondents for handling subject to and in accordance with their respective rules and regulations and for payment in cash, bank draft or otherwise; (b) refrain from presenting, demanding, collecting or giving notice of non-payment or dishonor with respect to any such cheque or other instrument on any Saturday, Sunday or gazetted public holidays.
8.3 Any transfer whether mail, telegraphic or electronic or negotiable instrument accepted for deposit may not be withdrawn until such proceeds have been received by the Bank. Where such transfer is invalidated for whatever reason, the Customer’s account will be debited immediately and the Bank shall reverse any interest which has been calculated or credited in respect of such items.
8.4 The Bank may at its discretion destroy any cheques or documents related to the Account after the lapse of the standard retention period of the Bank.
9 Stop Payment Orders
9.1 If the Customer desires to stop or countermand payment of a cheque which the Customer has drawn, then the Customer shall provide complete written instructions and information fully identifying the cheque, including (a) the cheque number; (b) the date of issue (if any); (c) the payee’s name (if any); and (d) the amount (if any) to the Bank. Following receipt of these instructions, the Customer shall complete any further documentation required by the Bank. Such stop payment instructions shall be undertaken by the Bank on a best endeavors basis and the Bank may at its absolute discretion elect not to act on these instructions for any reason.
9.2 Where the stop payment instructions are undertaken by the Bank, the Customer irrevocably and unconditionally agrees (a) to indemnify and at all times keep the Bank indemnified against any expense, loss, damage or liability whatsoever which may be incurred or suffered by the Bank as a result of any non-payment of the relevant cheque; (b) that as the Bank will use its best endeavors to carry out the Customer’s instructions it will not be liable for any failure to do so howsoever arising; (c) to notify the Bank promptly in writing if the relevant cheque is recovered or destroyed, or if these instructions are otherwise cancelled; and (d) that these instructions are valid for such period as the Bank determine from the date on which the Bank receive the Customer verbal or written instructions.
10 Cheque Truncation
10.1 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 bye-laws made by the SCHA including but not limited to cheques (whether or not the same are, under Section 82 of the Bills of Exchange Act, Chapter 23 of Singapore (“the 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.
10.2 The Bank’s rights, practices and/or liabilities are subject to the relevant bye-laws and/or regulations of the SCHA and the Association of Banks in Singapore and the Bank shall not be liable to the Customer for any act done or omitted to be done pursuant to the aforesaid bye-laws and/or regulations.
10.3 Where the Bank is the presenting banker as referred to in Section 90 of the BEA and any cheque or other instrument as aforesaid is dishonored by reason of non-payment or otherwise in circumstances where the Bank might otherwise be obliged to return to the Customer the original of any such cheque or other instrument, the Bank is not obliged to return any such original and it shall be sufficient that the Bank (subject to such terms and conditions as the Bank may impose) issue to the Customer the IRD relating thereto provided always that the Bank may (acting at its discretion and subject to such conditions as the Bank may impose) nevertheless return the aforesaid original in lieu of the relevant IRD.
10.4 Where the Bank has paid on any cheque or other instrument as aforesaid drawn or purportedly drawn by the Customer (and/or on the image and relevant electronic payment information in respect thereto):
(a) the Bank is not obliged to return to the Customer the original of any such cheque or other instrument and it shall be sufficient (when so requested by the Customer and subject to such terms and conditions as the Bank may impose and/or the relevant bye-laws and/or regulations of the SCHA) that the Bank issues to the Customer the electronic image of such cheque or other instrument or a printed or electronic copy thereof;
(b) the Customer consents 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 bye-laws and/or regulations of the SCHA; and
(c) the Customer consents 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 the Bank otherwise determines acting in its discretion and subject to such terms and conditions as the Bank may impose, only for so long as the retention period specified in or pursuant to) the relevant bye-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 the Bank retaining a copy in any form or medium; provided always that the Bank may (acting at its discretion and subject to such terms and conditions as it may impose and/or the relevant bye-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.
10.5 The Bank is entitled to disregard the presence or absence of any company or personal stamp(s), seal(s) and/or similar marking(s) 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 the Customer; or
(b) the image and/or relevant electronic payment information in respect of any such cheque or other instrument as aforesaid; even though the Customer may have issued the Bank contrary instructions, or the mandate for the Account may contain contrary instructions.
10.6 The Bank shall not be liable to the Customer (or any third party claiming through the Customer) for any loss or damage (including but not limited to consequential loss or damage) suffered, howsoever caused, arising from the CTS including but not limited to the acts or omissions of any person or entity and/or any error caused by machine or hardware malfunctions or manufacturer’s operating software defects unless it is caused solely and exclusively by the negligence or fraudulent or dishonest act of the Bank or its officers or employees.
10.7 The Bank has absolute discretion (without incurring any liability to the Customer) to determine whether to process through the CTS and/or any other clearing and/or settlement system as the Bank thinks fit any article, document or item including but not limited to:
(a) cheques (whether or not the same are, under section 81A of the BEA or otherwise, not transferable); and
(b) other instruments (including but not limited to an instrument to which Section 85(2) of the BEA applies).
10.8 Any reference in these Terms and Conditions to cheques and/or other instruments shall, where the context requires, include a reference to an IRD.
10.9 The Customer agrees that any CTS Image or CTS Article 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 Image or CTS Article on the grounds only that it is made or recorded in electronic form.
11 Interest
11.1 Interest bearing Accounts shall earn interest at a rate determined by the Bank on a per annum calculated based on either 360 or 365-day year, depending on the type of product and currency. Interest shall be computed based on daily available balance and credited to the account monthly. No interest will be computed if the daily available balance falls below the required minimum for the Account.
12 Payments to the Bank
12.1 The Customer agrees to pay to the Bank on demand all monies and charges together with interest on such monies from the date on which such monies become due to the date of payment in the currency in which they are due in the same day funds and at such rate which the Bank shall determine from time to time.
12.2 All such monies and charges shall be payable by the Customer in full without any set off or counterclaim or any restriction or condition, and free and clear of and without deduction for present or future taxes (including without limitation stamp duty or other taxes), levies, charges or withholdings, and all liabilities with respect thereto.
12.3 All monies and charges payable by the Customer are exclusive of any goods and services tax (whether imposed in Singapore or other jurisdiction) which shall where applicable be paid by the Customer in addition to any sums otherwise payable, at the rate in force at the due date for payment.
12.4 The Customer acknowledges and agrees that:
(a) any payments by the Bank under these Terms and Conditions will be subject to withholding and deduction as may be required by Applicable Law and Regulations, as well as Foreign Law Requirements;
(b) any amount withheld under (a) may be held in whatever account or in whatever manner determined by the Bank; and
(c) the Bank is not liable for any gross up, loss or damage suffered as a result of the Bank exercising its rights.
12.5 The Bank may convert at such rate as the Bank deems fit any payment received for the Account(s) in a currency different from that of such Account into the currency of that Account and the Customer shall bear the cost of such conversion.
12.6 Whenever the Bank shall collect any amount to be credited to the Account in accordance with any mandate or other authority from the Customer (the "Credit Amount") the Bank shall not in any way be liable to account to the Customer for any interest or benefit which the Bank may receive from or derive out of the Credit Amount or any part thereof prior to the Bank's credit of the same into the Account and such interest and benefit (if any) shall be received and held by the Bank to its own use and benefit absolutely.
13 Default in Repayment
13.1 If the Customer fails to make prompt repayment of any debit balance or accrued interest thereon, the Bank may forthwith and without notice to the Customer, and without prejudice to its rights, realize any funds or securities deposited with the Bank for the Account of the Customer in any manner it shall deem fit and apply the proceeds therefrom, after deducting realization expenses, in or towards the payment and discharge of any amount due to the Bank from the Customer. If there is any shortfall between such proceeds and the amount due, the Customer shall remain liable for any such shortfall, including interest thereon at such rate as the Bank may prescribe from time to time.
14 Security
14.1 All securities deposited by the Customer with the Bank to secure moneys advanced to the Customer on the Account shall be a continuing security for any moneys owing by and liabilities outstanding from the Customer to the Bank at any time.
15 Assignment(s) / Transfer(s)
15.1 Except with the Bank’s prior written consent and subject to such terms and conditions as the Bank may prescribe, the Customer shall not assign, transfer or charge to any third party or create any security or other interest in or otherwise dispose of or purport to do the same in respect of any deposit or balance standing to the credit of the Account(s) or any part thereof.
16 Set-off and Combination of Accounts
16.1 All time deposits and other cash balances in the Customer’s Account(s) will serve as collateral for the Customer’s liabilities.
16.2 The Bank shall be entitled at any time and without prior notice to the Customer to:
(a) retain any moneys standing to the credit of any Account and to refuse payment of such monies or any part thereof to the extent of all liabilities whatsoever of the Customer to the Bank;
(b) combine, consolidate or merge all of any of the Account; and
(c) set off or transfer any sum standing to the credit of anyone or more of such Account or any sum otherwise owing by the Bank to the Customer in or towards satisfaction of the liabilities owing by the Customer to the Bank on any Account.
16.3 All amounts standing to the credit of the Account(s) shall be deemed to be forthwith set off in or towards satisfaction of the Customer’s liabilities (whether in whole or in part) in any of the following events:
(a) the Customer’s failure to repay on demand any sum due to the Bank;
(b) the Customer’s deposit(s) is threatened by insolvency proceedings or by third party claims;
(c) the Customer’s death, incapacity, winding-up, bankruptcy or receivership;
(d) the Bank’s receipt of a garnishee order relating to the Account(s); or
(e) any breach by the Customer of any one or more of the provisions of these Terms and Conditions.
16.4 Any credit balance on the Customer’s Account(s) including accounts with branches of the Bank outside of Singapore may be applied in satisfaction of any sum then due and payable in respect of the Customer’s liabilities. The Bank is authorized to purchase with such monies any other currencies to effect such application using the rate of exchange at the date of set off.
16.5 In the case of joint account(s), the Bank may set off the liabilities of any joint account holder to the Bank on any Account(s) whether as borrower, surety or otherwise against the credit balance in the joint Account(s). Where the said sums have been incurred by only one or some but not all of the joint account holders, the Bank’s rights shall also extend to credit balances to which all the joint account holders are singly or jointly entitled.
17 Bank Statements
17.1 Unless the Customer notifies the Bank of any of the discrepancy in accordance with these Terms and Conditions, the Customer shall be:
(a) conclusively deemed to have admitted all entries as shown on the bank statement are correct and accurate;
(b) stopped and precluded from asserting as against the Bank that one or more of the entries in the bank statement is or are incorrect and/or improperly chargeable to the Account;
(c) deemed to have agreed to waive all rights to raise objections or pursue any remedies against the Bank in respect thereof.
17.2 The bank statement shall be conclusive evidence against the Customer of the state of Account for the matters specified therein in any legal proceedings without further proof. Where a bank statement is issued in respect of an Account, the Customer undertakes in respect of each bank statement:
(a) to verify its correctness; and
(b) to notify the Bank in writing within 5 days from the date of the bank statement of any errors, alleged omissions, wrongful debits, unauthorized entries, inaccurate entries including without limitation to forgery, fraud by other third party and etc made to the Account as shown on the bank statement.
17.3 In the absence of manifest error or fraud, the Bank shall in no circumstances be liable to the Customer for any losses which the Customer may suffer or incur in connection with any errors, alleged omission, wrongful debits, inaccurate entries or unauthorized entries as shown in any bank statement such fraud or manifest error and howsoever arising whether direct or indirect, special, consequential or arising howsoever including loss of profit and loss of opportunity.
18 Joint Accounts
18.1 If there are more than one customer in the same account, then : -
(a) the liabilities of each one of them will be joint and several;
(b) each of them shall be bound by these Terms and Conditions;
(c) the Bank shall be entitled to deal separately with any one of them on any matter including without limitation to granting indulgence or making compromise on outstanding payment without prejudicing the Bank’s rights, powers and remedies against the other customer.
18.2 Upon notice of the death of any one of the joint Account(s) holders, the Bank shall be entitled to freeze the Account and to retain the credit balance in the joint Account until such time the joint Account(s) holder’s successor produces a grant of probate or letters of administration.
18.3 The Bank shall be entitled to pay the credit balance in the joint Account(s) to the survivor and if more than one survivor, in their joint names provided that prior to such payment, the indebtedness of any of the joint Account(s) holders to the Bank shall first be set off from the said credit balance.
18.4 The joint Account(s) holder and their estate, together with the other joint Account(s) holders, undertake to indemnify the Bank and to keep the Bank indemnified against all claims, costs, expenses, losses and damages, including those arising from (a) the payment of the credit balance in the joint Account(s) to the survivor(s) in the manner stated as aforesaid; (b) the freezing of the joint Account(s) and the retention of the credit balance in the joint Account(s) in the manner stated as aforesaid; and (c) any dispute between any of the joint Account(s) holder(s) and any personal representatives of the deceased joint Account(s) holders. The Bank shall be entitled to debit from the joint Account(s) such claims, costs, expenses, losses and damages at the Bank’s sole discretion.
19 Incapacity / Death of Customer
19.1 The Bank’s rights hereunder shall not be affected by the death or legal incapacity of Customer, and shall be in addition and without prejudice to any lien or other right whatsoever to which the Bank may be entitled by law and shall apply to all liabilities of the Customer to the Bank, whether such liabilities or any of them arise on any Account or in any other respect or manner whatsoever, are actual or contingent, primary or collateral, sole, several or joint, require or are capable of discharge by performance or payment to the Bank in Singapore or in any other country, and where the currency in which any such liability is owed or due may be different from the currency in which the Accounts or any of them are stated or owed or due, the Bank shall be entitled to sell the said currency and apply the proceeds in reduction, satisfaction or discharge of any indebtedness or liability of the Customer to the Bank.
19.2 Upon the Customer’s death, the Bank shall at its sole discretion, be entitled to:
(a) close the Account(s) and pay the monies in the Account(s) to the Customer;
(b) where the beneficiary(ies) are of full age, close the Account(s) and release the monies in the Account(s) to the beneficiaries equally, or open a new Account(s) in the name of all the beneficiary(ies) and the new Account(s) shall be operated in accordance with the instructions of all the beneficiary(ies); or
(c) where the beneficiary(ies) are not of full age, close the Account(s) and open a new Account(s) in the names of the Customer’s personal representative(s) in trust for the beneficiary(ies) or release the monies in such Account(s) to the Customer’s personal representative(s).
19.3 In the event of the Customer’s death, the Customer’s estate shall remain and continue to be liable to the Bank for all liabilities on the Account incurred prior to the date of death. Any payments made into the Account subsequent to the date of death of the Customer shall not be applied in or towards satisfaction or discharge in part or in whole of the liabilities on the Account incurred prior to the date of death.
20 Suspension of Account(s)
20.1 The Bank reserves the right to suspend the operation of all or any account of the Customer until such time as the Bank considers appropriate if the Bank is of the opinion that:
(a) an Account remains inactive or dormant for such period of time as the Bank may determine. The Bank reserves the right to impose such conditions in relation to the further operation of the Account(s) as it may determine in its sole discretion;
(b) the account mandate is not validly or properly executed; or
(c) the Customer (other than acting in the capacity as a trustee) is not the beneficial owner of the account(s) unless the Customer has notified the Bank of such owner(s).
21 Closing of Account(s)
21.1 The Customer shall be entitled at any time to close an Account upon notice in writing but without prejudice to any right or claim that the Bank may have against the Customer in respect of the Account. If an Account is closed within six (6) months from the date of it being opened, the Bank may make a charge at its discretion an amount stated in these Terms and Conditions or as determined or varied by the Bank from time to time in accordance with these Terms and Conditions.
(a) The Bank shall be entitled at any time to serve notice upon the Customer requiring him to close the Account thirty (30) days from the date of the notice provided, that, any provision herein to the contrary notwithstanding, the Bank shall have the right to immediately close any account at any time if the Bank reasonably believes that the account is being used in connection with any illegality or impropriety such as but not limited to any fraud, money laundering or terrorist financing without need of any prior notice or demand.
(b) A notice sent by post to the last known address of the Customer shall be deemed to have been duly served on the Customer.
(c) At the expiration of the period of 30 days, the Bank shall be free from any further obligations to honor any cheque, order, draft, bill, note or other negotiable instrument drawn, accepted or made by the Customer which may be presented to the Bank for payment after the expiration of the said 30-day period, whether any such instrument be dated before or after such date of expiration, and notwithstanding that there may at the time of presentment of the instrument for payment be sufficient funds in the Account to cover the payment of such instrument.
21.2 The Bank may close immediately or transfer any account of the Customer if the Customer fails to comply with any requirement of these Terms and Conditions in respect of Applicable Law and Regulations or a Foreign Law Requirement or if it is otherwise necessary or convenient for the purpose of the Banks’ compliance with Applicable Law and Regulations or a Foreign Law Requirement. This includes the Customer’s failure to provide information, documents and supporting materials as required by the Bank. The Bank is not required to provide advance notice before exercising this right.
21.3 Any Account which remains inactive for a continuous period of one (1) year or such other period as the Bank may otherwise determine from time to time shall be subject to monthly service charge payable in accordance with the Bank's Service Charges Table published from time to time and which may be charged by the Bank at its own discretion. An Account with zero balance is liable to be closed by the Bank without prior notice.
21.4 On termination of the Account(s):
(a) the Bank may discharge its entire liability with respect to the Account(s) by paying to the Customer in such form as the Bank may determine in the currency of the Account the amount of the then credit balance in the Account(s); and
(b) the Customer shall forthwith return to the Bank all unused cheques failing which the Customer shall indemnify the Bank for any costs or expenses arising or in connection thereto.
21.5 Without prejudice to the generality of the foregoing, upon the occurrence of any of the following events, the Bank shall be entitled (without demand or notice) to terminate the Account(s) immediately:
(a) the Customer’s failure to comply with any provision of these Terms and Conditions;
(b) any grounds exist for the presentation of a bankruptcy or winding-up petition against the Customer;
(c) the Customer’s death, insanity or incapacity;
(d) any application is made by any party for the appointment of a receiver;
(e) the performance of any obligation under these Terms and Conditions become illegal or impossible; or
(f) if the balance in an Account falls below the prescribed minimum as determined by the Bank from time to time.
(g) if the Bank perceives that it may be exposed to any financial, operational, legal, reputational or other risk in maintaining the account.
22 Consent for Disclosure
22.1 The Customer acknowledges, agrees and consents to the collection, use and disclosure by the Bank and its related corporations and affiliates and their respective business partners and agents (collectively the “BDO Group”) of all personal data, information, documents or certifications relating to the Customer for purposes reasonably required by the BDO Group to enable them to provide their products and services to the Customer. Such purposes are set out in a Data Protection Policy, which is accessible at www.bdounibank.com.sg or available on request. The Customer also agrees that the Bank may transfer the data inside or outside the Singapore. The Customer undertakes and agrees to obtain the consent of any third person whose information is disclosed to the Bank under these Terms and Conditions and provide the person with the Data Protection Policy.
22.2 Without prejudice to the generality of the foregoing, the Customer consents to and authorizes the transfer and/or disclosure, for any purpose, of any information (including Customer Information) relating to the Customer, any Account, the Customer’s financial condition, the beneficial owners and beneficial ownership of the Accounts, the identity of any Authorized Person, by the Bank, the Bank's officials, employees, agents and any other persons who by reason of their scope of work, capacity or office have access to the Customer’s records, registers or any correspondence or material with regard to the Customer or any of the Customer's Account(s), to the head office of the Bank, the Bank’s head office, related corporations, affiliates, agents, business partners or other third parties including but not limited to:
(a) to any person or organization participating in the provision of the Bank’s services, whether in Singapore or elsewhere for purposes of operating such services including but not limited to investigating discrepancies, errors or claims;
(b) to any person or organization to whom the Bank outsources certain functions or activities;
(c) to (or through) whom the Bank assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations pursuant to any of the services or proposed services;
(d) to the police or any public officer purporting to conduct an investigation;
(e) to the Bank's stationery printer, external printer, agent or storage or archival service provider (including but not limited to any provider of microfilm service or any electronic storage, archival or recording facility, for the purpose of making, printing, mailing, storage, microfilming and/or filing personalized cheques, statements of accounts, cards, labels, mailers or any other documents or items on which the Customer’s name and/or other particulars appear, or any data or records or any documents whatsoever;
(f) to any information gathering or processing organization or department conducting surveys on our behalf whether in Singapore or elsewhere;
(g) to any other banks, financial institutions and credit agencies for the purposes of verifying the information provided by the Customer for and ascertaining the Customer's financial situation;
(h) for purposes of wire transfer or correspondent banking;
(i) to the extent and for such purposes as permitted under or pursuant to the Banking Act to any credit bureau recognized as such by the Monetary Authority of Singapore under or pursuant to the Banking Act of which the Bank is a member or subscriber for information sharing services and (through any such credit bureau) to any fellow member or subscriber as recognized by the Monetary Authority of Singapore;
(j) to any person in compliance with the order, notice or request of any government agency or authority or courts in Singapore or of a jurisdiction where any of the Bank’s
(k) overseas branches or offices are situated or where the Bank has assets;
(l) to any person or organization for the purpose of collecting and recovering for and on the Bank's behalf, or securing for the Customer’s benefit or repaying on the Customer’s behalf, any sums of money owing to the Bank from the Customer;
(m) (in the case of a trust Account) to the beneficiary of the Account;
(n) to any person which the Bank believes in good faith to be the Customer or an Authorized signatory of the Customer;
(o) any of the Bank’s related corporations, branches and their respective employee, whether in Singapore or elsewhere for risk management and other monitoring or reporting purposes, or where such disclosure is necessary for the Bank or the Bank's related corporations or branches to process transactions or payments pursuant to these Terms and Conditions or provide products or services to the Customer;
(p) as may be required under the relevant bye-laws and/or regulations of the SCHA, including the Committee of Management of the SCHA and/or any other person or entity as specified under the relevant bye-laws and/or regulations of the SCHA;
(q) any exchanges, trading platforms, clearing houses, trade repositories, markets and depositories;
(r) to the Customer’s solicitors or legal representatives. For this purpose, the Customer agrees that the Bank may reasonably rely on any correspondence from such person or entities stating to be the Customer's solicitors or legal representatives;
(s) to any person, corporation, firm, partnership, limited partnership, limited liability partnership, society, association, trade union, institution and other business concern, whether local or foreign, where the Bank in good faith deems it reasonable to make such disclosure.
22.3 The Customer agrees that the Bank may outsource services from time to time to the Bank’s head office, related corporations, affiliates, agents, or other third parties. Such parties may be in Singapore or elsewhere. Without prejudice to the other provisions in this Terms and Conditions, the Customer agrees that such outsourcing may involve the transfer of information (including Customer Information) outside Singapore to a location which does not have the legal protection of information equivalent to Singapore. By accepting the services provided by the Bank hereunder, the Customer consents to the disclosure of information including Customer Information in accordance with this clause and the Customer agrees to authorize such party to access, process or deal with the information including Customer Information. The Customer acknowledges that such party may, in certain circumstances, be required to, and the Customer agrees that it may, disclose information (including the Customer information) to other third parties. The Customer further agrees that such party may disclose information (including Customer Information) to any third party to whom the party has outsourced its operational functions.
22.4 The Customer consents to and authorizes the use by the Bank of any Customer Information for the purposes of the Bank’s compliance with Applicable Law and Regulations, Foreign Law Requirement including any tax related exchange of information laws such as FATCA.
22.5 The Bank's rights as stated in this clause [22] are in addition to any other rights that the Bank may have under the Banking Act, or any other Applicable Law and Regulations. The Bank’s authority to disclose such information in accordance with this clause [22] shall survive the termination of these Terms and Conditions and closure of the Customer’s Account(s).
23 Compliance with Law
23.1 The Customer acknowledges and agrees that any transaction, payment or instruction under these Terms and Conditions may be delayed, blocked, transferred or terminated as required for the Bank to meet its obligations under Applicable Law and Regulations, including those under any Foreign Law Requirement, as determined by the Bank.
23.2 The Bank is required to act in accordance with the Applicable Law and Regulations as well as Foreign Law Requirements, and orders of governmental and/or regulatory authorities operating in various jurisdictions which relate to, amongst other things, the anti-money laundering, terrorist financing and etc. The Bank may take any action which it considers appropriate with or by reference to all such Applicable Law and Regulations.
23.3 The Bank shall in no event be liable for loss or damage, whether directly or indirectly, suffered by any party arising out of any delay or failure by the Bank in processing any such instructions, or in performing any of its duties or obligations in connection with any Account of the Customer, caused in whole or in part by any step which the Bank, in its sole and absolute discretion, has taken or considers appropriate to take in compliance with such Applicable Law and Regulations; or the exercise of any of the Bank’s rights under this clause.
23.4 In some cases, the action which the Bank has taken or may take may cause delay in processing of certain information. The Bank does not warrant or guarantee any information on the Bank’s systems relating to any such Account is accurate or updated at the time it is accessed during the time when such action is being taken.
24 Exclusion from Liability
24.1 Neither the Bank nor any of its officers, employees, nominees or agents shall be liable as a result of acting or failing to act except in the case of the Bank’s gross negligence or willful default.
24.2 Without limiting the generality of the foregoing, the Bank shall not be responsible or liable for any expense, loss, damage, liability or other consequences suffered or incurred by the Customer:
(a) for acting or omitting to act in good faith on the Customer’s instructions;
(b) if for any reason beyond the Bank’s control, the operation of any Account is restricted or otherwise affected;
(c) for any loss or damage caused by any delay or failure in any transmission or communication facilities;
(d) if the funds credited or debited from the Account(s) diminish in value due to taxes, depreciation or becomes unavailable due to restrictions (howsoever arising) on convertibility, requisitions, involuntary transfers, distraints of any character, exercise of governmental or military powers, war, strikes or other causes beyond the Bank’s reasonable control
(e) arising from or relating to lost cheques;
(f) arising from the Bank’s inability to detect inadequate authenticity of the Customer’s signature;
(g) arising from the Customer’s negligence, default or misconduct; and
(h) for any act or omission (including any negligence or willful misconduct) or bankruptcy or insolvency of any agent, nominee, correspondent or counterparty used by the Bank.
24.3 The Bank shall not be liable for any loss, damage or expense suffered or incurred by the Customer (whether as a result of forgery of the signatory’s signature , material alteration of withdrawal requests or other reasons of any kind whatsoever) through no fault of the Bank. The Bank shall not be liable for paying on altered and/or forged cheques where the alterations and/or forgery were made possible by use of erasable ink, pens or typewriters or any other equipment with built-in erasure features or by the use of cheque writers or franking machines where the alterations and/or forgery cannot be easily detected or where the alteration and/or forgery is due to the Customer’s negligence. If the Bank has debited the Customer’s account in reliance on a withdrawal or payment request on which the signature of the Customer or his unauthorized signature was forged, the Bank shall not be liable to reverse the debit or pay or compensate the Customer in respect of the amount so debited.
25 Indemnity
25.1 The Customer shall indemnify and keep the Bank (and all branches of the Bank), its related corporations, affiliates, associates and agents and every director, officer, employee or agent indemnified in respect of all actions, liabilities, losses, damages, taxes, costs, charges, fees, expenses, claims, demands, charges, actions, suits, or proceedings (including legal fees on a full indemnity basis) of any kind made against or incurred by the Bank in connection with the maintenance of, or dealings with, the Account or dealing with any instrument for payment of money at the request of the Customer or the Bank's provision of services and exercise of its powers and rights in relation thereto, including but not limited to:-
(a) the operation of any Account;
(b) the provision of any service and/or product by the Bank to the Customer;
(c) by reason of the Bank as collecting bank relying upon or guaranteeing any endorsement or discharge on a cheque, bill, note, draft or other instruments presented by the Customer for collection, and in all cases, such reliance or guarantee by the Bank shall be deemed to have been exercised at the Customer’s express request;
(d) the Bank taking, relying and acting upon or omitting to act on any instructions given or purported to be given by the Customer or by any person(s) purporting to be the Customer’s attorney, regardless of the circumstances prevailing at the time of such instructions or the nature of the transaction and notwithstanding any error, misunderstanding, fraud or lack of clarity in the giving, receipt or the contents of such instructions, including where the Bank believed in good faith that the instructions or information were given in excess of the powers vested in the Customer or where the Bank believed that the Bank so acting would result in a breach of any duty imposed on the Bank;
(e) failure by the Customer to pay or repay to the Bank on demand any sum due to the Bank (including all interest accrued thereon);
(f) the Customer’s breach of any one or more provisions of these Terms and Conditions;
(g) the enforcement by the Bank of its rights (including rights of sale, set off, recovering payment or enforcement proceedings) under or in connection with these Terms and Conditions and/or the Account;
(h) the Bank using any system or means of communication or transmission in carrying out the Customer’s instructions which results in the loss, delay, distortion or duplication of such instructions; and
(i) any lost, stolen or mislaid cheque book, cheque, passbook, card, time deposit advice, personal identification number(s) or advice, or other identification code(s) in relation not the Account and any re-issuance or replacement of the same by the Bank,
unless such actions, liabilities, claims, demands, losses, damages, taxes, costs ,charges and expenses are caused solely by the negligence or willful default of the Bank, its officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely therefrom.
26 Communication
26.1 The Customer shall notify the Bank in writing for (or, in such other mode(s) and/or methods agreed by the Bank from time to time) of any change in the Customer’s particulars, including but not limited to:
(a) the Customer’s particular(s), circumstance(s), status, including any change in citizenship, residence, tax residency, address(es) on record, telephone or facsimile number and email address;
(b) (where applicable) the Customer’s constitution, shareholders, partners, directors or company secretary, or the nature of the Customer’s business; or
(c) the address or contact telephone number or other personal particulars recorded with the Bank.
26.2 The Bank shall not be affected by and shall not act upon any such change until notice of such change has been received by the Bank and the Bank is entitled to a reasonable period of not less than 5 Banking Days after receiving a notice of such change to process and update the change. Pending completion of processing by the Bank of any change notified by the Customer, the Bank is authorized by the Customer to continue to process instruction(s) from the Customer and/or any Authorized Person(s) in accordance with the mandate given to the Bank prior to the notice of change or to continue to send bank statements, notices and other communication to the Customer and the Account address and/or any other address as specified in the mandate or instructions given to the Bank.
26.3 Any notice, instruction, demand, statement, certificate, request or any communication (“Communication”) from the Customer and/or an Authorized Person to the Bank shall be received by the Bank upon the actual receipt by the relevant officer of the Bank of such Communication in a legible or discernible form through the method of communication accepted by the Bank from time to time and not upon transmission by the Customer and/or an Authorized Person.
26.4 Any statement, advice, confirmation, notice, demand and all other correspondence by the Bank under these Terms and Conditions (the “Correspondence”) shall be served on the Customer:-
(a) (where the Customer is an individual) on the Customer and/or an Authorized Person (or the Customer’s personal representatives) personally or (where the Customer is a corporation or partnership) on any of the Customer’s officers or partners personally;
(b) by sending it to the Customer or to any of the Customer’s officers or partners (as the case may be) at the Customer’s last address registered with the Bank; or
(c) by telex or facsimile addressed in any such manner as aforesaid to the Customer’s telex or facsimile address last registered with the Bank. The Correspondence shall be deemed to have been delivered on the day it was delivered personally or transmitted by telex or facsimile or if sent by post on the day following posting.
26.5 The Correspondence shall be deemed to have been duly sent and received by the Customer if:
(a) delivered personally, at the time of such delivery;
(b) if sent by letter postage prepaid, 48 hours after posting (if an address is outside Singapore, 5 days after posting); and
(c) if sent by telex, facsimile, electronic mail or other electronic means, at the time of transmission.
26.6 Any Correspondence will be considered to be sent and received by the Customer in the foregoing manner even if the same is returned undelivered. In the case of joint Accounts, any notice served in accordance herewith on one of the Customers shall be deemed validly served on all the Customers.
26.7 The Customer shall not hold the Bank liable in the event that any Correspondence is delayed, intercepted lost and/or failed to reach the Customer during delivery, transmission or dispatch or if the content of such communication is disclosed to any third party during transit. The Customer will bear all risk of such communications.
27 Amendments
27.1 These Terms and Conditions may, at the Bank’s sole discretion, be changed from time to time upon giving the Customer prior notice by way of display on the Bank’s website, any of its branches or in the bank statements or such other methods as the Bank may determine from time to time. If the Customer continues to maintain the account after the notice period has expired, the Customer shall be deemed to have agreed to such changes.
27.2 The Bank may notify the Customer of any changes to these Terms and Conditions or any changes to the scope of the services by:-
(a) publishing such changes in the bank statement to be sent to the Customer;
(b) displaying such changes on the Bank’s branches or automated teller machines;
(c) posting such changes on the Bank’s website;
(d) electronic mail or letter;
(e) publishing such changes in any newspapers; or
(f) such other means of communication as the Bank may determine in its absolute discretion.
28 Fees and Charges
28.1 Subject to the Applicable Law and Regulations and compliance with these Terms and Conditions, the Bank may impose service fees, facility fees and/or other charges from time to time as the Bank at its discretion thinks fit. The Bank’s charges apply to all accounts and a list of such charges is available at the Bank’s website or upon request at any branch of the Bank.
28.2 All services and other charges and expenses of the Bank in relation to the operation of the Account or any transactions relating thereto shall be for the account of the Customer and the Bank is authorized and instructed to debit the Account for such charges and expenses.
29 Appointment of Agents
29.1 The Bank reserves its right to employ collection agent(s) and legal representatives to collect any outstanding or overdue amount owed by the Customer. The Customer shall keep the Bank indemnified for costs and expenses including but not limited to costs of employing collection agent(s), legal fees and other expenses which are incurred by the Bank in demanding, collecting, recovering such outstanding or overdue amount or part thereof.
30 Application of Other Terms
30.1 In addition to these Terms and Conditions, the Bank may from time to time issue other terms, conditions and notices in respect of the Account in general or any particular type of Account, which the Bank may publish on its website or at any of its branches in Singapore or otherwise notify the Customer in writing. Where services or products are made available to the Customer by the Bank on separate terms, those terms shall be read in conjunction with these Terms and Conditions. In the event of any conflict, the specific terms applicable to the relevant services or products shall prevail.
31 Waiver
31.1 No failure or delay by the Bank in exercising or enforcing any right or option under these Terms and Conditions shall operate as a waiver thereof or limit, prejudice or impair the Bank’s right to take any action or to exercise any right as against the Customer or render the Bank responsible for any loss or damage arising therefrom.
32 Severability
32.1 If any one or more of the provisions in these Terms and Conditions are deemed invalid, unlawful or unenforceable in any respect under any Applicable Law and Regulations, the validity, legality and enforceability of the remaining provisions of these Terms and Conditions shall not in any way be affected or impaired.
33 Third Party Rights
33.1 Unless expressly provided to the contrary in these Terms and Conditions, a person who is not a party to these Terms and Conditions has no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore (as may be amended and substituted from time to time) to enforce or enjoy the benefit of any term in these Terms and Conditions. Notwithstanding any term in these Terms and Conditions, the consent of any third party is not required to vary (including to release or compromise any liability) or terminate any of these Terms and Conditions.
34 Governing Law
34.1 These Terms and Conditions shall be governed and construed in all respects in accordance with the laws of the Republic of Singapore but in enforcing these Terms and Conditions, the Bank is at liberty to initiate and take actions or proceedings or otherwise against the Customer in the Republic of Singapore or elsewhere as the Bank may deem fit, and the Customer hereby agrees that where any actions or proceedings are initiated or taken in the Republic of Singapore, the Customer hereby submits to the jurisdiction of the courts of the Republic of Singapore in all matters connected with the Customer’s obligations and liabilities under or arising out of these Terms and Conditions.
35 Time Deposit Account
35.1 The Time Deposit (TD) Certificate covering any and all time deposits (the “Certificates) are not negotiable instruments and may not be negotiated by endorsement and/or delivery but may be assigned with the Bank’s prior consent in writing. The assignment of the TD Certificate shall not be binding on BDO Unibank, Inc. unless made with its prior consent in writing. The initial interest rate and principal amount are reflected on the face of the TD Certificate.
35.2 Time deposit transactions will only be accepted by the Bank on a Banking Day.
35.3 The Customer agrees that the repayment before maturity of any monies placed on time deposit with the Bank shall be entirely at the Bank's discretion. Should the Bank exercise its discretion to make any such repayment before maturity, the Bank shall have the sole discretion whether to pay any interest, and if so the amount thereof, and/or to charge any penalty or fees in respect of such early repayment, and any sums already paid to the Customer by way of interest and to the government by way of taxation (if applicable) are deductible from the principal sum before repayment of the balance to the Customer.
35.4 Any repayment before the maturity or early withdrawal of, or partial withdrawal from, time deposits will result in the closure of the account in which case the provision of 35.12 will apply.
35.5 A time deposit account may be opened in such currencies and with such minimum initial deposit with respect to a range of maturity dates as determined by the Bank from time to time.
35.6 Interest will accrue to the day prior to maturity of the deposit and is payable on the due date and may be either withdrawn or added to the principal. Details of accrued interest and the amount of tax deducted (if applicable) will be advised each time a deposit is withdrawn or renewed.
35.7 Deposits which fall due on a non-Banking Day shall become payable on the immediately succeeding Banking Day, except where such extension exceeds the maximum period for deposits acceptable to the Bank or as regulated from time to time in which case the deposits, will become payable on the immediately preceding Banking Day. All placement, renewals and withdrawals of deposits are accepted during the transaction hours set by the Bank from time to time for such deposits.
35.8 Any instructions regarding disposal of funds at maturity and any amendments thereto must be given at least one Banking Day prior to the date of maturity. For security reasons, only original written instructions signed in accordance with the mandate relating to the Account will be accepted.
35.9 If no disposal instructions are received on the due date, interest on the due date and thereafter will accrue on the principal amount only. For Singapore Dollar or other foreign currency deposits, the interest will accrue at the Bank's relevant current or savings deposit rate applicable during the period on and after the due date as the Bank at its sole discretion decides. For foreign currency deposits, interest will accrue at the Bank's daily foreign currency or savings deposit interest rates applicable during the period on and after the due date in respect of the relevant currency concerned. Accrued interest will be paid or credited into the Account only when instructions are received.
35.10Where there are automatic renewal instructions for deposits, the prevailing rate applicable at the time of renewal will be the relevant time deposit rate applicable on the due date as the Bank at its sole discretion decides.
35.11The Bank will charge a commission for foreign currency notes deposited to / withdrawn from time deposit accounts, as applicable. The Bank reserves the right to levy a charge for deposit to / withdrawal from time deposit accounts of foreign currency notes (regardless of the amount).
35.12The Certificate shall be surrendered to the Bank upon termination of the time deposit account. In case the original copy of the Certificate is lost, the Customer shall immediately notify the Bank in writing by executing an Affidavit of Loss duly notarized and giving therein all the circumstances surrounding the loss of the Certificate.
36 Foreign Currency Account
36.1 Where an Account is to be maintained in any currency other than Singapore Dollars or United States Dollars, the Bank will not issue a cheque book to the Customer, and withdrawals from such Account may only be effected by written instructions given to the Bank by the Customer.
36.2 Where an Account is expressed in a currency other than Singapore Dollars or United States Dollars and the Bank is required to make any payment out of such Account or where the Bank is required by the Customer to provide foreign exchange, the Bank shall be responsible for providing at its discretion credit at banks in the country where such currency is legal tender or in providing drafts on such banks, in all cases subject to any Applicable Law and Regulations in such country. In all cases the Customer shall bear all risks involved in such transactions including the risks of any failure or delay in receiving payment in any such country for any reason which is beyond the control of the Bank.
36.3 Where a Singapore Dollar or United States Dollars cheque is deposited into a foreign currency deposit account, or if the Singapore Dollar or United States Dollars (as the case may be) cheque is subsequently dishonored, the Bank will debit the Customer's foreign currency account with the value of the cheque as calculated using the Bank's then prevailing buying rate or the original selling rate, whichever is lower.
36.4 Any withdrawal in foreign currency cash is subject to three Banking Day's prior notice to the Bank and the availability of the foreign currency notes in question.
36.5 No transactions on foreign currency deposits will be accepted on Saturdays or on any day which is a public holiday in the country where such currency is legal tender.
36.6 Where an Account is maintained in any foreign currency the application of the other terms and conditions herein shall be subject to this section and to the then prevailing market practice relating to such foreign currency and any applicable legislation, rules, regulations or guidelines relating thereto.
37 Savings Account
37.1 The Customer will be supplied with a passbook which must be presented for every deposit or withdrawal. No entries may be made in the passbook by the Customer. Updating of interest or unposted items on the passbook can be done by presenting the passbook to the Bank. The Bank may at its discretion accept deposits or withdrawals without presentation of the passbook. Where an entry is made on the passbook or a deposit or withdrawal slip is given to the Customer, any claim regarding the accuracy of an entry on the deposit or withdrawal slip or in the passbook must be made by the Customer before leaving the Bank.
37.2 The passbook is for the Customer's reference and does not necessarily indicate the correct balance of the Account as deposits may have been made or items charged without entry in the passbook.
37.3 Any payments made by the Bank to a person producing the passbook and a withdrawal form purporting to be signed and/or sealed or chopped as authorized by the Customer shall have the same effect as if made to the Customer personally and, unless the Bank has acted with gross negligence or with express notice of the forgery or lack of authorization, will absolve the Bank from all liabilities to the Customer or to any other party notwithstanding that the payment is made to an unauthorized person or the signature of the Customer for the withdrawal is a forgery. The Customer will indemnify the Bank in respect of any liabilities incurred by the Bank to a third party.
37.4 Passbooks should be kept in a place of security under lock and key. In the event of the loss of a passbook, immediate notice must be given to the Bank. The Bank will issue a new passbook against a signed indemnity only and the original passbook shall thereupon be cancelled and be void. The Bank may at its discretion levy a charge for issuing a new passbook.
37.5 The passbook is not transferable or assignable and cannot be pledged as security.
37.6 The Customer should from time to time present the passbook to the Bank from time to time to update the interest and unposted items. If the unposted items reach a certain volume as determined by the Bank from time to time, all the unposted items will be consolidated as one entry and the individual items will not be updated on the passbook. A copy of the consolidated statement or relevant report listing each individual entry within a certain period can be produced and provided to the Customer upon request in writing and will be subject to the Bank's handling charge.
(a) The Customer agrees to examine each consolidation statement or relevant report received from the Bank to see if there are any errors, discrepancies, unauthorized debits or other transactions or entries arising from whatever cause, including but without limitation, forgery, forged signature, fraud, lack of authority or negligence of the Customer or any other person (the "Errors").
(b) The Customer also agrees that the consolidation statement or relevant report shall, as between the Bank and the Customer, be conclusive evidence as to the ledger balance shown therein and that the consolidation statement or relevant report shall be binding upon the Customer, who shall be deemed to have agreed to waive any rights to raise objections or pursue any remedies against the Bank in respect thereof unless the Customer notifies the Bank in writing of any such Errors within 60 days after personal delivery of such consolidation statement or relevant report to the Customer or, if posted, within the same period after the Bank has posted such consolidation statement or relevant report.
(c) In the absence of manifest error or fraud on the part of the Bank and nothing binds the customer in the event of such error or fraud.
37.7 Withdrawals from the Account shall not be made by cheques.
38 Current Account
38.1 The Bank shall provide monthly bank statements to the Customer. Such statement will be in respect of all transactions in respect of the Account carried out in the preceding month. No statement will be sent where no entry has been made during the entire preceding month.
38.2 The Bank shall not be in any way liable for any consequential loss or damage resulting by reason of the Bank's failure to send any monthly statement as provided above, except where the bank has acted negligently.
38.3 In the event that the Customer shall in any calendar month fail to receive a monthly statement 30 days after the last statement date, the Customer shall within 5 days therefrom notify the Bank of the same in writing at the branch where the Account is kept and arrange for collection at such branch. If the Bank does not receive such a written notice from the Customer, the Customer shall be conclusively deemed to have received the monthly statement for the preceding month.
38.4 Cheques may only be drawn on an Account of the Customer with the Bank on the printed forms obtained in cheque books or as otherwise provided by the Bank.
38.5 When a cheque book is requested, the Customer must sign an application form supplied by the Bank using the same signature and/or chop as filed with the Bank. If Customer does not apply or collect the cheque book in person, the Bank may at its discretion hand over the cheque book to the bearer of the application at the Customer's own risk.
38.6 Upon receipt of a cheque book, the Customer undertakes to count the number of cheques carefully and examine the account number printed thereon. Cheque books must at all times be kept in a secured place and the Customer shall take all necessary precautions to safeguard the cheque book against loss or theft.
38.7 Alteration on cheques must be authenticated by the full signature of the Customer near the alteration. Initials as abbreviations may be easily forged and the Bank shall not accept such initials unless such arrangement was previously agreed between the Bank and the Customer. If an error is made in the amount of the cheque, it is advisable to cancel the cheque and issue a new one.
38.8 In no circumstances shall ball pens using ink erasable by ordinary pencil rubber or otherwise be used since unauthorized alteration can easily be made and difficult to detect. Customers in breach of the foregoing shall bear all consequences thereof and fully indemnify the Bank for all losses and damages incurred by the Bank towards any third party as a result of acting on such forged or altered cheques and shall absolve the Bank from all liabilities for losses or damages which the Customer may sustain as a result thereof.
38.9 When a signed cheque, blank cheque or cheque book is lost or stolen, the Customer must immediately report such loss to the Bank in writing with stop payment instructions. The Bank shall not be responsible for payments made prior to its receipt of the said stop payment instructions from the Customer.
38.10 In order to avoid fraud, the Customer is strongly advised not to issue blank cheques to any person. When sending cheques through mail, the words "or bearer" should be deleted and the cheques should be crossed. Without limiting any other clause in these Terms and Conditions, the account holder should exercise care when drawing cheques to ensure its correctness and agrees that he/she will not draw cheques by any means and/or in any manner which may enable a cheque to be altered or may facilitate fraud or forgery. The account holder should write the amount, both in words and figures in the spaces provided on the cheque, as close to each other and as close to the left-hand margin as possible so as to leave no space for insertions. The word “only” should be added after the amount stated in words.
38.11 Cheques bearing a date subsequent to or more than six (6) months prior to the date of presentation will in principle not be paid but the Customer (account holder) bears full responsibility in case such cheques issued by him should inadvertently be paid.
38.12 The Customer agrees that:
(a) cheques drawn by the Customer which have been paid may, after having been recorded in electronic form, be retained by the collecting bank or Singapore Clearing House for such period as is stated in the rules relating to the operation of the Clearing House and after this, they may be destroyed by the collecting bank or SCHA as the case may be; and
(b) the Bank is authorized to contract inter alias with collecting banks and SCHA in accordance with the terms in item above.
38.13 The Customer shall not be entitled to draw against cheques, orders, drafts, bills or any other negotiable instruments deposited with the Bank for collection until the amounts thereof shall have been collected or received by the Bank. The Bank reserves the right to recover from the Customer in full any loss sustained from non-payments in connection therewith. All instruments received for collection after the clearing cut-off on a weekday shall be credited for value on the following Banking Day.
38.14 All advances made by the Bank to the Customer on the Account by way of overdraft shall be repayable by the Customer to the Bank upon demand together with interest at the prevailing rates charged by the Bank on advances of a similar nature from time to time.
38.15 The Bank may mark cheques "good for payment" and the Account may be debited immediately with the amount of the cheque so marked.
38.16 The Bank will record any order countermanding payment of cheques but shall not be responsible for any loss caused by an oversight of such order.
38.17 When the Account is closed, the Customer must return all unused cheques to the Bank.
B. PERSONAL ONLINE BANKING TERMS AND CONDITIONS
BDO Unibank's Electronic Banking Services can be used to access your BDO Unibank bank accounts and perform transactions through BDO Unibank Personal Online Banking, BDO Unibank Mobile Banking, and BDO Unibank Singapore Branch provided you request to specifically enroll these accounts.
The term "BDO Unibank" refers to BDO Unibank, Inc (Singapore Branch) [BDO: "You" refers to each enrolled user of the BDO Unibank Electronic Banking Services: BDO Unibank Personal Online Banking, BDO Unibank Mobile Banking and BDO Unibank Singapore Branch.
The following terms and conditions ("Terms and Conditions") form the contract between you as a customer and BDO Unibank as the provider of these services. By enrolling in and using the BDO Unibank Electronic Banking Services, you acknowledge and accept these Terms and Conditions.
These Terms and Conditions replace all earlier terms and conditions relating to the BDO Unibank Electronic Banking Services (if any) unless otherwise stated. These Terms and Conditions apply in addition to the terms and conditions that govern your accounts with BDO Unibank including, where applicable, the General Terms and Conditions for Customers, BDO Unibank Mobile Banking Services Terms and Conditions, the BDO Unibank Fingerprint Authentication Terms and Conditions, the BDO Unibank Biometrics Policy, the BDO Unibank Data Protection Policy, BDO Unibank Security Policy ("BDO Unibank T&C") and all other terms and conditions applicable to the Account(s). The BDO Unibank T&C are expressly and specifically incorporated into and form part of these Terms and Conditions as though the same were reproduced herewith seriatim. If there is a conflict between These Terms and Conditions and the BDO Unibank T&C, these Terms and Conditions will prevail.
While BDO Unibank will provide a secure system within which you can conveniently carry out your banking transactions via the Internet and your mobile phone you shall take full responsibility for protecting your personal information and accounts once you are enrolled in the BDO Unibank Electronic Banking Services and using secure communication lines and internet connection when utilizing the BDO Unibank Electronic Banking Services. Before doing any online transactions or sending personal information, make sure that the correct website has been accessed. Always enter the URL of the website directly into the web browser and avoid being re-directed to the website, or hyperlink to it from a website that may not be as secure. Beware of bogus or "look alike" websites. For more information, please refer to our Security Policy.
1. Availability of Services
1.1. By using the BDO Unibank Electronic Banking Services, you agree to be bound by these Terms and Conditions and that the BDO Unibank Electronic Banking Services will be available on all Account(s) held with BDO, whether open now or opened in the future. In the event that the BDO Unibank Electronic Banking Services cannot be used on some types of accounts, BDO Unibank will advise you from time to time as to which accounts are eligible.
1.2. In order to use the BDO Unibank Electronic Banking Services, you must be registered to use the BDO Unibank Electronic Banking Services in accordance with such prescribed forms and procedures as BDO Unibank may provide.
1.3. You acknowledge that the BDO Unibank Electronic Banking Services are provided on an “as is”, “as available” basis only and that the time periods during which the service may be available are subject to change. You further agree that BDO Unibank shall be entitled but shall not be obliged at any time, at BDO Unibank’s discretion and without prior notice, to temporarily suspend the operations of the BDO Unibank Electronic Banking Services for updating, maintenance and upgrading purposes, or any other purposes whatsoever that BDO Unibank deems fit, and in such event, BDO Unibank shall not be liable for any loss, liability or damage which may be incurred as a result.
1.4. You shall not use or disclose any material and/or information pertaining to the BDO Unibank Electronic Banking Services other than to access and use the BDO Unibank’s Electronic Banking Services; and further undertake not to reproduce, sell, distribute or in any way allow any third party access to the aforesaid materials and/or information provided by BDO Unibank on or via the BDO Unibank Electronic Banking Services.
1.5. BDO Unibank may introduce new service(s) and/or product(s) through the BDO Unibank Electronic Banking Services at any time by utilising such new service(s) and/or product(s) become available, you are deemed to agree to and be bound by the terms and conditions in force governing each such new service and/or product.
2. Account Access
2.1. Each enrollment can consist of a single user (one person) or joint users (several persons).
2.2. Holders of the BDO Unibank Personal Individual and Personal Joint Account shall be allowed to enroll in BDO Unibank Electronic Banking Services. For joint accountholders, you understand and agree that all transactions to be made by any one of the enrollees via BDO Unibank's Electronic Banking Services are conclusively considered as done with the consent of all co-depositors.
3. Security
3.1. To access your accounts through BDO Unibank’s Electronic Banking Services, you need a User ID and an online password ("Password") for BDO Unibank Personal Online Banking and Mobile Banking.
3.2. You shall nominate your preferred User ID and Password (collectively, "Security Codes") upon enrollment to BDO Unibank Online Banking and Mobile Banking. Your preferred User ID shall be unique to you and when used together with your Password will enable you to access the BDO Unibank Online Banking and BDO Unibank Mobile Banking Services.
3.3. Security devices or mechanisms provided by BDO Unibank (e.g. physical security tokens, mobile OTP token software or SMS OTPs) (“Security Devices”) may be dispatched by BDO Unibank or collected by you or made available to you using any means as BDO Unibank may prescribe from time to time. Any codes generated by such Security Devices shall be deemed as Security Codes. While BDO Unibank will take measures to ensure that such means of dispatch or delivery is reasonably reliable, BDO Unibank will not be responsible for any loss, damage, cost or expense howsoever arising from any failure to dispatch, deliver or make available the same.
3.4. You must adopt and at all times maintain the security procedures as prescribed by BDO Unibank from time to time in order to ensure that you alone (or the joint account holder, where applicable) are able to access and give instructions on the Account(s) using BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking. Security procedures include those set out in these Terms and Conditions and any relevant guidance issued by BDO Unibank.
Safeguards for Security Codes and Security Devices
3.5. You will be solely responsible for keeping your Security Codes strictly confidential and for your use only, solely for the purpose of accessing the BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking services. In this connection, you should observe the following:
(a) change your Password regularly especially if you suspect that its confidentiality has been compromised. In any event, the Password shall expire every 3 months or such other expiry period as may be imposed by BDO Unibank and you will be prompted to change the Password fifteen (15) days before its expiry. The Password designated by you must not relate to any readily accessible personal data such as name, birth date, address, phone number, or identification card number, must not be an obvious combination of letters and numbers, including sequential numbers (e.g. 123456) or one which can easily be guessed by someone else, and must not be your five (5) previous / most recent nominated Password. You acknowledge and agree that only you have the sole option and authority to change your Password;
(b) take all reasonable steps to ensure that your Security Codes are properly safeguarded at all times; and
(c) not disclose any details of your Security Codes to anyone.
3.6. If you discover or suspect that your Security Codes and/or Security Devices, or any part of them, is known to someone else, you must immediately change the Security Code and/or Security Device through the BDO Unibank Personal Online Banking or BDO Unibank Mobile Banking services. If this is not possible, or if you discover or suspect that your Security Code or Security Device is being used in an unauthorized manner, or you lose or damage your Security Code or Security Device, you must notify BDO Unibank immediately at such telephone number or other contact point as BDO Unibank may make available from time to time for this purpose. Use of the BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking services may be suspended pending issuance of new (replacement) Security Codes and/or Security Devices.
3.7. In the event that you know or reasonably believe that there has been a breach of security or unauthorised use, (and where relevant, loss or damage) of the Security Codes and/or Security Devices, you must notify BDO Unibank immediately. You remain responsible for all instructions and transactions until BDO Unibank has taken the necessary steps, in accordance with its prevailing practice to prevent any instructions or transactions from being effected through the use of such Security Codes and/or Security Devices.
3.8. You shall comply with all requirements, instructions and specifications relating to the Security Codes and/or Security Devices prescribed by BDO Unibank from time to time. BDO Unibank may from time to time require the replacement, modification or updating of any of the Security Codes and/or Security Devices, terminate, disable or deactivate the use of any of the Security Codes and/or Security Devices.
3.9. The Security Codes and/or Security Devices may be dispatched by BDO Unibank or collected by you or made available to you using any means as BDO Unibank may prescribe from time to time. While BDO Unibank will take measures to ensure that such means of dispatch or delivery is reasonably reliable, BDO Unibank will not be responsible for any loss, damage, cost or expense howsoever arising from any failure to dispatch, deliver or make available the same.
3.10. The Security Codes and/or Security Devices are provided on an as-is basis and no warranties are provided in relation thereto. All rights, title and interest in the Security Codes and/or Security Devices belong to BDO Unibank or BDO Unibank’s third party licensors. You shall not change, tamper or modify any part of the Security Codes and/or Security Devices without BDO Unibank’s prior written consent.
3.11. You shall comply with security procedures prescribed by BDO Unibank from time to time for the implementation of security verification checks in relation to the issuance, re-issue, cancellation and/or resetting of any of the Security Codes and/or Security Devices.
Other Safeguards
3.12. In connection with the use of the BDO Unibank Electronic Banking Services, you must observe the following:
(a) you must operate the BDO Unibank Electronic Banking Services personally and not allow anyone else to operate the service on your behalf;
(b) you must not leave the equipment or software used by you to access the BDO Unibank Online Banking or BDO Unibank Mobile Banking services unattended while you are online to the service;
(c) you must not access the BDO Unibank Electronic Banking Services from any device connected to a local area network (or LAN), such as an office environment, without first ensuring that no one else is able to observe or copy your Security Codes, or otherwise obtain access to the BDO Unibank Electronic Banking Services pretending to be you; and
(d) you must comply with any other requirements designed to protect the security of your use of the BDO Unibank Electronic Banking Services as notified by BDO Unibank.
Loss of Security Devices
3.13.In relation to any Security Devices sent to you by ordinary post or by any other means, you agree to be responsible for and accept all risks associated with the delivery of the Security Devices by such means, from the time the foregoing leaves BDO's physical custody or when BDO Unibank transfers control of the same to you or when BDO Unibank sends mobile OTP token or SMS OTPs to you based on BDO's records or via the token; and you shall be responsible for the continuing safekeeping of the same thereafter.
3.14.All instructions received by BDO Unibank using the Security Codes and/or Security Devices shall be deemed to be authorised by you unless otherwise prior notification has been provided to BDO Unibank in accordance with these Terms and Conditions or any other procedures which BDO Unibank may provide. You will continue to be liable for and disentitled to dispute any and all unauthorised instructions until BDO Unibank has taken the necessary steps, in accordance with its prevailing practice to prevent any such instructions from being effected through the use of such Security Codes and/or Security Devices. BDO Unibank shall not be responsible in any way for the losses you may suffer from non-receipt of the Security Codes and/or Security Devices or their disclosure to any party.
4. Instructions
BDO's Reliance on Instructions Given via BDO Unibank Electronic Banking Services
4.1. You agree that the use of the Security Codes and/or the Security Devices for the BDO Unibank Electronic Banking Services is adequate identification of yourself. BDO Unibank is entitled to act on instructions (using the Security Codes and/or Security Devices via the BDO Unibank Electronic Banking Services) without obtaining any further written or other confirmation, even if those instructions are not actually given or authorised by you (except in circumstances described in Clause [4.4]. BDO Unibank shall be entitled (but not bound) to give effect to any instruction received, in the terms in which it was received. BDO Unibank's record of any instruction shall (unless there is a manifest error) be final and binding.
4.2. You agree that when instructions are given via the BDO Unibank Electronic Banking Services (including but not limited to an instruction to transfer funds out of your Account(s)), BDO Unibank is deemed to have received or executed the instruction only when you have received a confirmation that BDO Unibank has received or executed that instruction.
4.3. You are solely responsible for ensuring the accuracy, adequacy and completeness of all instructions given by you via the BDO Unibank Electronic Banking Services (including but not limited to instructions to transfer funds out of your Account(s)). BDO Unibank is not obliged to verify the accuracy, adequacy, and/or completeness of instructions. Without limiting the scope of anything in Clause [12], BDO Unibank will not be liable for any loss or damage as a result of:
(a) instructions to transfer funds being inaccurate, inadequate or incomplete in any manner; or
(b) any failure, refusal, delay or error by any third party through whom any such funds transfer is to be made, to transfer the funds to or to credit the account of the intended payee.
Unauthorised Instructions
4.4. You will not be liable for the misuse of the Security Codes and/or Security Devices by someone to give unauthorised instructions provided that the following are satisfied:
(a) you have ensured compliance with all security procedures described in Clause [3] and other security procedures which BDO Unibank has put in place; and
(b) you have immediately notified BDO Unibank that the Security Codes and/or Security Devices is or might be known to someone else in accordance with Clause [3.6].
You will be held liable for all losses due to unauthorised use if you have acted fraudulently or with gross negligence or are in willful default of any of the security obligations or the notification requirements.
4.5. You will not be responsible nor have any liability for any instruction that is not authorised but are given using the Security Codes and/or Security Devices if such instruction is given after you have notified BDO Unibank that you have discovered or suspected that your mobile phone is lost or mobile phone number is changed or your Password is obtained by or known to someone else in accordance with Clauses [3.6] or [3.7].
4.6. You will be responsible for all instructions given by you and/or through the use of valid Security Codes and/or Security Devices, unless BDO Unibank has been informed of compromise of the Security Codes and/or Security Devices in accordance with these Terms and Conditions or in compliance with security procedures prescribed by BDO Unibank for such purpose.
Carrying Out Instructions
4.7. You will be responsible for ensuring that the BDO Unibank Electronic Banking Services is not used to create an unauthorised overdraft on any of the Account(s). BDO Unibank is entitled to refuse to accept any instruction that would do so. If an unauthorised overdraft is created, BDO Unibank may take such actions as it thinks fit, including charging any interest and imposing other charges to the Account in question (in accordance with the terms and conditions of that Account). You further agree that:
(a) it is your sole responsibility to ensure that no unauthorised overdrafts are created; and
(b) you shall not rely on the operation of the BDO Unibank Electronic Banking Services to prevent an unauthorised overdraft being created.
4.8. When an instruction is received through the BDO Unibank Electronic Banking Services, BDO Unibank will be entitled to debit any payment plus any charges payable for the transaction from the Account specified. Once given, an instruction cannot be reversed. BDO Unibank is under no obligation:
(a) to reverse any instruction given; or
(b) to accept any instructions that is conditional or reversible or which requires BDO Unibank to pay a third party sooner than in accordance with BDO Unibank's normal banking practices.
4.9. BDO Unibank may, at its sole discretion, refuse to carry out an instruction given via the BDO Unibank Electronic Banking Services or require written confirmation from you of any particular instruction. If BDO Unibank reasonably believes that an instruction may not have been properly authorised, BDO Unibank shall be entitled to take steps to reverse any action taken on the basis of that instruction. BDO Unibank shall not be responsible for any loss which you may suffer as a result of such refusal or reversal. Without limitation to the foregoing, BDO Unibank may refuse to carry out any instructions in the following circumstances:
(a) any of the Account(s) is frozen or the funds therein are insufficient;
(b) instructions are incomplete, corrupted, and/or unclear or reasonably appears to be so;
(c) the funds in the Account(s) cannot be utilized by reason of the funds being placed under or provided to BDO Unibank as security or BDO Unibank is exercising its lien over the funds in the Account(s), all pursuant to the BDO's rights under the General Terms and Conditions forCustomers BDO Unibank Data Protection Policy, BDO Unibank Security Policy] and all other terms and conditions applicable to the Account(s) or any other applicable agreement; and/or
(d) BDO Unibank knows or has reason to believe that a fraud, criminal act, offence or violation of any law or regulation has been or will be committed.
4.10. BDO Unibank will act on instructions in accordance with the applicable cut-off time of 11:59:59 PM or as notified from time to time. Instructions given at after such cut-off times may not be acted upon until the next Business Day. Any charges or penalties imposed on you as a result of a transaction being carried out on the next day will be borne by you.
5. Operating Hours
5.1. The BDO Unibank Electronic Banking Services will usually be available for use at the times as notified by BDO Unibank. You acknowledge and accept, however, that routine maintenance requirements, excess demand on the systems and circumstances beyond BDO Unibank's control may mean that it is not always possible for the BDO Unibank Electronic Banking Services to be available during its normal operating hours.
5.2. In connection with the BDO Unibank Electronic Banking Services, BDO Unibank is entitled at any time, with [30] days' notice, or such shorter period as may be reasonable in the circumstances, to:
(a) change the mode of operation; or
(b) add to, remove or otherwise change, end or suspend any of the facilities available; or
(c) end the BDO Unibank Electronic Banking Services.
6. Software and Hardware
Software Compatibility
6.1. Service Software may be provided upon access to the BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking services or supplied in some other manner. It is your responsibility to ensure that the Service Software is compatible with any computer or other device from which you may access the BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking services and any software on that computer or other device. If it is not, you must compensate BDO Unibank for any loss suffered as a result. BDO Unibank shall not be liable for any loss that you may suffer as a result of any incompatibility between the Service Software and any computer or other device from which you access the BDO Unibank Online Banking and BDO Unibank Mobile Banking services.
Safeguarding Against Viruses
6.2. You hereby undertake to ensure that the System which may be used to access the BDO Unibank Online Banking and BDO Unibank Mobile Banking services is well-maintained and free from computer viruses, Trojan horses, worms or other malicious codes and disabling programmes of any kind which may cause harm or damage, including but not limited to the installation of anti-virus programmes to prevent the System from acquiring and/or transmitting such viruses, Trojan horses, worms, malicious codes or disabling programmes.
6.3. You agree that BDO Unibank shall not be liable for any defect or default in any equipment or computer or system interferences, viruses, Trojan horses, worms or other malicious codes, harmful components, contaminants or defects that may interfere with the BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking services, your System, or that of BDO Unibank, any certification authority, Internet service provider, telecommunication service provider or other service provider.
Third Party Services
6.4. BDO Unibank is not responsible for any services through which you access the BDO Unibank Electronic Banking Services or obtain the Security Codes and/or Security Devices that are not controlled by BDO Unibank, or for any loss suffered as a result of you using such services. You shall be responsible for compliance with all the terms and conditions of such services and all relevant charges.
Ownership Rights
6.5. You are granted a limited, revocable, non-exclusive, non-transferable, temporary licence to use the Service Software for the purpose of accessing the BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking services, and for no other purpose. The Service Software and all other material and information supplied, contains valuable information that belongs to BDO Unibank or its licensors. You must not:
(a) use them except in connection with accessing the BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking services;
(b) take copies, sell, assign, commercially rent, sub-licence, otherwise transfer them to any third party; or
(c) decompile or reverse engineer any of the Service Software, or attempt to do so.
6.6. If access is made to the BDO Unibank Electronic Banking Services from a country outside the Republic of Singapore, you shall be solely responsible for ensuring compliance with the local laws of that country, including (but not limited to) obtaining any licence needed for the import/export of the Service Software to that country.
7. Performing Transactions
7.1. BDO Unibank will effect such transactions on your account(s) as received via BDO Unibank Electronic Banking Services, provided there are sufficient funds available in your accounts. It is your responsibility to ensure sufficient funds are available in your accounts at all times to cover any of your transactions, immediate or scheduled, and that these accounts are active. Any charges or penalties as a result of an unsuccessful transaction due to insufficiency of funds or dormancy of the account will be your sole responsibility and shall be for your account.
7.2. You are responsible for verifying transaction history details and statements to make sure that there are no unauthorised transactions. You should likewise review your bank statements for any errors or unauthorised transactions promptly and thoroughly. It is also strongly suggested that you regularly check your e-mail for contacts by merchants for important information about transaction histories.
7.3. You must notify BDO Unibank as soon as you think there has been an error in your transactions carried out via BDO Electronic Banking Services.
7.4. When you notify BDO Unibank of your problem, please:
· Provide your name, User ID bank account number.
· Describe the error or transaction and explain why you believe it is an error.
· Provide the date and time of your transaction. To facilitate BDO Unibank's investigation, supply the following details as applicable depending on the type of transaction: account number(s), merchant, subscriber number, amount, mobile number and reference number for the transaction in question.
7.5. BDO Unibank will investigate the reported error and advise you of the results of investigation. BDO Unibank will, on a best efforts basis, and without any guarantee, correct or reverse any reported error, without BDO Unibank incurring liability as a consequence thereof.
7.6. BDO Unibank will effect transactions on the Account(s) via the BDO Unibank Electronic Banking Services, provided there are sufficient available funds in the Account(s). You shall be solely responsible for ensuring that sufficient available funds are available in the Account(s) at all times to cover transactions, immediate or scheduled, and that the Account(s) are active. Any charges or penalties imposed on you as a result of an unsuccessful transaction due to insufficiency of funds or dormancy/sequestration or other legal impediments of the Account(s) will be borne by you.
7.7. BDO Unibank reserves the right to debit your Account(s) immediately without the need for prior notice for any transfers made erroneously to the Account(s) as a result of, among other things, system error. BDO Unibank may take legal action necessary in the event that you or the recipient of the erroneous transfers of funds fails to return the due funds, in order for BDO Unibank to collect the rightful amount including interest.
7.8. Upon receipt by BDO Unibank and/or you of any notice or order of restriction, legal or contractual, including notices of garnishment or hold-out on or with respect to any enrolled Account, you shall promptly stop or desist from carrying out any transaction that will defeat the purpose of the restriction and shall not make or do transactions with respect to said Account for as long as the Account restriction is effective or until it shall have been lifted, removed or totally implemented.
8. Notification of Transactions
8.1. You shall be solely responsible for checking the status of the BDO Unibank Electronic Banking Services transactions by logging into your Accounts via the BDO Unibank Personal Online Banking or BDO Unibank Mobile Banking services from time to time. BDO Unibank will nevertheless automatically send notifications to the email address(es) provide by you to BDO Unibank of transactions made via the BDO Unibank Electronic Banking Services.
8.2. In this regard, you shall provide correct and operational email address(es) to BDO Unibank shall ensure and hereby warrant the correctness of the information entered with regard to their designated email address. You shall promptly notify BDO Unibank of any change in your given email address(es), contact number, business address or any other information which may affect communication in accordance with the prescribed forms and procedures as BDO Unibank may provide.
8.3. Prior to receipt of such change of contact details, BDO Unibank shall have the right to rely upon and send/receive notification(s) to/from your e-mail address(es), contact number(s) and address previously provided to BDO, without BDO Unibank incurring liability as a consequence thereof.
8.4. You shall be responsible, at your expense, for providing the proper equipment, subscription, membership, internet connection, and other paraphernalia necessary and required to enable yourself to receive e-mail notifications from BDO Unibank through the BDO Unibank Personal Online Banking or BDO Unibank Mobile Banking services. Your ability to receive e-mail notifications depends on your compliance with this undertaking and BDO Unibank does not endorse nor guarantee any third-party service or product for this purpose.
8.5. You agree that you shall be responsible for keeping the confidentiality of the information contained in the notifications sent to its designated e-mail address and BDO Unibank shall not be liable for any unauthorised disclosure or use of such information.
8.6. BDO Unibank shall not be responsible for your non-action in respect of your transactions because of non-receipt of email notification, nor will BDO Unibank be liable for any penalties or charges as a result of your non-action in respect of your transactions submitted for processing.
9. Fees and Charges
9.1. Transactions carried out via BDO Unibank Electronic Banking Services are subject to all BDO Unibank conditions, fees and charges applicable at the time of the transaction. BDO Unibank may, from time to time, upon giving (30) days prior notice, introduce or change fees and charges for your use of the BDO Unibank Electronic Banking Services. You hereby authorise BDO Unibank to debit your Account(s) maintained with BDO, for the amount of such fees and charges. If at any time there are insufficient funds in the said Account(s) to cover fees and charges, BDO Unibank may refuse to carry out a transaction without BDO Unibank incurring any liability as a result of such refusal.
9.2. Any and all taxes arising from the use and availment of the BDO Unibank Electronic Banking Services, including payments made hereunder shall be paid by you.
10. Termination / Suspension of Access and Use
10.1. You may request that BDO Unibank terminates your access to the BDO Unibank Electronic Banking Services permanently by visiting BDO's branch office in Singapore. You will remain responsible for any transactions made on your Account(s) until the time of termination or suspension. BDO Unibank shall not be liable for any and all remaining scheduled transactions that were previously initiated by you through the BDO Unibank Electronic Banking Services.
10.2. BDO Unibank may terminate or suspend your access and use of the BDO Unibank Electronic Banking Services at any time and for any reason, subject to at least thirty (30) days prior notice of such termination. BDO Unibank may terminate or suspend your access to and use of the BDO Unibank Electronic Banking Services without prior notice if:
(a) you have breached these Terms and Conditions;
(b) BDO Unibank is aware of your death, bankruptcy or lack of legal capacity or that you have committed an act of bankruptcy or that a bankruptcy petition has been presented against you;
(c) there are insufficient funds to cover payments or payment instructions given;
(d) if in BDO Unibank's reasonable opinion, your Account(s) is/are being mishandled as determined pursuant to BDO Unibank's existing policies and procedures, or if the enrolled Account(s) or the BDO Unibank Electronic Banking Services are being used for any unlawful or illegal activity or transaction; or
(e) BDO Unibank considers that there exists other reasonable grounds to do so (in which case all reasonable effort will be made to advise you of the circumstances of termination or suspension).
4 In the event that no logins or no transaction is performed by you for twelve (12) consecutive months from activation of the BDO Unibank Mobile Banking or BDO Unibank Online Banking services, your access will be automatically terminated or suspended. All pending transactions and approved post-dated and recurring transactions (if any) shall automatically be cancelled and will no longer be processed.
10.4. Any and all of your accrued but unpaid obligations prior to termination, and terms and conditions hereof which by express terms, shall survive the termination of your access and use of the Electronic Banking Services.
11. Indemnification Clause
11.1. You hereby agree to indemnify and render BDO Unibank, its directors, officers, employees and agents and assigns, free and harmless from and against any claim, cause of action, suit, liability, loss or damage of whatever nature which may arise as a result of or in connection with the use and availment by you of the BDO Unibank Electronic Banking Services, and the implementation of the transactions, and specifically, in the following instances:
(a) disruption, failure, error or delay relating to or in connection with the BDO Unibank Electronic Banking Services, the implementation of transactions, transmission and/or receipt of messages, communications, materials, correspondences and/or information via the BDO Unibank Electronic Banking Services which is due to circumstances beyond the control of BDO Unibank, fortuitous events such as but not limited to prolonged power outages, breakdown in computers and communication facilities, computer-related errors, problems related to computer hardware and/or software (including bugs and viruses), typhoons, floods, public disturbances and calamities and other similar or related cases, and/or which are attributable to the services provided by any service provider or information service provider;
(b) fraudulent access or utilisation of the BDO Unibank Electronic Banking Services and/or fraudulent or unauthorised transactions in the BDO Unibank Electronic Banking Services, due to theft or unauthorised disclosure of the Security Codes and/or Security Devices or violation or non-compliance with other security requirements as set forth in these Terms and Conditions, with or without your participation;
(c) inaccurate, incomplete or delayed information received by you due to disruption or failure of any communication facilities used for the BDO Unibank Electronic Banking Services;
(d) delay and/or failure to implement or carry out transactions on the Account(s) due to garnishment, execution, hold-out and similar restrictions on the Account(s);
(e) unauthorised or fraudulent enrollment, use of, and transactions on Account(s) in the BDO Unibank Electronic Banking Services; and/or
(f) your inability, delay and/or failure to comply with these Terms and Conditions.
11.2. The above provisions shall survive the termination or suspension of eth BDO Unibank Electronic Banking Services.
12. Liability Limitation
12.1. BDO Unibank shall take reasonably practicable steps to ensure that its systems in connection with the BDO Unibank Electronic Banking Services are installed with adequate security measures and to control and manage the risks in operating the systems, taking into account any law, rules, regulations, guidelines, circulars, codes of conduct and prevailing market practices which may be applicable from time to time.
12.2. BDO Unibank shall not be liable for any loss or damage of whatever nature (including without limitation, charges and/or penalties which may be imposed upon you by third parties) in connection with the implementation of transactions through BDO Unibank Electronic Banking Services. Examples of circumstances in which BDO Unibank will NOT be liable for loss or damage resulting to you through the use of the BDO Unibank Electronic Banking Services include (but are not limited to) the following instances:
(a) acting on an instruction which has been validly authenticated as coming from you but which in fact was given by someone else;
(b) any incompatibility between your system and the BDO Unibank Electronic Banking Services;
(c) any machine, system or communications breakdown, interruption, malfunction or failure, industrial dispute, failure or fault of any Internet service providers, telecommunications or SMS service providers or operators, or their respective agents and subcontractors or other circumstances beyond BDO's control that leads either to the BDO Unibank Electronic Banking Services being totally or partially unavailable or delayed, or to the non-receipt, interception of or unauthorised access or use of the Security Codes and/or Security Devices or to instructions given via the BDO Unibank Electronic Banking Services not being received, authenticated, accurate, correct or acted upon promptly or at all;
(d) your reliance on or using any financial or product information provided as part, or by means, of the BDO Unibank Electronic Banking Services;
(e) any misuse of your System or the BDO Unibank Electronic Banking Services;
(f) any access to Account information obtained by a third party as a result of your use of the BDO Unibank Electronic Banking Services (except where that access is obtained as a result of BDO's gross negligence or willful default); or
(g) any delay or failure to send, transmit, receive, confirm or acknowledge any email, SMS messages, Security Codes and/or Security Devices or anything available under the BDO Unibank Electronic Banking Services or any error, inaccuracy or incompleteness of any information or data available under the BDO Unibank Electronic Banking Services.
12.3. In the event that BDO Unibank is liable for any loss or damage as a result of your use of the BDO Unibank Electronic Banking Services, BDO Unibank shall only be liable for direct loss or damage which, in the ordinary course of events, might reasonably be expected to result from the circumstances in question and only if such loss or damage is caused by BDO's gross negligence or willful conduct.
12.4. You shall indemnify BDO, its employees or nominees or agents promptly and on a full indemnity basis from or against all actions, omissions, negligence, proceedings, claims, demands, damages, losses (including direct, indirect or consequential losses), costs and expenses including other duties, taxes, or other levies and legal costs as between solicitor and client (on a full indemnity basis) and other liabilities which BDO Unibank may incur or suffer from or by reason of your use of the BDO Unibank Electronic Banking Services.
13. Force Majeure
13.1. BDO Unibank shall not be liable for any damage or delays caused by or arising out of force majeure, namely, riots, war, (whether declared or not), lock-outs and strikes, coup d’etat, embargo, confiscations, nationalisations, acts of the public enemy, or acts of God, such as fire, flood, earthquake and the like.
14. Consent to Collection, Use and Disclosure of Information
14.1. You agree to and consent to the collection, use, disclosure, and processing of your personal data in accordance with BDO Unibank's Data Protection Policy.
14.2. You warrant and represent that you have obtained all necessary consents from each individual to whom such personal data relates for the disclosure of such individual's personal data to BDO Unibank and/or other relevant parties as specified in the BDO Unibank’s Data Protection Policy for such persons’ collection, use, disclosure and/or processing for the purposes specified therein, and that such consents have not been withdrawn.
14.3. BDO Unibank's rights as stated above are in addition to any other rights that BDO Unibank may have under the Banking Act (Chapter 19 of Singapore), or any other statutory provisions and in law. BDO Unibank's authority to disclose such information shall survive the termination of these terms and conditions and closure of your accounts.
15. Consent to Receive Announcement
15.1. You hereby agree to receive messages/announcements from BDO Unibank regarding BDO Unibank Personal Online Banking service downtime advisories, featured services and marketing promotions via e-mail, call, or SMS.
16. Governing Law
16.1. These Terms and Conditions shall be governed and construed in all respects in accordance with the laws of the Republic of Singapore but in enforcing these Terms and Conditions, BDO Unibank is at liberty to initiate and take actions or proceedings or otherwise against you in the Republic of Singapore or elsewhere as BDO Unibank may deem fit, and you hereby agree that where any actions or proceedings are initiated or taken in the Republic of Singapore, you hereby submit to the jurisdiction of the courts of the Republic of Singapore in all matters connected with your obligations and liabilities under or arising out of these Terms and Conditions.
17. Contracts (Right of Third Parties) Act (Chapter 53B)
17.1. Unless expressly provided to the contrary in these Terms and Conditions, a person who is not a party to these Terms and Conditions has no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore (as may be amended and substituted from time to time) to enforce or enjoy the benefit of any term in these Terms and Conditions. Notwithstanding any term in these Terms and Conditions, the consent of any third party is not required to vary (including to release or compromise any liability) or terminate any of these Terms and Conditions.
18. Miscellaneous Provisions
18.1. BDO Unibank may amend any of these Terms and Conditions as it may deem necessary upon providing third (30) days prior notice to you. By continuing to use and/or access the BDO Unibank Electronic Banking Services, after being notified of such amendments, you shall be deemed to have acknowledged such amendments and agreed to abide by and be bound by these amendments.
18.2. BDO Unibank’s failure to demand strict compliance with any of these Terms and Conditions shall not be construed as a waiver thereof. Any waiver to be effective shall be made in writing and signed by BDO Unibank.
18.3. You shall ensure and hereby warrant that you have clearly understood these terms and conditions and the procedures governing the use and availment of the BDO Unibank Electronic Banking Services, and that you are fully aware and hereby assume the potential risks arising from the use of the BDO Unibank Electronic Banking Services.
18.4. You shall not assign any of its rights and obligations under these terms and conditions without the prior written consent of BDO Unibank.
18.5. Should any of these terms and conditions be declared by competent authority as invalid, all other terms and conditions not affected by said invalidity shall remain effective and binding upon the parties.
18.6. In the event of any unsettled question or controversy arising from the interpretation or implementation of these terms and conditions and/or the use or availment by you of the BDO Unibank Electronic Banking Services, the parties hereby undertake to exert maximum efforts to resolve such dispute or controversy amicably within a period of THIRTY (30) days from the date the question or controversy arose. During such period, the parties are prohibited from filing any case or complaint in a court of law or administrative and quasi-judicial body. Only when the aforementioned 30-day period shall have already elapsed without the parties reaching an amicable settlement may the aggrieved party file the necessary action in the appropriate Singapore court of law, administrative or quasi-judicial body.
18.7. Each of the parties agrees to execute and deliver all such further instruments, and to do and perform all such further acts and things as shall be necessary or convenient to carry out these terms and conditions.
19. Definitions
"Account(s)" refers to accounts opened and maintained with BDO Unibank and any of its branches, in the nature of Savings Account, Current Account, Time Deposit Account, and such other types of accounts as may be allowed by BDO Unibank for purposes of the BDO Unibank Electronic Banking Services.
"BDO Unibank Electronic Banking Services" means the services provided by BDO Unibank by which the user can access his Account(s) and perform transactions through BDO Unibank Personal Online Banking and BDO Unibank Mobile Banking.
"BDO Unibank Online Banking" refers to the internet portal designed for individual clients of BDO. BDO Unibank Personal Online Banking allows BDO Unibank's individual clients direct access to their enrolled accounts and allow them the convenience to perform financial transactions on said accounts via the internet.
"BDO Unibank Mobile Banking" refers to the portal designed for individual clients to access their enrolled accounts through their mobile phones and perform financial transactions on said accounts.
"Business Day" means a day (other than Saturday, Sunday or a public holiday) on which banks are open for business in Singapore.
"OTP" means "One-time Password".
"Password" means the secret number(s) chosen by you (or if you do not elect to change it, the initial secret number(s) given to you) that is used to confirm your identity whenever you use the BDO Unibank Electronic Banking Services.
"Person" means any individual.
“SCHA" means Singapore Clearing House Association.
"Service Software" means any software supplied to you whenever you access the BDO Unibank Electronic Banking Services and any other software BDO Unibank may supply to you for the purpose of accessing the BDO Unibank Electronic Banking Services from time to time.
"SMS" means a service known as Short Message Service that enables text and other messages to be transmitted between mobile phones and such other telecommunication or electronic devices as the relevant services providers may make available.
"System" means the equipment and software contained on it used by you to access the BDO Unibank Electronic Banking Services
C. BUSINESS ONLINE BANKING
The following terms and conditions (“Terms & Conditions”) shall apply to the enrollment in, use and availment by the COMPANY of the BDO Unibank Business Online Banking Facility.
These Terms & Conditions replaces all earlier terms and conditions relating to the BDO Unibank Business Online Banking Facility (if any) unless otherwise stated. These Terms & Conditions apply in addition to the terms and conditions that govern the COMPANY's accounts with BDO Unibank (including, where applicable, the [General Terms and Conditions for Customers, BDO Unibank Data Protection Policy, BDO Unibank Security Policy ("BDO Unibank T&C")] and all other terms and conditions applicable to the Account(s). The BDO Unibank T&C are expressly and specifically incorporated into and form part of these Terms & Conditions as though the same were reproduced herewith seriatim. If there is a conflict between these Terms & Conditions and the BDO Unibank T&C, these Terms & Conditions will prevail.
1. Availability of Services
1.1. By using the BDO Unibank Business Online Banking Facility, the COMPANY agrees to be bound by these Terms & Conditions and that the BDO Unibank Business Online Banking Facility will be available on all Account(s) held with BDO Unibank, whether open now or opened in the future. In the event that the BDO Unibank Business Online Banking Facility cannot be used on some types of accounts, BDO Unibank will advise the COMPANY from time to time as to which accounts are eligible.
1.2. In order to use the BDO Unibank Business Online Banking Facility, the Authorised Users must be registered to use the BDO Unibank Online Banking Facility in accordance with such prescribed forms and procedures as BDO Unibank may provide. It is the COMPANY's sole responsibility to ensure that BDO Unibank is kept updated promptly at all times of changes of its Authorised Users.
1.3. The COMPANY acknowledges that the BDO Unibank Business Online Banking Facility is provided on an “as is”, “as available” basis only and that the time periods during which the service may be available are subject to change. The COMPANY further agrees that BDO Unibank shall be entitled but shall not be obliged at any time, at BDO Unibank’s discretion and without prior notice, to temporarily suspend the operations of the BDO Unibank Business Online Banking Facility for updating, maintenance and upgrading purposes, or any other purposes whatsoever that BDO Unibank deems fit, and in such event, BDO Unibank shall not be liable for any loss, liability or damage which may be incurred as a result.
1.4. The COMPANY and its Authorised User(s) shall not use or disclose any material and/or information pertaining to the BDO Unibank Business Online Banking Facility other than to access and use the BDO Unibank Business Online Banking Facility; and further undertake not to reproduce, sell, distribute or in any way allow any third party access to the aforesaid materials and/or information provided by BDO Unibank on or via the BDO Unibank Business Online Banking Facility.
1.5. BDO Unibank may introduce new service(s) and/or product(s) through the BDO Unibank Business Online Banking Facility at any time. By utilising such new service(s) and/or product(s) become available, the COMPANY is deemed to agree to and be bound by the terms and conditions in force governing each such new service and/or product.
2. BDO Unibank Guidelines
2.1. Guidance on the operation of the BDO Unibank Business Online Banking Facility will be made available through the BDO Unibank Guidelines and may be amended from time to time. Authorised Users must comply with all then current and applicable BDO Unibank Guidelines when accessing and operating the BDO Unibank Business Online Banking Facility.
3. Security
3.1. BDO Unibank will provide each Authorised User a user identification code ("User ID") and an initial Password. The Authorised User should replace the initial Password with a Password of his choice within the time prescribed. In addition, the COMPANY will be assigned a Corporate identification code ("Corporate ID") upon enrollment for the BDO Unibank Business Online Banking Facility.
3.2. Authorised Users will be able to access Account(s) and perform transactions via the BDO Unibank Business Online Banking Facility only with the use of a valid Corporate ID, User ID, Passwords and/or other security devices or mechanisms provided by BDO Unibank (e.g. physical security tokens, mobile OTP token software or SMS OTPs) (“Security Devices”) that maybe provided by BDO Unibank.
3.3. Each Authorised User must adopt and at all times maintain the security procedures as prescribed by BDO Unibank from time to time in order to ensure that he alone is able to access and give instructions on the Account(s) using the BDO Unibank Business Online Banking Facility. Security procedures include those set out in these Terms & Conditions and any relevant BDO Unibank Guidelines.
Safeguards for Security Devices
3.4. The COMPANY and the Authorised User(s) shall be solely responsible for keeping the Corporate ID, User ID, Password and/or Security Devices strictly confidential and for use only by the COMPANY and the Authorised User(s), solely for the purpose of accessing the BDO Unibank Business Online Banking Facility. In this connection, each Authorised User:
(a) should change his Password regularly especially if he suspects that its confidentiality has been compromised. In any event, the Password of each Authorised User shall expire every 3 months or such other expiry period as may be imposed by BDO Unibank and each Authorised User will be prompted to change the Password fifteen (15) days before its expiry. The Password designated by the Authorised User must not relate to any readily accessible personal data such as name, birth date, address, phone number, or identification card number, must not be an obvious combination of letters and numbers, including sequential numbers (e.g. 123456) or one which can easily be guessed by someone else, and must not be his/her five (5) previous/most recent nominated Passwords. The COMPANY acknowledges and agrees that only the Users shall have the sole option and authority to change their respective Passwords;
(b) must take all reasonable steps to ensure that the Corporate ID, User ID, Password, and/or Security Devices are properly safeguarded at all times; and
(c) must not disclose any details of the Corporate ID, User ID, Password, and/or Security Devices to anyone.
3.5 If an Authorised User discovers or suspects that the Corporate ID, User ID, Password, and/or Security Devices, or any part of them, is known to someone else, he must immediately change the Corporate ID, User ID, Password, and/or Security Devices through the BDO Unibank Business Online Banking Facility. If this is not possible, he must notify BDO Unibank immediately at such telephone number or other contact point as BDO Unibank may make available from time to time for this purpose. Use of the BDO Unibank Business Online Banking Facility may be suspended pending issuance of new (replacement) the Corporate ID, User ID, Password, and/or Security Devices.
3.6 In the event that the COMPANY or Authorised User knows or reasonably believes that there has been a breach of security or unauthorised use, (and where relevant, loss or damage) of the Corporate ID, User ID, Password, and/or Security Devices, the COMPANY or Authorised User must notify BDO Unibank immediately. The COMPANY remains responsible for all instructions and transactions until BDO Unibank has taken the necessary steps, in accordance with its prevailing practice to prevent any instructions or transactions from being effected through the use of such Corporate IDs, User IDs, Passwords and/or Security Devices.
3.7 All Business Online Banking transactions are automatically logged on the Business Online Banking System for audit trail purposes and for the enhancement of the security features of the Business Online Banking Facility.
3.8 The COMPANY shall, and shall procure that its Authorised Users shall, comply with all requirements, instructions and specifications relating to the Corporate ID, User ID, Password, and/or Security Devices prescribed by BDO Unibank from time to time. BDO Unibank may from time to time require the replacement, modification or updating of any the Corporate ID, User ID, Password, and/or Security Devices, or terminate, disable or deactivate the use of any the Corporate ID, User ID, Password, and/or Security Devices.
3.9 The Corporate ID, User ID, Password, and/or Security Devices may be dispatched by BDO Unibank or collected by COMPANY and/or the Users or made available to the COMPANY and/or the Users using any means as BDO Unibank may prescribe from time to time. While BDO Unibank will take measures to ensure that such means of dispatch or delivery is reasonably reliable, BDO Unibank will not be responsible for any loss, damage, cost or expense howsoever arising from any failure to dispatch, deliver or make available the same.
3.10 The Corporate ID, User ID, Password, and/or Security Devices are provided on an as-is basis and no warranties are provided in relation thereto. All rights, title and interest in the Corporate ID, User ID, Password, and/or Security Devices belong to BDO Unibank or BDO Unibank’s third party licensors. The COMPANY and/or the Authorised Users shall not change, tamper or modify any part of the Corporate ID, User ID, Password, and/or Security Devices without BDO Unibank’s prior written consent.
3.11 Authorised Users shall comply with security procedures prescribed by BDO Unibank from time to time for the implementation of security verification checks in relation to the issuance, re-issue, cancellation and/or resetting of any of the Corporate ID, User ID, Password, and/or Security Devices.
Other Safeguards
3.12 In connection with the use of the BDO Unibank Business Online Banking Facility, each Authorised User must observe the following:
(a) he must operate the BDO Unibank Business Online Banking Facility personally and shall not allow anyone else to operate the BDO Unibank Business Online Banking Facility on his behalf;
(b) he must not use or permit the use of the Corporate ID, User ID, Password, and/or Security Devices in whole or in part for any purpose other than as specifically intended to carry out legitimate and lawful banking transactions and account inquiries via the BDO Unibank Business Online Banking Facility;
(c) he must not leave his System unattended while he is on-line to the BDO Unibank Business Online Banking Facility;
(d) he must not access the BDO Unibank Business Online Banking Facility from any device connected to the local area network (or LAN), such as an office environment, without first ensuring that no one else is able to observe or copy the Corporate ID, User ID, Password, and/or Security Devices, or otherwise obtain access to the BDO Unibank Business Online Banking Facility pretending to be the Authorised User; and
(e) he must comply with any other requirements designed to protect the security of his use of the BDO Unibank Business Online Banking Facility as set out in the BDO Unibank Guidelines or notified by BDO Unibank in any other manner.
Loss of Security Devices
3.13 In relation to any Security Devices sent to the COMPANY and/or its Authorised User(s) by ordinary post or by any other means, the COMPANY and each Authorised User agree to be responsible for and accept all risks associated with the delivery of the Security Devices by such means, from the time the foregoing leaves BDO Unibank's physical custody or when BDO Unibank transfers control of the same to the COMPANY or the Authorised User (as applicable) or when BDO Unibank sends mobile OTP token or SMS OTPs to the Authorised User's mobile number based on BDO Unibank's records or via the token; and the COMPANY and/or the Authorised User shall be responsible for the continuing safekeeping of the same thereafter.
3.14 All instructions received by BDO Unibank using the Corporate ID, User ID, Password, and/or Security Devices shall be deemed to be authorised by the COMPANY unless otherwise prior notification has been provided to BDO Unibank in accordance with these Terms & Conditions or any other procedures which BDO Unibank may provide. The COMPANY will continue to be liable for and disentitled to dispute any and all unauthorised instructions until BDO Unibank has taken the necessary steps, in accordance with its prevailing practice, to prevent any such instructions from being effected through the use of such Corporate ID, User ID, Password, and/or Security Devices. BDO Unibank shall not be responsible in any way for losses the COMPANY may suffer from non-receipt of the Corporate ID, User ID, Password, and/or Security Devices or their disclosure to any party.
4. Instructions
BDO Unibank's Reliance on Instructions Given via the BDO Unibank Business Online Banking Facility
4.1 The COMPANY agrees that the use of the Corporate ID, User ID, Password and/or Security Devices for the BDO Unibank Business Online Banking Facility is adequate identification of the Authorised User and that the Authorised User is deemed to be duly authorised to provide instructions on behalf of the COMPANY. BDO Unibank is entitled to act on instructions (using the Security Devices via the BDO Unibank Business Online Banking Facility) without obtaining any further written or other confirmation, even if those instructions are not actually given or authorised by the COMPANY, its Authorised User(s) or any representative of the COMPANY (except in the circumstances described in Clause [4.4]). BDO Unibank shall be entitled (but not bound) to give effect to any instruction received, in the terms in which it was received. BDO Unibank’s record of any instruction shall be final and binding.
4.2 The COMPANY agrees that when instructions are given via the BDO Unibank Business Online Banking Facility (including but not limited to an instruction to transfer funds out of its Account(s)), BDO Unibank is deemed to have received or executed the instruction only when the COMPANY or its Authorised User has received a confirmation that BDO Unibank has received or executed that instruction.
4.3 The COMPANY is solely responsible for ensuring the accuracy, adequacy and completeness of all instructions given by the Authorised Users via the BDO Unibank Business Online Banking Facility (including but not limited to instructions to transfer funds out of its Account(s)). BDO Unibank is not obliged to verify the accuracy, adequacy, and/or completeness of instructions. Without limiting the scope of anything in Clause [14], BDO Unibank will not be liable for any loss or damage as a result of:
a) instructions to transfer funds being inaccurate, inadequate or incomplete in any manner; or
b) any failure, refusal, delay or error by any third party through whom any such funds transfer is to be made, to transfer the funds to or to credit the account of the intended payee.
Unauthorised Instructions
4.4 The COMPANY will not be liable for misuse of the Corporate ID, User ID, Passwords and/or Security Devices by someone to give unauthorised instructions provided that the following are satisfied:
a) the COMPANY has ensured compliance with all security procedures described in Clause [3] and other security procedures which BDO Unibank has put in place; and
b) the COMPANY has immediately notified BDO Unibank that the Corporate ID, User ID, Passwords or other Security Devices is or might be known to someone else in accordance with Clause [3.5].
The COMPANY will be held liable for all losses due to unauthorised use if the COMPANY or any Authorised User has acted fraudulently or with gross negligence or is in wilful default of any of the security obligations or the notification requirements.
4.5 The COMPANY will not be responsible nor have any liability for any instruction that is not
authorised but is given using the COMPANY's Corporate ID, User ID, Passwords or other Security Devices if such instruction is given after the COMPANY has notified BDO Unibank that the Authorised User has discovered or suspected that his mobile phone is lost or mobile phone number is changed or his Password is obtained by or known to someone else in accordance with Clause [3.5] or [3.6].
4.6 The COMPANY will be responsible for all instructions given by Authorised User(s) and/or through the use of valid Corporate ID, User ID, Passwords or other Security Devices, unless BDO Unibank has been informed of changes of its Authorised User(s) or compromise of the Corporate ID, User ID, Passwords or other Security Devices in accordance with these Terms & Conditions or in compliance with security procedures or BDO Unibank Guidelines prescribed by BDO Unibank for such purpose.
Carrying Out Instructions
4.7 The COMPANY is responsible for ensuring that the BDO Unibank Business Online Banking Facility is not used to create an unauthorised overdraft on any of the Account(s). BDO Unibank is entitled to refuse to accept any instruction that would do so. If an unauthorised overdraft is created, BDO Unibank may take such actions as it thinks fit, including charging any interest an imposing other charges to the Account in question (in accordance with the terms and conditions of that Account). The COMPANY further agrees that:
a) it is its sole responsibility to ensure that no unauthorised overdrafts are created; and
b) it shall not rely on the operation of the BDO Unibank Business Online Banking Facility to prevent an unauthorised overdraft being created.
4.8 When an instruction is received through the BDO Unibank Business Online Banking Facility, BDO Unibank will be entitled to debit any payment plus any charges payable for the transaction from the Account specified. Once given, an instruction cannot be reversed. BDO Unibank is under no obligation:
a) to reverse any instruction given; or
b) to accept any instructions that is conditional or reversible or which requires BDO Unibank to pay a third party sooner than in accordance with BDO Unibank's normal banking practices.
4.9 BDO Unibank may, at its sole discretion, refuse to carry out an instruction given via the BDO Unibank Business Online Banking Facility or require written confirmation from the COMPANY of any particular instruction. If BDO Unibank reasonably believes that an instruction may not have been properly authorised, BDO Unibank shall be entitled to take steps to reverse any action taken on the basis of that instruction. BDO Unibank shall not be responsible for any loss which the COMPANY may suffer as a result of such refusal or reversal. Without limitation to the foregoing, BDO Unibank may refuse to carry out any instructions in the following circumstances:
a) any of the Account(s) is frozen or the funds therein are insufficient;
b) instructions are incomplete, corrupted, and/or unclear or reasonably appears to be so;
c) the funds in the Account(s) cannot be utilised by reason of the funds being placed under or provided to BDO Unibank as security or BDO Unibank is exercising its lien over the funds in the Account(s), all pursuant to the BDO Unibank's rights under the [General Terms and Conditions for Customers, BDO Unibank Data Protection Policy, BDO Unibank Security Policy] and all other terms and conditions applicable to the Account(s) or any other applicable agreement; and/or
d) BDO Unibank knows or has reason to believe that a fraud, criminal act, offence or violation of any law or regulation has been or will be committed.
4.10 BDO Unibank will act on instructions in accordance with applicable cut-off time of 11:59:59 PM or as notified from time to time. Instructions given at after such cut-off times may not be acted upon until the next Business Day. Any charges or penalties imposed on the COMPANY as a result of a transaction being carried out on the next day will be borne by the COMPANY.
5. Operating Hours
5.1 The BDO Unibank Business Online Banking Facility will usually be available for use at the times given in the BDO Unibank Guidelines or at other times as notified by BDO Unibank. The COMPANY acknowledges and accepts, however, that routine maintenance requirements, excess demand on the systems and circumstances beyond BDO Unibank's control may mean that it is not always possible for the BDO Unibank Business Online Banking Facility to be available during its normal operating hours.
5.2 In connection with the BDO Unibank Business Online Banking Facility, BDO Unibank is entitled at any time, with [30] days' notice, or such shorter period as may be reasonable in the circumstances, to:
e) change the mode of operation; or
f) add to, remove or otherwise change, end or suspend any of the facilities available; or
g) end the BDO Unibank Business Online Banking Facility.
6. Software and Hardware
Software Compatibility
6.1 Service Software may be provided upon access to the BDO Unibank Business Online Banking Facility or supplied in some other manner. It is the COMPANY's responsibility to ensure that the Service Software is compatible with any computer or other device from which any Authorised User may access the BDO Unibank Business Online Banking Facility and any software on that computer or other device. If it is not, the COMPANY must compensate BDO Unibank for any loss suffered as a result. BDO Unibank shall not be liable for any loss the COMPANY or any Authorised User may suffer as a result of any incompatibility between the Service Software and any computer or other device from which the Authorised User accesses the BDO Unibank Business Online Banking Facility.
6.2 BDO Unibank reserves the right to specify and at any time change the type, version or specification of any software, hardware or equipment that may be required to access and use the BDO Unibank Business Online Banking Facility. If the COMPANY and/or its Authorised User's System does not meet such specifications, BDO Unibank reserves the right to withdraw, suspend and/or terminate the operation of or access to and use the BDO Unibank Business Online Banking Facility at any time without prior notice and without any liability whatsoever.
Safeguarding Against Viruses
6.3 The COMPANY, together with all Authorised Users, hereby jointly and severally undertake to ensure that the System which may be used to access the BDO Unibank Business Online Banking Facility is well-maintained and free from computer viruses, Trojan horses, worms or other malicious codes and disabling programmes of any kind which may cause harm or damage, including but not limited to the installation of anti-virus programmes to prevent the System from acquiring and/or transmitting such viruses, Trojan horses, worms, malicious codes or disabling programmes.
6.4 The COMPANY, together with all Authorised Users, agree that BDO Unibank shall not be liable for any defect or default in any equipment or computer or system interferences, viruses, Trojan horses, worms or other malicious codes, harmful components, contaminants or defects that may interfere with the BDO Unibank Business Online Banking Facility, the COMPANY and/or Authorised User's System, or that of BDO Unibank, any certification authority, Internet service provider, telecommunication service provider or other service provider.
Third Party Services
6.5 BDO Unibank is not responsible for any services through which an Authorised User accesses the BDO Unibank Business Online Banking Facility or obtains the Corporate ID, User ID, Passwords or other Security Devices that are not controlled by BDO Unibank, or for any loss suffered as a result of the COMPANY or Authorised User using such services. The COMPANY and/or Authorised User shall be responsible for compliance with all the terms and conditions of such services and all relevant charges.
Ownership Rights
6.6 The COMPANY and each Authorised User supplied with the Service Software is granted a limited, revocable, non-exclusive, non-transferable, temporary licence to use the Service Software for the purpose of accessing the BDO Unibank Business Online Banking Facility, and for no other purpose. The Service Software and all other material and information supplied, including the BDO Unibank Guidelines, contains valuable information that belongs to BDO Unibank or its licensors. The COMPANY and each Authorised User must not:
h)use them except in connection with accessing the BDO Unibank Business Online Banking Facility;
i)take copies, sell, assign, commercially rent, sub-licence, otherwise transfer them to any third party; or
j)decompile or reverse engineer any of the Service Software, or attempt to do so.
6.7 If access is made to the BDO Unibank Business Online Banking Facility from a country outside the Republic of Singapore, the COMPANY and/or its Authorised User shall be solely responsible for ensuring compliance with the local laws of that country, including (but not limited to) obtaining any licence needed for the import/export of the Service Software to that country.
7. Performing Transactions
7.1 The COMPANY may use the BDO Unibank Business Online Banking Facility to perform transactions with respect to the Account(s). All transactions shall follow the Authorisation Matrix of the COMPANY Only transactions initiated by Authorised Users using the BDO Unibank Business Online Banking Facility can be approved or disapproved.
7.2 Any scheduled or future dated transaction once initiated by the User will be implemented by the Business Online Banking System, unless the transaction has been cancelled by the User prior to processing by the Business Online Banking System. Transaction(s) previously approved by a dis-enrolled Authorised User, who at the time of the initiation of transaction(s) was an Authorised User will still be processed by the Business Online Banking System.
7.3 The COMPANY shall promptly notify BDO Unibank in case of any error in the transaction(s) carried out through the Business Online Banking Facility via electronic mail or other reasonable means of communication. BDO Unibank will investigate the reported error and advise the COMPANY of the results of investigation. BDO Unibank will, on a best efforts basis, and without any guarantee, correct or reverse any reported error, without BDO Unibank incurring liability as a consequence thereof.
7.4 BDO Unibank will effect transactions on the Account(s) via Business Online Banking, provided there are sufficient available funds in the Account(s). The COMPANY shall be solely responsible for ensuring that sufficient available funds are available in the Account(s) at all times to cover transactions, immediate or scheduled, and that the Account(s) are active. Any charges or penalties imposed on the COMPANY as a result of an unsuccessful transaction due to insufficiency of funds or dormancy/sequestration or other legal impediments of the Account(s) will be borne by the COMPANY.
7.5 For a COMPANY requesting for any change in its “Workflow Model” in Business Online Banking, the COMPANY shall submit a Letter of Request duly signed by the Company Authorised User(s).
7.6 BDO Unibank reserves the right to debit the COMPANY's Account(s) immediately without the need for prior notice for any transfers made erroneously to the Account(s) as a result of, among other things, system error. BDO Unibank may take legal action necessary in the event that the COMPANY or the recipient of the erroneous transfers of funds fails to return the due funds, in order for BDO Unibank to collect the rightful amount including interest.
7.7 Upon receipt by BDO Unibank and/or the COMPANY of any notice or order of restriction, legal or contractual, including notices of garnishment or hold-out on or with respect to any enrolled Account, the COMPANY shall promptly stop or desist from carrying out any transaction that will defeat the purpose of the restriction and shall not make or do transactions with respect to said Account for as long as the Account restriction is effective or until it shall have been lifted, removed or totally implemented.
8. Bill Payment Services
8.1 The COMPANY may use the BDO Unibank Business Online Banking Facility to instruct BDO Unibank to transfer funds from the COMPANY's Account(s) with BDO Unibank ("Designated Account") to the account of a stipulated payee organisation (which may either be with BDO Unibank or with another bank) ("Bill Payment Service").
8.2 The COMPANY may issue multiple instructions for payments within any one day provided that the COMPANY and its Authorised Users are responsible for ensuring that the instructions to transfer funds do not exceed the aggregate total of the applicable daily limit.
8.3 The COMPANY acknowledges that all payments received by BDO Unibank from the COMPANY for the account of the payee organisation will be credited to the payee organisation on:
k) if the payee organisation's account is maintained with BDO Unibank, the next Business Day; or
l) if the payee organisation's account is maintained with another bank, on the second Business Day after the Business Day on which BDO Unibank receives the payment from the COMPANY for the account of the payee organisation.
8.4 The COMPANY agrees that BDO Unibank is entitled to provide a report on a daily or other regular basis to all payee organisations under the Bill Payment Service. This report will list out all the users of the BDO Unibank Business Online Banking Facility who have made payments to that payee organisation and the respective amounts paid by each of those users to that payee organisation and credited into that payee organisation's account on each day.
8.5 BDO Unibank is not obliged to execute instructions to make payments to payee organisations via the Bill Payment Service and will not be liable for any loss or damage suffered by the COMPANY as a result of BDO Unibank not effecting such instructions, if on the date on which such payment is to be made from the Designated Account:
m) the Designated Account does not have an adequate balance to make the payment and to pay for any charges, fees, interest or other sums that may be payable by the COMPANY to BDO Unibank;
n) execution of Instructions will cause the balance in the Designated Account to exceed the credit limit set for the COMPANY and/or the Designated Account; or
o) the Designated Account is closed, frozen or inaccessible for any reason.
8.6 The COMPANY agrees to be responsible for any charges imposed, or any other action taken, by a payee organisation or intended payee organisation, where:
a) the COMPANY does not have an adequate balance in the Designated Account to make the payment;
b) an order of court prohibits withdrawals from the Designated Account;
c) the Designated Account is closed;
d) the Designated Account or any funds in the Designated Account have been put on hold;
e) execution of Instructions to make payment will cause the balance of the Designated Account to exceed the credit limit that BDO Unibank has set for the COMPANY and/or the Designated Account;
f) the COMPANY or any of its Authorised User(s) did not, at BDO Unibank's sole discretion, correctly use the BDO Unibank Business Online Banking Facility, including the Bill Payment Service; or
g) circumstances beyond BDO Unibank's reasonable control prevent the making of the payment, despite reasonable precautions taken by BDO Unibank.
8.7 BDO Unibank is entitled to determine at its sole discretion the order of priority in executing instructions to make payments and/or any other existing arrangements or instructions the COMPANY may have made with BDO Unibank on the date on which the payment to the stipulated payee organisation is to be made from the Designated Account. Examples of such other existing arrangements or instructions include (but are not limited to) cheques, standing orders, interbank GIRO deductions and instructions to transfer funds.
8.8 The COMPANY agrees that if any of the payee organisation has terminated the Bill Payment Service and the COMPANY has outstanding pending payment transaction(s) to be made to the said payee organisation, such transactions will automatically be cancelled and will no longer be processed BDO Unibank.
8.9 The COMPANY understands that the nominated System Administrator has the authority to enroll a payee organisation for the Bill Payments Service without the need for BDO Unibank to approve it. BDO Unibank will not be responsible for any fraudulent bills payment as a result of System Administrator enrollment of payee organisations.
9. Notification of Transactions
9.1 The COMPANY / Authorised User(s) shall be solely responsible for checking the status of their Business Online Banking transactions by logging on the BDO Unibank Business Online Banking Facility from time to time. The Business Online Banking System will nevertheless automatically send notifications to the email address(es) provided by the COMPANY to BDO Unibank of transactions made via the BDO Unibank Business Online Banking Facility.
9.2 In this regard, the COMPANY and its Authorised User(s) shall provide correct and operational e-mail address(es) in the Business Online Banking Enrollment Form and shall ensure and hereby warrant the correctness of the information entered with regard to their designated e-mail address. The COMPANY shall promptly notify BDO Unibank of any change in its given e-mail address(es), contact number, business address or any other information which may affect communication in accordance with the prescribed forms and procedures as BDO Unibank may provide.
9.3 Prior to receipt of such notice of change of contact details, BDO Unibank shall have the right to rely upon and send/receive notification(s) to/from the COMPANY’s e-mail address(es), contact number(s) and business address indicated in the Business Online Banking Enrollment Form previously submitted by the COMPANY, without BDO Unibank incurring liability as a consequence thereof.
9.4 The COMPANY shall be responsible, at its expense, for providing the proper equipment, subscription, membership, internet connection, and other paraphernalia necessary and required to enable it to receive e-mail notifications from BDO Unibank through the BDO Unibank Business Online Banking Facility. The COMPANY’s ability to receive e-mail notifications depends on its compliance with this undertaking and BDO Unibank does not endorse nor guarantee any third-party service or product for this purpose.
9.5 The COMPANY agrees that it shall be responsible for keeping the confidentiality of the information contained in the notifications sent to its designated e-mail address and BDO Unibank shall not be liable for any unauthorised disclosure or use of such information.
9.6 BDO Unibank shall not be responsible for non-action of any of the Authorised Users in respect of the COMPANY’s transactions because of non-receipt of email notification, nor will BDO Unibank be liable for any penalties or charges as a result of non-action of the Authorised User in respect of the COMPANY’s transactions submitted for processing.
10. Representations and Warranties
10.1 The COMPANY represents and warrants to BDO Unibank that:
h) it is a company duly organised and validly existing under the laws of its place of incorporation, with the power to accept these Terms & Conditions and to exercise its rights and perform its obligations hereunder;
i) the Authorised User(s) have the proper and necessary authority to act for and on behalf of the COMPANY in connection with the use and availment of the BDO Unibank Business Online Banking Facility and carrying out transactions via the BDO Unibank Business Online Banking Facility.
j) all corporate or other actions required to authorise the execution and performance of the COMPANY's obligations hereunder have been duly taken;
k) all authorisations and consents (including those of third parties) with respect to the enrollment by the COMPANY of the Account(s) in the BDO Unibank Business Online Banking Facility, and allowing access, use of and transactions on said Account(s), have been duly taken; and
l) during the effectivity of this agreement, the COMPANY shall keep in full force and effect all authorisations, licenses and consents from governmental authorities, which is required by law in places where it has business presence in respect of the execution and performance of its obligations under these Terms & Conditions.
11. Fees and Charges
11.1 Transactions carried out via the BDO Unibank Business Online Banking Facility are subject to all BDO Unibank conditions, fees and charges applicable at the time of the transaction. BDO Unibank may, from time to time, upon giving thirty (30) days prior notice, introduce or change fees and charges for the COMPANY’s use of the BDO Unibank Business Online Banking Facility. The COMPANY hereby authorises BDO Unibank to debit the COMPANY's Account(s) which the COMPANY maintains with BDO Unibank, for the amount of such fees and charges. If at any time there are insufficient funds in the said Account(s) to cover fees and charges, BDO Unibank may refuse to carry out a transaction without BDO Unibank incurring any liability as a result of such refusal.
11.2 Any and all taxes arising from the use and availment of the BDO Unibank Business Online Banking Facility, including payments made hereunder shall be paid by the COMPANY.
12. Termination / Suspension of Access and Use
12.1 The COMPANY may request BDO Unibank to terminate or suspend its access to and use of the BDO Unibank Business Online Banking Facility by giving BDO Unibank written notice in such prescribed form or made as BDO Unibank may specify from time to time. The COMPANY shall remain responsible for any transactions made on the Account(s) until the time of termination or suspension. BDO Unibank shall not be liable for any or all remaining scheduled transactions that were previously initiated by the COMPANY and/or its Authorised Users through the BDO Unibank Business Online Banking Facility.
12.2 BDO Unibank may terminate or suspend the COMPANY’s access to and use of the BDO Unibank Business Online Banking Facility at any time and for any reason, subject to at least thirty (30) days prior notice of such termination. BDO Unibank may terminate or suspend the COMPANY’s access to and use of BDO Unibank Business Online Banking Facility without prior notice if:
m) the COMPANY has breached these Terms & Conditions;
n) BDO Unibank is aware of the COMPANY’s bankruptcy, insolvency, liquidation, dissolution or other analogous circumstances, or that the COMPANY committed an act of bankruptcy, insolvency, liquidation, dissolution or other analogous acts, or that a bankruptcy or insolvency or other analogous petition has been filed against the COMPANY;
o) there are insufficient funds in the enrolled Account(s) to cover payments or payment instructions given;
p) if in BDO Unibank’s reasonable opinion, the COMPANY’s enrolled Account(s) is/are being mishandled as determined pursuant to BDO Unibank’s existing policies and procedures, or if the enrolled Account(s) or the BDO Unibank Business Online Banking Facility is being used for any unlawful or illegal activity or transaction; or
q) BDO Unibank considers that there exists other reasonable grounds to do so (in which case all reasonable efforts will be made to advise the COMPANY of the circumstances of termination or suspension).
12.3 In the event that no logins or no Business Online Banking transaction is performed by the Authorised User(s) for twelve (12) consecutive months from activation of the BDO Unibank Business Online Banking Facility, the Business Online Banking System will automatically terminate or suspend the COMPANY’s access. All pending transactions and approved post-dated and recurring transactions of the COMPANY (if any) whose access has been terminated or suspended shall automatically be cancelled by the system and will no longer be processed by the system.
12.4 Any and all accrued but unpaid obligations of the COMPANY prior to termination, and terms and conditions hereof which by express terms, shall survive the termination of the COMPANY’s access and use of the BDO Unibank Business Online Banking Facility.
13. Indemnification Clause
13.1 The COMPANY hereby agrees to indemnify and render BDO Unibank, its directors, officers, employees and agents and assigns, free and harmless from and against any claim, cause of action, suit, liability, loss or damage of whatever nature which may arise as a result of or in connection with the use and availment by the COMPANY / Authorised Users of the BDO Unibank Business Online Banking Facility, and the implementation of Business Online Banking transactions, and specifically, in the following instances:
r) disruption, failure, error or delay relating to or in connection with the BDO Unibank Business Online Banking Facility, the implementation of transactions, transmission and/or receipt of messages, communications, materials, correspondences and/or information via the BDO Unibank Business Online Banking Facility which is due to circumstances beyond the control of BDO Unibank, fortuitous events such as but not limited to prolonged power outages, breakdown in computers and communication facilities, computer-related errors, problems related to computer hardware and/or software (including bugs and viruses), typhoons, floods, public disturbances and calamities and other similar or related cases, and/or which are attributable to the services provided by any service provider or information service provider;
s) fraudulent access or utilisation of the BDO Unibank Business Online Banking Facility and/or fraudulent or unauthorised transactions in the BDO Unibank Business Online Banking Facility, due to theft or unauthorised disclosure of Corporate ID, User ID, Password and/or Security Devices or violation or non-compliance with other security requirements as set forth in these Terms & Conditions, with or without the COMPANY’s participation;
t) inaccurate, incomplete or delayed information received by the COMPANY due to disruption or failure of any communication facilities used for BDO Unibank Business Online Banking Facility;
u) delay and/or failure to implement or carry out transactions on the Account(s) due to garnishment, execution, hold-out and similar restrictions on the Account(s);
v) unauthorised or fraudulent enrollment, use of, and transactions on Account(s) in the BDO Unibank Business Online Banking Facility; and/or
w) the COMPANY’s inability, delay and/or failure to comply with these Terms & Conditions.
13.2 The above provisions shall survive the termination or suspension of the BDO Unibank Business Online Banking Facility.
14. Liability Limitation
14.1 BDO Unibank shall take reasonably practicable steps to ensure that its systems in connection with the BDO Unibank Business Online Banking Facility are installed with adequate security measures and to control and manage the risks in operating the systems, taking into account any law, rules, regulations, guidelines, circulars, codes of conduct and prevailing market practices which may be applicable from time to time.
14.2 BDO Unibank will not be liable for any loss or damage to the COMPANY or its Authorised User(s) as a result of making the BDO Unibank Business Online Banking Facility available, including any direct, indirect, consequential or special loss, even if BDO Unibank has been advised of the same. Examples of circumstances in which BDO Unibank will NOT be liable for loss or damage resulting to the COMPANY or its Authorised User(s) through the use of the Service include (but are not limited to):
x) acting on an instruction which has been validly authenticated as coming from an Authorised User but which in fact was given by somebody else;
y) any incompatibility between the COMPANY's or Authorised User's System and the BDO Unibank Business Online Banking Facility;
z) any machine, system or communications breakdown, interruption, malfunction or failure, industrial dispute, failure or fault of any Internet service providers, telecommunications or SMS service providers or operators, or their respective agents and subcontractors or other circumstances beyond BDO Unibank's control that leads either to the BDO Unibank Business Online Banking Facility being totally or partially unavailable or delayed, or to the non-receipt, interception of or unauthorised access or use of the Corporate ID, User ID, Passwords and/or other Security Devices or to instructions given via the BDO Unibank Business Online Banking Facility not being received, authenticated, accurate, correct or acted upon promptly or at all;
aa) the COMPANY or its Authorised User's reliance on or using any financial or product information provided as part, or by means, of the BDO Unibank Business Online Banking Facility;
bb) any misuse of the COMPANY or its Authorised User's System or the BDO Unibank Business Online Banking Facility;
cc) any access to Account information obtained by a third party as a result of the COMPANY or its Authorised User's use of the BDO Unibank Business Online Banking Facility (except where that access is obtained as a result of BDO Unibank's gross negligence or willful default); or
dd) any delay or failure to send, transmit, receive, confirm or acknowledge any email, SMS messages, Security Devices or anything available under the BDO Unibank Business Online Banking Facility, or any error, inaccuracy or incompleteness of any information or data available under the BDO Unibank Business Online Banking Facility.
14.3 In the event that BDO Unibank is liable for any loss or damage as a result of the COMPANY's use of the BDO Unibank Business Online Banking Facility, BDO Unibank shall only be liable for direct loss or damage which, in the ordinary course of events, might reasonably be expected to result from the circumstances in question and only if such loss or damage is caused by BDO Unibank's gross negligence or willful default.
14.4 The COMPANY shall indemnify BDO Unibank, its employees and nominees or agents promptly and on a full indemnity basis from or against all actions, omissions, negligence, proceedings, claims, demands, damages, losses (including direct, indirect or consequential losses), costs and expenses including other duties, taxes, or other levies and legal costs as between solicitor and client (on a full indemnity basis) and other liabilities which BDO Unibank may incur or suffer from or by reason of the COMPANY or any of its Authorised User's use of the BDO Unibank Business Online Banking Facility.
15. Force Majeure
15.1 BDO Unibank shall not be liable for any damage or delays caused by or arising out of force majeure, namely, riots, war, (whether declared or not), lock-outs and strikes, coup d’etat, embargo, confiscations, nationalisations, acts of the public enemy, or acts of God, such as fire, flood, earthquake and the like.
16. Consent to Collection, Use and/or Disclosure of Information
16.1 The COMPANY also agrees to and consents to the collection, use, disclosure, and processing of personal data in accordance with the BDO Unibank Data Protection Policy.
16.2 The COMPANY warrants and represents that it has obtained all necessary consents from each individual (including any Authorised User) to whom such personal data relates for the disclosure of such individual's personal data to BDO Unibank and/or other relevant parties as specified in the BDO Unibank Data Protection Policy for such persons’ collection, use disclosure and/or processing for the purposes specified therein, and that such consents have not been withdrawn.
16.3 BDO Unibank's rights as stated above are in addition to any other rights that BDO Unibank may have under the Banking Act (Chapter 19 of Singapore), or any other statutory provisions and in law. BDO Unibank's authority to disclose such information shall survive the termination of these terms and conditions and closure of the COMPANY's Account(s).
17. Governing Law
17.1 These Terms & Conditions shall be governed and construed in all respects in accordance with the laws of the Republic of Singapore but in enforcing these Terms & Conditions, BDO Unibank is at liberty to initiate and take actions or proceedings or otherwise against the COMPANY in the Republic of Singapore or elsewhere as BDO Unibank may deem fit, and the COMPANY hereby agrees that where any actions or proceedings are initiated or taken in the Republic of Singapore, the COMPANY hereby submits to the jurisdiction of the courts of the Republic of Singapore in all matters connected with the COMPANY's obligations and liabilities under or arising out of these Terms & Conditions.
18. Contracts (Rights of Third Parties) Act (Chapter 53B)
18.1 Unless expressly provided to the contrary in these Terms & Conditions, a person who is not a party to these Terms & Conditions has no rights under the Contracts (Rights of Third Parties) Act, Chapter 53B of Singapore (as may be amended and substituted from time to time) to enforce or enjoy the benefit of any term in these Terms & Conditions. Notwithstanding any term in these Terms & Conditions, the consent of any third party is not required to vary (including to release or compromise any liability) or terminate any of these Terms & Conditions.
19. Miscellaneous Provisions
19.1 BDO Unibank may amend any of these Terms & Conditions as it may deem necessary upon providing third (30) days prior notice to the COMPANY. By continuing to, or permitting any of the Authorised Users to continue to, use and/or access the BDO Unibank Business Online Banking Facility, after being notified of such amendments, the COMPANY shall be deemed to have acknowledged such amendments and agreed to abide by and be bound by, and to procure that each of the Authorised Users abides and be bound by these amendments.
19.2 BDO Unibank’s failure to demand strict compliance with any of these Terms & Conditions shall not be construed as a waiver thereof. Any waiver to be effective shall be made in writing and signed by BDO Unibank.
19.3 The COMPANY shall ensure and hereby warrants that the COMPANY and Authorized User(s) have clearly understood these terms and conditions and the procedures governing the use and availment of the Business Online Banking Facility, and that the COMPANY is fully aware and hereby assumes the potential risks arising from the use of the Business Online Banking Facility.
19.4 The COMPANY shall not assign any of its rights and obligations under these terms and conditions without the prior written consent of BDO Unibank.
19.5 Should any of these terms and conditions be declared by competent authority as invalid, all other terms and conditions not affected by said invalidity shall remain effective and binding upon the parties.
19.6 In the event of any unsettled question or controversy arising from the interpretation or implementation of these terms and conditions and/or the use or availment by the COMPANY of the Business Online Banking Facility, the parties hereby undertake to exert maximum efforts to resolve such dispute or controversy amicably within a period of THIRTY (30) days from the date the question or controversy arose. During such period, the parties are prohibited from filing any case or complaint in a court of law or administrative and quasi-judicial body. Only when the aforementioned 30-day period shall have already elapsed without the parties reaching an amicable settlement may the aggrieved party file the necessary action in the appropriate Singapore court of law, administrative or quasi-judicial body.
19.7 Each of the parties agrees to execute and deliver all such further instruments, and to do and perform all such further acts and things as shall be necessary or convenient to carry out these terms and conditions.
20. Definitions
“Account(s)” refers to accounts opened and maintained with BDO Unibank and any of its branches under the classifications provided below, in the nature of Savings Account, Current Account, Time Deposit Account, and such other types of accounts as may be allowed by BDO Unibank for purposes of the BDO Unibank Business Online Banking Facility.
“Account Available/Cleared Balance” refers to the balance in the Account that is the usable funds for any financial transaction.
“Authorisation Matrix” refers to the number of authorisers (including type of authorisers) who are required for the purposes of executing a transaction on behalf of the COMPANY.
"Authorised User" means:
(a) the COMPANY; or
(b) persons nominated by the COMPANY, signatories under its mandate or its duly authorised representatives and deemed to be duly authorised by the Client to give instructions or otherwise operate the Accounts.
"BDO Unibank" refers to BDO Unibank Unibank, Inc (Singapore Branch)
“BDO Unibank Business Online Banking Facility”/“Business Online Banking”/ “Business Online Banking System” refers to the internet portal designed for corporate clients of BDO Unibank. BDO Unibank Business Online Banking Facility allows BDO Unibank’s corporate clients direct access to their enrolled accounts and allow them the convenience to do financial transactions on said accounts via the internet.
"BDO Unibank BUSINESS ONLINE BANKING Website" refers to https://online.BDO Unibankunibank.com.sg
“BDO Unibank CASA System” refers to BDO Unibank’s core deposit system used by all of BDO Unibank's branches, and BDO Unibank’s other business and support units in connection with banking transactions.
"BDO Unibank Guidelines" means the guidelines provided by BDO Unibank from time to time in connection with the COMPANY and its Authorised Users' operation of the BDO Unibank Business Online Banking Facility, which may include guidance:
(a) made available in writing, whether in hard copy form (for example, in a user manual or by letter) or in electronic form (for example, soft copy manuals provided in or as part of any CD, DVD or removable media provided by BDO Unibank or made available over the Internet or electronic mail by BDO Unibank); and
(b) spoken guidelines (e.g. by any technical helpdesks BDO Unibank may operate); and
(c) through any online help service available as part of the BDO Unibank Business Online Banking Facility.
"Business Day" means a day (other than Saturday, Sunday or a public holiday) on which banks are open for business in Singapore.
“BUSINESS ONLINE BANKING Enrollment Form” refers to this enrollment form available in the BDO Unibank Business Online Banking Website, which shall be accomplished by the COMPANY’s Authorised Users, and the duly accomplished online enrollment shall be signed and submitted by the COMPANY to BDO Unibank in accordance with these Terms & Conditions.
"BUSINESS ONLINE BANKING Enrollment Update Form" refers to the form available in the BDO Unibank Business Online Banking Website, which shall be used to update any information submitted to BDO Unibank via the BDO Unibank Business Online Banking Enrollment Form.
“COMPANY” refers to an entity (i.e. corporation, partnership, single proprietorship, or similar entity) duly organised and registered to conduct business in Singapore, enrolled in the BDO Unibank Business Online Banking Facility, and whose name is indicated in the BDO Unibank Business Online Banking Enrollment Form.
"OTP" means "One-time Password".
"Password" means the secret number(s) chosen by an Authorised User (or if he does not elect to change it, the initial secret number(s) given to him) that is used to confirm such Authorised User's identity whenever he uses the BDO Unibank Business Online Banking Facility.
"Person" means any individual.
“SCHA" means Singapore Clearing House Association.
"Service Software" means any software supplied to the COMPANY and/or its Authorised User(s) whenever such Authorised User accesses the BDO Unibank Business Online Banking Facility and any other software BDO Unibank may supply to the COMPANY and/or its Authorised User(s) for the purpose of accessing the BDO Unibank Business Online Banking Facility from time to time.
"SMS" means a service known as Short Message Service that enables text and other messages to be transmitted between mobile phones and such other telecommunication or electronic devices as the relevant services providers may make available.
"System" means the equipment and software contained on it used by the COMPANY and/or its Authorised Users to access the BDO Unibank Business Online Banking Facility.
“System Administrator” refers to the individuals or persons that the COMPANY has appointed to administer certain administrative functions relating to the access and use of the BDO Unibank Business Online Banking Facility.
“Workflow Model” means the system by which the COMPANY approves a transaction.
21. Business Online Banking Functionalities
Provision under each Service Modules listed below shall only be applicable to the COMPANY if it has availed of such services, otherwise such provision should not be applicable to the COMPANY.
Provisions pertaining to each BUSINESS ONLINE BANKING function/module are only applicable if the relevant function/module is availed of by the COMPANY, otherwise such provision is not applicable for the COMPANY
The COMPANY understands and agrees that account balances and transaction inquiry is not available for enrolled Accounts classified as Counterparty Accounts.
The COMPANY hereby agrees that Account balances viewing/inquiry through the BUSINESS ONLINE BANKING facility is an alternative channel to the BDO Unibank CASA System available in BDO Unibank Branches for knowing the “current” or “for clearing balances” and available, in the Account. In the event that there is/are discrepancy/ies between the Account balances viewed through and displayed by the BUSINESS ONLINE BANKING facility and that of the Account balances shown by the BDO Unibank CASA System, the Account balance records in the BDO Unibank CASA System shall prevail.
The COMPANY understands and agrees that transaction history viewing/request is not available for enrolled Accounts classified as Counterparty Accounts.
The COMPANY may avail of of the following Send Money services
i.Send Money to Own Account – enable the COMPANY to transfer funds from one COMPANY enrolled own account to another COMPANY enrolled own account within bank.
ii.Send Money to-Third Party Account - enable the COMPANY to transfer funds from one COMPANY enrolled own account to a 3rd Party Account enrolled by the COMPANY
The COMPANY, through the User(s), may transfer funds immediately, on schedule or on a recurring future date specified by the User(s).
The COMPANY can make Send Money transactions up to the available/cleared balance of the Source Account. The COMPANY shall at all times maintain the BDO Unibank required maintaining balance in the Source Account when doing fund transfer transaction, otherwise, BDO Unibank prescribed penalties for falling below the required ADB shall apply, and may be deducted from the COMPANY’s Own Account or other accounts with BDO Unibank in accordance with Section 9 of this Agreement.
Current-dated fund transfer shall be subject to the availability of cleared balance in the Account on that date, while scheduled or future-dated fund transfers shall be subject to the availability of cleared balance in the Account at the specified future date on which the transfer is to be actually made.
The COMPANY may cancel its scheduled or future-dated fund transfer request(s) only by using the BUSINESS ONLINE BANKING’s Send Money functionality.
The COMPANY may transfer funds from its enrolled CA/SA, (Source Account) to another CA/SA, either Own Account or Counter Party Account.
The COMPANY understands and agrees that enrolled Accounts classified as Counter Party Accounts can only serve as “Destination Accounts” or recipient Accounts and not as “Source Accounts”.
All fund transfers are done real time. However, credits arising from fund transfers done after the system cut-off of 11:59:59 PM will be considered the next Business Day's transaction. Funds transfer after the Bank’s check clearing process has started cannot be used to fund an incoming clearing check for that day.
The COMPANY may make a stop payment order (SPO) of its check/s via BUSINESS ONLINE BANKING. The COMPANY agrees and understands that real-time request of SPO for checks will only be between 8am to 6pm daily and will be implemented by the BUSINESS ONLINE BANKING system for as long as the said checks have not yet been negotiated/sent for clearing. The COMPANY shall specifically provide the check number for SPO. The BANK shall not be liable for any loss directly or indirectly resulting from the request for SPO and the implementation of said request. Furthermore, the COMPANY agrees that the fees for SPO shall be automatically debited from its Account against which the relevant check was drawn or issued.
Debiting of the SPO fees will be done real time and only against available/cleared balance of the Account.
The COMPANY may place checkbook reorder via the BUSINESS ONLINE BANKING. The COMPANY agrees and understands that only enrolled “Own” regular checks can be reordered on-line.
Debiting of the checkbooks fees will be done real time and only against the available/cleared balance of the checking Account. The COMPANY agrees to at all times maintain cleared/available and sufficient balances in the checking Account to fully discharge the relevant fees and charges, without prejudice to BDO Unibank’s right to collect undebited fees and charges together with stipulated penalties and interests including the right to set-off the amount/s due against other accounts or funds of the COMPANY with BDO Unibank, in case there is no cleared/available balance or insufficiency of cleared/available balance in the checking Account.
The COMPANY may make a request for wire transfer via BUSINESS ONLINE BANKING. The COMPANY agrees and understands that BDO Unibank is not responsible or liable for the veracity, completeness and authenticity of information provided for in the on-line request for wire transfer of funds made by its Users. The COMPANY also agrees and understands that BDO Unibank is not liable for the delay in the transfer of funds to the COMPANY’s beneficiary arising from the wrong details encoded in the online request form as filled-out by its User. Fees for the wire transfer and the principal amount thereof would be automatically debited from the Source Account in real time and only against available/cleared balance of the Source Account. Furthermore, only enrolled Accounts classified as “Own” can be used as Source Accounts for Wire Transfers and up to available/cleared balance only.
The COMPANY agrees to at all times maintain cleared/available and sufficient balances in the Source Account to successfully implement its USD wire transfer instruction and settle in full the relevant fees and charges, without prejudice to BDO Unibank’s right to collect undebited fees and charges together with stipulated penalties and interests including the right to set-off the amount/s due against other accounts or funds of the COMPANY with the BANK, in case there is no cleared/available balance or insufficiency of cleared/available balance in the Source Account.
BDO Unibank shall have no liability whatsoever in case of failed/unsuccessful USD wire transfer due to insufficient cleared/available balance in the Source Account or due to wrong details encoded in the online request form. Furthermore, BDO Unibank has the right to debit the account of the COMPANY for any service charges that maybe incurred due to the encoding of wrong details in the wire transfer request form.
BDO Unibank will make available to the COMPANY other BUSINESS ONLINE BANKING functionalities which may be developed for and included in the BUSINESS ONLINE BANKING facility. Availment of and use by the COMPANY of new BUSINESS ONLINE BANKING functionalities shall likewise be subject to the Terms & Conditions. The COMPANY may be required to enter into a separate agreement with BDO Unibank before these services/functionalities can be availed through the BUSINESS ONLINE BANKING.
D. FINGERPRINT AUTHENTICATION
These Fingerprint Authentication Terms and Conditions (“Terms”) shall apply to your use of the fingerprint authentication login service (“FA Login Service”) provided by [BDO Unibank Unibank, Inc (Singapore Branch)] ("BDO Unibank") as part of the BDO Unibank Mobile Banking service. By undergoing the registration process to use the FA Login Service, or using the FA Login Service, you accept and agree to these Terms.
These Terms supplement, and are in addition to and are to be read together with the [General Terms and Conditions for Customers], BDO Unibank Mobile Banking Services Terms and Conditions, BDO Unibank Electronic Banking Terms and Conditions, and other documents forming part of the agreement with you (collectively referred to as “BDO Unibank T&C”) which may be amended or supplemented by BDO Unibank from time to time. In the event of any conflict or inconsistency, these Terms shall prevail over the BDO Unibank T&C.
The FA Login Service is a service provided by BDO Unibank where you may use your fingerprint or other unique biometric identifier as we may, in our sole discretion and from time to time, prescribe as an acceptable method of identification stored/registered in the Mobile Device (defined below) as an alternative to logging in to the BDO Unibank Mobile Banking Services Application (the “BDO Unibank App”) with your username and password.
The FA Login Service is part of the BDO Unibank Mobile Banking Service, available for the following customers:
(the Apple Devices and the Android Devices are hereinafter collectively referred to as the “Mobile Devices” and each a “Mobile Device”).
In addition to and without subtracting from the disclaimers and exclusions of liability in the BDO Unibank T&C:
(a) You understand that the fingerprint authentication function ("FA Function") of the Mobile Device is not provided by BDO Unibank and BDO Unibank makes no representation or warranty as to the security of the FA Function of any Mobile Device and whether it works in the way that the manufacturer of the device represents.
(b) BDO Unibank does not represent or warrant that the FA Login Service will be accessible at all times, or function with any electronic equipment, software, infrastructure or other service that BDO Unibank may offer from time to time.
(c) To the extent permitted under applicable law , we are not liable for any loss you incur in connection with the use or attempted use of the FA Login Service, or your instructions, or any unauthorised transactions through or in connection with the FA Login Service.
For avoidance of doubt, the FA Function on the Mobile Device is an optional feature of your Mobile Device and is provided to you on your own understanding of the rights, obligations and remedies provided by your third party mobile unit provider.
(a) you are a valid user of the BDO Unibank Mobile Banking service, and have downloaded and installed the BDO Unibank App on your Mobile Device can use the FA Login Service;
(b) you will have to signify your permission to connect to the FA Function of your Mobile Device by accessing its mobile settings under menu and enabling the toggle to “on”. You must have at least one (1) fingerprint registered in the Apple Touch ID service or Android Fingerprint Scanner on your Mobile Device, in order for the FA Function to be enabled;
(c) you must ensure that only your fingerprints are stored on the permitted Mobile Device to access the device, and you understand that upon the successful registration of the permitted Mobile Device, any fingerprint that is stored on the permitted Mobile Device can be used to access the BDO Unibank Mobile Banking Service, including access to your accounts. If persons other than yourself have their fingerprints registered as part of the FA Function in your Mobile Device, that person(s) will be able to access your accounts as well; and
(d) you should ensure the security of the security codes as well as the password or code that you can use to register your fingerprint on the permitted Mobile Device.
2.2 You may deactivate your use of the FA Function at anytime by accessing the menu settings of your mobile unit and opting out of the service by turning the toggle to “off” position.
a) the provision by BDO Unibank of or your use of the FA Login Service, the FA Function or the BDO Unibank App;
b) the processing of any request and/or instruction;
c) any unauthorised access and/or use of your Mobile Device;
d) the use in any manner and/or for any purpose whatsoever by any person at any time whatsoever and from time to time of any information or data:
e) any event the occurrence of which BDO Unibank is not able to control or avoid by the use of reasonable diligence; and/or
f) the suspension, termination or discontinuance of the FA Login Service, the FA Function or the BDO Unibank App.