Priority Banking Terms and Conditions
Terms and Conditions
PRIORITY BANKING SERVICES AND PRIVILEGES
Terms and Conditions
In these terms and conditions, “you” refers to you, your joint account holder or your authorized person who are Priority Banking (“PB”) customers of Standard Chartered Group. The additional services we provide to you as a PB customer are governed by these terms and conditions. Should there be any inconsistencies to these Terms & Conditions; the version on the website on www.sc.com/bn will prevail.
1.1. You will need to meet our eligibility criteria to become a PB Customer. Your admission to PB membership is at our discretion. We may end your PB membership at any time with notification to you.
1.2. Your PB membership will remain valid from the date you become a PB member subject to you fulfilling the eligibility criteria and is at our discretion. We will notify you in the event that you fail to maintain a minimum of B$150,000 in deposits and investments;
1.3. You may end your Priority Banking membership by giving us written notice.
2. Eligibility criteria for Priority Banking
2.1. To enjoy the exclusive PB membership and all the benefits and privileges that come with it, simply maintain a minimum of B$150,000 in deposits and investments (referred to as Assets Under Management “AUM”) or take up B$400,000 in housing loans with us; or maintain a monthly credit of more than B$10,000 in your Payroll Account with us.
2.2. Customers who have earn a gross salary/ income of minimum B$10,000 per month and credit their salary to us may receive complimentary PB membership for 12 months. In order to remain as a PB member the customer must then reach the minimum AUM threshold of B$150,000 at the end of the 12 months. In the event the customer does not reach the minimum AUM in the time stipulated, they will be transferred back to their original client segment with notification to them.
3. Fees and Charges
3.1. We may charge you fees for providing you with the PB services. The fees are set out in the PB tariff sheet and may change from time to time. You can request for a copy of the PB tariff sheet or the specific charges for a particular PB service by contacting your Relationship Manager, via the Client Care Centre, or visiting our branches or the Standard Chartered Bank website in your country.
4. Information we disclose
You consent to each member of the Standard Chartered Group, its officers, employees, agents and advisers disclosing information relating to you (including details of the accounts, products or any security) to our head office and any other member of the Standard Chartered Group in any jurisdiction and anyone we consider necessary in order to provide you with Priority Banking Services.
5. Priority Banking Services
PB services may not be available in some countries and are subject to local regulations. We may vary or withdraw the services at anytime. You can find out about the current services available to you by contacting your Relationship Manager, via the Client Care Centre, or visiting our branches or the Standard Chartered Bank website in your country.
5.1 Household Recognition
5.1.1 Household recognition allows for certain family members to be admitted to PB membership. PB membership under household recognition may be extended to your spouse and children or, in the instance that you are not married, to your parents, namely your father and mother.
5.1.2 The admission of your family members’ to PB membership is subject to your family members holding eligible accounts with us and you notifying us of their accounts. We may end your family members’ PB membership at anytime with notification to you.
5.1.3 The Priority Banking membership of your family members will be valid from the date you become a PB member. The renewal of PB membership of your family members is subject to you fulfilling the abovementioned eligibility requirements.
5.1.4 Your family members who have been admitted to PB membership through household recognition will enjoy most of the benefits associated with PB services including the use of 2 complimentary supplementary Visa Infinite cards, unless otherwise notified by us to you from time to time and at our absolute discretion
5.2 Global recognition
5.2.1 The Global Recognition service may not available in all countries.
5.2.2 The Global Recognition service is subject to you notifying us in writing of the details of the accounts you hold with us in each country.
5.3 Preferential foreign currency exchange
Preferential currency exchange rates are only available in countries where we offer preferential foreign currency exchange rates for PB customers.
5.4 Pre-arrival account opening
You must provide us with all documents necessary for opening the account overseas and pre-arrival account opening is subject to the regulations of the country in which you wish to open an account.
5.5 Global Link
The Global Link service is provided at our discretion subject to the terms in the Global Link Guidelines. Where this service is available the Global Link Guidelines will be made accessible through Standard Chartered Bank Online Banking.
5.6 Free international fund transfers to another Standard Chartered Bank Account
Free international fund transfers to another Standard Chartered Bank from the account holder’s own name. We will waive upfront handling commission and cable charges to another Standard Chartered Bank account. However, you will still need to pay the fees imposed by other banks and any other charges by other bank. Normal charges apply for international fund transfers of more than a minimum BND$100,000 per transaction.
5.7 Emergency cash
You may withdraw the local currency equivalent of up to US$5,000 when using the Emergency Cash service. The Emergency Cash service is subject to terms contained in the Emergency Cash application form.
5.8 Services provided by third parties
From time to time we may introduce you to other PB privileges and service provided by third parties. Any services provided by third parties are subject to their terms and conditions and we will not be liable for any loss you incur in connection with such services.
Standard Chartered Securities (B) Sdn Bhd
Standard Chartered Securities (B) Sdn Bhd is a wholly owned subsidiary of Standard Chartered Bank and forms part of the Standard Chartered Group. Standard Chartered Securities (B) Sdn Bhd was incorporated on 4 June 2016 in Brunei Darussalam with limited liability by the Registrar of Companies and is authorised by Autoriti Monetari Brunei Darussalam.
Standard Chartered Securities (B) Sdn Bhd provides investment advisory and portfolio management services through a team of Financial Planning certified and licensed Investment Counsellors and Relationship Managers.
Standard Chartered Securities (B) Sdn Bhd distributes Unit Trusts, Bonds and Structured Notes.
Standard Chartered Bank Brunei distributes Premium Currency Investment and Structured Deposits.