PRIORITY BANKING SERVICES AND PRIVILEGES

TERMS AND CONDITIONS
Important notice

You need to read this document.

It sets out the terms and conditions on which we agree to provide you with the services and privileges under this Programme. You must read it in conjunction with our Client Terms, the Programme booklet and any other documents forming our banking agreement. These terms are in addition to the other documents mentioned in Part A of our Client Terms. To the extent of any inconsistency between these terms and our Client Terms, these terms prevail.

Key words
The meaning of key words displayed / printed like this and other words used in our banking agreement is explained in our Client Terms and at the end of the applicable product terms. Some additional key words which apply to this Programme are explained at the end of these terms.

  1. Membership

    1. 1.1

      This Programme applies only to our Priority banking members.

      Eligibility

    1. 1.2

      You must meet at least one of our following eligibility criteria to become a Priority banking member:

      • Maintain a minimum of RM250,000 with us in deposits and/or investments, or.
      • Take up a minimum of RM1,000,000 in housing loans with us.

      If you do not meet at least one of these eligibility criteria at any time, we may end your Priority banking membership by notice to you.

    2. 1.3

      We may also admit you to become a Priority banking member for six months if:

      • You hold an account with us into which your monthly salary of at least RM16,000 is credited every month, or
      • You open a JustOne Priority Account with us, or a Saadiq JustOne Priority -i or JustOne Priority Plus-i with Saadiq.

      After that six months, if you do not meet the eligibility criteria under clause 4.2, we will charge you the monthly service fee described in clause 4.1, or we may end your Priority banking membership by notice to you.

    3. 1.4

      Your admission to Priority banking membership is at our discretion. We may end your Priority banking membership at any time and will notify you if this happens.

    4. 1.5

      Your Priority banking membership will be valid from the date we approve your membership until we issue you a notice of termination.

    5. 1.6

      You may end your Priority banking membership by giving us written notice.

    6. 1.7

      To enjoy the exclusive Priority banking membership and all the services and privileges that come with it, you must ensure that all your accounts with us must be in good standing, without any breach of the banking agreement.

  2. Priority Banking Services and Privileges

    1. 2.1

      Priority banking services and privileges may not be available or the same in all countries where the Standard Chartered Group is present, and are subject to local regulations. You can find out the services available to you by contacting your Relationship Manager or by visiting our branches or website.

    2. 2.2

      Some Priority banking services and privileges are available only to certain categories of Priority banking members. You can find out which services and privileges are available to which categories of Priority banking members in our latest Programme booklet and on our website.

      3. Household recognition

    3. 2.3

      Under the Household Recognition privileges, your immediate family members (parents, spouse and children) can enjoy complimentary Priority banking membership if you request it and they agree to be recognised as part of your household. This will entitle them to the following privileges:

      • Access to Priority Banking Centres, Priority banking teller counters and 24-hour Priority banking Service Line.
      • Privileged pricing on banking transactions and services.
      • Lifestyle privileges which we announce, such as special offers or invitations to family events.
    4. 2.4

      The admission of your family members to Priority banking membership is subject to your family members holding any accounts under the product categories with us and is at our discretion. We may end your household's Priority banking membership at any time and will notify you if this happens.

    5. 2.5

      Your household's Priority banking membership will be valid from the date you become a Priority banking member. Their Priority banking membership will end if you cease to be a Priority banking member at any time or upon your request to terminate your household Priority banking membership.

    6. 2.6

      If you request for Household Recognition privileges, you and your household will be deemed to have met our Priority banking eligibility criteria if you or any one of your household satisfies the eligibility criteria under clause 1.2. However, accounts held by each individual will not be amalgamated with other individuals' accounts in calculating whether a household meets the eligibility criteria.

    7. 2.7

      If you and your household members do not meet the Priority banking eligibility criteria, we reserve the right to end your and your household members' Priority banking membership.

    8. 2.8

      We will communicate only with you for all issues in relation to your household's Priority banking membership.

      9. Global Recognition

    9. 2.9

      The Global Recognition privilege allows you and your household to be recognised as Priority banking members throughout the Standard Chartered Bank network worldwide.

    10. 2.10

      You must notify us in writing of the details of your Standard Chartered accounts in each country to be entitled to the Global Recognition privileges in that country.

      11. Privileged Pricing

    11. 2.11

      Priority banking members will get:

      • Fee waiver on ATM cash withdrawals at international Visa/Plus or MasterCard/Cirrus ATM networks. Cash withdrawals are up to RM10,000 equivalent per day, and
      • Fee waiver on international fund transfers (outward telegraphic transfers) within the Standard Chartered network. Normal fees will be charged at the time of the transaction and you will receive a fee rebate credited into your account within approximately 7 banking days from the date of the transaction. However, you will still need to pay any fees and other charges imposed by other banks. Your recipients' inward transfer charges may still be payable, depending on their own account terms and conditions.

      12. Emergency Cash

    12. 2.12

      You may withdraw cash in selected countries, under the Emergency Cash service by filling up an application at Standard Chartered Bank Priority Banking Centres in selected countries up to the local currency equivalent of US$5,000 per day. You can find out the countries in which this service is available by contacting your Relationship Manager or by visiting our branches or website.

    13. 2.13

      The Emergency Cash service is subject to the terms set out in the Emergency Cash application form.

      14. Pre-arrival Account Opening

    14. 2.14

      We will assist you to open accounts at Standard Chartered Bank in other countries (subject to the local laws and regulations there) at your request.

    15. 2.15

      You must provide us with all details and documents necessary for opening the account at your destination country.

    16. 2.16

      Accounts opened under this service are subject to the relevant terms and conditions in the destination country.

      17. Global Link

    17. 2.17

      The Global Link Service is a service which allows you to quickly view balances across selected Standard Chartered Bank accounts worldwide.

    18. 2.18

      Global Link Service is subject to the terms in the Global Link Guidelines. These guidelines are available when you access Standard Chartered Bank Online Banking.

      19. Other Services and Privileges

    19. 2.19

      We may introduce you to Priority banking services and privileges provided by third parties. These services and privileges are subject to the terms and conditions of those third parties. You may be required to sign a separate agreement with the third parties. We are not responsible for any loss you may incur in connection with these third party services and privileges.

  3. Rewards

      Rewards Points

    1. 3.1

      You must hold the Standard Chartered Priority Banking Visa Infinite credit card (as principal cardholder) with us.

    2. 3.2

      We reward you with Rewards Points under this Programme:

      • when you spend on your Priority Banking Visa Infinite credit card, known as Credit Card Spend Rewards Points; or
      • for products which you hold in any product category, known as Relationship Rewards Points.
    3. 3.3

      We will not give Rewards Points for products where you are in breach of our banking agreement or other terms and conditions.

    4. 3.4

      Rewards Points under this Programme will be credited into your bonus points account and are accumulated with points earned under the points scheme for your credit cards. Rewards Points may be used together with and in the same way as points in the points scheme.

      5. Credit Card Spend Rewards Points

    5. 3.5

      You earn Credit Card Spend Rewards Points under this Programme on your total card spend in your Priority Banking Visa Infinite credit card as follows. We determine your card spend based on the transactions shown in your statement each month.

      • For card spend in Ringgit Malaysia, you get 1 Rewards Point for every RM1 you spend on your Priority Banking Visa Infinite credit card.
      • For card spend in foreign currency, you get 5 Rewards Points for every RM1 equivalent you spend on your Priority Banking Visa Infinite credit card.

      6. Relationship Rewards Points

    6. 3.6

      You must have at least one card spend each month on your Standard Chartered Priority Banking Visa Infinite credit card to earn the Relationship Rewards Points for that relevant month. Please see illustration in example table below for clarification:-

Month Client has card spend on Priority Banking Visa Infinite credit card Client has at least one product listed in clause 3.8 Client entitled to Relationship Rewards Points
May Yes Yes Yes
June No Yes No
July Yes No No
  1. 3.7

    You earn Relationship Rewards Points under this Programme as follows, on products which you hold in each product category.

    • We give you Rewards Points as explained in clause 3.8 based on your total balance holdings in each product category, calculated at the end of each calendar month, subject to a maximum of 4,000 Relationship Rewards Points for each product category per month.
    • If the product is held jointly with another person, you will get the Reward Points only if you are the primary account holder.
    • Products which mature or are terminated before the end of the month will not earn Relationship Reward Points for that month.
  2. 3.8

    The products in the product categories are:

Product category Products
Mortgage
(40 Rewards Points for every RM10,000 outstanding balance)		 • Any mortgage facilities with us, with outstanding balance of at least RM100,000. In the case of a MortgageOne facility, this means the actual outstanding facility balance net of the credit balance in the MortgageOne account

• Any home financing facility with Standard Chartered Saadiq Berhad, with outstanding balance of at least RM100,000. In the case of a Saadiq MyHomeOne-i facility, this means the actual outstanding facility balance net of the credit balance in the Saadiq My HomeOne-i Account
Investment
(40 Rewards Points for every RM10,000 average balance)		 • The following investment products purchased and held with us:
     -unit trust investments
     -bond investments
     -structured investments (including Premium Currency Investment and Premium Equity Linked Investment).

• Single premium insurance plans from Prudential Assurance (M) Berhad and purchased through us.

• Single contribution family takaful plans purchased through Saadiq.
Fixed Deposits (any currency)
(5 Rewards Points for every RM10,000 average balance)		 • Fixed deposits held with us

• Term Deposit-i held with Saadiq
Current and/or savings and/or profit sharing investment accounts
(any currency)
(40 Rewards Points for every RM10,000 average balance)		 • Any current/cheque account or savings account held with us

• Any profit sharing investment account held with Saadiq
However, Relationship Rewards Points will not be awarded for an account that is in debit balance for that month.
Secured Overdraft
(40 Rewards Points for every RM10,000 average outstanding balance)		 An overdraft facility secured by property, fixed deposit or investments.
  1. 3.9

    The Relationship Rewards Points will be credited into your bonus points account monthly.

  2. 3.10

    The Rewards Points earned in the Standard Chartered Priority Banking Visa Infinite credit card do not expire.

  3. 3.11

    If you are in default on your Standard Chartered Priority Banking Visa Infinite credit card or it is terminated, you will not qualify for Rewards Points.

  1. Fees and Charges

      Membership Fees and Charges

    1. 4.1

      We will charge you a monthly service fee (which the fees will be deducted from any of your account(s) with us) for Priority banking services and privileges as stated in the tariff sheet.

    2. 4.2

      The monthly service fee is waived if:

      • You have a minimum of RM250,000 with us in deposits and/or investments for that month (balances calculated as at the end of each month), or
      • You have housing loans with us with total outstanding and/or undisbursed amounts of at least RM850,000 for that month (balances calculated as at the end of each month).
    3. 4.3

      If you were admitted as a Priority banking member under clause 1.3, we will waive the monthly service fee for the six months mentioned in that clause.

      4. Product Fees and Charges

    4. 4.4

      All products mentioned in these Terms and Conditions are subject to their respective fees and charges as stipulated in the tariff sheet.

  1. Variation

    You acknowledge that various features of this Programme may be changed from time to time, including membership terms, fees and product categories or the list of products in each product category. If we make such changes, we will give you notice in accordance with our usual practice and in accordance with any applicable law.

  2. Meaning of words

    You also need to refer to our Client Terms and other applicable product terms which also define key words used in these terms. If a word defined in these terms is also defined in other parts of our banking agreement, the definition in these terms applies for the purposes of the Programme.

    banking agreement means the agreement between you and us formed when we accept an application from you, the terms of which include our Client Terms and the relevant product terms.

    card spend means retail transactions charged to your Priority Banking Visa Infinite credit card. Card spend includes bill payments via our online banking service but excludes:

    • purchases of petrol,
    • points purchases,
    • cash advances,
    • interest, fees or charges,
    • disputed transactions,
    • any type of balance transfers, and
    • any type of instalment payment plans.

    household means your immediate family members (parents, spouse and children only) for whom you have requested Household Recognition privileges and whom we have accepted for Priority banking membership under those privileges.

    JustOne Priority Account refers to the Standard JustOne Priority Current Account and JustOne Savings Account held with us. These accounts are eligible for protection by Perbadanan Insurans Deposit Malaysia.

    Saadiq JustOne Priority-i refers to the JustOne Priority Account-i and JustOne Priority Investment Account-i held with Saadiq. These accounts are not insured by Perbadanan Insurans Deposit Malaysia.

    JustOne Priority Plus-i refers to the JustOne Priority Plus Account-i and JustOne Priority Plus Investment Account-i held with Saadiq. These accounts are not insured by Perbadanan Insurans Deposit Malaysia.

    Priority clients refer to our clients who have a valid Priority banking membership with us.

    primary account holder in a joint account means the account holder whose name appears first in our records.

    product category means the categories of products for which you may earn Relationship Rewards Points under this Programme.

    profit sharing investment account means an account (which may be a checking or non-checking account) based on the Mudharabah concept, held with Saadiq. These accounts are not insured by Perbadanan Insurans Deposit Malaysia.

    Programme means the Priority Banking Services and Privileges Programme.

    Programme booklet means the booklet describing the features, services and privileges under this Programme.

    Rewards Points means the 360 Rewards Points earned under this Programme.

    Saadiq refers to Standard Chartered Saadiq Berhad

    you and your refers to you as our Priority banking client and, where the context allows, your joint account holder or your authorised person.

    we, us and our refers to Standard Chartered Bank Malaysia Berhad.

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