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Important changes to the Current/Cheque/Savings Account and Time Deposit Terms

With effect from 1 August 2021 (inclusive of this date), there will be changes made to the Current/Cheque/Savings Account and Time Deposit Terms (“Terms”) and we will be consolidating certain terms and conditions that were previously set out in some forms at our branches.

Please take note of the following new clauses as set out in the updated Terms:

  1. For the Deposit of Foreign Cheques / Receipt for Foreign Cheques Deposited Form – new Clauses 5.3 and 5.4;
  2. 5.3 We exercise every care in the selection of our foreign correspondents, but it must be understood that the collection of cheques is undertaken at your sole risk and we are not liable for any loss, damage or delay not directly due to our negligence or fault.
     
    5.4 The cheques purchased, other payment instruments deposited, funds transferred electronically cannot be withdrawn until they are cleared. We may in our absolute discretion decide to allow you to withdraw any of the above of the proceeds or purchase a cheque from us before clearance occurs at your request. However, you must repay us in full or we may and you hereby irrevocably authorise us to debit from any account maintained by you with us, the entire face amount of the cheque, payment instrument or transfer that is dishonoured. The use of this service is subject to our banking agreement.

  1. For the Cashier’s Order Form – new Clauses 8.20 to 8.26; and
  2. 8.20   Cashier’s orders are issued or sent entirely at your risk. You agree to hold harmless and indemnify us against any loss, costs, damages, expense, liability or proceedings which we may incur or suffer as a result of us acting upon or delaying to act upon or refraining from acting upon the said instructions and any and all subsequent instructions in relation to cashier’s orders.
     
    8.21   We reserve the right to reject your application for a cashier’s order without having to furnish any reason for doing so.
     
    8.22   A cashier’s order is an irrevocable promise to pay and hence, once issued, cannot be cancelled or stopped. We will only attempt to stop or cancel a cashier’s order on a best effort basis if the cashier’s order is lost or stolen, provided that you furnish us with the various documents evidencing the same, including but not limited to a police report confirming the loss or theft of the cashier’s order.
     
    8.23   We shall not be liable for any loss or damages whatsoever or howsoever arising due to any of the following:

    1. Erroneous or incomplete information having been given to us;
    2. Insufficient available funds in your account;
    3. Delay or error in or failure in locating or identifying the beneficiary;
    4. Delay on your part in presenting the cashier’s order to the beneficiary for payment; or
    5. Any other cause or reason whatsoever beyond our control, save where such loss or damages are directly caused by the fraud, gross negligence or wilful misconduct of our employees.

    8.24   You consent to us, our officers and/or employees disclosing any information, including your personal information, information pertaining to your application for a cashier’s order, the subject matter thereof and your accounts, as we shall deem appropriate in its absolute discretion for the purpose of any investigations relating to the aforementioned application and any transaction connected therewith.
    8.25   Insofar as you furnish personal information belonging to yourself in connection with the application for a cashier’s order, you consent to our collection, holding, storing, use processing, transfer, disclosure and reporting (directly and indirectly) to any third party of your personal information provided to us in accordance with the application form. Insofar as the personal information furnished to us in connection with the application belongs to the beneficiary or any other individual(s), you warrant that you have obtained their consent to our collection, holding, storing, use, processing, transfer, disclosure and reporting (directly and indirectly) to any third party of their personal information provided to us in accordance with the application form. Any personal information (i) will also be processed in line with our privacy statement available at www.sc.com/sg/privacy; and (ii) may be used in accordance with our policies, terms and conditions or notices made available by us to you from time to time.

    8.26   We reserve the right to revise all charges from time to time without prior notice.

  1. For the Bank Draft Form – new Clause 8.27;
  2. 8.27   We undertake to effect your request for a bank draft on the following conditions:

    1. All drafts issued will be crossed drafts only.
    2. Drafts may, in accordance with prevailing industry standards, be deemed invalid 6 months from the date of issue provided that where the laws of the country or issue state otherwise, the validity period of such drafts shall be determined in accordance with the laws of the country of issue.
    3. You confirm that the Singapore dollars (where applicable) are not sourced from credit facilities (unless the remittances are to finance trade with Singapore or economic activities in Singapore) and the remittances are not for purposes of speculation in Singapore dollars.
    4. We reserve the right to select the agent/correspondent bank to draw or issue the draft.
    5. We shall not be liable for any loss that you may incur or otherwise suffer, however arising or described and whatever the legal basis of the liability in connection with our provision of this bank draft service, unless the loss was caused by fraud, gross negligence or wilful misconduct on our part. In any event, we shall not be liable for any indirect or consequential loss or loss of profit whether or not they were foreseeable. We shall not be liable for the performance of any fraud, wilful misconduct, negligence, insolvency or other act or omission of any agent or correspondent bank. You shall indemnify us and our affiliates on demand against any and all losses that we and/or our affiliates may incur otherwise suffer in connection with this service, except to the extent, with respect to us or any affiliate, the losses resulted from fraud, gross negligence or wilful misconduct on our part. We accept no responsibility for any delay, error or omission in the transmission of any message or from its misinterpretation when received.
    6. Encashment of the draft is subject to the rules and regulations of the country where encashment is to be made. Neither we nor our correspondent banks or agents shall be liable for any loss or delay caused by any such rules and regulations.
    7. We may make any required currency conversion using our applicable prevailing exchange rate. You must pay our usual charges for such currency conversions. A cancellation or other return of funds is subject to our consent, may involve a reverse currency conversion, and you shall bear any related loss, charges, costs and expenses of any kind resulting from such currency conversion. If a refund of the draft amount is desired from us by yourself, we shall, at our discretion make the payment to you at the prevailing buying rate for the relevant currency less all charges and expenses. We will not purchase back the following relevant currencies after a request is effected: INR, PHP, SAR, AED and PKR (which this list of currencies may be amended by us from time to time).
    8. Once a draft has been issued, we will not be able to cancel it except in very limited situations. Any request for cancellation, replacement draft or refund must be accompanied by evidence that what you had previously applied for is lost, stolen or destroyed, as may be required by us. You must, first, provide us with a letter of indemnity in favour of protecting us and such other documents (for example, police reports and declarations) as may be required by us, all in such form and substance as is acceptable to us. We have full discretion to decide whether or not to accede to such request and may impose additional conditions for doing so against liability with respect to the lost, stolen or destroyed draft.
    9. All charges/commission outside Singapore are for beneficiary’s account unless specified.
    10. We may suspend or terminate the execution of any service, request or instruction as a result of any force majeure event, including, without limitation, any: (a) change in any regulation or in the interpretation or enforcement of any regulation; (b) act, order or request of any authority; (c) restriction or impending on the availability, convertibility, credit or transferability or any currency; (d) failure or default of any agent or correspondent bank; (e) malfunction of a computer system; (f) failure or default of a service provider or vendor to us; (g) failure in the transmission or, or miscommunication with respect to, the request or instruction; or (h) other event beyond our reasonable control. You shall bear the risk of any delay and losses relating to a force majeure event.
    11. You consent to us disclosing to any of our affiliates, to any service provider, insurer or professional advisor of ours or any of our affiliates, to any agent/correspondent bank, payment intermediary or authority, or as required by regulation, any information provided by or relating to you.

For more information, you can visit any of our branches or call our 24-Hour Client Contact Centre at +65 747 7000 to request for a hard copy of the new Terms.