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Important Changes to Terms and Conditions of PayNow with Standard Chartered (“PayNow Terms”) and Customer Terms

What’s New?

With effect from 8 February 2021 (date inclusive), all Standard Chartered Bank account holders will be able to transfer funds to e-wallets of major non-bank financial institutions (“NFIs”) via FAST and/or PayNow.

Please note the key changes to our PayNow Terms below:

  • As PayNow will no longer be limited to transfers to accounts maintained with local banks, the term “Participating Bank” will be updated to include entities other than banks.
  • The definition of “PayNow Operator” will be introduced.
  • Clause 5, Clause 14, and the definition of “Registration Type” will be updated to include such other unique identifier as may be permitted by the PayNow Operator for registration purposes.
  • A new clause 21A will be inserted to clarify that additional or different limits may apply where a PayNow Transfer is not to a bank account. If the recipient’s account is subject to certain limits, and the PayNow Transfer(s) to such recipient’s account would cause the total new balance in the recipient’s account to exceed such limits, the PayNow Transfer(s) may be rejected, and we shall not be liable for your failure or inability to make the PayNow Transfer(s). Clause 30 will be updated in this regard as well.

The following are the key changes to our Customer Terms:

  • Given that FAST will no longer be limited to transfers to accounts maintained with local banks, the references to “receiving bank” in Clause 5.12 and Clause 11 will be updated to “receiving entity” to include NFIs.
  • A new Clause 11.18A will be inserted to clarify that additional or different limits may apply where a funds transfer is not to a bank account. If the recipient’s account is subject to certain limits, and the funds transfer(s) to such recipient’s account would cause the total new balance in the recipient’s account to exceed such limits, the funds transfer(s) may be rejected, and we shall not be liable for your failure or inability to make the funds transfer(s).
  • Section 15A. Terms and Conditions for use of PayNow with Standard Chartered will be updated with the revised PayNow Terms (amendments as described above).

Our revised PayNow Terms and Customer terms will be refreshed on https://www.sc.com/sg/terms-and-conditions/paynow/ and https://av.sc.com/sg/content/docs/scb-sg-customer-terms-updated.pdf from 8 February 2021 (date inclusive). If you would like a hard copy of the updated Terms and Conditions, you may visit any of our branches, or you may call our 24-hour Client Contact Centre at +65 6747 7000 and our agents will gladly assist you.

We highly encourage you to read and understand the updated terms in full.

Thank you for banking with Standard Chartered.

 

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.