Important Changes to Customer Terms – Definition of the term ‘Payment Transaction’

Important Changes to Customer Terms
 

Whats New?

We have made changes to the definition of the term payment transaction in Part L Meaning of words

payment transaction means the placing, transfer or withdrawal of money, whether for the purpose of paying for goods or services or for any other purpose, and regardless of whether the intended recipient of the money is entitled to the money, where the placing, transfer or withdrawal of money is initiated through electronic means and where the money is received through electronic means

The updated Customer Terms will take effect from 28 January 2020 (inclusive of this date)
 

As we think it is important that you understand your rights and obligations under the banking agreement, we urge you to read the updated Customer Terms in full here
 

The revised Customer Terms will also be available at www.sc.com/sg/personal-banking-terms-conditions.html ; any of our branches; or you may call our 24-hour Client Contact Centre at +65 6747 7000 to request a hard copy.