Additional Terms and Conditions for Straight2Bank users from 17 March 2014
Please note that in addition to the Standard Terms, Account Terms and their respective SME Country Supplements (Singapore) that currently govern your accounts with the Bank, the use of the IBFT service on Straight2Bank will be governed by the following 3 additional terms:
- Instructions given by an Authorized Person on your behalf for the transfer of funds via the IBFT service are irrevocable;
- We will not be able to execute such instructions where our execution will cause you to exceed the transaction limit set out for transfer of funds via IBFT; and
- Such instructions for the transfer of funds via IBFT will be processed solely based on the account number, and not the name, of the intended payee. We are not responsible for any loss you should suffer should the account to which the account number relates not be in the name of your intended payee.
(Collectively, the "Additional IBFT Terms")
Should you choose to utilise this IBFT service to effect a fund transfer on Straight2Bank from 17 March 2014, please note that you will be taken to have accepted and agreed to be bound by the Additional IBFT Terms, for all fund transfers that you may effect via IBFT on Straight2Bank moving forward.
We are offering this IBFT to existing customers who currently subscribe to the Normal (Automated Clearing House) and Urgent (Real Time Gross Settlement) payment options on our Straight2Bank platform. For clarity, fund transfers effected via other existing payment methods, as well as your SME Accounts, will remain governed by your existing Standard Terms, Account Terms and their respective SME Country Supplements (Singapore) until further notice.
Please be informed that while the IBFT service on Straight2Bank can be used for bulk payment or payroll transactions, kindly note that full details of each such payment made, including the name of the payee and the amount paid to such a payee using the IBFT service will appear in your monthly statements.