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Standard Chartered soCash Terms and Conditions

These terms and conditions (“Terms“) apply to your use of soCash provided by Standard Chartered Bank (Singapore) Limited in partnership with SoCash Pte Ltd (“SCPL”).

With soCash, and using your SC Mobile app, you can obtain cash that is debited from your account at participating merchant outlets (a “soCash Transaction”) and, avoid the hassle of finding an ATM.  It is secured and there is no need for registration.

By proceeding with a soCash Transaction, you agree that:

  1. you are bound by these Terms (as they may be amended from time to time);
  2. these Terms are in addition to the Bank’s Customer Terms and any other documents forming part of our banking agreement. The Bank’s Customer Terms may be accessed at https://www.sc.com/sg/personal-banking-terms-conditions.html
  3. the meaning of key words printed in italicised fonts like this is explained in our Customer Terms. Some additional key words which apply to the services referred to in these Terms are defined in these Terms; and
  4. if there is any conflict or inconsistency, these Terms shall prevail over the Customer Terms.

 

  1. Definition
    1. Bank Account” means a valid Singapore Dollar current/cheque/savings accounts with the Bank.
    2. Relevant Amount” has the meaning set out at clause 7.
    3. soCash” is a service provided by the Bank in partnership with SCPL as part of the Bank’s mobile banking services and which allows you to perform a soCash Transaction.
    4. Participating Merchant” means a merchant that has a retail outlet at which you can obtain cash that is debited from your Bank Account for purposes of a soCash Transaction.
  2. To perform a soCash Transaction, you must satisfy the following criteria:
    1. You must have one or more Bank Accounts;
    2. You must have downloaded our mobile app and be a valid user of mobile banking.
  3. Each soCash Transaction that you proceed with has a validity period of five hours. If you do not complete the soCash Transaction within the validity period, it will expire and be automatically cancelled, and the Bank will not proceed to act on your instruction.
  4. We do not represent or warrant that soCash will be available at all times (due to regular maintenance, servicing or any other reason) or that there will be a Participating Merchant near you at all times. We shall not be liable for any liability, loss, damage, cost and/or expenses whatsoever due to any delay or any unsuccessful soCash Transaction as a result of the unavailability of soCash or the unavailability of a Participating Merchant near you.
  5. Subject to clause 6, you shall be responsible to ensure that the amount of cash that you receive from the Participating Merchant is the same amount instructed by you in your soCash Transaction.
  6. If you receive a transaction acknowledgment on your mobile app that you had successfully completed a SoCash Transaction but the Participating Merchant fails and/or refuses to hand over the cash (whether wholly or partly only) to you, please inform us by calling us at 1800 747 7000 (Personal Banking) or 1800 846 8000 (Priority Banking) within 24 hours of the transaction.
  7. If your soCash Transaction was not successfully completed and you were not able to obtain the cash (e.g. you are unable to find the Participating Merchant’s location, your soCash Transaction was directed to a Participating Merchant that you did not select or, a failure by the Participating Merchant to process an authentication of your soCash Transaction) but the amount (the “Relevant Amount”) had been debited from your Bank Account, you must inform the Bank within 24 hours of the transaction. You shall provide any information reasonably requested by the Bank to ascertain the status of the transaction. Without prejudice to the Bank’s rights, the Bank will refund the Relevant Amount into your Bank Account pending the Bank’s investigations. If the Bank subsequently determines that you did in fact obtain the Relevant Amount in cash, you consent to the Bank reversing the refund and accordingly debiting your Bank Account for the Relevant Amount.
  8. The Bank shall not be liable for any losses or damage you may suffer as a result of your failure to successfully complete a soCash Transaction if:
    1. Your Bank Account is closed, frozen or inaccessible for any reason; or
    2. You are unable to log in into your mobile app because you incorrectly keyed in or forgot your mobile banking user ID or login password, or keyed in an invalid mobile banking user ID or login password.
  9. If you have received cash from a Participating Merchant that is more than what you input for your soCash Transaction, you shall promptly inform the Bank, and shall cooperate with the Bank on any of the Bank’s requests regarding any investigation and/or the return of the funds to the Participating Merchant.
  10. The Bank shall be entitled to specify minimum and/or maximum amounts for your soCash Transactions, and also the maximum number of soCash Transactions that you can perform in a day or such other specified time period, whether relating to the use of soCash generally or with particular Participating Merchants. These are set out in the Bank’s soCash Frequently Asked Questions, which the Bank may revise periodically.
  11. Each successful soCash Transaction will have a transaction reference number attached to it. In addition, each customer who uses mobile banking has a unique identifier number assigned by the Bank for purposes of the Bank’s registration of the customer for mobile banking. The transaction reference number and your unique identifier number and the date, time, amount of cash instructed and status of your soCash Transaction will be disclosed to and used by SCPL for the purposes of (a) preparing reports for the Bank and (b) reconciling the number of successful soCash Transactions performed against the amount that it has to pay to the Participating Merchants for settlement.
  12. You undertake that you shall not use soCash for any improper purpose (including any form of data harvesting or data mining). You shall indemnify us from all loss and damage which we may incur in connection with your improper use of soCash.
  13. The Bank may terminate your use of soCash with us for any reason, at any time and without prior notice.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.