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In view of the recent E-payment User Protection Guidelines issued by the Monetary Authority of Singapore (“MAS”), our Account Terms and Conditions (“Account Terms”) will be revised from 1 January 2019 onwards. A summary of the material changes are as follows. Customers are advised to visit our website for details or ask for a copy of the new Account Terms from any of our branches.
| Section J
New Clauses 39A – 39H: |
Duties of Customer in respect of usage of the Bank’s Electronic Services.
This includes providing Contact Information, exercising care when using Access Code,
protecting access to Accounts, reporting unauthorised transactions and filing police report
as soon as reasonably practicable for any unauthorised transactions. |
| Section J
New Clauses 47A – 47F: |
Duties of the Bank in respect of providing Electronic Services to Customer.
This includes providing transaction notifications, credential information,
reporting channel and conducting claims investigation for any unauthorised or erroneous transactions. |
| Section J
New Clause 47G: |
Specific Duties of the Bank in respect of erroneous transactions placed with or transferred to the wrong recipient. |
| Section J
New Clause 52: |
Customer’s liability for loss arising from disclosure and/or unauthorised loss caused by the Customer’s recklessness. |
| Section J
New Clause 52A: |
Customer’s liability for loss resulting from any action or omission by the Bank. |
| Section J
New Clause 52B: |
Customer’s liability for any action or omission of any Third Party. |
| New Section K: |
Provision of settlement services with any other Clearing House. |
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