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Notice of Change to Safe Deposit Box Service - Fees and Charges in Agreement for Hire of Safe Deposit Box (Effective from 3 June 2024)

2024-05-06

Dear Customers,

This is notice of changes to fees applicable to the Bank’s Safe Deposit Box Service. Revised fees apply in the new Safe Deposit Box Service - Fees and Charges which forms part of the Bank’s Agreement for Hire of Safe Deposit Box will apply from 3 June 2024.

Effective from 1 June 2024, the table in Agreement for Hire of Safe Deposit Box, Part B – Fees and Charges and Commission ‘Safe Deposit Box Service - Fees and Charges’ is deleted and the new table ‘Safe Deposit Box Service - and Charges’ below is inserted and fees and charges apply as stated in the new table below:

SAFE DEPOSIT BOX SERVICE - FEES AND CHARGES
Fee Description Amount of Fee Calculation When the fee is payable
Establishing fee (Inc. GST) AUD66.00 per Box Payable at time of Application
Security AUD250.00 per Box Payable at time of Application
Annual
Hire Fee
(Inc. GST)
Note: A margin of variation of less than 10mm applies to each Box Type.
Type A
Size
64x116x535
AUD168.00 per Box Payable at the time of Application and then annually on the Application date anniversary.
Type B
Size
115x116x535
AUD238.00 per Box
Type C
Size
64x252x535
AUD268.00 per Box
Type D
Size
115x252x535
AUD418.00 per Box
Type E
Size
244x252x535
AUD568.00 per Box
Access Fee (Inc. GST) Free per visit For up to 4 visits per month
AUD10.00 per visit Payable on the 5th visit in any month and then on every visit until the end of the month.
Number of visits = the total of: each occasion of access x number of people attending the access.
Key Replacement (Inc. GST) AUD120.00 per key Payable for a replacement key one key to the Box is lost and the Hirer holds one key.
Note: If both keys are lost, the Box will be drilled open and the Box Drilling and Lock Replacement fee will apply.
Box Drilling and Lock Replacement (Inc. GST) AUD440.00 Each Box The fee is charged when:
  • both keys are misplaced; or
  • the Bank is required or authorised under this Agreement to use force to open the Box
by force pursuant to clause 14 of the Agreement for Hire of Safe Deposit Box.
Appointment of Power of Attorney (Inc. GST) AUD44.00 Per Attorney Payable on appointment of an Attorney to operate the Box.
Overdue Payment Fee 1 AUD30.00 Per Box Payable when the whole or part of the Annual Hire Fee is from one month to six months overdue.
Overdue Payment Fee 2 AUD60.00 Per Box Payable when the whole or part of the Annual Hire Fee six months or more overdue.
Box Freeze Fee (Inc. GST) AUD11.00 Per Box Payable when the Bank is required by the Hirer, by law or under this Agreement, to freeze the Box
Record Search Fee (Inc, GST) AUD66.00 Per Hour Payable when the Bank is required by the Hirer or by law to search paper or electronic archives, including CCTV records.
Damage Repair Fee At cost Per repair Payable when we are required to repair damage to a Box, which may result from forced access under the terms of this Agreement or damage otherwise caused by the Hirer. 
Quarterly Record of Box Access AUD10.00 Per Box per record Payable when we are asked to provide a record of access to the Box for a quarter. The fee will be deducted for each quarter that the report is produced.
SAFE DEPOSIT BOX COMMISSION PAYABLE
Commission description Amount Calculation When and how payable
Commission paid by the Bank to others AUD Per Box If an amount is shown as Commission, the Bank paid that amount in Commission to the person who referred you to the Bank for the purpose of obtaining the Box.
Commission can be paid by way of a discount for the benefit of the referrer on the Annual Hire Fee or other Fees.

Please feel free to contact us on 1800 095 566 or visit our retail branches in Australia if you have any queries about this notice or in relation to your safe deposit box service.

Thank you for choosing Bank of China.

Bank of China (Australia) Limited
A.B.N. 28 110 077 622
AFS License No./Australian Credit Licence No. 28 73 22
6 May 2024

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