Dear Valued Customer,
In line with the announcement by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on July 28, 2023, banks in Singapore will be introducing cheque processing fees as an industry practice to better reflect increasing cheque processing costs, decrease cheque usage and transit towards a digital nation.
To serve you better, we will revise our terms & conditions governing cheques (Terms and Conditions Governing Accounts Part A. General Terms and Conditions Governing Accounts) and add 7.13 as below:
7.13 BOC reserves the right to revise and vary any and all terms and conditions relating to fees and charges, whether for cheque services and/or other financial instruments, at any time at its sole discretion.
The revised one shall take effect from 1 December 2023.
Bank of China Limited Singapore Branch
1 November 2023
