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Terms and Conditions Governing BOC Prestigious Wealth Management


(October 2017)

 

PRESTIGIOUS WEALTH MANAGEMENT TERMS AND CONDITIONS

These terms and conditions govern the banking services (the “Services”) extended to a customer participating in the Bank’s Prestigious Wealth Management program. “You” refers to the BOC Prestigious Wealth Management customer. “Bank” or “BOC” refers to Bank of China Limited, Singapore Branch. For the avoidance of doubt, the terms and conditions set out herein are in addition to, and shall be read in conjunction with, the Bank’s Terms and Conditions Governing Accounts (the “Account Terms”). In the event of any conflict or inconsistency between these terms and conditions and the Account Terms, these terms and conditions herein shall prevail.

1. ELIGIBILITY

To qualify or participate as a Prestigious Wealth Management customer, you must maintain at all times a minimum deposit balance and/or investments of S$350,000 (or its equivalent in a foreign currency) with BOC and/or as the Bank may decide from time to time in any of your accounts (whether single or joint account(s)). Your status as a Prestigious Wealth Management customer is subject to ongoing fulfilment of the eligibility criteria. We will review your Prestigious Wealth Management relationship with us on a regular basis and its continuation will be at our discretion.

“Deposit balance” refers to the combined balances held in your accounts (whether single or joint account(s)) including BOC current and savings account, and time deposits.

2. USAGE AND AVAILABILITY OF PRESTIGIOUS WEALTH MANAGEMENT SERVICES

The Bank continuously updates its financial products and services in order to better meet your needs. Hence, the Bank may vary the frequency and manner of use of such services, the type of accounts which are eligible and the locations where such services are dedicated to BOC Prestigious Wealth Management customers. The Bank may add or remove any third party providing financial products and services to the BOC Prestigious Wealth Management customer. The Bank may vary any fee or charges imposed on any or all services provided. The Bank will use all reasonable endeavours to give you thirty (30) days’ notice of any such variation.

BOC shall only be obliged to give effect to your Instructions during its banking hours on Business Days. You are aware and you acknowledge and accept that any Instructions involving a foreign element may only be effected by us only on days when banks in the applicable financial markets are opened for business in the country/region concerned.

All requests for Services shall be subject to BOC’s acceptance of such requests. The continued availability of any Service shall be subject to BOC’s consent, and to your fulfilment of such conditions (including those stated in Clause 1 hereof and/or the execution of further agreements or documents) as BOC may require. Where the customer in relation to any account comprises more than one person, any notice, demand and correspondence shall be deemed to be received by all of the persons comprising that customer if it is received (or deemed received) by any one such person (whether or not it is forwarded to or received by any other person(s) compromising the customer).

3. INVESTMENTS AND TRANSACTIONS – RISK DISCLAIMER

In accepting any products and services made available to you by the Bank, you understand and agree to refrain from entering into any transactions unless you understand all the risks and you have independently sought legal, tax and/ or financial advice that the transactions are appropriate for you based on your risk appetite, investment objectives and financial position. By instructing the Bank to enter into any trading or investment transactions on your behalf, you shall be deemed to have so understood and determined.

You further confirm to make your own judgement in relation to any investment transactions and the Bank assumes no duty to make or give advice or make recommendations. If the Bank makes any recommendations and/or suggestions, you agree that the Bank shall assume no responsibility for your portfolio or for any investment or transaction made. Any risks associated with any losses suffered as a result of the Bank entering into any transactions or investments on your behalf are for your account.

4. PRESTIGIOUS WEALTH MANAGEMENT SERVICE CHARGES AND FEES

The Bank may impose a service charge and/or fee for any of the Services provided by the Bank. In addition, the Bank reserves the right to impose a fee when the deposit balance and/or investment balance in your account falls below the minimum deposit balance or investment balance or minimum credit card spending limit, prescribed by the Bank from time to time.

The Bank may debit any of your account(s) for all charges, fees, or other sums payable to the Bank without prior notice to you.

5. SUSPENSION OF PRESTIGIOUS WEALTH MANAGEMENT SERVICE

The Bank may suspend the use of any or all of the Services if as a result of force majeure, any calamity or condition, industrial actions, computer breakdown or sabotage, any act of terrorism or any other reason whatsoever access or delivery of the Services is not possible or is hindered.

6. TERMINATION OF PRESTIGIOUS WEALTH MANAGEMENT SERVICE

You may choose to terminate your Prestigious Wealth Management service by giving us written notice and simultaneously thereto returning to the Bank all credit or debit cards issued by the Bank under this Prestigious Wealth Management program (the “Cards”), cut into halves. In such an event, termination shall be effective upon the receipt by the Bank of both the written notice and all Cards duly cut into halves and upon the payment of all liabilities outstanding under any of your account(s).

Any standing instructions given by you for any transactions will continue to be binding on you until the Bank receives the aforesaid written notice of termination.

Upon termination of your Prestigious Wealth Management relationship, all Prestigious Wealth Management services will be discontinued and all or any outstanding balances or liabilities under any account(s) shall be immediately due and payable.

The Bank reserves the right to terminate your Prestigious Wealth Management relationship as the Bank deems fit without prior notice to you and without assigning any reason whatsoever.

7. VARIATION OF THIS AGREEMENT

The Bank may vary the terms and conditions herein at any time at its discretion without assigning any reasons whatsoever. Any such variation(s) may be notified to you by ordinary mail to the your last known address or by notification in the Bank’s branches or by advertisement in the Press, or by any other means which the Bank may select and a variation so notified shall be binding on you. If you do not accept the variation(s), you shall inform the Bank in writing immediately and the Bank may withdraw any or all of the Services. If you continue to use the Services after notification, you shall be deemed to have accepted and agreed to such variation(s) without reservation.

8. SERVICES PROVIDED BY THIRD PARTIES

From time to time, we may introduce you to other Prestigious Wealth Management privileges and services provided by third parties. Any services provided by third parties are subject to their terms and conditions and we will not be liable for any loss you may incur in connection with such services.

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