LAST UPDATED

01 Oct 2018

Royal Eastern Bank Account & Deposit Terms & Conditions


THIS DOCUMENT states the terms and conditions governing my account with you and the account(s) and/or fixed deposit which I avail of.

A. DEFINITIONS

The words “I”, “me”, “my”, “mine”, “we” and “us” refer to the person(s) who opened the account, and shall, include, as the context may require, my Authorised Signatory(ies) and personal representatives (as the case may be).

The words “you”, “your” and “yours” refer to Royal Eastern Bank, and its successors and any novatee, assignee, transferee or purchaser of Royal Eastern Banks’s rights and/or obligations hereunder and any reference to “Royal Eastern Bank” includes a reference to such successor, novatee, assignee, transferee or purchaser.

The words “deposit” and “fixed deposit” refer to the funds deposited to an account with Royal Eastern Bank which are subject to the Terms and Conditions.

Where the account is opened by more than one person or by a firm or a corporate entity, “I”, “me”, “my” and “mine” shall read as “we”, “us”, “our” and “ours”.

“Account” means the account which I open (or which you open on my behalf) and maintain with you from time to time (being of any type or category, and whether opened in single or joint name(s) or in trust) and includes savings accounts, current accounts, fixed deposit accounts and any other accounts which you may introduce from time to time.

“Account Opening Application” means the application form in the form or manner prescribed by you (whether in electronic form or otherwise) to be completed and signed by me for the opening of the Account.

“Applicant” refers to the corporation applying for the fixed deposit and / or the new account opening with Royal Eastern Bank.

“Authorised Signatory” refers to any person authorised by me to operate the account for and on my behalf pursuant to the account application and on the terms and conditions of the Letter of Authority or the Board Resolutions (as the case may be) duly signed by me and received by you.

“Authority” means any competent regulatory, prosecuting, tax or governmental authority in any jurisdiction, domestic or foreign.

“Board Resolutions” means the board resolutions to be signed by us (where we are a corporate entity) pursuant to the opening of our account.

“Business Day” refers to any day on which banks are open for business in Singapore other than Saturday, Sunday and gazetted public holidays in Singapore.

“Close-Out Date” means a date on which you close-out and liquidate outstanding Contracts, or such date on which a close-out and liquidation occurs automatically, in accordance with the terms of the relevant Agreement.

“Collateral” refers to (i) the investments from time to time standing to the credit of my Account or which are placed with you by third parties as security for my liabilities, together with all rights and interests arising from (a) any arrangement or contract for the sale, purchase, custody or management of such investments or (b) any transaction relating to my Account or third party accounts; and (ii) all my monies and other assets (including all proceeds thereof and interest and income thereon) now or hereafter held or received by you or your nominee for pledge, safekeeping or otherwise.

“Collected Amount” means an amount for or on account of, or which represents, withholding, income tax, value added tax, tax on the sale or disposition of any property, duties, or any other lawfully collected amount.

“Confirmation” refers to any or all of the advices or confirmations which will be issued by you as a record of the terms of any Contract.

“Contract” means any contract concluded by me with or through you in respect of any investment transaction (including any derivative transaction) pursuant to the terms of any relevant Agreement.

“Contract Currency” means, in relation to a payment for any transaction, the currency of such payment as specified in the Confirmation.

“Credit” refers to any commercial letter of credit which you agree to open at my request subject to the section under these Terms and Conditions entitled “Commercial Credit”.

“Credit Card” means a credit card issued by you as renewed and/ or replaced, and if more than one card or if a supplementary card is issued, includes such other card(s).

“Equipment” means any electronic, wireless, communication, transmission or telecommunication equipment, device or medium, including without limitation, the Internet, any computer or mobile phone, equipment, device, terminal or system or otherwise;

“Facilities” means such credit or other facilities which you may in your discretion agree at my request to make available to me (whether solely or jointly with one or more parties) or to third parties from time to time including but not limited to call or term advances, overdrafts and those facilities set out in your online portal www. Royal Eastern Bank.com.sg and any increase in any such facilities.

“Foreign Currency Account” means any Account that is applied for which is stated to be a foreign currency account.

“Law or Regulation” means the law or regulation of any jurisdiction, domestic or foreign, or any agreement entered into with or between Authorities.

“Letter of Authority” means the letter of authority executed by me whey I authorise one or more persons to operate and give instructions in respect of my Account for and on my behalf.

“Payment Fund” means the monies kept in a separate suspense account opened and maintained by you which have been paid by me to you for such purposes as you deem fit and which you may deal with in accordance with these Terms and Conditions, including without limitation monies payable in respect of any Credit which you agree to open at my request.

“Payment Infrastructure Provider” means a third party that forms part of the global payment system infrastructure, including without limitation communications, clearing or payment systems, intermediary banks and correspondent banks

“Products” refer to the products which Royal Eastern Bank may make available to me from time to time, including but not limited to fixed deposits and those products as set out in your online portal www.royaleasternbank.com.

“REB Group Organisation” means any affiliate or subsidiary of Royal Eastern Bank.

“Reference Currency” means, in relation to any calculation of the Closing Gain and the Closing Loss upon any close-out and liquidation of outstanding Contracts pursuant to paragraph 8.1 of the section in these Terms and Conditions entitled “Close-Out and Liquidation”, the currency which shall be chosen by you and to which such Closing Gain and Closing Loss shall be converted.

“Representatives” refers to your officers, directors, employees, agents, representatives, professional advisers and Third Party Service Providers.

“Royal Eastern Bank” refers to Royal Eastern Bank Limited and/or its holding company and/or its subsidiaries and/or the subsidiaries of its holding company (together the “REB”).

“Securities” includes without limitation all sums of money, stocks, shares, bonds, unit trusts, guarantees and securities of any kind, deposited with you or your nominee from time to time.

“Services” refers to the services which Royal Eastern Bank may make available to me from time to time, including but not limited to those services as set out in your online portal www.royaleasternbank.com.

“Settlement Date” or “Value Date” refers to, in relation to any contract, the day specified in the Confirmation for payment of any amount under the Contract or if such date is not a Business Day, it shall be the immediately succeeding Business Day, unless it would fall in the next calendar month in which case it shall be the immediately preceding Business Day.

“SMS” refers to short message service provided by my mobile service provider which I may use to send communication to you and for you to give me instructions in respect of my Accounts in accordance with your prescribed procedure prevailing at that time.

“Terms and Conditions” refers to the Royal Eastern Bank account and deposit terms and conditions.

“Third Party Service Provider” means a third party selected by you or any REB Group Organisation or Representative to provide services and who is not a Payment Infrastructure Provider. Examples of Third Party Service Providers include technology service providers, business process outsourcing service providers and call centre service providers.

“U.S.” refers to United States.

“United States Person” or “U.S. Person” mean any of the following:

  1. a United States citizen;
  2. a United States resident; meaning:
    1. a green card holder, or
    2. an individual physically present in the United States for 31 days in the current calendar year and 183 days during the 3-year period that that includes the current year and the 2-years immediately before that, counting:
      1. all the days present in the US in the current year,
      2. 1/3 of the days present in the US in the first year before the current year, and
      3. 1/6 of the days present in the US in the second year before the current year; or
    3. an individual designated a resident for U.S. tax purposes; or
    4. an individual with a U.S. mailing address or U.S. telephone number.
      1. a corporation partnership or entity organised or existing under the laws of any state territory or possession of the United States;
      2. an estate or trust of which any executor, administrator or trustee is a United States Person;
      3. an agency or branch of a foreign entity located in the United States;
      4. a discretionary or non-discretionary account held by a fiduciary for the benefit or account of a United States Person;
      5. a non-U.S. partnership, corporation or entity owned or controlled by a United States Person (ownership of 10% or more by a US Person); or
      6. a partnership, corporation or entity with a U.S. mailing address or U.S telephone number.”

Any reference to a “time” of the day is to Singapore time unless otherwise stated.

Words importing persons shall include firms and corporate entities as the context may require.

A. ACCOUNTS

  1. Customer Instructions
    1. You are entitled to accept and execute instructions in respect of any transaction concerning my Account given by me or my Authorised Signatory either in person or by telephone (which need not have any call-back procedure), cable or telex or facsimile transmission or by electronic mail, the Internet (or by any other telecommunications or electronic mode of communication whatsoever) and:-
      1. you may rely on such instructions given by my Authorised Signatory or any person purporting to be me or my Authorised Signatory); which are referable to me or any person authorized by me in accordance with your prescribed verification procedure prevailing at that time;
      2. where I have authorised more than one Authorised Signatory to operate my Account, you shall be entitled to act on the instructions of any one or more of such Authorised Signatories as if they were my instructions unless you receive from me, instructions to the contrary;
      3. you may require that instructions be confirmed in such manner as you may specify and notify to me from time to time and you may in your discretion and without notice refuse to act on any such instructions until you receive such confirmation satisfactory to you provided you inform me of such refusal as soon as reasonable;
      4. you may require me to give written instructions (and any other documentary evidence of authority) in the case where the proceeds of any transactions (including placements) or any funds in the Account are to be credited or remitted to any Royal Eastern Bank account not in my name or to another bank account;
      5. you may elect not to act upon my instructions where it results in the total amount of orders exceeding the credit balance in my Account or the amount of Facilities made available to me, but if you do so you may elect which of such orders to execute in whole or in part;
      6. in the case of telephone instructions you may ask in accordance with your prescribed verification procedure at that time questions about me and about the particulars of my Account to try and verify my identity;
      7. I consent to you recording my telephone conversations with you to provide evidence of instructions and other verbal communications for quality and training purposes and as evidence in any proceedings againt me or any other person.
      8. you may refuse to act on any instructions given by me (including those in respect of withdrawals, payments and transfers). If you reasonably suspect fraudulent or other criminal activity or you reasonably believe that by carrying out the instruction you, any REB Group Organisation or Third Party Service Provider might break a Law & Regulation or another code or duty that applies to you or them.
    2. If there is any ambiguity, inconsistency or conflict in the instructions you receive from me and/or any of my Authorised Signatories, you may choose not to act upon them unless and until the ambiguity or conflict has been resolved to your satisfaction or you may choose to act only on the instructions of all the Authorised Signatories notwithstanding that any relevant existing mandate or instructions require otherwise.
    3. You shall not be required to effect my instructions except during banking hours on Business Days. In order to comply with my instructions you may use the services of a correspondent bank or such agents.
    4. You are authorised to treat as valid and binding on me and to act on any instructions (whether oral or written) purportedly given by me or any person authorised by me, which are referable to me in accordance with your prescribed verification procedure at that time, and you shall be under no obligation to investigate the authenticity or authority of persons providing the instructions regardless of the circumstances prevailing at the time of such instructions or the nature of the transaction and notwithstanding any error, misunderstanding, inaccuracy or incompleteness, or lack of clarity in the terms of such instructions, including but not limited to instructions given or purported to be given by me to you pursuant to: (a) my use of the Telephone Banking Service; (b) my use of any facsimile banking service; (c) my use of Royal Eastern Bank Online Internet Banking Service; and (d) my use of Remote Signature Services and other services enrolled through the Remote Signature Service.
  2. Deposits
    1. I shall make deposit(s) to the Account(s) in such manner as you may prescribe from time to time. Receipt tickets for deposits will be validated by your machine stamp, computer terminal or by any of your officers.
    2. Cash deposit(s) which are not verified immediately are subject to count by you. If the amount indicated on the receipt ticket differs from that of your later cash count, your count shall be final and conclusive, save in the case of manifest or clerical error.
    3. Deposit(s) established with the proceeds of cheques will be value dated after clearance.
    4. All cheques which are deposited are received by you as agent for collection and you may without any liability to me either:
      1. route any cheques for collection to the maker, drawee or other payee for handling in accordance with their respective regulations and for payment in cash, bank draft or otherwise; or
      2. refrain from presenting, demanding, collecting or giving notice of non-payment or dishonouring with respect to any such cheque on any non-Business Day. All cheques may be charged to me at any time unless full and final payment is received by you. You may refuse to accept for collection cheques drawn to the order of third parties. I must make arrangements with you for the confirmation of prior endorsements.
    5. All foreign currency cheque deposit(s) are subject to your hold period and you shall be entitled to prohibit my withdrawal of the same pending your actual receipt of funds.
    6. In receiving cheques for deposit, you act only as collecting agent and are not responsible for the realisation of such cheques and if you do not receive payment of the amount of any cheques for any reason, you are entitled to charge back or claim reimbursement for such amount, including the amount of any cheque drawn on you which cannot be paid for any reason and whether or not such cheque is returned to me.
    7. You may, at any time and at your reasonable discretion, discharge your entire liability with respect to the deposit by mailing to me, at my last known mailing address notified to you, a draft or drafts in the currency of the deposit payable to the order of the account holder in the amount of the principal and interest accrued, if any. In the case where a deposit is made in more than one person’s name, the draft or drafts shall be made payable to all the holders of the deposit but mailed to the specific address indicated as the mailing address for the Account.
    8. In the event that I have drawn on any deposit in the Account when no actual payment has been received by you, I hereby authorise you to reverse the credit entries and to take any other steps you deem necessary without notice to me and I agree that any such reversal of entries and such action taken by you shall be binding on me.
    9. You may use such rate of exchange for currency conversion as you deem fit when I instruct you to credit the Account with the United States dollar equivalent of any foreign currency deposit.
  3. Withdrawals
    1. Except by prior arrangement with you, I may not withdraw any deposit made to my Account until you have received actual payment of the funds.
    2. I may only draw on the Account having a credit balance or with an overdraft or Facilities granted by you to me pursuant to my request (whether made orally, in writing or otherwise howsoever) subject to your pre-approved limit, and I am not entitled to draw on another REB Group Organisation.
    3. You are not obliged to act on any instructions given by me for the withdrawal of the deposit unless you receive such instructions given to you by me in accordance with the section in these Terms and Conditions entitled “CUSTOMER INSTRUCTIONS”.
    4. Withdrawal from a Foreign Currency Account shall be made only by your drafts or telegraphic transfers in the currency of the Account at my request in writing or by authenticated cable, and shall be subject to the availability of funds. Such request may be in the form of a sight draft drawn upon you. You may, at your option, pay me in any such currency as may then be in local circulation.
  4. Cheques
    1. You are entitled to debit the Account with the amount previously credited in relation thereto if any cheques or drafts are dishonoured. You may apply your prevailing selling rate on the date of debit when charging back or claiming reimbursement where such previously credited amount is in a currency other than United States dollars. Dishonoured or returned cheques or such other dishonoured negotiable instruments may be returned to me by ordinary post at my sole risk and expense. I shall reimburse you for any loss which you reasonably suffer as a result of such dishonoured or returned cheques or other dishonoured negotiable instruments.
    2. I may draw on your cheques in such currency as you may from time to time allow and, unless otherwise agreed, on cheque forms provided by you. You may refuse to honour any cheques where in your opinion the signature differs from the specimen signature furnished to you. You may also refuse to make a cash payment on cheques drawn on you where the word “Bearer” on the cheques presented for payment has been cancelled.
    3. Any alteration on cheques must be confirmed by the drawer’s full signature. You may dishonour any cheques where the alteration is confirmed by an incomplete signature or by initials only.
    4. You may in your absolute discretion refuse to accept any cheque (including without limitation any cheque drawn to the order of third parties) or other financial instrument for deposit. I must make prior arrangements with you for the confirmation of prior endorsements.
    5. You may mark cheques as “good for payment” to another financial institution, in which case the Account will be debited immediately with the amount of the marked check.
    6. Upon receipt of a returned foreign currency cheque which was not honoured by a drawee bank because of insufficiency of funds, forgery, stoppage of payment or any other reason, your prevailing selling rate on the date of return will be applied when you charge back or claim reimbursement for such previously credited amount.
    7. You may in your reasonable discretion elect to honour my cheque and debit the Account(s) for payment notwithstanding such debit may result in the Account exceeding its credit or overdraft balance. Where you are presented with any cheque drawn by me that, if honoured by you, will either cause the Account to become overdrawn or increases the overdrawing, you shall be entitled to, and I acknowledge and agree that you may, treat the receipt of that cheque as a request from me for an overdraft or an increase to an existing overdraft.
    8. I assume full responsibility for the genuineness, validity and correctness of all signatures, endorsements and particulars appearing on the cheques, save in the case of fraud or forgery where the same does not arise due to my negligence, or wilful default. All cheques may be charged to me at any time unless full and final payment is received by you.
  5. Bills of Exchange/Promissory Notes
    If any bills of exchange, promissory notes or negotiable instruments in respect of which I am liable to you as drawer, acceptor, endorser or otherwise shall not be paid on the due date you shall be at liberty forthwith or at any time thereafter to debit the Account(s) without prejudice to your rights and remedies against me or any other parties under the said bills, promissory notes or negotiable instruments or other documents, and without prejudice to your rights to realise any other securities or goods held by you in respect of or in connection with or as security for such bills, promissory notes, negotiable instruments or other documents.
  6. Funds Transfer
    1. The word “draft” used herein shall refer to demand drafts, Cashier’s Orders and the expression “transferred funds” shall refer to any money transferred from one Account to another Account or to a third party account (whether or not opened and maintained with you) pursuant to a cable transfer, SWIFT or internal transfer application.
    2. Encashment of the draft or payment of the transferred funds is subject to any laws and regulations of the country where the draft is to be encashed or payment is to be made. Your liability in this respect shall not exceed the extent to which payment may be allowed by such laws and regulations in the currency in which the draft is drawn or transferred funds are to be sent.
    3. At my request, you may (but shall not be obliged to) refund or purchase from me the amount of the draft or the transferred funds and in the case of drafts, upon your receipt of the drafts duly endorsed by the applicant, at the then current demand buying rate for the currency in question less costs, charges, expenses and interest (where applicable) provided you are in possession of the funds for which the payment instructions were issued free from any exchange or other restrictions.
    4. Unless otherwise agreed in writing, you may at your discretion convert into foreign values the funds received from the applicant at your selling rate on the day such funds are received. Your written statement that you have effected such conversion shall be conclusive and binding on me save in the case of your manifest or clerical error.
    5. Currency other than that of the country to which the remittance is made shall be payable to the payee in the currency of the said country at the buying rate of your correspondents or agents unless the payee arranges with the paying correspondent or agent to obtain payment in some other currency upon paying all charges incurred or levied by your correspondent or agent in connection therewith.
    6. You may take your customary steps for issue of drafts or for remittance according to these Terms and Conditions. You may send any message relative to this transfer in explicit language, code or cipher.
    7. If any draft issued to me is lost, stolen or destroyed, you may agree to issue at my cost and expense a replacement draft or refund to me the purchase amount of such draft, provided that I execute in your favour such indemnities against liability for the lost, stolen or destroyed draft as you may reasonably require, or place with you such sums as reasonably determined by you which shall be refunded to me upon such conditions as you may reasonably impose.
    8. In issuing traveller’s cheques, you are acting only as an agent of the actual issuer and the purchase and sale shall be governed by the relevant purchase agreement between me and the actual issuer of such traveller’s cheques.
    9. Transfers of funds from my Account to third parties may only be effected subject to such maximum limit and any other conditions you may reasonably prescribe from time to time and notify to me.
  7. Stop Payment Order
    1. You may at your discretion elect to act upon my instructions to countermand or stop payment of a cheque. I can only request you to countermand or stop payment on a cheque I have drawn if I agree (a) to compensate you for any loss resulting from such non-payment of the cheque; (b) to notify you promptly in writing if the cheque is recovered or destroyed or if for any other reason this stop payment order may be cancelled; and (c) that the stop payment order is cancelled six (6) months after the date of request. These instructions shall specify the serial number of the cheque, the date of issue, the payee’s name (if any) and the amount, and shall be valid for six (6) months from the date of such instructions or such other period as you may prescribe.
    2. I shall promptly give you notice:-
      (a) if any cheque is recovered or destroyed or if the instructions to countermand or stop payment are to be cancelled; and
      (b) before issuance of a replacement cheque and to inscribe on the face of such check the word “REPLACEMENT” and a number and date different from the cheque stopped.
  8. Statements/Confirmations
    1. You will issue and send to me statements of account (as well as Confirmations of any Contract) at monthly intervals or at such intervals as you may deem fit. Please refer to our Terms and Conditions Governing Electronic Statements for electronic statements.
    2. I agree to verify the correctness of all details contained in (i) each statement of account, printed form and deposit slip (including all amendments thereto); and (ii) each confirmation of any Contract and to inform you within twenty-one (21) days from the date of such statement of account or Confirmation (as the case may be) of any discrepancies, omissions, errors or wrongful credits or debits therein. Upon the expiry of this period, the details in the Account(s) and such Confirmations shall be conclusive against me (save for manifest or clerical error) without further proof that, except as to any alleged errors so notified and any payments made on forged or unauthorised indorsements, that such details are correct but subject always to your right to amend or delete from time to time any details wrongly inserted by you as set out in paragraph 8.3 below. Except as provided in this paragraph and provided you are not grossly negligent or in wilful default, you shall be free from all claims in respect of the Account and the details of the transactions contained in any statement of account or Confirmation.
    3. Notwithstanding any statements of account, Confirmations or notices sent by you to me, you have the right upon giving reasonable notice to me, to reverse any entry, demand refund of and/or debit the Account in respect of any overpayment or wrongful credit into the Account.
    4. In respect of Confirmations received in respect of a Contract:
      1. a Confirmation will normally be sent by you after the execution of any Contract at your sole discretion. Each Confirmation constitutes a supplement to and forms an integral part of the relevant Agreement.
      2. any Confirmation shall be validly given if despatched to My mailing or email address last registered with you and shall be deemed to have been received by me within a generally acceptable time for that means of communication. If I am a “Hold All-Mail” customer, I agree that you may deem that I have received every such Confirmation when it is forwarded to my “Hold-All- Mail” mailing address and I will be subject to a similar obligation under paragraph 8.2 above as from the time of such deemed receipt.
      3. In the event of any conflict or inconsistency between the provisions of any Confirmation and the Agreement, the provisions of such Confirmation shall prevail for the transaction contemplated therein.
    5. Any notice, demand or certificate as to the amount due and owing to you shall be conclusive and binding upon me if signed by any one of your officers save in the case of your manifest or clerical error.
  9. Individual/Joint Account(s)
    1. If I am an individual, my executor or administrator shall be the only person recognised by you as my successor in the event of my death. Upon my death, you are entitled to retain any Investment held for, and any monies payable to, me until such time that my successor produces to you a grant of probate or letters of administration.
    2. If any Account is opened in the standing names of two or more persons (collectively, “Joint Account(s)”) such persons shall be jointly and severally liable for all liabilities incurred on the Joint Account. Where the Joint Account is operated with a single signing authority:-
      1. oral instructions from any Joint Account holder will be accepted and will be binding on the other Joint Account holders;
      2. where new products and/or services are made available to any Joint Account holder from time to time, the signature of any Joint Account holder set out in the Account Opening Application or any other document(s), acceptance through any Remote Signature Services, or included as part of any Electronic Signature Pad signifying his/her acceptance of the new products and/or services shall be binding on the other Joint Account holders;
      3. if, prior to acting on instructions received from one Joint Account holder, you receive contradictory instructions from another Joint Account holder, you shall immediately thereafter only act on the mandate of all Joint Account holders); and
      4. the rights and obligations of each of the Joint Account holders under the Joint Account shall be joint and several.
    3. With respect to a Joint Account operated with a single signing authority, the Joint Account holders shall be jointly and severally liable for all or any Liabilities incurred in connection with:
      1. each Joint Account operated with a single signing authority and opened jointly in the names of the Joint Account holders; and
      2. each Account held individually in the name of each such Joint Account holder, (each a “Relevant Account”) and the Joint Account holders undertake to pay and settle all Liabilities as and when they fall due or otherwise earlier upon demand from you.
    4. Where the Joint Account is operated with joint signing authority:-
      1. any written instructions may be given by the Joint Account holders in one or more counterparts, all of which when taken together shall constitute one and the same document;
      2. oral instructions will not be accepted; and
      3. the rights of the Joint Account holders under the Joint Account shall be joint. For the avoidance of doubt, the expression “written instructions” above shall include instructions given in any electronic mode or communication through the Electronic Signature Pad, the Royal Eastern Bank Online Internet Banking Service, any Remote Signature Service or otherwise.
    5. Join Account upon death:-
      1. If any Joint Account holders dies, you shall be entitled to close the Joint Account, and the credit balance in the Joint Account and any securities in the Joint Account shall be transferred to a new account to be opened by you in the name of the survivor and if more than one survivor, in their joint names provided that prior to such transfer, the indebtedness of any of us to you in the deceased Joint Account holder shall be first set-off from the said credit balance.
      2. If you receive contradictory instructions from my executor or administrator of my estate and from the surviving Joint Account holder, you shall be entitled to freeze the Joint Account(s) unless and until you receive the mandate of both my executor or administrator (as the case may be) and the all surviving Joint Account holder(s).
      3. I and my estate, together with the other Joint Account holders, undertake to compensate you for all reasonably incurred claims, costs, expenses, losses and damages including those arising from (i) the aforesaid closing of the Joint Account(s); (ii) the opening of the new account; (iii) all transfer of funds in connection with the Joint Account and/ or new account; and (iv) any dispute between any of the Joint Account holder and any personal representatives of the deceased Joint Account holder. You shall be entitled to debit from the Joint Account and/or the new account such claims, costs, expenses, losses and damages discretion upon providing reasonable notice to my estate and all surviving Joint Account holders.
  10. In-Trust-For
    1. If my Account is opened “in-trust-for” someone else, I undertake to operate such Account solely for the benefit of my beneficiary. I may withdraw money or close the Account at any time. I shall compensation you for any loss or liability in respect of my operation of the Account.
    2. Upon my death or the death of any of my beneficiary, you shall be entitled to exercise your right to debit from the Account any obligations owed to you by me upon providing reasonable notice to me or my estate (as the case may be).
    3. Upon my death, you shall be entitled to do the following:-
      1. if my beneficiary is of full age, you shall close the Account and release the monies in such Account to my beneficiary equally or if more than one beneficiary, to the beneficiaries, or open a new Account in the name(s) of my beneficiary(ies) and the new Account shall be operated in accordance with the instructions of my beneficiary(ies); or
      2. if my beneficiary is not of full age, you shall close the Account, open a new Account in the names of my personal representative in trust for my beneficiary or release the monies in such Account to my personal representative by way of a cheque, Cashier’s Order or telegraphic transfer issued in favour of my personal representative(s) in trust for my beneficiary.
    4. Upon the death of my beneficiary, you shall at your sole discretion (i) close the Account and open a new In-Trust- For Account which will be operated by me as trustee for the benefit of the deceased beneficiary”s estate and any surviving beneficiary(ies) (as the case may be); or (ii) release a portion of monies in such Account (which is proportionate to the number of beneficiaries) to the aforesaid personal representatives and allow me to operate the Account for the benefit of my surviving beneficiary(ies).
    5. I undertake to compensate you for all claims, costs, expenses, losses and damages reasonably incurred by you at any time including those arising from (i) the aforesaid closing of the Account; (ii) the opening of the new Account; and (iii) any dispute amongst my beneficiary(ies), between any of my beneficiary(ies) and any of my personal representatives.
  11. Account(s) in the name of a body corporate
    1. In the case of any Account opened in the name of a body corporate, you will allow changes of authorised signatory(ies). However, you are not obliged to accept any change unless you are satisfied that the change has been duly authorised by the Board of Directors of the body corporate or by whatever act or deed is required under the charter or constitution or governing laws of that body corporate.
    2. In the event of liquidation of the body corporate, the funds credited to the Account(s) may only be withdrawn by, and the funds payable shall only be paid to, the Liquidator.
  12. Charges/Commissions
    1. You may debit my Account with the full amount of any reasonably incurred charges, fees (including without limitation legal fees and stamp fees), costs and expenses, interest, taxes, commission (including without limitation brokerage commission) and penalties (collectively, “Charges”) payable to you whether in respect of (i) the Products and/or Services; (ii) any liability of any nature arising in respect of the Account or otherwise; (iii) any overdraft granted to me and any outstanding advances; (iv) any liability of any nature arising in respect of the Account; (v) any overdrawn sums on the Account; or (vi) any investment(s) which you quote to or transact for me. I consent to your retaining for your benefit any Charges, commissions, rebates and other forms of payment or benefit from any party (including any broker, underwriter or counterparty) in respect of my transactions unless prohibited by any regulations, laws, rules or legal process.
    2. ubject to you providing reasonable notice thereof, I agree that a (i) charge will be levied if I fail to maintain the minimum balance required for the Account or if the Account remains inactive for such duration as you may prescribe from time to time.; and (ii) charges may also be levied if I close any of my Account within such time period as you may prescribe from time to time.
    3. You may, at your discretion and with reasonable notice to me, modify the prevailing rate and/or amount of any Charges payable by me to you.
    4. In respect of my use of the Royal Eastern Bank Online Internet Banking Service, I agree to bear all fees and charges incurred in connection with my gaining access to this Service. In the event that you elect to re-extend this Service to me after you (i) have terminated my use of this Service for any reason whatsoever, or (ii) have cancelled my use of this Service at my request, I agree to bear all fees and charges incurred in connection with such re-extension.
  13. Suspension of Account(s)
    You may in your reasonable discretion suspend my operation of the Account at any time for any reason whatsoever, including without limitation:

    1. industrial actions, power failure, computer breakdown or sabotage or any other event beyond your reasonable control; or
    2. where any payment or transaction on, or any operation of, the Account would result in you, any REB Group Organization or Third Party Service Provider being in breach of Law or Regulation.
  14. Closing of Account(s)
    1. You may at any time and at your reasonable discretion, without notice to me and without liability or disclosing or assigning any reasons to me, refuse to accept any deposit(s), limit the amount that may be deposited, return all or any part of the deposit(s) after deducting any Collected Amount, interest, charges and fees due or funds required to be made by Law or Regulation, or upon fourteen (14) days’ notice to me, terminate any of my Account(s).
    2. You may in your discretion transfer the amount owing to me by you in my Account, after deducting my indebtedness to you including all interest, costs and expenses connected with the recovery of such indebtedness, to a suspense account (not bearing interest), in the event that my Account shall remain inactive or dormant or a failure by me to furnish you with instructions on such transfer upon your sending a notice to me on such transfer.
    3. If I choose to terminate my Account held with you, I am required to give you reasonable notice of termination or such other period of notice which you may specify to me from time to time.
    4. On the termination of my Account:-
      1. you may discharge your entire liability with respect to my Account by mailing to me a draft or cheque in the currency of the Account without recourse to you as drawer, payable to my order in the amount of the then credit balance in the Account together with such other documents, if any, as may be necessary to transfer to me such claims as you may have on such funds; and
      2. you may, at my own cost and expense, transfer all my Securities to me or such person as I may direct.
    5. If you have effected a forward or any other transaction which extends beyond the date of termination, you may either close out or complete such transaction and retain sufficient funds for this purpose. Any security interest or set-off contained in an agreement shall not be discharged until all my liabilities have been discharged.
    6. On the termination of my Account, I shall return to you all unused cheques issued to me, failing which I shall compensate you for any costs or expenses arising or in connection thereto.
    7. Upon the occurrence of any of the following events, you may terminate the Account and/or realise all or any of my investment transactions concluded directly or indirectly with or through you to repay my indebtedness to you including all interest, costs and expenses in connection with the recovery of such indebtedness:-
      1. my failure to comply with any provision of these Terms and Conditions;
      2. any grounds exist for the presentation of a bankruptcy petition against me;
      3. my death or insanity;
      4. an application is made by any party for the appointment of a receiver to take control of my property, or for a writ of attachment against the same; or
      5. the performance of any obligation of mine or yours under these Terms and Conditions becomes illegal or impossible; or
      6. It is required to comply with any Law or Regulation.
  15. Assignment/Transfer
    1. I agree that the balance standing to the credit of the Account cannot in any way be assigned, transferred or charged to any third party by way of security, except with your prior written consent and subject to such conditions as you may prescribe.
    2. I hereby irrevocably agree to any novation of the Agreement made between us under these Terms and Conditions and under any instrument(s) and any other agreement, document, assurance and guarantee in connection therewith and with the Account or securing my obligations thereunder, and irrevocably agree that you are entitled to and may assign or transfer absolutely to a transferee all or some of your rights, title, interests, benefits, obligations and liabilities under these Terms and Conditions and/or under any instrument(s) and/or any other agreement, document, assurance and/or guarantee in connection therewith and/or with the Account and/or securing my obligations thereunder. I further irrevocably agree that any such novation, assignment or transfer may be effected by you delivering to me a notice to that effect whereupon.
      1. your assigned or transferred rights, title, interests and benefits thereunder shall be transferred to and assumed by the transferee;
      2. you shall thereafter be fully discharged and released from your assigned or transferred obligations and liabilities thereunder;
      3. you shall retain all rights, title, interests, benefits, obligations and liabilities not so assigned or transferred;
      4. the transferee shall thereafter be bound by identical rights, title, interests, benefits, obligations and liabilities thereunder which you have assigned or transferred; and
      5. any acknowledgement (including but not limited to risk disclosure statements and acknowledgements), information (including but not limited to information provided in respect of risk profiling), instruction, order, direction, mandate or authority given by me to you in relation to other Account or securing my obligations there under may be relied and acted upon by the assignee or transferee as if given by me to the assignee or transferee and shall, unless and until revoked or cancelled, apply and have effect in relation thereto. I also hereby irrevocably undertake to execute and sign any document (if any) which may be required to give effect to the foregoing.
  16. Call or Term Advances or Overdraft Facility
    1. You may at your discretion extend to me at my request call or term advances or overdraft facilities:
      1. in accordance with your policy and on such terms and conditions as you may prescribe from time to time; and
      2. up to such limit and in such currency as you may in your sole discretion determine; and
      3. provided that at that time:-
        1. no action has been taken by a creditor of mine to recover money or other property belonging to me which is in your possession or that of any other financial institution;
        2. I am not in default under any agreement with you or any other financial institution; and
        3. no proceedings under any insolvency or bankruptcy law in any jurisdiction have been started by or against me.
    2. Where you receive:
      1. a cheque drawn by me; or
      2. any payment or withdrawal instruction request made in respect of my Account, including any debit card transactions; that would, if honoured and/or effected (as the case may be) by you, either cause my Account to become overdrawn or increase the overdrawing, you shall be entitled to treat the receipt of the cheque or such instructions as a request from me for an overdraft or an increase in an existing overdraft.
    3. Where you receive my request for an overdraft or an increase to an existing overdraft, you may, at your discretion, allow me to utilise such overdraft or increase to existing overdraft for such period as you consider appropriate and notify to me. You shall be entitled to charge, and I undertake to pay, a reasonable fee for your considering and/or agreeing to any such request.
    4. I agree to pay you on demand interest on the call or term advances and/or overdraft facilities utilised by me calculated at such rates as you may prescribe and reasonably notify me of from time to time ) and such interest shall be computed daily and charged at the end of each month or such other time as may be determined by you from time to time. Interest charged shall be reflected by an increase in the respective amounts owing under the call or term advances and/or overdraft amount, utilised by me.
    5. I agree to pay on demand all amounts owing under the call or term advances and/or all overdraft amounts utilised by me, including all interest, fees and bank charges whatsoever and any other amounts for which I may become liable to pay to you for any reason whether alone or jointly.
    6. I undertake to ensure that the Account shall not be overdrawn, even temporarily, save where you in your discretion have agreed to my request for an overdraft or an increase to an existing overdraft, and such arrangement shall be subject to these Terms and Conditions and/or such other terms and conditions as you shall reasonably determine.
  17. Payments to Royal Eastern Bank
    1. I shall pay to you on demand all monies and Charges for which I may become liable together with interest on such monies from the date on which such monies become due to the date of payment in the currency in which they are due in same day funds and at such rate which you shall reasonably determine from time to time.
    2. All such monies and Charges shall be payable by me in full without any set-off or counterclaim or any restriction or condition, and free and clear of and without deduction for present or future taxes (including without limitation stamp duty or documentary taxes) or any other excise or property taxes, levies, charges, or withholdings, and all liabilities with respect thereto. If I am obliged by law to deduct or withhold any sum from any payment to you, I shall increase the amount of the payment so that the net amount received by you shall equal the amount due to you.
    3. In particular, all such monies and Charges payable by me are exclusive of any goods and services tax or other value added tax (imposed in any jurisdiction) which shall where applicable be paid by me in addition to any sums otherwise payable, at the rate in force at the due time for payment or such other time as is stipulated under the relevant legislation.
    4. If you are obliged by law to deduct or withhold any sum from any payment payable by you to me, I authorise you to effect such withholding and to pay the net sum over to me or to place such sum in any of my Accounts with you or such other account as I shall instruct (unless at such time there shall be any monies owing by me to you, in which case you shall be entitled to deduct the amount of monies owing).
    5. Except otherwise agreed, you may convert at such rate you deem fit any payment received for any of my Accounts (in a currency different from that of such Account) into the currency of that Account, and I shall bear the cost of such conversion.
  18. Security for Repayment
    1. You may agree to:-
      1. at my request, grant and continue to grant Facilities to me or such person or persons (“the Borrower”); and/or
      2. accept or incur liability (whether actual or contingent, primary or collateral, several or joint) for the Borrower (such Facilities and liability together with any and all obligations and/or liabilities owed by me to you from time to time, whether certain or contingent, whether as principal or as surety, joint or several, whether under these Terms and Conditions or otherwise, collectively “the Obligations”, which expression shall include interest, bank commission, charges and all sums payable arising out of the said “Obligations”). I shall provide and furnish to you such security as you may from time to time require as continuing security for the payment and discharge of the Obligations.
    2. I warrant and represent that:-
      1. the documents and/or other records evidencing the Facilities are valid and enforceable and in the event of any breach of this warranty and representation, your rights hereunder shall remain unaffected and be of full force and effect; and
      2. all necessary authorisations, approvals and consents for my entry with you into any security arrangement and the performance and observance of my obligations hereunder have been obtained and are valid and subsisting.
    3. When you accept or incur liability for or at my request, you shall have a banker’s lien on all funds, monies, securities, property and other valuables belonging to me which are in your possession or held by you on deposit or otherwise (including any securities, property and valuables kept with you for safe custody).
    4. In the event of any failure by me to make payment of any amount due and owing to you hereunder, you may upon giving reasonable notice to me, apply any funds held by you for me towards satisfaction or part payment of the amount owed. Furthermore, you may after with reasonable notice to me, sell any of my securities, property or other valuables held by you on deposit or otherwise, at public or private sale without any judicial proceedings whatsoever, and retain from the proceeds derived therefrom the total amount remaining unpaid, including all costs, charges and expenses incidental to it, and I shall be responsible to you for any deficiency whatsoever and howsoever arising and I will pay on demand to you the amount of any such deficiency.
    5. Where you have granted me, or (where applicable) any Joint Account holder with whom I hold a Joint Account that is operated with a single signing authority, any Facilities on any Relevant Account, you may block and/or otherwise restrict the use of any one or all of the Relevant Account(s) for such amount as you reasonably deem fit in order to secure any Liabilities incurred under such Facilities as well as any interest payable on such Liabilities (such amount being the “Earmarked Amount”). Neither I nor any Joint Account holder will be able to withdraw any of the Earmarked Amount, or be able to assign, charge, pledge, transfer, or create any security interest or encumbrance or deal with the Earmarked Amount in any manner whatsoever for so long as any part of the Facilities remains outstanding. You shall further have a banker’s lien on all funds, monies, securities, property and other valuables belonging to me and/or (where applicable) such Joint Account holder which are in your possession or held by you in any Relevant Account on deposit or otherwise (including any securities, property and valuables kept with you for safe custody as well as the Earmarked Amount). Without prejudice to any of the foregoing, I and (where applicable) such Joint Account holder irrevocably authorise you to, at any time and from time to time in your sole and absolute discretion and without notice to me and/or (where applicable) such Joint Account holder, appropriate and apply the Earmarked Amount (notwithstanding that any amount on deposit may not have matured) or any part thereof towards the settlement of all or any of the Liabilities (including the overdraft) whether the same is due or contingent and whether I and/or (where applicable) such Joint Account holder are or have been in default or not. Any currency conversion which may be necessary will be effected at your prevailing exchange rate.
    6. As security for the Obligations, including without limitation any and all my obligations and/or liabilities under any Credit, I acknowledge your ownership in and right of possession and disposal of (i) any and all shipping documents, warehouse receipts, insurance policies or certificates and other documents relating to drafts drawn under the Credit; (ii) any and all property shipped under or in relation to the Credit or to any drafts drawn thereunder (whether or not such documents, goods or other property be released to or upon my order on trust or bailee receipt); and (iii) the proceeds of each and all of the foregoing, until such time as all my obligations and/ or liabilities to you at any time existing under these Terms and Conditions, or the Facilities or otherwise, have been paid in full and discharged. All or any of such property and/or documents and the proceeds thereof, coming into you or your correspondent’s possession, may be held and disposed of by you as hereinafter provided, it being understood that neither the establishment of the Payment Fund nor receipt by you or any of your correspondents at any time of other security of whatsoever nature, including cash, shall be deemed a waiver of any of your rights or powers hereunder.
    7. I shall not, for any period during which I am (or a third party guaranteed by me is) indebted to you as a result of drawing against any Facilities extended to me by you, withdraw or create any other security interest in or otherwise deal with any of my assets pledged, placed, charged or mortgaged to you as security for such Facilities or to receive any other sums in relation to or derived therefrom without your prior consent, such consent to be given on such terms and conditions as you may at your absolute discretion prescribe. You are hereby authorised to reinvest the sums in the relevant investments as I may direct.
    8. This security shall be a continuing security notwithstanding any settlement of account of other matter whatsoever and is in addition to and shall not prejudice any other security created or now or hereafter held by you or any right or remedy might have in respect of the same. Nothing herein shall restrict the operation of any general lien, statutory right of set-off or other rights or remedies whatsoever which you may have under law or otherwise.
  19. Default in Repayment
    1. If a balance shall be owing to you when the Account shall be closed I shall, so long as the same or any part thereof shall remain due, pay to you interest thereon at such rate as you may reasonably prescribe and notify to me from time to time.
    2. At any time after the happening of any one or more of the following events, any or all of the Obligations, including without limitation the whole of any term advance (“Term Advance”) if it has been made or any part thereof for the time being outstanding and unpaid together with interest thereon and all other monies a rising therefrom, shall immediately become due and payable without demand or notice, and full power and authority are hereby given to you to debit the Account (and for that purpose to accelerate the maturity date of any such Account maintained by me with you) with the entire amount due to you hereunder or under any Facilities referred to above and to sell, assign, and deliver all or any of the property herein before referred to at any broker’s board, or at public or private sale, at your option, either for cash or on credit or for future delivery, without assumption of any credit risk, and without either demand, advertisement or notice of any kind:-
      1. upon the non-performance of any of my promises to pay including, but without limitation my default in payment to you of any one or more of the instalments of any Term Advance and/or interest thereon within the times aforesaid or in payment of any other moneys hereby covenanted to be paid;
      2. upon the non-payment of any of the other obligations or liabilities herein mentioned;
      3. if I shall breach or threaten to breach any of the terms, stipulations and covenants herein or in respect of the Facilities;
      4. upon my failure to forthwith furnish satisfactory additional cash, or security in respect of the Facilities or any other terms herein;
      5. in the event of my death, insanity, failure in business, dissolution or termination of existence;
      6. if I shall cease or threaten to cease to carry on my business;
      7. if legal proceedings suit or action of any kind whatsoever (whether criminal or civil) be instituted against me whatsoever;
      8. where (i) grounds exist for the presentation of a bankruptcy petition against me; (ii) any winding-up petition is presented against me; or (iii) any proceedings are commenced against me pursuant to any laws or regulations whatsoever relating to the relief of debtors for the relief or readjustment of any indebtedness of mine either through reorganization, composition, extension or otherwise;
      9. if it shall become unlawful for me to observe and perform or to fulfill any of my undertakings or obligations under these Terms and Conditions or for you to exercise any of the rights vested in you or otherwise and notice thereof has been given to me;
      10. if in your opinion, there is a material adverse change in my financial condition or any other conditions which in your opinion will materially affect my ability to perform my obligations under these Terms and Conditions;
      11. if any warranty, representation, statement or declaration made by me to you shall be untrue or incorrect in any respect or ceases to be true or correct in any respect or if I shall be in breach of any representations or warranties made to you;
      12. if I should make an assignment for the benefit of creditors or take advantage of any insolvency law;
      13. if a Judicial Manager or a receiver is appointed in respect of me or any of my property or assets or any part thereof at any time;
      14. if any of my funds or other property which may be in, or come into, your possession or control, or that of any third party acting on your behalf as aforesaid, should be attached or distrained or should be or become subject to any mandatory order of court or other legal process;
      15. if a Judicial Management order is made against me;
      16. if any of the foregoing events occurs in relation to (i) any third party which now or hereafter has guaranteed or provided security for or given an indemnity in respect of any obligation or liability of mine herein or (ii) if I am or such third party is a corporate entity, any subsidiary or holding company of mine or of any such third party or any subsidiary of any such holding company; or any individual now or hereafter liable as such third party shall commit an act of bankruptcy, die or become of unsound mind; and/or
      17. in the event of the death, insanity or incapacity of my guarantor(s).
    3. At any sale or other disposition of property under these Terms and Conditions, you may, at your absolute discretion, purchase the whole or any part of the property sold, free from any right of redemption on my part, all such rights being also hereby waived and released. In the event of any sale or other disposition of any of the property aforesaid, after deducting all costs or expenses of every kind for care, safekeeping, collection, sale, delivery or otherwise, you may apply the residue of the proceeds of the sale(s) or other disposition thereof, to the payment or reduction, either in whole or in part, of all or any of my obligations and/or liabilities without prejudice to your rights as against me with respect to any and all amounts which may be or remain unpaid on any of the aforesaid obligations and/or liabilities at any time.
  20. Set-Off and Security Rights
    1. The fixed and other deposit(s) in my Account will serve as collateral for my liabilities (whether actual or contingent, primary or collateral and/or several or joint) (the “Liabilities”) to you (including my liabilities under any Facilities which you have granted, whether as borrower or otherwise).
    2. You are entitled to combine and consolidate all my Accounts and to set off any amount standing to the credit of any Account (whether matured or not) against my Liabilities provided that reasonable notice has been provided to me.
    3. If I do not or am unable to repay any sum demanded by you or any of my deposits are threatened by insolvency proceedings or by any claims by third parties, I authorise you, without prior notice to me, to realise at any time (whether at or prior to maturity) any of my time or cash deposits.
    4. All amounts standing to the credit of the Account shall be deemed to be forthwith set-off in or towards satisfaction of my Liabilities (whether in whole or in part) in any of the following events:-
      1. my failure to repay on demand any sum due to you;
      2. my deposits are threatened by insolvency proceedings or by third-party claims;
      3. my death, incapacity, winding-up, bankruptcy or my going into receivership;
      4. your receipt of a garnishee order or any notices from any governmental authority relating to the Account;
      5. death, insanity or incapacity of my guarantor(s); or
      6. my breach of any one or more provisions of these Terms and Conditions;
    5. Any credit balance on my Account may be applied in satisfaction of any sum then due and payable in respect of my Liabilities. You are authorised to purchase with such monies any other currencies to effect such application using the rate of exchange at the date of set-off.
    6. This security shall be a continuing security for the discharge in full of my Liabilities that may now or hereafter be payable to you. It shall not prejudice any other security or rights which you may have.
    7. In the case of Joint Account, you may set-off the Liabilities of any Joint Account holder to you, whether as borrower, surety or otherwise against the credit balance in the Joint Account where the said sums have been incurred by only one or some but not all of the Joint Account holders, your rights under the preceding paragraph shall also, where the Joint Account is operated with a single signing authority, extend to credit balances to which each Joint Account holder is singly or jointly entitled. For the avoidance of doubt, where the Joint Account is operated with a single signing authority, each of the Joint Account holder agrees that you may set-off, combine, consolidate, retain, appropriate, apply or otherwise utilise all or any amount in any of the Relevant Account(s) against all or any Liabilities of such Joint Account holder.
  21. Exemption from Liability
    1. Neither you nor any Representatives shall be liable as a result of acting or failing to act in relation or pursuant to, any agreement except in the case of gross negligence, wilful default or fraud on your part or on the part of the Representative (as the case may be). In that event, your liability in connection with any investment shall not exceed the market value of the investment at the time of such gross negligence, wilful default or fraud.
    2. Without limiting the generality of the foregoing, you shall not be responsible:
      1. for acting in good faith or omitting in good faith to act on my instructions given to you in accordance with your prescribed verification procedure prevailing at the time via the Telephone Banking Service, Royal Eastern Bank Online Internet Banking Service, any Remote Signature Service, facsimile banking service or any electronic means of communication, including the Electronic Signature Pad Service or through any Electronic Signature Pad and all written instructions howsoever forwarded to you;
      2. in respect of my use of the Hold Mail Service, for your retention and/or destruction of my Mail;
      3. if, for any reason beyond your control, the operation of any one or more of my Accounts or your ability to account to me for any investment in it is, suspended, restricted or otherwise affected;
      4. for any damage, loss or diminution to any of the investments or for any unavailability or diminution of funds in respect of such investments;
      5. for any loss or damage caused by any delay or failure in any transmission or communication facilities or lead times on external clearing systems or price availability due to market liquidity or time zone differences;
      6. if the funds credited to, or debited from, any one or more of my Accounts diminish in value due to taxes, deductions, withholdings, imposts or depreciation or become unavailable due to prohibitions/restrictions (howsoever arising) on convertibility, transferability, requisitions, government acts, orders, decrees and regulations, involuntary transfers, distraint of any character, exercise of military or usurped powers, acts of war or civil strife or other similar causes beyond your reasonable control (in any place which you have deposited such funds);
      7. for any drawings made under any cheques or for any loss or damage I may suffer relating to the lost cheque except in the case of gross negligence, or wilful default or fraud on your part;
      8. for any cheques paid or certified by you through any circumstances beyond your reasonable control, and you are entitled to debit the full amount of such cheques so paid or certified;
      9. for any mutilations of any draft or Cashier’s Order, or interruptions, errors, omissions or delays in the issue or remittance of draft or Cashier’s Order howsoever arising except in the case of gross negligence, or willful default or fraud;
      10. for your failure to meet my withdrawal demands of any amounts on the Account for any reason whatsoever beyond your reasonable control except in the case of gross negligence, or wilful default or fraud on your part;
      11. except in the case of gross negligence, wilful default or fraud on your part; default for any act or omission bankruptcy or insolvency of any subsidiary or affiliate, or any agent, sub-agent, nominee, broker, custodian, correspondent or counterparty employed or used by you;
      12. for any discrepancies, irregularities, omissions or inaccuracies in the handling and operation of my Account or in the particulars of the investment transactions contained in the statement or Confirmation, whether the same shall have been made, processed or paid out as a result of forgery, fraud, lack of authority, negligence or otherwise by any person whatsoever (except in the case of gross negligence, willful default or fraud) on your part;
      13. for any loss or damage which I may directly or indirectly suffer or incur resulting from or in connection with your supplying me with any of your brochures, investment reports or any other materials or your providing me with any financial, market or investment information or suggestion;
      14. for any loss or damage suffered or incurred by me howsoever or whatsoever arising from or in connection with:
        1. any use of electronic mail or SMS services; or
        2. any failure to follow prevailing instructions, procedures, form and directions prescribed by you for the provision of any communication to you; or
        3. any failure to use electronic mail services and/or SMS procedures or forms which are prescribed by you; or
        4. any failure, suspension, cessation, delay, interruption, disruption, errors, defects or fault in third party equipment, software, hardware, Internet, Internet browsers, online networks, Internet service providers, telecommunication service providers or other service providers, telecommunication, computer or other electronic equipment or system; or
        5. any failure, suspension, cessation, delay, interruption, disruption, errors, defects or fault in the transmission of communication to you or authorizations or acknowledgements from you or any wrongful interception of any communication through any online networks, Internet service providers, telecommunication service providers or other service providers, telecommunication, computer or other electronic equipment or system whether or not owned, operated or maintained by you, me or any other person; or
        6. relying or acting on any communication from or given by me notwithstanding that it may not have been given by me or with my consent or authority; or
        7. any delay or refusal by you to execute any communication or instruction that may be validly be given by me or authenticated by me including for reasons due to Law or Regulation; or
        8. any capacity inadequacies, network vulnerabilities, control weaknesses, malicious attacks, hacking incidents beyond our control; or
        9. any corruption or loss of any data or communication stored in any equipment or in the course of transmission thereof through online networks, Internet service providers, telecommunication service providers or other service providers, telecommunication, computer or other electronic equipment or system including any errors generated in the transmission of any communication; or
        10. our failure to acknowledge any communication sent by me to you; or
        11. any provision of wrong or inaccurate electronic mail address or mobile phone number to you or my failure to update you of any change or proposed change in my electronic mail address or mobile phone number; or
        12. my failure to regularly check my electronic mail or mobile phone for communication from you;
      15. for not acceding to my request for any Facilities including an increase to any Facility; or
      16. for any loss or damage suffered or incurred by me or (where applicable) any Joint Account holder (including any loss of profits) howsoever or whatsoever arising from or in connection with you blocking or otherwise restricting the use of amount(s) in any one or all of the Relevant Account(s) as and/or for the Earmarked Amount for so long as any part of the Facilities remains outstanding, and/or appropriating and applying the Earmarked Amount (notwithstanding that it may not have matured) or any part thereof towards the settlement of all or any of the Liabilities whether the same is due or contingent and whether I and/or (where applicable) such Joint Account holder are or have been in default or not.
    3. No REB Group Organisation shall be responsible or liable for the performance of your obligations, or for your liability (howsoever arising and whether or not within your control), under these Terms and Conditions or for your failure to meet my demands for withdrawal of funds from my Account.
  22. Compensation
    1. I will compensate you, the Representatives and your nominees or agents promptly for all acts, omissions, negligence, claims, proceedings, demands, losses (direct or consequential), costs and expenses (including all duties, taxes or other levies and legal fees and other liabilities reasonably incurred by you (excluding taxation on your profits) as a result of any default in repayment of my liabilities or in connection with the execution, performance or enforcement of these Terms and Conditions or any other agreement including:-
      1. any action or inaction taken in good faith in connection with my Accounts or the provision of investment, safekeeping or other Services to me, in particular but without limitation to the Royal Eastern Bank Online Internet Banking Service, Telephone Banking Service, electronic mail and facsimile banking service;
      2. any loss arising from fluctuations in the relevant money or securities market except where arising directly from gross negligence, wilful default or fraud;
      3. your lodging on my behalf scrip-based Securities for scripless conversion;
      4. your crediting the Account on my instructions with the US dollar equivalent of any foreign currency deposit;
      5. the enforcement, presentation and protection of your rights under or in connection with these Terms and Conditions and/or the Account;
      6. exercising your rights of sale, close-out, set-off, recovering payment or taking other enforcement proceedings;
      7. any breach of trust or other fiduciary obligation binding on me;
      8. your using on a reasonable basis any system or means of transmission, communication, transportation or otherwise in carrying out my instructions which results in the loss, delay, distortion or duplication of such instructions;
      9. your acting or omitting to act on the basis of any information or instructions given by me or by any person(s) purporting to be my attorney, where you believed in good faith and after making reasonable enquiries that the information or instructions were given in excess of the powers vested in me, or your omitting to act on the basis of such instructions or information where you in good faith believed that your so acting would result in a breach of any duty imposed on you;
      10. your acting in good faith or omitting in good faith to act (after making reasonable enquiries) on any oral or written instructions (including without limitation facsimile, telex and electronic mail instructions, instructions transmitted via the Internet, SMS instructions and instructions for outward remittances) given or purported to be given by me regardless of the circumstances prevailing at the time of such instructions or the nature of the transaction and notwithstanding any error, misunderstanding or lack of clarity in the giving, receipt or the contents of such instructions, including but not limited to instructions given or purported to be given by me to you pursuant to my use of (i) the Telephone Banking Service; (ii) the Facsimile Banking Service, (iii) the Royal Eastern Bank Online Internet Banking Service, (iv) the Remote Signature Services and other services enrolled through the Remote Signature Service, and (v) the Electronic Signature Pad Service;
      11. your retention of my Mail, my lack of knowledge of the contents thereof, and any consequent inability on my part to object to such contents within such period as you may specify;
      12. my failure to pay or repay you on demand any sum due to you (including all interest accrued thereon);
      13. any loss suffered by you due to any change in or compliance with, the existing laws, regulations or governmental directives relating to any provision of these Terms and Conditions;
      14. the collection of any check, bill, note, draft, dividend, warrant or other instrument which I present for collection, or the guaranteeing of any endorsement or discharge on the same in connection with the Account(s) or any transaction thereunder; and
      15. my breach of any one or more provisions of these Terms and Conditions or any Agreement.
    2. I shall compensate you for any consequences, claims, proceedings, losses, damages or expenses (including all legal costs on a reasonable basis) whatsoever and howsoever caused that may arise or be reasonably incurred by you or any other party affiliated with you in connection with my Accounts or the provision of Service to me.
  23. Payment Obligations
    Where any currency in which your payment obligations are denominated becomes unavailable due to restrictions on convertibility, transferability, requisitions, government acts, orders, decrees and regulations, involuntary transfers, distraint of any character, exercise of military or usurped powers, acts of war or civil strife, monetary union or exchange or other similar causes beyond your reasonable control, you shall be deemed to have satisfied such payment obligation by making payment in such other currency as you deem fit.
  24. Tax
    You agree that we, any REB Group Organisation or Third Party Service Provider may withhold or deduct any Collected Amount which is required to be withheld or deducted to comply with any Law or Regulation from any payment to you, or to or from an account that you maintain with us. Any Collected Amount shall be timely paid to the relevant Authority in accordance with the relevant requirement. We will notify you of any Collected Amount as soon as reasonably practicable. You acknowledge that we will not be required to reimburse you for any amount withheld or deducted by a Payment Infrastructure Provider. Further, to the extent we or any REB Group Organisation or Third Party Service Provider pays or has paid from its own funds or is or will become required to make a payment to an Authority in respect of an amount that should have been, but was not, a Collected Amount, you will indemnify us for such payment, plus any interest and penalties thereon. You understand and agree that we are not required to contest any demand made by an Authority for such payment. If you have any questions about your tax position as a result of opening an account with us or effecting any transaction on an account with us, you should engage an independent tax adviser as you consider appropriate.
  25. Application of other Terms
    Where Services or Products are made available on separate terms, those terms shall be read in conjunction with these Terms and Conditions. In the event of any conflict the specific terms applicable to the relevant Services or Products shall prevail.
  26. Royal Eastern Bank’s Branches, Subsidiaries or Affiliates
    1. No branch, subsidiary or affiliate of Royal Eastern Bank in any other jurisdiction(s) shall under any circumstances whatsoever be liable to me in respect of your obligations and/or liabilities under these Terms and Conditions or for your failure to meet my demands for withdrawal of funds from my Account.
    2. You may effect transactions with or through counterparties, brokers or agents used by any REB Group Organisation and approved by you from time to time. While you and/or any REB Group Organisation will choose the counterparties, brokers or agents with reasonable care to ensure that such parties are reliable, neither the REB Group Organisation which compiled such list nor you will have any responsibility for any acts or omissions of any such parties.
    3. Where the counterparty in respect of any transaction is a branch or subsidiary of Royal Eastern Bank or a REB Group Organisation, the obligations of Royal Eastern Bank or that REB Group Organisation will be payable at such branch or subsidiary and are subject to the laws, regulations and governmental acts, orders and decrees in effect where that branch or subsidiary is located. Neither the head office nor any other branch, subsidiary or affiliate of Royal Eastern Bank or that REB Group Organisation shall be responsible for the payment of such obligations due to restrictions (including force majeure) beyond the control of such branch or subsidiary which prevent it from fulfilling its obligations under any transaction. In this context, “restrictions” shall not include restrictions on payment directly due to liquidation or insolvency.
    4. I understand and agree that you may effect transactions for me through the agency of and/or with a counterparty which is a REB Group Organisation or a person otherwise associated with you even if a conflict of interest may arise. I also understand and agree that you may effect transactions which you have a direct or indirect material interest.

B. SAVINGS ACCOUNTS

Additional terms and conditions governing savings accounts

  1. Opening of savings account
    1. We accept only personal or joint (joint-alternate and joint-all) savings account. The savings account is not a trust account.
    2. We may from time to time at our discretion and without prior notice:
      1. impose and revise conditions on the opening and operation of savings account; and
      2. determine the types of services and facilities that are available through savings account and to impose conditions and charges for the same. Different terms may apply, depending on the age and/or relationships of the account holders or on any other criteria determined by us at our sole discretion.
  2. Deposits
    1. Monthly Savings Arrangement
      1. The Monthly Savings Arrangement is an automatic monthly funds transfer facility where we will transfer the monthly savings amount (“Monthly Savings Amount”) specified by you or such third party authorized by you (“Authorised Third Party”) from an Account designated by you or the Authorised Third Party (“Debiting Account”) to your savings account on a specified date of each month (“Monthly Savings Date”).
      2. You or the Authorised Third Party must specify the Monthly Savings Amount, the Debiting Account and the Monthly Savings Date at the time of account opening.
      3. Only one Monthly Savings Arrangement is allowed for each savings account.
      4. The range of the Monthly Savings Amount will be determined us. We may revise the range of Monthly Savings Amount from time to time, without prior notice to you.
      5. The Debiting Account must be a personal or joint account and must be current account or savings account. We may amend the list and add other account types from time to time without any notice.
      6. We will only accept a Debiting Account in the name of the Authorized Third Party if the Authorised Third Party has authorized us to debit the Monthly Savings Amount from his/her Account, The Authorised Third Party shall determine the Monthly Savings Arrangement which shall include but not limited to the Monthly Savings Amount to be debited from his/her account and the duration of the Monthly Savings Arrangement.
      7. The Monthly Savings Date is any day between 1st and 25th of each month.
      8. We will consider all applications to amend the details of the Monthly Savings Arrangement, i.e. the Monthly Savings Amount, the Debiting Account and the Monthly Savings Date. We reserve the right to review such application for amendment, and should we accept such application, we will effect the amendment(s) as soon as reasonably practical.
      9. Please ensure you have sufficient funds in the Debiting Account for the successful processing of the Monthly Savings Arrangement. If there are insufficient funds, we may send you a notice or reminder.
      10. In the event of three consecutive unsuccessful processing of the Monthly Savings Arrangements for any reason, we may without notice close your savings account and transfer all monies in your savings account to your Debiting Account if the Debiting Account is in your name. This is regardless of whether you have made any other deposit into your savings account since the first unsuccessful processing of the Monthly Savings Arrangement. We reserve the right to impose an administrative fee in such circumstances.
      11. Upon Account closure, if we are unable, for any reason, to credit the Debiting Account or if the Debiting Account is not in your name, we may send you a Cashier’s Order by mail or credit any other Account you maintain with us.
      12. We may revise the requirements for the Monthly Savings Arrangement from time to time, without prior notice.
  3. Other Deposits
    You may make a deposit into your savings account over the counter at our branches and through Internet Banking. We shall have the right to review the list of services which accept deposits from time to time.
  4. Withdrawals
    You may withdraw funds from your savings account at our branches and through Internet Banking. We shall have the right to review the list of services available to process your withdrawals.
  5. Interest
    1. The interest rate is tiered based on the Monthly Savings Amount transferred for the month. Details of the interest rates and tiers will be published on our website, and will also be available at our branches. We reserve the right to vary or revise our interest rates and tiers at any time without prior notice.
    2. Interest will be credited monthly or on the day the savings account is closed.
    3. We shall have the right to use the lowest tier interest rate to compute interest if there is unsuccessful processing of the Monthly Savings Arrangement or if a withdrawal has been made from your savings account.
  6. Others
    1. You may add a new Account Holder to your personal savings account and convert it to a joint-alternate account type. We will not act on your instructions to remove any Account Holder from a joint savings account.
    2. No REB Card will be issued to holder(s) of a savings account, and no checking or credit facilities will be made available through a savings account. We shall be entitled from time to time to determine the types of services and products that shall be made available through a savings account, and to impose restrictions and charges for the same at its absolute discretion.
    3. You will receive eStatements on a Monthly basis unless otherwise notified by us.

D. FIXED DEPOSIT

Additional terms and conditions governing fixed deposit accounts.

  1. Deposit
    1. I understand that the deposit will be denominated in United States dollar.
    2. You will issue an advice of credit which is only evidence of deposit and not a document of title.
    3. I understand that entering into the fixed deposit is a prerequisite to qualify for opening a new account with Royal Eastern Bank. Pending requests for an account opening will be fully approved and activated upon funding of this fixed deposit, subject to the outcome of any KYC and regulatory procedures.
    4. I understand that I am not entitled to withdraw the fixed deposit until maturity and that any request for withdrawals before maturity must be approved by you at your discretion according to paragraph 3.2 below.
    5. The deposit is payable by Royal Eastern Bank and no other group entity shall be liable to repay the deposit.
    6. I understand that upon funding this fixed deposit, you are entitled to hold and deploy the funds at your sole discretion during the tenure of the fixed deposit I have selected in the fixed deposit form. I will not hold you liable for any outcome resulting from the deployment of my funds by you for your purposes during the tenure of the fixed deposit.
    7. Unless you received prior valid instructions from me at least two (2) Business Days prior to the maturity date of the deposit, you shall renew the deposit automatically together with all interest accrued thereon at your prevailing interest rates for a like term upon maturity and upon each successive maturity, subject to these Terms and Conditions.
  2. Interest
    1. You will pay me interest on my fixed deposit for the period of the tenure at such rates and intervals as may be specified by you from time to time and such interest shall be calculated on a daily basis or in accordance with such formula as you may prescribe.
    2. Such interest will be credited to my fixed deposit account monthly or yearly, depending on the fixed deposit account. Where the last day of the month or the year is a Sunday or public holiday in Singapore, interest for that day will be calculated based on the balance as at the preceding Business Day. No interest will be paid if the daily balance falls below the prevailing prescribed minimum for the fixed deposit account.
    3. Interest will only accrue on funds including inward remittances which have been successfully credited for value to an account. All deposit interest rates and exchange rates for currency conversion transaction shall be at rates determined by you from time to time.
  3. Withdrawal
    1. Subject to paragraph 3.3 below, instructions to withdraw the deposit upon maturity shall be made by my request to you in writing two (2) Business Days prior to the maturity date of the deposit, in any such method as approved by you.
    2. Subject to paragraph 3.3 below, withdrawal of any deposit whether partially or in full before the maturity date may be made only with your consent and upon such terms and conditions as you may in your sole discretion impose from time to time (including the minimum amount that may be allowed to be withdrawn by me) provided reasonable notice of the same is given to me and may, at your sole discretion, be subject to the levy of a withdrawal charge or the payment of an administrative fee by me to be calculated in accordance with such formula as you may prescribe from time to time, and notify to me.
      1. I acknowledge that the imposition of such fee or charge may result in my receiving less than the principal amount of the deposit and / or I may earn lesser or no interest on the deposit.
      2. I further agree and accept that in the event of partial withdrawal, if the balance of the principal amount of my deposit, after taking into account my partial withdrawal, falls below the minimum sum as you may from time to time prescribe and notify to me, I shall be required to make a full withdrawal and no partial withdrawal will be allowed.
    3. If the deposit is held by you as security for the performance of any obligation or liability to you, the amount thereof cannot be withdrawn, assigned, transferred or in any way encumbered.
    4. A withdrawal of any deposit shall be effected only by way of your cheques, drafts or telegraphic transfer in the currency of that deposit or such other currency (as you in your discretion may permit and subject to such terms and conditions as you deem fit). If I fail to specify the method of payment you may remit the funds in any method as you see fit in the currency of the deposit to my current Royal Eastern Bank account or other bank account specified by me in writing to you.

E. FOREIGN CURRENCY ACCOUNT

Additional terms and conditions governing fixed deposit accounts.

  1. Deposit and withdrawals
    1. Deposits and withdrawals in foreign currency notes are subject to availability and adequate notice being received by you and are at your prevailing prescribed commission and/or service charges.
    2. All deposits into and withdrawals from Foreign Currency Accounts are subject to your prevailing prescribed commission and/or service charges (including early withdrawal charges), and where applicable to conversion at your prevailing foreign exchange rates. I agree that such commission, charges and conversions may result in me receiving upon withdrawal an amount less than the principal amount.
    3. You may, at your discretion, convert the funds received for Fixed Deposit into foreign values on the day such funds are so received.
  2. Tax and currency risk
    1. I am cautioned that an exchange rate risk is involved in foreign currency deposits and accounts. In particular, I am advised the following by you:
      1. that earnings on foreign currency deposits are dependent on the exchange rates prevalent at the time of maturity or withdrawal, as the case may be;
      2. that adverse exchange rate movements could erase interest earnings completely and reduce the principal amount; and
      3. that where funds in another currency have been used to place the foreign deposit, the amount received may be less than the original amount upon conversion of that foreign deposit back to the original currency.
    2. You will have no responsibility or liability for any diminution in the value of funds due to taxes, currency depreciation or for the unavailability of such funds for withdrawal at any time or on maturity as the case may be due to exchange rate fluctuations, foreign exchange controls, restrictions on convertibility, requisitions, involuntary transfers, distraints of any character, exercise of governmental or military powers, war, strikes, or other causes beyond your reasonable control. In addition:
      1. If the currency’s country of origin restricts availability, credits or transfers of such funds you have no obligation to pay me the funds in the Account, whether by way of draft or cash in the relevant currency or any other currency.
      2. If, for any reason, there is any fluctuation in the market rates applicable to the currency in which my deposit is denominated, including where the applicable market rates fall below zero, you reserve the right without notice to me to do the following as you may reasonably deem fit:
        1. reduce, suspend or stop the payment of interest on the funds;
        2. impose zero or negative interest rates; and/or
        3. revise the placement period.

F. GENERAL

  1. Amendment of terms and conditions
    1. You reserve the right to add to or vary any of these Terms and Conditions at any time by giving me notice. The changes shall take effect on the date specified in the notice. The obligation to give me prior notice does not apply if additions and/or variations are required in an emergency or where it is not practicable to give such notice. Further, you may make amendments for administrative or clarification purposes and include additional terms and conditions governing new products and services without giving me any notice.
    2. The prior notice may be given to me by exhibiting such notice of the amendments or making available a set of the revised Terms and Conditions at your branches, on your website or via publication through any media. Upon such exhibition or publication, I am considered to have been notified of such amended Terms and Conditions.
    3. If I do not accept any addition and/or variation to these Terms and Conditions, I shall immediately discontinue operating and close my account(s) by giving you notice in writing. If I continue to operate my account(s) after such notification, I am deemed to have agreed to the addition and/or variation without reservation.
    4. If there is any inconsistency between the English version and the Chinese or other versions of these Terms and Conditions and/or any other terms, conditions, rules or regulations, the English version will prevail.
  2. Communication and Service of Documents
    1. You may send all communication to me by leaving it at, or by sending it by ordinary post to, my last known address (whether within or outside Singapore and whether such address is a Post Office Box or is a place of residence or business) or by facsimile transmission to my facsimile number or by electronic mail to my email address, or my SMS to my mobile number as may be provided to you or to your solicitors. Notwithstanding the above, you may also contact me via telephone, electronic mail, short message service provided by telecommunications providers, or such other means, to provide me with Account related information (including informing me about my Account payment status).
    2. All communication is deemed to have been received by me on the date of delivery if it is delivered by hand; or on the date immediately after the date of posting if it is sent by post (notwithstanding that it may be returned to you undelivered); or on the date of transmission if sent by facsimile transmission, electronic mail and/or SMS.
    3. I shall notify you promptly if there is any change or proposed change in the particulars which I have given to you (including my mailing, home, electronic or office address, my home, office or mobile phone number and my employment).
    4. If it shall become unlawful for you to perform any of your obligations under these Terms and Conditions, you shall notify me to this effect whereupon I shall upon receipt of such notice pay you all sums which I owe you.
    5. I must provide you with such information as you may require from time to time, and to update that information as you require from time to time, to enable you, any REB Group Organisation or Third Party Service Provider to comply with any Law or Regulation. In particular, I I must contact you immediately or at least within 30 days if at any time in the future I do become a U.S. Person (this does not apply if I have already inform you that I was a U.S. person when I opened the Account). If I do become a U.S. person, I must complete and return to you as soon as reasonably possible any relevant U.S. tax or waiver documentation that may apply to me and that you may request from time to time.
  3. Waiver
    No failure or delay by you in exercising or enforcing any power of sale or any other rights or options (collectively, “Rights”) under these Terms and Conditions shall operate as a waiver thereof, or limit, prejudice or impair your right to take any action or to exercise any Rights as against me without notice or demand, or render you responsible for any loss or damage arising therefrom.
  4. Severability
    If any one or more provisions of these Terms and Conditions are deemed invalid, unlawful or unenforceable in any respect under any Law or Regulation, the validity, legality and enforceability of the remaining provisions of these Terms and Conditions shall not in any way be affected or impaired.
  5. Governing Law and Jurisdiction
    1. These Terms and Conditions and all my obligations hereunder or on any account shall be governed by and construed in accordance with English law. Instructions for the remittance or transfer of funds to or through correspondent banks shall not affect or be construed to affect the foregoing terms.
    2. Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The Tribunal shall consist of three (3) arbitrator(s). The language of the arbitration shall be in English.
  6. Laws of Own Country
    I shall be responsible for and observe the laws, regulations and rules in my country of citizenship, domicile or residence, applicable to my use of your banking and financial advisory businesses, including any tax, foreign exchange or capital controls, and for all payment, reporting or filing requirements. You shall not be liable for any loss or liability imposed by my country of citizenship, domicile or residence on me as a result of my non-compliance with any such regulations, laws, rules or legal process.