|
1.
|
Money Safe is a service that allows the customers to lock some of or all the available balance of their current and savings accounts (the “Locked Account”) or lock the specific time deposit(s) (the “Locked Time Deposit”) (collectively, the “Locked Funds”) with Public Bank (Hong Kong) Limited (the “Bank”) and protect the Locked Funds from fund outflows.
|
|
2.
|
The Locked Funds for the Locked Account must be integer.
|
|
3.
|
Once the application for Money Safe is accepted by the Bank and Money Safe is activated, the following instructions could not be processed by the Bank until the customer has completed the process as mentioned in Clause 9:
|
(a)
|
Any funds outflows from the Locked Funds via any channels through any types of transaction (including but not limited to withdrawals, fund transfers, direct debit authorization, standing instruction, loan and card repayment, bank fees and charges, etc.) (collectively, the “Debit Transactions”); or
|
|
(b)
|
Amendment to the maturity instruction of the Locked Time Deposit via any channels.
|
|
|
4.
|
Customer should maintain sufficient available funds (excluding the Locked Funds) in the Locked Account for meeting daily and other ad hoc needs, and covering the arrangement of the Debit Transactions.
|
|
5.
|
Customer will be liable for any fees and charges imposed by the Bank or other institution(s) or any loss or any other consequence due to insufficient funds maintained in the Locked Account to settle the Debit Transactions. The Bank will not be liable for any failures of payments and transfers attributable to the activation of Money Safe, and under no circumstances shall the Bank be responsible for any of customer’s losses, direct, indirect, consequential or otherwise, arising out of or in connection with such non-payment or transfer.
|
|
6.
|
Once the Locked Time Deposit matures and its maturity instruction is auto-renewal or pending for further instruction, such time deposit will continue to be locked until customer has completed the process as mentioned in Clause 9.
|
|
7.
|
Once the Locked Time Deposit matures and its maturity instruction is to uplift principal and interest, Money Safe for the Locked Time Deposit will be cancelled automatically on the maturity date and the funds deposited into the settlement account (the “Released Funds”) will no longer be locked. New application has to be submitted if customer wishes to lock the Released Funds.
|
|
8.
|
Customer is allowed to lock the available balance of the Locked Account.
|
|
9.
|
The Locked Funds can only be released (including cancellation of Money Safe, reduction in the amount of the Locked Funds, and early uplift of the Locked Time Deposit) and the maturity instruction of the Locked Time Deposit can only be amended by customer with original identification document(s) at any of the Bank’s branches in Hong Kong to complete the INSTRUCTION FOR MONEY SAFE AND DISABLING INTERNET BANKING PLATFORMS (the “Instruction”), according to the signing arrangement, and undergo a verification process as determined by the Bank from time to time.
|
|
10.
|
Notwithstanding the activation of Money Safe, the Bank reserves the right at its absolute discretion to carry out the following actions without the consent of the customer, including but not limited to:
|
(a)
|
Account closure initiated by the Bank, and in which case, the account balance after deduction of any sums due to the Bank, if any, and relevant fees and charges will be returned to customer by Cashier’s Order to customer’s address registered with the Bank;
|
|
(b)
|
Debiting from customer’s account(s) and/or the Locked Funds pursuant to an order of the court, request from any regulatory or governmental body or any applicable laws, regulations, guidelines and policies (including the Bank’s internal policies);
|
|
(c)
|
Debiting from customer’s account(s) and/or the Locked Funds to settle any debts or amounts (in whole or in part) against any obligations customer owes to the Bank in accordance with any contractual, equitable or statutory set-off rights;
|
|
(d)
|
Enforcing any security interest the Bank hold against the funds, including the Locked Funds; and
|
|
(e)
|
In scenarios where the Bank, in good faith, deems it reasonable to do so.
|
The Bank reserves the right to revise from time to time the scenarios referred to above. For avoidance of doubt, activation of Money Safe shall not prevent or restrict the Bank from exercising its rights under the Bank’s applicable terms and conditions to which customer has agreed.
|
|
11.
|
Customer will receive the Bank’s notification through SMS or email for the following situations:
|
(a)
|
Application for Money Safe;
|
|
(b)
|
Amendment on the amount of the Locked Funds of the Locked Account or the maturity instruction of the Locked Time Deposit;
|
|
(c)
|
Cancellation of Money Safe; and
|
|
(d)
|
On yearly basis (applicable to the situation that Money Safe is still effective at the notification date).
|
Customer should ensure the contact details maintained at the Bank are accurate and up-to-date.
|
|
12.
|
The Bank will process the customer’s instruction for Money Safe in real time.
|
|
13.
|
The Bank reserves the right to supplement, delete and/or to amend any of the terms and conditions herein from time to time and the Bank will notify customer of any such alteration by means of written notice thereof sent to customer’s last address or other contact details notified to the Bank from time to time, or in such manner as the Bank thinks fit.
|
|
14.
|
Customer confirms that they have received, read, understood and agreed to be bound by the terms and conditions herein, as may be amended, supplemented and/or substituted by the Bank from time to time.
|
|
15.
|
Should any disputes arise, the Bank’s decision shall be final and conclusive.
|
|
16.
|
The Bank’s Rules for Account Holder (including its supplement(s)) and Net Banking Services Agreement/Terms and Conditions for PBHK Digi apply. In the event of any inconsistency between these terms and conditions and the terms and conditions stated above or any application form or promotional material relating to Money Safe, these terms and conditions shall prevail to the extent of matters relating to Money Safe.
|
|
17.
|
No person other than customer and the Bank will have any right under the Contracts (Rights of Third Parties) Ordinance to enforce or enjoy the benefit of any of the provisions of these terms and conditions.
|
|
18.
|
The terms and conditions herein shall be governed by the laws of the Hong Kong Special Administrative Region.
|
|
19.
|
In case of any discrepancies between the English and Chinese versions, the English version shall prevail.
|
|
