The terms and conditions herein apply to UOB Wealth Banking financial products and services. The terms and conditions set out are additional to the Terms and Conditions Governing Accounts and Services and the Additional Terms and Conditions Governing Accounts and Services.
1. Use of UOB Wealth Banking
In opening and/or maintaining any account(s) with the Bank and by utilizing any Service provide by the Bank, the Customer agrees to be bound by these conditions. The Bank continually updates our financial products and services in order to better meet the Client’s need. Hence we may vary the frequency and manner of use of such services, the type of accounts which are eligible and the centers where such services are dedicated to the Clients. The Bank may add or remove any third party providing financial products and services to the Client. The Bank may vary any fee or charges imposed on any or all services provided. The Bank will use all reasonable endeavours to give the Client 30 days’ notice of any such variation.
2. Minimum Deposit & Investment Balance
To qualify for UOB Wealth Banking Services, the Client must maintain at all times a minimum required monthly deposit and/or investment balance of S$100,000 (or its equivalent in a foreign currency) or other such amount as the Bank may decide from time to time in any of his/her accounts.
3. UOB Wealth Banking Phonebanking Service
The usage of Wealth Banking Phonebanking Service shall be governed by the Rules governing the UOB Call Center Service (for personal or corporate accounts) which is part of the Terms and Conditions Governing Accounts and Services. You may obtain a copy at http://uob.com.sg.
4. Summary Statement of Accounts/Confirmation Advice
4.1 At the Client’s request the Bank may issue and send to the Client a Summary Statement of Accounts on such periodic basis as the Bank may from time to time determine.
4.2 The Bank shall send an advice (‘Confirmation Advice’) of any transaction carried out pursuant to instructions given or purportedly given by Client using the Wealth Banking Phonebanking Service.
4.3 The Client shall promptly notify the Bank in writing if the Client does not receive the Summary Statement of Accounts and/or Confirmation Advice, within 14 days from the dates of dispatch, as follows:
(i) The Summary of Statement of Accounts will be sent to the Client’s last known mailing address within 14 days from each month end.
(ii) Confirmation Advice will be sent to the Client’s last known mailing address within 14 days from the transaction date.
4.4 The Client is under a duty to:
(i) Monitor the balance in the Client’s account(s) at all times;
(ii) Examine all entries in the Summary Statement of Accounts and Confirmation Advice;
(iii) Notify the Bank in writing of any omission or errors in the Summary Statement of Accounts and/or Confirmation Advice immediately upon receipt; and
(iv) Sign and return any confirmation slip, including any required for audit purposes (if requested to do so).
4.5 If the bank does not receive any written notification pursuant to the Clause 4.3 and 4.4 within 14 days from the date of the Summary Statement of Accounts and/or Confirmation Advice, then at the end of the said 14 days, the Client shall be deemed to have accepted the accuracy of the Summary Statement of Accounts and Confirmation Advice and the Bank shall be free from all claims made by the Client.
4.6 The Bank reserves the right at any time without prior notice to rectify errors or omissions in the Summary Statement of Accounts and/or the Confirmation Advice and such rectification shall be binding on the Client.
5. Oral/Written instructions
5.1 From time to time, the Client may give the Bank instructions via telephone or registered mail or mail, facsimile transmission, telex or cable, regarding the Client’s accounts.
5.2 The Bank is authorized to act on any instruction communicated or purportedly communicated to the Bank over the telephone by the Client, in writing signed or purportedly signed by the Client and sent or purportedly sent by post, telex, teletype, facsimile or cable. The Bank shall not be liable to the Client for acting upon any such instructions notwithstanding that it is subsequently shown that the same was not given by the Client. The Client understands that any risks of misunderstanding, any error or loss resulting from instructions given by unauthorized persons or any error loss or delay resulting from the use of the post, telex, teletype, facsimile or cable are entirely the Client’s risk for which the Bank shall not be liable.
5.3 In the event that instructions to the Bank given by the Client are received outside banking hours, the Bank will only execute such instructions on the next working day. Banking hours are the hours that the Bank specifies from time to time for processing instructions.
5.4 The Client authorizes the Bank to treat any instructions given or purportedly given by the Client as new instructions when it is unspecified that the instructions are a confirmation or a change of the previous instructions given.
5.5 The Bank may at any time retrain from action promptly upon any instructions given or purportedly given by the Client in order to verify the authenticity thereof without incurring any responsibility for loss, liability or expense arising out of so refraining to act.
5.6 The Client agrees that the Bank is required to conduct thorough inquiries as to the purpose of any transfer of funds or assets so authorized by any such instruction or the identity of any transferee. It is understood that instructions given or purportedly given by the Client may authorize any transfer, sale or other disposition of the funds or assets in the Client’s account(s).
5.7 The Bank is authorized to record any telephone conversation made or purportedly made with the Client whether with or without the use of a tone warning device and such recordings and/or transcripts may be used by the Bank as evidence in any dispute between the Client and the Bank. The Bank shall not be obliged to maintain such recordings and transcripts or keep any such copies thereof. The Client shall not be entitled to listen to, peruse, make copies of, or otherwise have access to, such recordings and transcripts or any such copies thereof.
6. UOB Wealth Banking Service Charge/Fee
6.1 The Bank may impose a service charge and/or fee for any UOB Wealth Banking Service provided by the Bank. In addition, the Bank reserves the right to impose a service charge and/or fee when the deposit and investment balance in the Client’s account(s) falls below the minimum deposit and investment balance prescribed by the Bank from time to time.
6.2 The Bank may debit any of the Clients account(s) for all charges, fees, or other sums payable to the Bank without prior notice to the Client.
7. Suspension of UOB Wealth Banking Services
The Bank may suspend the use of any or all of the UOB Wealth Banking Services if as a result of force majeure, any calamity or condition, industrial actions, computer breakdown or sabotage, any act of terrorism or any other reason whatsoever access or delivery of the UOB Wealth Banking Services is not possible or is hindered.
8. Termination of UOB Wealth Banking Services
8.1 The Bank reserves the right to terminate any or all of the UOB Wealth Banking Services as the Bank deems fit without prior notice to the Client and without assigning any reason thereof.
8.2 The Client may choose to terminate all services provided by UOB Wealth Banking with a written notice. Any standing instructions given by the Client for transactions and all Terms and Conditions governing the transaction(s) will continue bind the Client until the Bank receives the aforesaid written notice of termination. Upon termination of all services provided by UOB Wealth Banking, the Client must surrender all items provided to the Client to fully utilize the services provided under UOB Wealth Banking.
The Client shall not hold the Bank responsible for any loss, damage or embarrassment which the Client may incur or suffer directly or indirectly from the provision of the UOB Wealth Banking Services due to any reason whatsoever, including but not limited to breakdown or malfunction of the computer, its terminal connection lines, data processing system or transmission line or any other equipment whether or not belonging to the Bank.
The Client agrees to keep the Bank fully indemnified and saved harmless at all times against any claims, demands, actions, proceedings, loss and expenses (including foreign exchange losses, taxes or other levies, interest, charges and all costs on a full indemnity basis) arising in any manner howsoever from the Bank acting on the Client’s instructions, or from the Bank refusing as it deems fit to act on any part thereof.
11.1 The Client agrees to allow the Bank and/or any of the Bank’s officers to disclose any Client information relating to the Client for the following purposes:
(i) To any Participant or third party which has a legitimate business purpose of obtaining such information, including offering the Client products or services in connection with or to facilitate the use of UOB Wealth Banking services;
(ii) Where such disclosure is necessary to complete any transaction under UOB Wealth Banking;
(iii) As required by any regulatory authorities; and
(iv) In the circumstances set out in the Terms and Conditions Governing Accounts and Services.
11.2 The Client acknowledges that a reward may be paid to any friend or relative who introduces the Client to UOB Wealth Banking as a Client. No information on asset size or other account information will be disclosed to the aforesaid friend or relative.
12. Variation of This Agreement
12.1 The Bank may vary the terms and conditions herein at any time at its discretion.
12.2 Any such variation(s) may be notified to the Client by ordinary mail to the Client’s last known address or by notification in the Bank’s branches or by advertisement in the Press, or by any other means which the Bank may select and a variation so notified shall be binding on the Client.
12.3 If the Client does not accept the variation(s), the Client shall inform the Bank in writing immediately and the Bank may withdraw any or all of the services from the Client.
12.4 If the Client continues to use the services after notification, the Client shall be deemed to have accepted and agreed to such variation(s) without reservation.
12.5 For the avoidance of doubt, the Terms and Conditions Governing Accounts and Services and the Additional Terms and Conditions Governing Accounts and Services shall also apply to UOB Wealth Banking Services including UOB Wealth Banking Phonebanking Services. You may obtain a copy at http://uob.com.sg.
13.1 All statements, notices or any other communication sent by post to the Client at the Client’s last known address in the Bank’s records shall be deemed to have been duly received by the Client. The Client shall promptly notify the Bank in writing of any change in address, and/or telephone numbers.
13.2 The Bank’s failure or delay to exercise or enforce its rights against the Client shall not operate as a waiver of such rights or shall it prejudice or affect the Bank’s rights subsequently to act strictly in accordance therewith.
13.3 The illegality, invalidity or unenforceability of any term herein shall not affect the legality, validity or enforceability of any other term herein.
13.4 The terms and conditions herein shall be governed by Singapore law, and the Client submits irrevocably to the non-exclusive jurisdiction of the Courts of Singapore.
13.5 Where the context so admits, words importing the singular number shall include the plural number and vice versa, words importing the masculine gender shall include the feminine gender.