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    DBS Australia

    Standard Terms

    Terms and Conditions Governing Accounts

    1. Introduction

    1.1 By having any account with us or by using any of our services, you agree to these standard terms, any supplementary terms that apply and any other terms which we may tell you about which apply to our products or services. These standard terms, together with the supplementary terms that apply, replace all previous standard terms and conditions which may have applied to your account and our services.

    1.2 If there is any difference in the terms which apply to our specific products and services, our supplementary terms and our standard terms, the terms which apply to specific products or services will take priority, followed by the supplementary terms and lastly the standard terms.

    2. Definitions

    2.1 In these standard terms, the following words have the following meanings.

    1. Account means each account you open with us.
    2. Agreement means these standard terms, the relevant supplementary terms and any other specific terms and conditions agreed between us which apply to your account or any products or services you can access through your account or which are linked to your account.
    3. Business day means any day (other than a Saturday or Sunday) we and, if another jurisdiction (country, state, territory or region) or another currency is involved, banks in the main financial centre of that jurisdiction, are open for general banking business.
    4. Supplementary terms means the terms and conditions for that specific jurisdiction where you open your account which amend these standard terms or are added to them.
    5. Electronic services includes any electronic service we offer to use with your account.
    6. Our members means DBS Bank Ltd and its branches, parent company, representative offices, agencies, subsidiaries and affiliates (including any branches or representative offices of any subsidiary or affiliate).
    7. Standard terms means these corporate account standard terms.

    2.2 In these standard terms the following also apply.

    1. When we refer to a ‘person’, we also mean that person’s executors, personal representatives and anyone authorised to take over their legal rights. ‘Person’ also includes an individual, a partnership, a corporate organisation, an unincorporated association, a government, a state, an agency of state and a trust.
    2. ‘Including’ means ’including without any limitations’.
    3. A ’regulation’ includes any regulation, rule, official directive, request, code of practice or guideline (whether or not having the force of law) of any government organisation, agency, department, taxing authority or other authority or organisation in any jurisdiction.
    4. Whenever we refer to a law or regulation, we mean any amendments to it and related legislation.
    5. Any agreement includes any amendment, supplement, or replacement to that agreement.
    6. ‘We’, ‘us’ and ‘our’ means any of our members where you open your account and where it is maintained, or which provide you with a service.
    7. ‘You’ or ‘your’ means the account holder or the person we have agreed to provide a service to.

    3. Opening and managing your account

    3.1 Requirements. For any account you open with us or service we provide to you, we may set limits on how much you need to have in your account when it is opened, credit balances, amounts on which we will pay interest and types of currencies that we may accept, as well as our charges, commission and usual interest rates and any other requirement we may tell you about. We may decide to change your account number if we have to do so in connection with our business, or if you change the constitution of your business. However, we will tell you before we do this.

    3.2 Information. You must give us all documents, information and authorisation we reasonably need to open and maintain your account. This includes for the purposes of us meeting ‘know your customer’, anti-money-laundering and anti-financing-terrorism requirements and any other laws and regulations which we need or agree to keep to. You must tell us promptly, in writing, of any change in any documents, information or authorisation given to us, and give us supporting documents and evidence of any change.

    3.3 Authorised signatories. You must give us your mandate for operating your account and tell us promptly, in writing, of any change in your mandate. If your account is operated by your authorised signatories (people you have given permission to operate the account), you must give us their names and specimen signatures and tell us promptly, in writing, if there is any change to them. We will tell you if we cannot accept any authorised signatory due to our policies or any law or regulation which we need to keep to or agree to keep to.

    3.4 Changing the authorised signatories. We will act on any instruction which we in good faith believe has come from your authorised signatories we have in our records. This will apply until we have received notice from you, in writing, that there has been a change to your authorised signatories and we have had a reasonable time (at least seven business days from receiving your notice), to change our records, after which we will act on instructions from the new authorised signatories.

    3.5 Account ’in trust’. If you open an account in your name ’in trust’ or ’as nominee’ or in some other similar role, or as a capital markets services licence holder (or the equivalent) holding segregated clients’ accounts, the following will apply.

    1. We will not recognise any person (other than you as the account holder) as having any interest in your account.
    2. We will accept requests to pay money into and take money out of your account, and other instructions relating to your account, from you or your authorised signatories only.
    3. It is your responsibility to manage this account for the benefit of your beneficiaries, and we have no responsibility to monitor this.

    3.6 Partnership account. If you open an account as a partnership, it is your responsibility to tell us promptly, in writing, about any change in the constitution of the partnership, for example, as a result of the death of any partner, being made bankrupt, retiring, or for any other reason. We may treat the remaining partners or the new partners (or both) as having full authority to manage your account as if there had been no change in the partnership. This applies unless we receive notice otherwise, in writing, from one of the remaining partners, the executors or legal personal representatives or trustees of any partner who has died, or the ‘trustee in bankruptcy’, liquidator or similar officer of any partner who has been made bankrupt or is insolvent

    4. Payments in and out of your account.

    4.1 Payments into your account. You may pay money into your account in currencies we accept and in any way we accept or agree to. We may charge you for certain methods of paying in money at rates we will tell you about. We will only accept payments into your account made in foreign currencies on a business day. The date the money is received as payment into your account will depend on current market practice or as we decide in line with our normal banking practice.

    4.2 Receiving funds. If payment into your account is made by any method which needs clearing and settlement (for example, cheques), or through domestic or international transfer of funds, we do not have to credit your account before we actually receive the funds. If we credit your account before receiving the funds, this will be on the condition that we receive the funds, and we will deduct the money from your account if we do not receive the funds.

    4.3 Fixed or time deposits. For money you have put into a ‘fixed’ or ‘time’ deposit which is not set up to automatically renew, you need to tell us what to do with the money on or before the maturity date. (If you make, for example, a three-month fixed deposit, the maturity date would be three months from when you make the deposit.) If we do not hear from you, we may put your money, and any interest it has earned, back on deposit (redeposit it) for the same term as the original fixed or time deposit, using the interest rate which applies to your deposit at the time (or any other rate as we may decide). For fixed or time deposits which are set up to renew automatically, we will automatically redeposit the amount, and any interest it has earned, when it reaches the maturity date. This will be redeposited for the same term and at the interest rate which applies to your deposit at the time (or any other rate as we may decide), unless you tell us otherwise at least two business days before the maturity date.

    4.4 Withdrawals.

    You agree to the following.

    1. You must keep enough funds in your account to cover all payments and withdrawals and make sure these funds are readily available. If payments cannot be made from your account because there are not enough funds in the account, we may charge you a fee for the unsuccessful payment. If your account does not have enough funds and we decide to allow a payment from your account or for your account to go overdrawn, you must pay all overdrawn amounts immediately, together with any interest and any other charges at our then current rates.
    2. You can withdraw money from your account in any way which we accept or agree to. If you ask, we may (but do not have to) allow you to withdraw funds in a different currency from the currency in which your account is held. If we do this, our rate of exchange at the time you withdraw the money will apply. If you want to withdraw a substantial amount of cash in a specific currency, this will depend on the cash in that specific currency we have available. You may have to give us notice beforehand.
    3. We may allow you to end or withdraw a fixed or time deposit early, but you would have to pay the charges and costs agreed in the supplementary terms or as we decide.
    4. We may not allow you to withdraw money from your account, and may not carry out any transaction or any matter relating to your account if:
      1. we are not able to confirm your identity, or that of your authorised signatory to our satisfaction;
      2. we, acting reasonably, believe the request or instruction is not genuine, clear or complete;
      3. we believe that the signature is different from the specimen signature of the authorised signatory you gave us or the instruction is not signed in line with the mandate you gave us;
      4. funds in your account have been earmarked (set aside) for any reason, resulting in there being not enough funds to meet your request or instruction;
      5. your account is closed or suspended; or
      6. we have to keep to any regulatory, legal, court or statutory requirement, request or order which relates to the following.
        - If we are told not to make the payment or allow the withdrawal.
        - If we have to pay any government body (or agency).
        - If we have to freeze your account.
        - If we are prevented from processing your request or instruction.

    4.5 Transferring funds. We may accept an instruction to transfer funds between your account and any other account belonging to you or any other person which is maintained with us or any other financial institution if we have the necessary arrangements in place. We will try to process your request to transfer funds on the day we receive your instruction or as soon as we can on the next business day or within the time provided in the supplementary terms. You are responsible for making sure you give us the correct information (including details of the person you want to transfer the funds to) so that the transfer is successful. We do not have to check any information you give us in your instruction. We may set limits on transferring funds (for example, on the amount to be transferred or on how often you use the service).

    4.6 Place of payments. We will only pay money which you have in your account from our member where you hold your account or from any of that member’s branches in the same jurisdiction where you hold your account. We will not pay it from any of our members or their branches in any other jurisdiction.

    5. Interest, fees and charges

    5.1 Interest payments. We will pay interest on the daily cleared and available credit balances of the funds in your interest earning account or accounts. This will be at the current interest rate that applies to the account at that time or at a rate you and we agree. We will not pay you interest on any unclaimed balance in a closed or suspended account or an account which we have listed as dormant. We may consider an account to be dormant if we consider that there has been no transaction made by you or no activity on the account has been carried out for a certain period of time. If you close an account that we have agreed to pay interest on, we will pay interest up to (but not including) the date you closed the account.

    5.2 Charges, fees, costs, and so on. You must pay all fees, charges (including foreign-exchange commission or charges), costs, expenses and commissions in relation to your account and our services at the rates which apply at that time or as you and we agree. If, in the case of electronic payments, if it is not clear who should pay the charges, you will pay our charges and whoever receives the payment will have to pay the agent bank’s charges

    6. Account statements

    6.1 Account statements. In line with our normal banking practice, we will send you account statements through the post or our electronic services or by any other method we have agreed with you. You must tell us in writing if you do not receive an account statement within seven days of when you usually receive it. If you do not tell us, we will treat you as having received it. If you tell us about or we become aware of any incorrect or missing entry, information or amount in the account statement, we will correct the error and tell you promptly.

    7. Our responsibilities

    7.1 Care and skill. When providing you with any service in relation to your account, we will act with reasonable care and skill in line with the standards and practices of the banking industry and this agreement. We will decide the date that a transaction is recognised in line with the standards and practices of the banking industry.

    7.2 Agents and so on. In providing our services to you, we may use any system for communication, clearing, settlement or payment, intermediary or correspondent bank, agent or other person or organisation. We will act in line with any rules and regulations of any system for clearing, settlement or payment, intermediary or correspondent bank that we choose and any international laws, rules and regulations that apply. You acknowledge that we and our correspondent bank also have to act in line with the laws and regulations of various jurisdictions which relate to money laundering, terrorism funding and legislation or rules on sanctions (for example, political measures taken against one or more jurisdictions).

    7.3 Using other organisations. As far as we are allowed under the laws or regulations that apply, we may pass or subcontract any part of our banking operations to anyone in any jurisdiction. We may also deal with and use the services of any of our members when providing our services to you.

    8. Your responsibilities

    8.1 Monitoring your account. It is your responsibility to do the following.

    1. Monitor the balance of your account and promptly tell us in writing of any unauthorised payments or withdrawals from your account or of any suspicious matter to do with your account.
    2. Check all account statements (including electronic statements and transaction records), and promptly tell us in writing of any unauthorised or wrong entries (payments in or out) or other inaccuracies. You must do this within 14 days from receiving the statement or, in the case of an electronic statement, within 14 days from the date of the statement. If you do not do this, you have accepted your account statement, electronic statement or transaction record to be correct, final and conclusive.
    3. Promptly tell us in writing about any change in your postal address, phone number, fax number or email address that we use to communicate with you, or any relevant change to any of your information we have in our records (including your signature, authorised signatory and mandate). You must also send us any documents we need to support this change. We will need at least seven business days from receiving this information to change our records, after which the updated change will apply.
    4. Take reasonable care and precautions and have adequate internal-control procedures and security arrangements to prevent fraud, forgery or other unauthorised use of cheques, payment instructions, withdrawal requests and so on in relation to your account or service.
    5. Tell us immediately if you become aware of any actual or suspected fraud, forgery or other unauthorised use of your account or any other matter concerning your account that you think looks suspicious.
    6. If you use cheques, you must immediately:
      1. tell us in writing if you do not receive a chequebook within two weeks of asking for it;
      2. tell us about, and put a ‘stop’ on, any cheque which is lost or stolen; and
      3. return or destroy all unused cheques when your account is closed, to prevent any fraud, forgery and unauthorised use of your account.

    8.2 Instructions. When you ask us to pay, withdraw or transfer funds, it is your responsibility to make sure that you give us complete, clear and accurate information (including all information we need in our standard application forms) so we can carry out your request.

    9. Suspending and closing your account

    9.1 You or us closing your account. Either of us may close your account at any time and, if it says so in the supplementary terms, the person closing the account will give notice to the other before they do so. When your account is closed, you must pay us promptly all amounts you owe us, including overdrawn amounts (if any), interest, costs, expenses, commission and any other charges you owe on the account. If your account is in credit, we will pay you the balance (after deducting any amount you owe us) by posting a cashier’s order or a banker’s draft for the balance to the address we have for you in our records or in any other way we decide. We will not pay interest on unclaimed balances of closed accounts. This agreement will continue to apply until you and we have met all of our responsibilities.

    9.2 Us suspending or closing your account. We may immediately suspend, freeze or close any account at any time without giving you notice or without giving any reason if:

    1. any law or regulation which we have to keep to makes it illegal to maintain or allow you to continue to use your account;
    2. we decide or have reason to suspect that the account is being used for or in connection with any fraudulent or illegal activities or transactions (including gambling, money laundering, funding terrorism, or tax evasion);
    3. we find out about a continuing or potential dispute or any allegation of fraud or wrongdoing in your organisation or your management team or between your directors, shareholders, authorised signatories or your partners;
    4. we receive instructions from your authorised signatories or any of your directors or partners (whether or not the director or partner is an authorised signatory to your account) which contradict your instructions; or
    5. you fail to keep to any part of this agreement.

    Where we are allowed under relevant laws and regulations, we will tell you we have suspended or closed your account as soon as we can.

    9.3 Ending our services. When your account is closed or suspended, we will automatically end all services in connection with the account.

    10. Money you owe us

    10.1 Money you owe us for charges, fees, interest and taxes and so on. If you owe us any money, fees, interest, commission, costs, tax, charges or other amounts (whether due immediately or later), we have the right, at any time, without giving you notice, to set off and deduct from your account the amount owed, even if this would make your account overdrawn. To do this, we may also combine or consolidate all or any of your accounts with us, whether your accounts are held in your name only or jointly with others. If we need to convert currency, we will do so using our currency exchange rate in force at the time.

    10.2 Funds added by mistake. If funds are credited to your account by mistake, we may, once we are aware of the mistake, immediately deduct the funds from your account. We will tell you about the mistake and the amount we have deducted. If you have used or withdrawn the funds, you must return the funds to us as soon as we have told you about the mistake.

    10.3 Our rights. Our rights under this clause apply as well as any security interest (for example, mortgage or pledge ), right of set-off or other rights we may have under any law which applies.

    11. Covering us against loss

    11.1 Indemnity.  You agree to indemnify (cover) us against or pay to us (or both) all losses, damages, expenses, costs (including legal costs we pay or have to pay to our lawyers and losses, damages, expenses and costs arising out of claims or proceedings) which we may pay or have to pay as a result of:

    1. any dispute you have or may have with your beneficiaries about opening, managing or maintaining your account;
    2. us acting on the instructions of your authorised signatories which we believe in good faith to be genuine; and
    3. you failing to keep to any part of this agreement.

    11.2 What we are not legally responsible for. We will not be liable for any loss, damage, expense, cost, claim or proceeding, whether direct, indirect or consequential and whether arising under contract or not which you, or any other person, may suffer or face due to the following.

    1. Us delaying or failing to carry out our responsibilities to you, if that delay or failure results from:
      1. us keeping to this agreement or to any law or regulation, order of court of the relevant jurisdiction, exchange controls or currency restrictions or sanctions legislation, anti-money-laundering or anti-financing-terrorism laws and regulations;
      2. a payment or communication system failure, power failure, computer breakdown, mechanical fault or failure, problem or fault in any software program, or any government restrictions, intervention, emergency procedures or suspension of trading by any relevant market, civil order, act or threatened act of terrorism, natural disaster, war, strike or other circumstances beyond our control; or
      3. us using any communication, clearing, settlement or payment system, intermediary or correspondent bank, agent, or anyone else we may choose, to carry out our responsibilities to you, or their act or failure to act.
    2. You failing to keep to the terms of this agreement or in any way being involved in fraud, forgery or other unauthorised use of your account.

    12. Foreign-exchange risks, currency risks and so on

    12.1 International payments. International payments are made under the rules and regulations of the relevant system for clearing, settlement or payment with which we and any intermediary or correspondent bank must keep to, and the laws and regulations of the jurisdiction where the payment is to be made. If you ask us to transfer funds to another jurisdiction, we will generally not convert those funds into the currency of that jurisdiction, unless you ask us to or we have to under the laws, rules and regulations of that jurisdiction.

    12.2 Tax and currency risk. For foreign-currency accounts, you agree that:

    1. you will be responsible for any taxes and you will accept the risk of loss in value of currency, or funds not being available for withdrawal at any time or when they become due for payment (if this applies) due to restrictions on converting currency, the availability of funds in that currency or transfers by the jurisdiction of origin of that currency, or any government action; and
    2. if the foreign currency is currency of any state or country of a monetary union, if anything relating to the monetary union happens which restricts availability, conversion, credit or transfers of that foreign currency or makes it impossible or impractical for us to carry out our obligations to you concerning that foreign-currency deposit or balance in your account, we do not have to pay you the funds in your account, whether in that foreign currency or any other currency.

      Also, if we reasonably decide that we cannot effectively use the foreign-currency funds deposited with us, we may do one or more of the following.
      1. Suspend, stop or reduce our interest payments on the funds for a period we may reasonably decide.
      2. Charge you interest or other charges on the deposit at our rates which apply at that time.
      3. In the case of fixed deposits, change the term of the fixed deposit.

    If any of the above happen, we will tell you as soon as possible.

    12.3 Risks of foreign exchange. You agree that we can convert funds, at our rate of exchange which applies at the time, to the currency of your account and you will accept any loss in value of the funds resulting from changes to the foreign exchange rate if:

    1. you make deposits, withdrawals or transfers in a currency which is different from the currency of your account;
    2. refunds into your account for unsuccessful transfers or payments are in a currency different from the currency of your account; or
    3. we need to convert currency in connection with fees, charges or any transactions in relation to your account.

    13. Sanctions

    13.1 Keeping to sanctions. Specific sanctions and regulations are imposed and enforced against certain countries, organisations and people by the government and regulatory authorities in the jurisdictions where DBS Group Holdings Ltd and its subsidiaries operate, and the government and regulatory authorities of our intermediary/correspondent banks. Under these measures, we or our intermediary/ correspondent banks may not be able to process or take part in transactions which may result in us or our intermediary/correspondent banks not keeping to these sanctions or regulations or our internal policies relating to sanctions. As a result, we may, without affecting any other terms of this agreement:

    1. refuse or delay in acting on your instructions or any transaction;
    2. suspend, freeze or close your account immediately; or
    3. pay you in alternative currencies based on a rate of exchange reasonably decided by us.

    We will not be liable for any loss, damage, expense, cost, claim or proceeding, whether direct, indirect or consequential, which you or any other person may suffer or face due to us exercising any of our rights in this clause.

    14. Your information

    14.1 Customer information. We will treat information relating to you, your account and transactions on the account as confidential. However, unless the law says otherwise, you give us and our members permission to give any information relating to you, your account and your transactions and any member of the group of companies to which you belong, to the following.

    1. Our members (including any successors).
    2. Our advisers, data carriers, service providers and agents and any person providing services to any of them for meeting any internal requirements or to manage risk or to investigate a customer before entering into a relationship or an agreement with them or for providing banking and other services or products to you and any member of the group of companies to which you belong.
    3. Any person (including any regulatory or government organisation or quasi-governmental authority (for example, a government or state-owned company or enterprise), agency, department or regulatory (including self-regulatory), financial, taxing or other authority or organisation), in any jurisdiction, in so far as we need to do so to keep to relevant laws and regulations or any order, directive or request which we are required to keep to, or which we in good faith believe that we should keep to.
    4. Anyone who takes over or may take over all or part of our rights or obligations under this agreement or anyone this agreement (or any part of it) is transferred to or may be transferred to.
    5. Any person who we believe in good faith to be your director or other officer, shareholder, partner (in the case of a partnership), account signatory or legal advisor, or in the case of a trust account, the beneficiary of the account.
    6. Anyone we believe in good faith it is reasonable to give it to.

    14.2 Legal right to release information. Our rights under this clause apply as well as, and without affecting, any other rights to release information which we may have under any agreement we have with you or any laws and regulations that apply.

    14.3 Continuing permission. The permission you give by agreeing to this clause 14 will apply even after this agreement ends and your account is closed.

    15. Communication

    15.1 Communication from us. In line with our normal banking practice or as agreed with you, we may send any account statement, deposit confirmation or confirmation of any transaction, correspondence, notice or other communication to you by:

    1. hand or by post to the postal address we have for you in our records;
    2. fax to the fax number we have for you in our records;
    3. email to the email address we have for you in our records; or
    4. using our electronic services or any other electronic media.

    Where necessary, we can also give any notice and communication through the press, radio, television, internet or any other media we choose.

    15.2 Any communication from us to you will apply from:

    1. if delivered by hand – the time it is delivered;
    2. if sent by post – three business days after posting;
    3. if sent by fax – at the time shown in our transmission report as being successfully sent;
    4. if sent by email – at the time we send it to your email address;
    5. if sent by electronic services – at the time it was sent; and
    6. if made through the press, radio, television or internet – at the time it was made.

    15.3 Communication from you. Any notice, instruction, correspondence or other communication you give us must be in writing and we must receive it. We may accept instructions by phone or over the counter, by fax, by our electronic services or by any other method we may agree with you. You must give us any application forms, authorisations or other documents we may need to do this.

    15.4 Lost or delayed communication. Neither you nor we are responsible if any communication is delayed, intercepted, lost or in any other way fails to reach the other when it is being delivered or sent. This also applies if anyone else becomes aware of the contents of any communication when it is delivered or sent.

    16. Changes to these standard terms

    16.1 Changes. At any time, we may make changes to these standard terms or the supplementary terms. We will give you reasonable notice of changes by either sending you the revised terms, putting them on our website and telling you about them or publishing them in the media. All changes will apply from the date stated in the notice or public announcement.

    16.2 Not accepting these terms. If you do not accept the revised standard terms or the revised supplementary terms, you have the option to close your account before they take effect. If you do not close your account after the date the revised terms come into effect, we will treat you as having agreed to the changes.

    17. General

    17.1 Representation. You agree that you will meet your responsibilities under this agreement and that all communication or documents you give us electronically or by fax or as photocopies are true copies of the originals, and that the originals are authentic and complete. You confirm that your obligations under this agreement are valid, binding and enforceable in line with their terms.

    17.2 Recording. We may record any telephone conversations we have with any of your directors, officers or authorised signatories. These recordings will be our property and will, unless there is an obvious mistake, be conclusive proof of the conversation.

    17.3 Scanned records. You agree that scanned records, electronic data or images of any form, cheque, method of payment or other electronic documents, instruction or communication in connection with your account can be used as evidence in any court proceedings as proof of their contents.

    17.4 Joint and separate responsibility. If an account is held by two or more people jointly, or two or more organisations or business names, the account holders will be jointly and severally (jointly and separately) responsible under this agreement.

    17.5 Keeping documents. We will keep original documents (for example, cheques, bonds, drafts, bills of exchange) and store any electronic data or images in relation to these documents, for as long as the law and the standards and practices of the banking industry say we must. After this time we may destroy them.

    17.6 Tax and other charges. You must make all payments you owe us under this agreement without deducting any tax or other charges payable in relation to the payments.

    17.7 Enforcing the conditions. If any of these standard terms or the relevant supplementary terms cannot be enforced or is no longer valid, it will not affect any of the other terms of the standard terms or supplementary terms.

    17.8 Failing to enforce our rights. If we decide not to enforce any of our rights under this agreement, it will not mean we will not do so in the future. It also does not mean the right no longer exists.

    17.9 Assignment. You may not assign or transfer any right or obligation under this agreement without giving us notice in writing and getting our permission in writing beforehand. You agree that we may assign all or any of our rights and transfer all or any of our rights and obligations under or in connection with this agreement.

    17.10 Governing law. These standard terms and the relevant supplementary terms are governed by the laws of the jurisdiction where your account is opened and held.

    17.11 Other languages. If these standard terms or any supplementary terms are translated into a language other than English and there is any difference or inconsistency between the two, the English version will apply (unless otherwise agreed in the supplementary terms).

    Supplementary Terms – Australia

    Terms and Conditions Governing Accounts

    1. General

    These supplementary terms apply to your accounts and the services we provide in Australia. These supplementary terms will apply together with the standard terms.

    2. Definitions

    2.1 The definitions in the standard terms will also apply to these supplementary terms, and there are further definitions set out below.

    1. Content means any information, images, links, sounds, graphics, video, software or other materials we make available to you.
    2. Privacy policy means the DBS Australia Privacy Policy, which you can get online at www.dbs.com/privacy/australia.page.
    3. Electronic advice means specific electronic notifications relating to certain content provided by us from time to time.
    4. Guarantor means any person providing a guarantee in favour of us in respect of your obligations pursuant to the account.
    5. Instrument means any document, bill, bond, guarantee, note, invoice, letter, agreement or statement of any kind.
    6. Material Adverse Effect means the occurrence of, in our opinion, a material adverse change or any development which may result in a prospective material adverse change in the monetary, political, financial (including conditions in any of the financial markets) or economic conditions or exchange control in Australia or internationally (including any changes in stock, bond, currency , interbank or property market conditions, in interest rates or in existing foreign exchange controls).
    7. Personal information has the meaning given to that term in the Privacy Act 1988 (Cth) and includes such information which you have given to us or which we receive from any other sources or which we collect during your relationship with us or with any of our members.
    8. PPSA means the Personal Property Securities Act 2009 (Cth).
    9. Security Interest means any:
      1. security interest under the PPSA including security for the payment of money or performance obligations, including a mortgage, charge, lien, pledge, trust or title retention or flawed deposit arrangement; or
      2. right, interest or arrangement which has the effect of giving another person a preference, priority or advantage over creditors including any right of set-off; or
      3. licence to use or occupy; or
      4. third party right or interest, or any right arising as a consequence of the enforcement of a judgment, or any agreement to create or permit any of them to exist.
    10. Standard terms means the corporate account standard terms (including changes we make to them from time to time).
    11. Standing instructions means instructions you give us to withdraw money from an account and pay it to certain billing organisations.
    12. Taxes includes all present and future taxes (including, without limitation, goods and services tax or any value added tax), levies, imposts, duties, fees, charges or withholding of a similar nature together with any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same;

    2.2 Difference to standard terms. If there is any difference between the standard terms and these supplementary terms, these supplementary terms will apply.

    2.3 Terms governing electronic services. Our current standard terms and conditions which apply to electronic services will continue to apply, including our electronic banking services Terms and conditions.

    3. Account statements and transaction records

    3.1 Monthly statements. Each month ’s account statement will show transactions carried out after the last transaction shown in the previous month ’s account statement. You agree that the period covered by each month ’s account statement need not match the calendar months exactly.

    3.2 Undelivered account statements. If any account statement is returned undelivered, we will not send you any further account statements until you have updated your contact information with us.

    3.3 Electronic advice. We may allow you to receive electronic advice (including SMS or email), which we will send you in a way we decide. You will be responsible for paying all charges for receiving electronic advice. Although we will put in place reasonable protection, we do not guarantee the accuracy, adequacy, reliability or security of any electronic advice we send to you and you accept the risk that it could be accessed by any unauthorised person . We are not responsible to you or anyone else for losses, damages or expenses arising from inaccurate or inadequate content or by anyone using or relying on the contents of electronic advice.

    4. Electronic payments

    4.1 Electronic payment instructions. Any instruction you give us to transfer funds electronically has to keep to the laws of the jurisdiction ( country, state, territory or region) where the payment is to be made and any exchange or other restrictions in that jurisdiction at that time. We may refuse any application to transfer funds electronically without giving reasons.

    4.2 Refunds. We may refuse your request to refund transferred funds. If we do refund transferred funds and we make the refund in a different currency from the currency of the funds in your account, we will do so at the current exchange rate for the currency for which the payment instruction was issued, after deducting all charges that apply.

    4.3 Standing instructions. We may, if you ask us, accept standing instructions to withdraw money from your account and pay it to certain billing organisations, under any terms we set. Any standing instruction will stay in place until we receive notice of your winding-up or liquidation or notice from you to cancel the standing instruction in accordance with the terms of our agreement with you. We may end this standing instruction arrangement at any time by telling you in writing, or without giving you notice, if a billing organisation tells us no further payment is needed. We do not need to carry out any standing instruction if the billing organisation does not accept payment in the way we require.

    5. Demand drafts

    5.1 Refunds. We may refuse to refund a demand draft. Whether we refund a demand draft will depend on you giving us enough detail to identify the demand draft and return the original demand draft, and any conditions we may set. We will make refunds on a demand draft at our current rate for the currency of the demand draft after deducting all charges that apply.

    5.2 Lost or stolen drafts. If a demand draft is lost, stolen or destroyed, we may, if you ask us, and if you meet our conditions, stop payment on the demand draft, issue a replacement for the demand draft or refund the amount of the demand draft.

    6. Personal Information

    6.1 Our privacy policy. You agree that the terms of our privacy policy will apply and are a part of these supplementary terms. You also agree that our privacy policy applies to all personal information and that you agree to us collecting, processing, using and disclosing personal information in line with our privacy policy.

    6.2 Otherpeople’spersonal information.I f you disclose any individual’s personal information to us (including personal information of your directors, partners, office holders, officers, employees, authorised agents, shareholders and beneficial owners), you confirm that you will obtain and maintain all necessary consents to do this and for us to collect, process, use and disclose (reveal) their personal information in line with the Australian Privacy Principles and our privacy policy. You will provide such notifications to relevant individuals as required under the Privacy Act 1988 (Cth) to ensure that the individual is aware that his/her personal information will be disclosed to us and otherwise ensure that all personal information provided to us is accurate, up-to-date, complete and relevant.

    6.3 Differences to our privacy policy. If there is any difference between this agreement and our privacy policy, this agreement will apply.

    6.4 Continuing permission. The permission you give us in this clause 6 will apply (to the extent permitted by law) even if any individual dies, becomes bankrupt or insolvent or insane or suffers from any disability and will continue after this agreement ends and your account is closed.

    7. General

    7.1 Joint accounts. If an account is in two or more joint names or if any one of you have two or more authorised signatories:

    1. any statement, notice or communication sent to any one of you shall be considered to have been sent to all of you;
    2. if we receive an instruction from you or any of your authorised signatories that is contradictory or unclear, we may act only on the instructions of all authorised signatories; and
    3. in the case of a joint-alternate account any one of you will be able to manage the account independently, including applying for electronic services.

    7.2 Conflicting instructions. As well as any rights under this agreement, we may, without asking you, act on any instruction we believe you or your authorised signatory have given us, without further checks, even if the instruction may contradict any other instruction you have given us, or even if the instruction is not genuine, clear or complete. We may record any instructions we receive from you, or which we believe to be from you or your authorised signatories, over the phone or electronically or otherwise. We will own these recordings and you agree that the contents of these recordings are evidence of your instructions to us, and that you will not argue otherwise.

    7.3 Closing your account. You agree that we may close your account without giving any reason. We will tell you in writing when we close your account.

    7.4 Confidentiality . As well as clause 14.1 of the standard terms and our rights of disclosure under any law that applies , you give us permission or are authorised to give us permission to give any personal information or information we have which relates to you, your account and your transactions, and to any member of the group of companies to which you belong, to:

    1. the people and for the purposes set out in clause 14.1 of the standard terms or as stated in our privacy policy or as otherwise required or authorised by law;
    2. any credit card or debit card companies in relation to credit card or debit card queries or any billing organisation in connection with your standing instructions;
    3. any other banks, financial institutions, credit agencies or credit bureaus for the purposes of checking information provided by you or to check on your financial situation as described in the DBS Australia Credit Reporting Policy available by calling our office at
    4. +61 2 8823 9300; or
    5. otherwise, with your permission.

    7.5 Law and jurisdiction. These supplementary terms and the standard terms are governed by the laws of New South Wales, Australia. You agree that any disputes connected with this agreement may be brought before the courts of New South Wales. Any action brought by you in connection with this agreement must be brought before the New South Wales courts. You agree to be bound by the decision of the New South Wales courts in any action brought by us in New South Wales against you although you also agree that we have the right to bring action in any other court in connection with this agreement.

    7.6 Waiving immunity. You waive (give up) any right you may have to immunity from legal proceedings, enforcement or other legal process.

    8. Taxes

    8.1 You will pay all present and future Taxes now or hereafter imposed by law on us or on any payment under this agreement and indemnify us against such payment on demand. We shall have the right to debit the same from your account(s).

    8.2 You shall ensure that all amounts payable by you shall be paid free and clear of any deduction or withholding tax. If you are required by law to make any such deduction or withholding, you shall pay to us additional amounts to ensure that we receive a net amount equal to the full amount which we would have received if no such deduction or withholding had been made.

    9. US Foreign Account Tax Compliance Act (FATCA)

    9.1 FATCA reporting, withholding and other requirements. You agree to keep to the terms relating to FATCA tax reporting, withholding and other requirements set out in the Australia Tax Requirements Notice which we issue from time to time and which form part of these supplementary terms. You can get a copy of the Australia Tax Requirements Notice by calling our office at +61 2 8823 9300. If there is any difference between this agreement and the terms in the Australia Tax Requirements Notice, the terms in the Australia Tax Requirements Notice will apply to FATCA and other tax-reporting and withholding requirements.

    10. Further terms and conditions governing Australian dollar fixed-deposit account and foreign currency fixed-deposit account

    Withdrawing certain currencies. You can only withdraw amounts in Australian dollars, pounds sterling, United States dollars or Singapore dollars from a fixed deposit account on or after the maturity date of the deposit. (If you make, for example, a three-month fixed deposit, the maturity date would be three months from when you make the deposit.) You can only withdraw currencies other than Australian dollars, pounds sterling, United States dollars and Singapore dollars on or after the maturity date of the deposit if you give us at least two business days’ notice in writing. We will decide the exchange rate that will apply one business day before the date you want to withdraw the currency. If the maturity date does not fall on a business day, we will pay interest on the next business day and calculate it based on the amount in the account at the maturity date.

    11. PPSA

    11.1 PPSA further steps. If we determine that any document that forms part of an agreement is or contains a security interest for the purposes of the PPSA, you must do anything (such as obtaining consents, signing and producing documents, getting documents completed signed and supplying information) which we ask and consider necessary for the purposes of:

    1. ensuring that the security interest is enforceable, perfected and otherwise effective; or
    2. enabling us to apply for any registration, or give any notification, in connection with the security interest so that the security interest has the priority required by us; or
    3. enabling us to exercise rights in connection with the security Interest.

    11.2 PPSA undertaking. If you or your Guarantor holds any Security Interest for the purposes of the PPSA and if a failure by you or your Guarantor to perfect such Security Interest would result in Material Adverse Effect, you agree to implement, maintain and comply in all material respects with, procedures for the perfection of those Security Interest. These procedures must include procedures designed to ensure that you or your Guarantor takes all steps under the PPSA to continuously perfect any such Security Interest including all steps necessary:

    1. or you or your Guarantor to obtain, the highest ranking priority possible in respect of the Security Interest; and
    2. to reduce as far as possible the risk of a third party acquiring an interest free of the Security Interest.

    If we ask, you will arrange at your expense an audit of the PPSA procedures. We may ask you to do this if we reasonably suspect that you are not complying with this clause.

    11.3 Costs of further steps and undertaking. Everything you or your Guarantor is required to do under this clause is at your expense. You agree to pay or reimburse our reasonable costs in connection with anything you or your Guarantor is required to do under this clause (including any charges and expenses, including those incurred in connection with advisers and any legal costs on a full indemnity basis.)

    11.4 No PPSA notice required unless mandatory. We need not give any notice under the PPSA (including a notice of a verification statement) unless the notice is required by the PPSA and cannot be excluded.

    11.5 Disclosure of confidential information under the PPSA. You and your Guarantor agree that despite anything else in an agreement, neither you nor we, may disclose any information of the kind referred to in section 275(1) of the PPSA (including any information or documents in connection with any Security Interest) unless section 275(7) of the PPSA otherwise applies. Without our consent, you and your Guarantor also agree:

    1. not to authorise the disclosure of any information of the kind referred to in section 275(1) of the PPSA in response to a request made under that section;
    2. not to request that we give you or your Guarantor any information of the kind referred to in section 275(1) of the PPSA.

    12. Anti-Money Laundering and Sanctions

    12.1 You must provide all information to us which we reasonably require in order to manage anti-money laundering, counter-terrorism financing and economic and trade sanctions risks or to comply with any laws and regulations applicable to a transaction.

    12.2 Unless you have disclosed that you are acting in a trustee capacity or on behalf of another party, you warrant that you are acting on your own behalf in entering into this agreement.

    12.3 You declare and undertake to us that processing of any transaction by us in accordance with your instructions will not breach any laws or regulations applicable to the transaction.

     

     

    First asian bank to achieve crystal mark for use of plain english in corporate account terms